Meaning of Unit Costing.

Difference between Financial accounting and Cost accounting.

Different methods of Cost Accounting.

Characteristics of Unit Costing.

Contents of Unit Costing :

➢It is a method of costing used in industry.

➢Where production of single product and continuous production.

➢Total cost and cost per unit of output is ascertained.

➢One of the simplest method of costing.

➢To ascertain the profit or loss on production.

Objectives of Unit Costing : To know Total cost and Per unit cost.

To Depict total costs.

To find out profit after deduction cost of sales.

To Provide comparative info. about the cost of product.

To know the proportion of each component of cost in total cost.

To determine the selling or tender price.

Name of Suitable Industries : Like Textile, Bricks, Milk, Paper, Sugar, Cement, Coal, Wine, Mine, Steel etc.

Method of Unit Costing : Cost Sheet, Statement of Cost and Production Account.

Calculation of material consumed or Material used.

ITEMS NOT TO BE INCLUDED IN COST ACCOUNTS : Financial Incomes, Financial Expenses, Appropriation of Profits, Abnormal Items.

Statement of Cost : Meaning, Characteristics.

Cost Sheet : Meaning, Characteristics

Difference between Cost Sheet and Statement of Cost.

And many Practical Problems : Practical problem 1 2 3 4 5 6 .........15 etc.