CA Inter Costing “Accounting is a business language,” says the author. This language can be use to communicate financial transactions and their outcomes.
Cost accounting and management accounting are two key accounting words that are use to control and establish the policies of a company.
Both have different styles and are utilise for various purposes. Let’s have a look at the important keys.
Cost accounting deals with the calculation and pricing of costs and expenses to purchase or produce something. It relates to calculation per unit cost using different costing techniques. (CA Inter Costing). Its primary purpose is to facilitate managers in decision making.
The following are the major functions of cost accounting:
Budgeting: Various budgets are generate in cost accounting to demonstrate cost, revenue, profit, production capacity and efficiency of equipment and machinery, as well as labour efficiency.
Because reports are not unnatural by the norms of generally accept Accounting Principles. The budget is design in a scientific and systematic manner that is typically unique to the organisation (GAAP).
For external reporting and internal profit measurement, classify and break down costs. Because expenses are determined at such a fine level, paying from unprofitable things is simple.
The provision of suitable information for decision-making, planning, cost control, and performance evaluation is the focus of management accounting.
Data concerning a company entity’s operations is transform into information, knowledge, and wisdom via management accounting. This goes a level beyond cost accounting.
Management accounting investigates the causes of profit or loss and the elements that influence efficiency in order to aid decision-making. As a result, cause and effect is a crucial aspect of managerial accounting.”
About (CA Inter Costing) Faculty– By CA Sudarshan Agrawal
CA Sudarshan Agrawal has been in the profession of coaching CA aspirants, ever since he became a qualified Chartered Accountant in the year 1995. He has been a mentor to thousands of students in the past two decades.
He is credit with producing a maximum number of rank holders, including AIR -1 (IPC & Final) from Eastern India.
His former students are well place in various companies, including MNCs, banks, and big 4 audit firms across the globe. In his career, spanning over 21 years, he must have taught over 50000 students in Face to Face mode in Kolkata.
He takes classes for Accounting (both groups) and Financial Management at the IPCC levels and Financial Reporting at the Final level. Many of his students have been settle in the 1-10 positions in ICAI examinations.
He is familiar and accept for his communication skills and student-friendly approach to teaching. His two decades-long experience and techniques ensure that all students, irrespective of their academic background, feel comfortable in the classroom.
He is also familiar as one of the first few to use technology for imparting lessons to students in the last decade. In response to popular demand from students in cities other than Kolkata, he has been offering video classes to students across India for the past three years.
In Kolkata classes are record using latest available High technology and are provide to centres all across India.
The classes is design very simple that all possible queries and doubts are take up in the lectures. In case there are any such academic queries of the student. There are various means of handling the same like WhatsApp, a dedicate query portal, direct interaction with sir, etc.