Accounting for Management and Reporting
Subject Overview
Accounting for Management and Reporting covers the accounting process and financial statement formats, cost accounting and marginal/standard costing/budgetary control for decision-making, financial statement analysis (ratio, trend, cash flow), and contemporary developments in accounting (activity-based costing, target costing) alongside financial reporting standards (Indian AS, US GAAP, IFRS). A 4-credit core theory paper.
Unit-wise Syllabus
4 units — click WhatsApp below to get the full notes for each
Unit 1: Accounting fundamentals
Accounting as an information system, the accounting process, concepts/conventions/principles, role of the accountant, branches of accounting (financial, cost, management) and their inter-relationships, Schedule VI formats for public limited, banking and insurance companies
Unit 2: Cost, marginal and standard costing
Meaning, objectives, scope and classification of costs, cost sheet preparation, marginal costing vs absorption costing, cost-volume-profit and break-even analysis, standard costing and variance analysis, budgetary control — master/zero-base/fixed/flexible/participative/performance budgets
Unit 3: Financial statement analysis
Concepts and objectives of financial analysis, trend analysis, common size and comparative statements, ratio analysis (liquidity, solvency, profitability, turnover), cash flow and funds flow statements
Unit 4: Contemporary accounting and financial reporting
Price level accounting, human resource accounting, transfer pricing, target costing, kaizen costing, activity-based costing, life cycle costing, financial reporting objectives and environment, Indian Accounting Standards (ICAI), US GAAP, IFRS, harmonization of accounting practices