Cost Accounting

Cost Accounting

CMA Intermediate - Paper 8 : Cost Accounting

ICMAI has introduced this paper, Cost Accounting, at the CMA Intermediate level where you will learn about the process of recording, classifying, summarising and analysing all costs incurred in performing a process or product. This will help you shore up your core competency areas. 

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Cost Accounting
video
Cost Accounting
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Introduction to Cost and Management Accounting
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More about Cost Accounting

What is Cost Accounting?
  • Cost Accounting is the process of recording, classifying, summarising and analysing all costs incurred in performing a process or product 
  • This information forms the basis for many strategic decisions 
Why has ICMAI introduced this paper, Cost Accounting, at the CMA Intermediate Level?
  • As a CMA, this is one of your core competency areas. So, you need to understand these concepts in detail 
  • Acting as an advisor to businesses, you need to know how to help them control their costs 
  • You need to understand the relationship among Cost Accounting, Management Accounting and Financial Accounting  
What are the topics covered in Cost Accounting at the CMA Intermediate level?
  • You are given a basic introduction to cost accounting such as cost ascertainment, cost accounting standards and cost bookkeeping 
  • You will find out the various methods of costing including job costing, batch costing, contract costing, process costing and operating costing 
  • You will learn at a basic level, cost accounting techniques including marginal costing, standard costing and variance analysis, budget and budgetary control 
What is the best approach to study Cost Accounting?
  • Gain a thorough understanding of the concepts. Costing is nothing but common sense 
  • Concepts in the paper are not that difficult to understand, so students underestimate the difficulty. Do not fall into this trap. Study it well and thoroughly 
  • Sometimes questions in the exam are wordy and maybe difficult to understand. If you have a thorough grounding in your basics, you should do well. Go over past exam papers to get an idea of how questions are phrased 
See how CA Hariharan and CMA Ravindranath Kaushik teach this paper Cost AccountingSign up to get a free trial!
Course Content Available
 

Faculty

Estimated Lectures

Lectures Available in the Portal

Available fully by 

CA Hariharan

42

42

Completed

CMA Ravindranath Koushik

26

26

Completed

Available Lectures for Cost Accounting
 

Chapter Name

Number of Lectures

1 : Introduction to Cost Accounting

3

2 : Cost Ascertainment - Elements of Cost

16

 4 : Cost Book Keeping

3

 5 : Methods of Costing

18

 6 : Cost Accounting Techniques

13

7 : Past Examination Questions

15