Cost Accounting Notes for B.Com (Part-II) / BS (Commerce) / ADP / ADC / BBA

Cost Accounting Notes for Students of B.Com Part 2 / B.Com (Part-II) / B.Com (Hons) / ADP / ADC / BS (Accounting and Finance) / BBA / BS (Commerce) / BS (IT). Students of B.Com Part 2 / B.Com (Part-II) / B.Com (Hons) / ADP / ADC / BS (Accounting and Finance) / BBA / BS (Commerce) / BS (IT) Level of any University recognized by Higher Education Commission (HEC), Islamabad belonging to any province i.e. Punjab, Sindh, KPK, Balochistan and Azad Kashmir and can get benefit from these notes. By studying our notes, we can guarantee you for getting maximum marks in your exams.

Cost Accounting Notes for B.Com Part-II / ADP / ADC / BBA / BS (Commerce, Accounting, IT,  Finance)

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Chapter Wise Multiple Choice Questions (Mcqs) with Answers

1. Nature and Scope of Cost Accounting 
2. Cost Accounting Cycle
3. Financial Statements
4. Job Order Costing
5. Process Costing 
6. Material – Costing and Accounting
7. Labour Cost – Accounting and Control
8. Factory Overhead – Accounting and Costing

Guess Paper of Annual and Supplementary Exam

• Guess Paper of Cost Accounting annual exam 2021 for Punjab University 

Complete Book Chapter Wise Short Questions with Answer

• Short Question and Answer 

Complete Book Chapter Wise Short Important Numerical Questions

• Chapter Wise Important Numerical Questions

Important Short Questions

•  Important Short Questions

Solved Past Annual and Supplementary Papers

Solved Annual Paper of  Cost Accounting For B.Com Part – II  Punjab University

• Annual 2013
• Annual 2014
• Annual 2015
• Annual 2016
• Annual 2017
• Annual 2018
• Annual 2019
• Annual 2020
• Annual 2021

Old / Past Annual and Supplementary Question Papers

Punjab University Past Question Papers

Annual 

1. 2014
2. 2015
3. 2016
4. 2017
5. 2018
6. 2019
7. 2020

Supplementary 

1. 2014
2. 2015
3. 2016
4. 2017
5. 2018
6. 2019

Cost Accounting Solution Manual / Key / Chapter wise Solved Notes

Cost Accounting Solution Manual / Key  or  Solved Notes by Dr. Zahid Mehmood, M.ARshad Awan, Sultan Mahmood Baig, Khalid Latif and Prof. Sohail Afzal and Dr. Zafar Ahma

Cost Accounting Solution by Dr. Zahid Mehmood, M.Arshad Awan

1. Chapter #02  Cost Concepts and Classifications
2. Chapter 03 – Financial Statements
3. Chapter 04 – Completing the Cost Cycle for Job Order-Costing
4. Chapter 05 – Material Control – Determining and Minimizing Cost
5. Chapter 06 – Material Control-Storing and Issuing
6. Chapter 07 – Accounting for Scrap, Spoiled, and Defective Units
7. Chapter 08 – Labour Cost – Accounting and Control
8. Chapter 09 – Factory Overhead-Costing and Accounting
9. Chapter 10 – Factory Overhead-Departmentalization
10. Chapter 11 – Process Costing

Revised and Recommended Edition (2018-19) by by Dr. Zahid Mehmood, M.Arshad Awan

1. Chapter # 02 – Cost Concepts and Classifications
2. Chapter # 03 – Financial Statements 
3. Chapter 04 – Completing the Cost Cycle for Job Order-Costing
4. Chapter # 05 – Material Control – Determining and Minimizing Cost
5. Chapter 06 – Material Control-Storing and Issuing
6. Chapter 07 – Accounting for Scrap, Spoiled, and Defective Units
7. Chapter # 08 – Labour Cost – Accounting and Control
8. Chapter # 09 – FOH Costing and Accounting
9. Chapter # 10 – Factory Overhead – Departmentalization
10. Chapter # 11 – Process Costing 

Cost Accounting Solution by Prof. Sohail Afzal and Dr. Zafar Ahmad

1. Chapter # 04 – Cost Accounting Cycle
2. Chapter # o5 – Financial Statements
3. Chapter # 06 – Job Accounting
4. Chapter # 07 – Process Costing 
5. Chapter # 08 – Material Costing and Accounting
   • Inventory Valuation (LIFO, FIFO, Weighted Average)
   •  Spoiled and Defective production
   •  Economic Order Quantity
   • Inventory Level
6. Chapter # 09 – Labour – Costing & Accounting
7. Chapter # 10 – Factory Overhead – Costing and Accounting 

Revised Edition Solution by Prof. Sohail Afzal and Dr. Zafar Ahmad

1. Chapter # 02 – Cost: Classifications and Concepts
2. Chapter # 03 – Cost Accounting System
3. Chapter # 04 – Cost Accounting Cycle
4. Chapter # 05 – Financial Statements
5. Chapter # 06 – Job Costing 
6. Chapter # 07 – Process Costing
7. Chapter # 08 – Material Costing and Accounting
   • Inventory Valuation i.e LIFO, FIFO, Most Recent Purchase and ACM
   • Spoiled and Defective Production
   • Economic Order Quantity 
   • Inventory Level
8. Chapter # 09 – Labour Costing and Accounting 
9. Chapter # 10 – Factory Overhead Costing and Accounting
   • Calculation and Application  of Factory Overhead Rate
   • Variance Analysis 

