Cost Accounting & Management Essentials You Always Wanted

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  • Cost Accounting concepts explained in a simplified way
  • Fundamentals and important principles included
  • Practical approach for application by business professionals
  • Solved examples with real-life business scenarios

Cost Accounting & Management Essentials You Always Wanted To Know covers Cost Accounting concepts and application to real-life business decisions. It explains the concepts in a concise and easy-to-understand manner for business professionals. This book includes Cost Accounting FUNDAMENTALS, SOLVED Exercises, Important CONCEPTS & PRINCIPLES and Ample PRACTICE Exercises.

The book is divided into separate chapters, each dedicated to a single concept in Cost Accounting & Management. The flow is such that it builds the reader’s understanding in stages. At the end of each chapter there are ample solved examples that help apply the concepts learnt in the chapter. This is followed by Practice Exercises that give an opportunity to the reader to apply the learnings from the chapter.

This Self Learning Management Series intends to give a jump start to working professionals, whose job roles demand to have the knowledge imparted in a B-school but haven’t got a chance to visit one. This series is designed to address every aspect of business from HR to Finance to Marketing to Operations, be it any industry. Each book includes basic fundamentals, important concepts, standard and well-known principles as well as practical ways of application of the subject matter. The distinctiveness of the series lies in that all the relevant information is bundled in a compact form that is very easy to interpret.

The topics covered are:

a) Cost Accounting Fundamentals

b) Balancing of the 3 factors - Cost, Volume & Profit

c) Concept of Relevant Information and Decision Making

d) Activity Based Costing

e) Cost Allocation Techniques

f) Cost Variances and Control

The reader gains the following competence after reading this book:

a) Understanding of the standard Cost Accounting Terms

b) Applying cost accounting concepts to real-life business scenarios

c) Using relevant cost accounting information to take business decisions


BUS001000 and BUS001010


Cost accounting essentials, Accounting concepts, cost management accounting, self-learning series, management series

Table of Contents
1. Introduction
Cost Accounting Terms
Using a Costing System
Solved Examples
Practice Exercises
2. Cost-Volume-Profit (CVP) Analysis
Contribution Income Statement
Contribution Margin Equations
CVP Analysis
Breakeven Point and Target Income
CVP Analysis for Decision Making
Sensitivity Analysis
Solved Examples
Practice Exercises
3. Decision Making using Relevant Information
One-Time-Only Special Orders
Make-or-Buy Decisions
Outsourcing and Opportunity Costs
Product-Mix Decisions with Capacity Constraints
Solved Examples
Practice Exercises
4. Activity Based Costing
Broad Averaging
Simple Costing System
Activity Based Costing System
Customer Profitability
Solved Examples
Practice Exercises
5. Support Department Cost Allocation
Need for Cost Allocation
Cost Allocation Basis
Allocating Costs of One Support Department
Allocating Costs of Multiple Support Departments
Solved Examples
Practice Exercises
6. Cost Control
Direct Variances
Indirect Variances
Solved Examples
Practice Exercises