Paper 3 :

Cost Accounting and Financial Management

Cost Accounting and Financial Management

Part I – Cost Accounting

01   Basic Concepts

 

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03  Labour

 

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05   Non Integrated Accounts

 

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08  Operating Costing

 

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10  Joint Products & By Products

 

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12   Marginal Costing

 

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02  Material

 

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04   Overheads

 

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06&07  Job Costing, Batch Costing & Contract Costing

 

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09  Process & Operation Costing

 

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11   Standard Costing

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16  Budgets and Budgetary Control

 

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Part II – Financial Management

01   Scope and Objectives of Financial Management

 

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03   Financial Analysis and Planning

 

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05   Types of Financing

 

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07   Management of Working Capital

 

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02  Time Value of Money

 

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04  Financing Decisions

 

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06   Investment Decisions

 

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01   Basic Concepts

 

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03   Employee Cost and Direct Expenses

 

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05   Activity Based Costing

 

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08  Unit and Batch Costing

 

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10  Process Costing Operation Costing

 

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02  Material

 

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04   Overheads: Absorption Costing method

 

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06   Cost Sheet

 

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09   Job and Contract Costing

 

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About Cost Accounting and Financial Management

The syllabus has two core parts. Cost Accounting deals with understanding the basic concepts and application of cost accounting principles to determine the cost of the product and understanding of various elements of cost, including the mechanism of Cost control and cost reduction in an organization. The second part, financial management deals with managing the finance of an organization for creating wealth by taking into consideration the risk involved in the business. The study of both subjects are very crucial for guiding the management in decision making in the efficient running of the organization.

The study of this paper helps in taking wise budgeting decisions and advising the best capital structure for the organization.Knowledge of Cost and Financial Management helps Chartered Accountants in assisting the Board, taking management decisions, Investment decisions, formulation of cost planning, and setting an efficient cost control mechanism. Thus, the study of Cost and Financial Management for CA IPCC is considered important to thrive in the industry sector.

The topics covered in Cost Accounting and Financial Management

  1. Cost Accounting – Material Cost, Labour cost, and Overheads.
  2.  Management Accounting – Non-Integrated Accounts, Unit and Batch costing, Job and Contract costing, Process and Operation Costing, Joint products and By-products, service costing, Standard costing, Marginal costing, Budget, and Budgetary Control.
  3.  Financial Management – Scope and Objectives of Financial Management, Time Value of Money, Financial Analysis and Planning, Financing Decisions, Types of Financing and Investment Decisions, Management of working capital.

The best approach to study Cost Accounting and Financial Management

  •  Practice solving as many problems as possible.
  •  Suggested answers and mock test papers available on the ICAI website come handy to grasp the contents of the subject.
  •  Understand the concepts and read the questions properly. There could be a slight difference in the question as given in the study material and that in the question paper. You need to have a grip on the concepts.
  •  Mark the important adjustment in each of the problems, so that it is easier for last-minute revision.
  •  Remember to write steps and formulas clearly.
  •  Systematically write down the given data in the question, which helps a lot in solving the answers.

Faculty

CMA Raveendranath Kaushik
CMA Raveendranath Kaushik
CA Chinmaya Hegde
CA Chinmaya Hegde
Venkitakrishnan Hariharan
Venkitakrishnan Hariharan
CA Hariharan K
CA Hariharan K
CA Vageesh Hegde
CA Vageesh Hegde
CA Ashwini K K
CA Ashwini K K

Faculty

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