The book ECO10-Elements of Costing for IGNOU is a very useful book for distance learning students who have opted to study finance and accounting. It can also be useful to MBA aspirants looking to major in Finance, giving the students an overview on the subject of costing, cost elements and its fundamentals. This book discusses the three main elements of cost namely material, labour and expenditure. It teaches students how to assess the cost of various materials ranging from raw materials such as wood or leather to materials such as cement, plastic and metals. Assessment of the cost of labour is also focused up on in the book, and it contains lessons on both direct labour and indirect labour. Finally, the book instructs the students about use and treatment of overhead costs aside of labour charges incurred in business
This is a fantastic book for IGNOU students since every aspect of the subject, such as materials, labour, storage, inventory control, pricing, classification and distribution of overheads, unit costing, process costing, job and contract costing, is written in detail. IGNOU or the Indira Gandhi National Open University, run by the central government of India, is a wonderful gift to students who wish to pursue studies but are unable to do so due to work or other commitments and time constraints. It is, also, useful for those students who come from the disadvantaged segments of the society. Apart from providing students with most recent information and up-to-date knowledge bank, IGNOU involves teaching, research, training and assessments, making it very significant and beneficial to students pursuing distance education.