Institute of Commercial Management | Qualification Subject

Cost Accounting

Main Topics of Study

Introduction and Materials

  • What is costing?
  • Framework
  • Classification and coding
  • Purchasing, reception and storage
  • Stock recording and inventory control
  • Pricing issues and stock

Labour and Overheads

  • Remuneration methods
  • Recording, costing and allied procedures
  • Overheads
  • Cost accounts

Costing Methods

  • Introduction
  • Job and batch
  • Contract
  • Operation and service
  • Process
  • Joint and by-product

Planning, Control and Decision Making

  • Cost behaviour
  • Marginal and absorption costing
  • Short run decision making
  • B E analysis
  • Capital investment appraisal

Budgets & Standards

  • Budgets
  • Introduction to standards
  • Material, labour and overhead variances
  • Sales and standard marginal costs variances
  • Activity-based costing

Example Candidate Response Booklet

Example Candidate Response (ECR) Booklets are a source of crucial information for Centres and Candidates as they use real candidate responses. We ask Senior Examiners to comment on five or more responses in terms of why the mark was awarded with commentary about how to improve the answer (if necessary).

Recommended Reading

Main Text:

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Costing – T Lucey (Continuum)

Indicative Text:

Alternative Text and Further Reading:

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Cost Accounting – Glautier & Underdown (Pitman)

Finance & Accounting – Giles & Capel (Macmillan)