Cost and Management Accounting

• Cost and Management Accounting is an enabler for a CS 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 

While as a CS, it may be counterintuitive to study costing, ICSI has introduced this paper for the reason that it gives you a holistic idea of how an organisation works internally.  

• Introduction 

• Elements of Cost – Material, Labour & Overheads 
• Activity Based Costing 
• Cost Sheet 
• Cost Accounting System 

• Read the question properly; many students would have understood the concepts correctly but may not have answered in the way ICSI 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 ICSI 
• 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