Chapter Wise Theory, Format, Solved Example and Practice Questions with Answers

Financial Statements 

1. Definition and Explanation of Financial Statement of Manufacturing Concern
2. Direct Material Definition, Explanation and Examples
3. Direct Material Cost /Used/ Consumed/Put into Process or Production with formula and  example
4. Direct Labour Definition, Explanation and Examples
5. Prime Cost definition, explanation, formula and examples
6. Factory Overhead definition, explanation, formula and example
7. Conversion Cost definition, explanation, formula and examples
8. Current Manufacturing Cost definition, explanation, formula and example
9. Cost of Goods Manufactured definition, explanation, formula and example
10. Cost of goods sold / Cost of Sale with actual FOH definition, explanation, formula and example
11. Cost of goods sold / Cost of  Sale with actual and Applied FOH definition, explanation, formula and example
12. No of Units Manufactured definition, explanation, formula and example
13. Per Unit Manufacturing Cost Definition, explanation, formula and example 
14. Finished Goods Closing Units Total Cost explanation, formula and example
15. Number of Units Put into Process formula, example
16. Per Unit Manufacturing Cost Previous Year explanation, formula and example

Process Costing

Basic Theory 

1. Process Costing Definition, explanation, application and features
2. Types of Process Costing method and Suitability of Process costing method
3. Objects of Process Costing
4. Elements of Production Cost in Process Costing
5. Advantages and Disadvantages of Process Costing
6. Comparison between Job Costing and Process Costing
7. Definition and Section of Cost of Production Report

Department Wise Format of Cost of Production Report

1st Department 

1. Format of Cost of Production Report 1st Department Without Normal Loss
2. Format of Cost of Production Report 1st Department With Normal Loss
3.  Format of Cost of Production Report 1^st Department With Abnormal Loss
4. Format of Cost of Production Report 1st Department With Normal and Abnormal Loss

2nd and Subsequent Departments

1. Format of Cost of Production Report 2nd and so on Department Without Normal Loss
2. Format of Cost of Production Report 2nd and so on Department With Normal Loss
3. Format of Cost of Production Report 2nd and so on Department When Completed units on hand Without Normal Loss
4. Format of Cost of Production Report 2nd and so on Department When Completed units on hand With Normal Loss
5. Format of Cost of Production Report 2nd  and so on Department With Abnormal loss
6. Format of Cost of Production Report Increasing the number of units in 2nd and so on Department  Without Normal Loss
7. Format of Cost of Production Report Increasing the number of units in 2nd and so on Department With Normal Loss
8. Format of Cost of Production Report 2nd and so on Department When Normal Loss Occur at the End of Process
9. Format of Cost of Production Report 2nd and so on Department With Normal and Abnormal Loss

FIFO Method

1st Department 

1. Format of Cost of Production Report 1st Department under FIFO Method “Without Normal Loss”
2. Format of Cost of Production Report 1st Department under FIFO Method “With Normal Loss”
3. Format of Cost of Production Report 1st Department Units on hand under FIFO Method “Without Normal Loss”
4. Format of Cost of Production Report 1st Department Units on hand under FIFO Method “With Normal Loss”

2nd Department and Subsequent Departments

1. Format of Cost of Production Report 2nd and so on Department under FIFO Method “Without Normal Loss”
2. Format of Cost of Production Report 2nd and so on Department under FIFO Method “With Normal Loss”
3. Format of Cost of Production Report 2nd and so on Department units on hand under FIFO Method “Without Normal Loss”
4. Format of Cost of Production Report 2nd and so on Department units on hand under FIFO Method “With Normal Loss”

Weighted Average Method

1st Department 

1. Format of Cost of Production Report 1st Department under Weighted Average Method “Without Normal Loss”
2. Format of Cost of Production Report 1st Department under Weighted Average Method “With Normal Loss”
3. Format of Cost of Production Report 1st Department when units on hand under Weighted Average Method “Without Normal Loss”
4. Format of Cost of Production Report 1st Department when units on hand under Weighted Average Method “With Normal Loss”

2nd Department and Subsequent Departments

1. Format of Cost of Production Report 2nd and so on Department under Weighted Average Method “Without Normal Loss”
2. Format of Cost of Production Report 2nd and so on Department under Weighted Average Method “With Normal Loss”
3. Format of Cost of Production Report 2^nd and so on Department when units on hand under Weighted Average Method “Without Normal Loss”
4. Format of Cost of Production Report 2^nd and so on Department when units on hand under Weighted Average Method “With Normal Loss”

Department Wise Solved Examples of Cost of Production Report

1. Solve Example of Cost of Production Report 1st Department without loss
2. Solve Example of Cost of Production Report 1st Department with loss
3. Solve Example of Cost of Production Report 2nd and so on Department Without loss
4. Solve Example of Cost of Production Report 2nd and so on Department With loss
5. Solve Example of Cost of Production Report 2nd Department When Completed units on hand “Without loss”
6. Solve Example of Cost of Production Report of 2nd Department when Completed units on hand “With Loss”
7. Solve Example of Cost of Production Report 1st Department  with Abnormal Loss
8. Solve Example of Cost of Production Report of 2nd, Increasing the Number of Units Without Loss”
9. Solve Example of Cost of Production Report of 2nd, Increasing the Number of Units With Loss”

Department Wise Practice Questions with Answers 

1. Practice Questions of 1st Department Without Loss
2. Practice Questions of 1st Department With Loss

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