Principles & Concepts of Cost Management System

This book stresses on the acquisition of substantive knowledge pertaining to management functions of planning and control on the part of students and attempts to increase their intellectual skills at problem analysis. In the field of substantive knowledge, students should acquaint themselves with the economics of cost management – cost factors under various operating conditions, techniques of constructing a detailed comprehensive budget, cost-volume profit relationships, use of standard costs and flexible budgets for appraising performance in controlling costs, meaning of variable costing, relevant costs of the business and use of methods of quantitative analysis for evaluating capital expenditure decisions by the management.

Besides accounting, the book also focuses on finance; thus it is designed to meet the requirements of finance and accounting. It has been attempt to explain the topics covered in a simple and lucid manner. Both theoretical as well as practical aspects of the subject have been given due importance in the book.