PRE-CMA – Basic Costing concepts
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- Class # 1: https://www.youtube.com/watch?v=QmYdyUcAUCc. In this video we have discussed: 1. Selling price 2. Sales revenue 3. Profit 4. Types of costs and their graph. This video is relevant for anyone who wants to understand all above terms in minimum possible time. (45 minutes)
- Class # 2: https://www.youtube.com/watch?v=C19qdY2rcug&t=17s. In this video we have discussed: 1. High low method 2. Simultaneous equations 3. Rules to identify different types of costs. (40 minutes)
- Class # 3: https://www.youtube.com/watch?v=u_tG3RWXk6A. In this video we have discussed: 1. Contribution 2. Break-even point 3. Direct and Indirect costs. (37 minutes)
Topic # 1 – CVP / Break Even Analysis - Class # 4: https://www.youtube.com/watch?v=L2GhuPCYqV4. In this video we have discussed: 1. CVP 2. Break-even point in units and Rs 3. Margin of safety 4. Units for target profit 5. C/s and V/s ratio. (46 minutes)
- Class # 5: https://www.youtube.com/watch?v=_gZFkcRcorg. In this video we have discussed: 1. CVP analysis for multiproduct scenarios. (34 minutes)
Topic # 2 – Material and Labour cost common working used in different chapters - Class # 6: https://www.youtube.com/watch?v=OJX8owe1F0Q. In this video we have discussed: 1. Material losses that are tested as part of various topics 2. Labour efficiency ratio 3. Some relevant concepts which are tested as working in questions. (57 minutes)
Topic # 3 – Overheads - Class # 7: https://www.youtube.com/watch?v=CZouYfF2d1k. In this video we have discussed: 1. Basic overheads absorption rate 2. When and why to calculate overheads absorption rate on per hour basis 3. When and why to calculate overheads absorption rate for each department when we have multiple departments. (39 minutes)
- Class # 8: https://www.youtube.com/watch?v=XLT-4HXYH-c. In this video we have discussed: 1. Production cost centre 2. Service cost centre 3. Apportionment 4. Allocation 5. Reapportionment 6. Simple example with two service cost centres and two production cost centres. (34 minutes)
- Class # 9: https://www.youtube.com/watch?v=NzdVxarxFp4&t=5s. In this video we have discussed: 1. Concept of under/over applied 2. Basic double entries and t-accounts for overheads. (40 minutes)
Topic # 4 – marginal and absorption costing - Class # 10: https://www.youtube.com/watch?v=-lDA5CTZK20. In this video we have discussed: 1. Formats of marginal and absorption costing 2. Numerical example for each type of profit and loss account. (54 minutes)
- Class # 11: https://www.youtube.com/watch?v=CgjfcY_V7QE&t=3s. In this video we have discussed: 1. Difference between profits as per marginal and absorption costing and their reconciliation. (25 minutes)
Topic # 5 – job and service costing - Class # 12: https://www.youtube.com/watch?v=Xqwt_PqL0Cw. In this video we have discussed: 1. Introduction to job costing 2. Introduction to service costing 3. Basic double entries and T-accounts 4. Composite units for service costing. (35 minutes
Topic # 6 – High low method - Class # 13: https://www.youtube.com/watch?v=CY7XAICsEUI. In this video we have discussed: 1. All aspects of high low method in detail including 5 different types of examples of high low method
Topic # 7 – Labour costing - Class # 14: https://www.youtube.com/watch?v=zdYkVEGyKzI. In this video we have discussed: 1. Basic labour costing concepts 2. Direct and indirect labour 3. Labour efficiency, capacity and productivity ratios 4. Time rate and piece rate system 5. Bonus schemes (55 minutes)
- Class # 15: https://www.youtube.com/watch?v=nw0VW048aEk. In this video we have discussed: 1. Basic learning curve concept. 2. Table approach 3. Formula approach 4. Some short examples 5. What to do if time for first unit is not given but we are given cost of first unit
More content to be added with the passage of time