ACCOUNTING FOR MANAGEMENT AND REPORTING

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ACCOUNTING FOR MANAGEMENT AND REPORTING  

Objective: This course aims to familiarize the students with various accounting
concepts, tools and techniques and its application in managerial decision making. It
also acquaints the students with the latest accounting practices and reporting standards.
Unit I
Introduction to Accounting: Accounting as an information system, Accounting
Process, concepts, convention and principles of Accounting, Role of accountant in an
organization. Branches of accounting: Financial, Cost and Management Accounting
and their inter-relationships, Exposure to format of schedule VI of Public Limited,
Banking and Insurance Companies.
Unit II
Cost Accounting: Meaning, Objectives, Scope and Classification of costs, Preparation
of Cost Sheet. Marginal Costing –Concept of Marginal Cost; Marginal Costing Vs
Absorption Costing; Cost-Volume-Profit Analysis; Break-Even Analysis;
Assumptions and its practical applications for managerial Decision making with special
reference to pricing, make or buy decisions, selection of Sales-Mix.
Standard Costing: Introduction, Variance Analysis, types of Variances- Materials and
Labour Variances. Budgetary Control- Types of Budgets Master budget Zero base
budgeting, Fixed Budget and Flexible Budgets, Zero Base Budget, Participative Budget
and Performance Budget.
Unit III
Financial Statement Analysis: Concepts and objectives, Tools of Financial Analysis:
trend analysis, common size statements, comparative statements, Ratio analysisLiquidity, solvency, profitability, turnover ratios, Cash flow statements and funds flow
statements.
Unit IV
Recent Developments in Accounting: Introduction to concept of Price Level
Accounting, Human Resource Accounting, Transfer Pricing. Target Costing, Kaizen
costing, Activity based costing, Life Cycle Costing.
Financial Reporting and Regulations: Meaning, objectives, principles and
environment of financial reporting; Introduction to Accounting Standards issued by
ICAI, US GAAPs, International Accounting Standards, IFRS, Applicability of various
accounting standards, comparison and the process of harmonization.