The application of cost accounting techniques is of great importance in any industry. You get to have an advanced level understanding in the ascertainment of the cost, control, and decision-making aspects in this paper. A detailed discussion of cost management, uniform costing, profitability analysis, pricing strategies, cost reduction techniques, financial modeling, and management decision making has been introduced in this subject making the subject more interesting to study and also develops the ability to make sound decisions by having in-depth knowledge.

A major role of Chartered Accountants is playing the role of a trusted advisor to the management. This paper prepares you to be an expert and to effectively deal as an advisor.This paper has concepts that allow you to make decisions through various Quantitative Techniques like Make or Buy decisions, shutting down decisions, replacement decisions, etc. ICAI has introduced this paper so that students develop the ability to use Quantitative techniques in business scenarios.