Access to FREE Trial

Cost and Management Accounting-1

Cost and Management Accounting

CA Intermediate - Paper 3 : Cost and Management Accounting

ICAI has introduced this paper Cost and Management Accounting at the CA Intermediate level where you are taught about the Elements of Cost – Material, Labour & Overheads, Activity Based Costing, Cost Sheet and Cost Accounting System.

Remember Great things never come from comfort zones” - Wish you all the best 😉 

Cost and Management Accounting
Introduction, Objectives, Diff B/w CR & CC of Cost Accounting
Service Costing
Paper 1
Paper 2
Paper 4
Paper 5
Paper 7
Paper 6
Paper 8
November 2018
May 2018

More about Cost and Management Accounting

What is Cost and Management Accounting?
  •  Cost and Management Accounting is an enabler for a CA to face today’s ever-growing global business environment with overall skill sets  
  • Cost and Management Accounting assures moderate level of knowledge in costing concepts and application of the same 
Why has ICAI introduced this paper, Cost and Management Accounting at CA Intermediate Level?

This paper was initially part of the subject costing and financial management. ICAI decided to focus on Cost and Management Accounting in its own right because, as a CA, you need 

  • To understand how an organisation works internally 
  • To have a foundation for Strategic Cost Management & Performance Evaluation which will be studied at CA Final level 
  • To enhance your logical thinking  
What are the topics covered in Cost and Management Accounting?
  • Introduction 
  • Elements of Cost – Material, Labour & Overheads 
  • Activity Based Costing 
  • Cost Sheet 
  • Cost Accounting System 
What is the best approach to study Cost and Management Accounting?
  • Read the question properly; many students would have understood the concepts correctly but may not have answered in the way ICAI expects you to write the answer 
  • Conceptual knowledge is a must because adjustments in a question can be different from that of study material issued by ICAI 
  • You may make not of all the numerical data given at the beginning of your solution while reading the question 
  • Examiners play with English in this paper; it is important to understand the question correctly 
  • Present all the steps in form of working notes. Also, give appropriate references to the main answer 
  • Do not skip any chapter 
  • Make note of difficult adjustments that you find while practicing either in separate book or just in the corner of page where the problem is found. This exercise will help in saving time while revising 
See how CMA Raveendranath Kaushik and CA Hariharan teach this paper Cost and Management AccountingSign up to get a free trial!