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.