Cost Control, cost management , Monitoring and Accounting

Cost Control, cost management , Monitoring and Accounting Rule 4(3) of the cost accounting records rules denotes that the cost accounting records should be maintained with proper accounting so that timely checking of the cost us possible Generally Accepted Cost Accounting Principles (GACAP)and Cost Accounting Standards (CAS) issued some guide lines . The cost accounting records are different to different types of products and firm .AS per Cost Accounting Record Rules (CARR) issued by The Institute of Cost Accountants of India . 1. Production • Raw Material consumption register/report • Production report • Rejections/wastages/scrap report • Report on stoppage of machines with reasons • Idle time report with reasons • Machine utilization report • By-Product & Joint Products. 2. Work-in-Progress and Finished Goods • Process stock register- cost centre-wise and product wise • Finished goods stock register- product-wise. • Daily Stock Accounts (DSA) maintained under Central Excise Law 3 Raw Materials and Stores Accounting • Goods received register • Bin cards • Materials/stores ledgers • Packing Materials 4. Employee Cost Attendance registers/ sheets Wages/salary sheets Leave and gratuity payments. 5. Repairs and Maintenance • Works order register / card showing material and spares consumed and labour utilized • Procedure followed for routine maintenance • Details major breakdowns & Repairs • Details of Abnormal Repairs & Reconditioning activities. • Utilities (Water, Steam, Power, DM Water, Air, Effluent Treatment etc.) 6.1 Records of input and output • Record of cost centre-wise allocation of outputs. 7. Overheads • Details such as production hours, labour hours, machine hours to facilitate distribution of overheads • Overheads Keys. 8. Cost Accounts • Overheads analysis register