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Class notes 16CCBB14 Accounting
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A good accounting knowledge notes useful for commerce and accounts students
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STUDY MATERIALEXECUTIVE PROGRAMME
COST AND MANAGEMENT
ACCOUNTING
MODULE 1
PAPER 2
ICSI House, 22, Institutional Area, Lodi Road, New Delhi 110 003
tel 011-4534 1000, 4150 4444 fax +91-11-2462 6727
email info@icsi.edu website www.icsi.edu
, © THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
TIMING OF HEADQUARTERS
Monday to Friday
Office Timings – 9.00 A.M. to 5.00 P.M.
Public Dealing Timings
Without financial transactions – 9.30 A.M. to 5.00 P.M.
With financial transactions – 9.30 A.M. to 4.00 P.M.
Phones
41504444, 45341000
Fax
011-24626727
Website
www.icsi.edu
info@icsi.edu
Laser Typesetting by Delhi Computer Services, Dwarka, New Delhi
Printed at M. P. Printers/July 2017
(ii)
, EXECUTIVE PROGRAMME
COST AND MANAGEMENT ACCOUNTING
Finance and accounting have assumed much importance in today’s competitive world of business
wherein corporate organisations have to show the true and fair view of their financial position. Thus,
the application of accounting in the business sector has become an indispensable factor. Company
Secretary has to provide the complete and accurate information about the financial operations of the
company to management for decision making. This emphasises that the books of account are to be
maintained accurately, up-to-date and as per the norms.
The subject ‘Cost and Management Accounting’ is very important and useful for optimum
utilisation of existing resources. These are branches of accounting and had been developed due to
limitations of financial accounting. It is an indispensable discipline for corporate management, as the
information collected and presented to management based on cost and management accounting
techniques helps management to solve not only specific problems but also guides them in decision
making. Keeping in view the importance of this subject, various topics on Cost and Management
Accounting have been prescribed in the syllabus of CS Executive Programme with the objective of
acquainting the students with the basic concepts used in cost accounting and management
accounting having a bearing on managerial decision-making.
The entire paper has been discussed in twelve study lessons. In starting four study lessons we
have discussed about the basic of cost accounting, material, labour and overheads costing. Further
we have highlighted the concept of activity based costing, cost records, different costing systems.
Thereafter study focuses on the marginal costing, standard costing, budgeting & its applications for
decision making in business. At last we have discussed about cost accounting records, cost audit and
analysis & interpretation of financial statements.
In this study every efforts has been made to give a comprehensive coverage of all the topics
relevant to the subject. In all study lessons the requisite theoretical framework for understanding the
practical problems in the subject has been explained and wherever necessary practical illustrations
have been given to facilitate better understanding. At the end of each study lesson a brief about the
lesson have been given under the caption ‘Lesson Round Up’ as well a good blend of theoretical and
practical questions have been given under the caption ‘Self Test Questions’ for the practice of
students to test their knowledge. In fact, this being a practical paper, students need to have good
theoretical knowledge and practice to attain the requisite proficiency and confidence.
This study material has been published to aid the students in preparing for the Cost and
Management Accounting paper of the CS Executive Programme. It is part of the education kit and
takes the students step by step through each phase of preparation stressing key concepts, pointers
and procedures. Company Secretaryship being a professional course, the examination standards are
set very high, with emphasis on knowledge of concepts, applications, procedures and case laws, for
which sole reliance on the contents of this study material may not be enough.
Therefore, in order to supplement the information/contents given in the study material, students
are advised to refer to the Suggested Readings mentioned in the study material, e-bulletin, Business
Dailies and Journals.
In the event of any doubt, students may write to the Directorate of Academics and Professional
Development in the Institute for clarification at academics@icsi.edu.
, (iv)
Although due care has been taken in publishing this study material yet the possibility of errors,
omissions and/or discrepancies cannot be ruled out. This publication is released with an
understanding that the Institute shall not be responsible for any errors, omissions and/or discrepancies
or any action taken in that behalf.
Should there be any discrepancy, error or omission noted in the study material, the Institute shall be
obliged if the same are brought to its notice for issue of corrigendum in the `e-bulletin’.
The Institute has decided that the examination for this paper under new syllabus from December
2014 session in the Optical Mark Recognition (OMR) format, whereby students are required to answer
multiple choice question on OMR sheet by darkening the appropriate choice by HB Pencil. One mark
will be awarded for each correct answer. Negative marking for wrong answers attempted by the
candidates will be implemented w.e.f. December, 2015 session of examination in the ratio of 1:4, i.e.
deduction of one (1) mark for every four (4) wrong answers and total marks obtained by the
candidates in the paper would be rounded up to next whole number. Further, the negative marks
would be limited to the extent of marks secured for correct answers so that no candidate shall secure
less than zero mark.
The specimen OMR sheet is appended at the end of the study material. There is practice test
paper in the study to acquaint students with the pattern of examination. These are for practice purpose
only, not to be sent to the institute.
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