COSTING

Unit -1

Concept of Labour: A : Cost of Labour Time Keeping – Methods of Time Keeping (Manual and Mechanical) – Features of a Good Time Keeping System. Time Booking – Methods of Time Booking Idle Time – Causes of Idle Time.

B : Methods of Remuneration - I

i) Time Rate Wage – Advantages and Limitations.

ii) Straight Piece Wages and Simple Problems, Limitations

iii) Differential Piece Wage Rate: Taylor’s Differential Piece Wage Rate – Advantages and Simple Problems, Limitation. Merrick’s Differential Piece Wage Rate Method – Concept and Simple Problems

TAXATION

Unit -2

Income from “Capital Gains” Basis of charge [Section 45(1)], Meaning of Capital Asset [Section 2(14)], Examples of Assets not treated as Capital Asset, Short term Capital Asset [Section 2(42A)], Long term Capital Asset [Section 2(29A)], Transfer of Capital Asset [Section 2(47)] – Simple problems on Capital Gains.

Unit -3

Income from Other Sources Basis of charge (Section 56), Some Examples of income generally taxable under this head, Tax treatment of winning from lotteries, horse race, card games, cross word puzzles [Section 56(2)i(b)], Interest on Securities [Section 56(2)i(d)]

 

 

Description:

This course covers the fundamentals of costing and taxation for Class 12 students following the West Bengal Council of Higher Secondary Education (WBCHSE) curriculum. Students will learn about cost concepts, methods of costing, and taxation principles relevant to businesses. The course aims to provide a comprehensive understanding of cost accounting and taxation practices for effective decision-making.

Key Highlights:

• Fundamentals of costing and taxation
• Aligned with WBCHSE curriculum
• Enhances decision-making skills

What you will learn:

• Understanding Cost Concepts
  Learn about various cost concepts used in businesses and their significance in financial management.
• Methods of Costing
  Discover different methods of costing such as job costing, process costing, and activity-based costing for efficient cost calculation.
• Principles of Taxation
  Understand the fundamental principles of taxation including direct and indirect taxes to comply with the legal framework.
• Decision-making Skills
  Develop decision-making skills by analyzing cost data and tax implications to make informed business decisions.