About Cost and Management Accounting I
Modern businesses needs frequent information about business activities to plan accurately for the future, control business results, and make a proper appraisal of the performance of persons working in an organization. The fulfillment of their goals requires details about the costs incurred and benefits (revenues) obtained which are provided by what is known as “Cost Accounting”. In Comparison, financial accounting does not provide management with detailed cost and revenue, information relevant to its needs. The course deals with detailed concepts about cost accounting practices, the theory and techniques of cost accounting. Cost behavior, cost identification and analysis, system for establishing costs, absorption and variable costing, cost allocation, managerial use of cost data, modern costing system (Activity Based Costing) nature and objective of management accounting.