Cost and Management Accounting

Cost accounting has long been used to help managers understand the costs of running a business. Modern cost accounting originated during the industrial revolution, when the complexities of running a large scale business led to the development of systems for recording and tracking costs to help business owners and managers make decisions. In management accounting, cost accounting establishes budgets and actual cost of operations, processes, departments or product and the analysis of variances, profitability or social use of funds. Managers use cost accounting to support decision-making to cut a company’s costs and improve profitability. This is a book combining cost accounting and management accounting. In this book important chapters of cost accounting and some chapters of management accounting are covered. As whole it covers-cost finding methods, cost reduction, cost control, cost audit, budgetary control, funds flow and ratio analysis and it also relevant to students preparing for cost and management accounting professional examinations.