Guest Lecture on Cost Accounting
Event Date: 18th April 2024
School of Finance and Commerce organized a Guest Lecture on Cost Accounting for students of BBA (FIA) on 18th April. Knowledge of Cost Accounting is crucial for finance students as it equips them with the skills and insights needed to navigate the rapidly evolving landscape of the financial industry.
5.Event Detailed Description – School Of Finance And Commerce organized an insightful session on Fintech for BBA students, featuring Dr. Kanishka Gupta, a distinguished Assistant Professor from Symbiosis University, Noida, renowned for his expertise in Accounting and Finance. With a wealth of knowledge and experience in the field, Dr. Gupta has extensive experience is teaching Cost and Management Accounting.
In the session on Cost Accounting, she delved into the topic of Standard Costing, a vital tool for cost control and performance evaluation in businesses. She explored how standard costs are predetermined estimates of what each cost element should be under efficient operating conditions. The session highlighted the importance of setting these standards for direct materials, direct labor, and overheads, and how they serve as benchmarks against actual costs. We discussed the methodology for establishing standard costs, involving historical data analysis, engineering studies, and market trends. The session also covered variance analysis, focusing on how to identify and interpret variances between standard costs and actual costs. These variances, whether favorable or unfavorable, provide crucial insights into operational efficiency, cost control, and areas needing managerial attention. By implementing standard costing, businesses can enhance their budgeting accuracy, streamline their production processes, and ultimately improve their financial performance
The session proved immensely valuable to BBA students, The session on Standard Costing significantly enriched the students' understanding of cost accounting by providing them with practical insights and analytical skills crucial for effective financial management. By learning how to set and utilize standard costs, students gained a deeper appreciation of cost control mechanisms and the strategic role these standards play in budgeting and performance evaluation. The detailed exploration of variance analysis equipped them with the ability to pinpoint inefficiencies and areas for improvement within an organization. This knowledge empowers students to make informed decisions, predict financial outcomes, and contribute to enhancing operational efficiency. Moreover, the session underscored the real-world applications of standard costing, preparing students to implement these concepts effectively in their future careers in finance and accounting.
Mentor Name – Dr. Abdul Wajid
Department Name – School of Finance and Commerce
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