Cost and Management Accounting (CMA)

 UNIT 1  Synopsis: 1.cost accounting - introduction, objectives, functions, cost sheet, cost concepts, classification 2. Management accounting - Nature, scope, functions 3. distinguish between  financial accounting, cost accounting, and management accounting 4.methods of costing - job, batch costing 1Q) Define Cost  Accounting. Briefly explain the objectives and scope of cost accounting.(10M) Introduction:   Cost : Cost is the amount incurred for the production and distribution of the product. It does not include income tax, interest on capital, preliminary expenses, dividends, goodwill, bad debts etc.   Cost   Accounting : Recording of cost-related information. Costing : Costing is the method or technique with the help of which cost can be ascertained. Definition: Cost accounting is defined as a system of recording in accounts the materials used and labour employed in the manufacture of a certain commodity/ on a particular job. Objectives of Cost Acco...