Unit 1 Accounting-

1.0 Learning Objectives

1.1 Introduction

1.2 Accounting Information and Managerial Decision-making
1.2.1 Concept of Decision-making
1.2.2 Concept of Differential Costs
1.2.3 Steps in Decision-making
1.2.4 Make or Buy Decision
1.2.5 Operate or Shutdown
1.2.6 Expand or Reduce Capacity Decisions
1.2.7 Key Factor
1.2.8 Special Orders
1.2.9 Sell or Process Further
1.2.10 Accept or Reject Decisions

1.3 Difference between Cost Accounting and Management Accounting

1.4 Difference between Financial Accounting and Cost Accounting

1.5 Difference between Financial Accounting and Management Accounting

1.6 Role of Management Accountant

1.7 Basic Cost Terms and Concepts
1.7.1 Need for Accounting
1.7.2 Development of Accounting
1.7.3 Definition and Functions of Accounting
1.7.4 Book-keeping and Accounting
1.7.5 Is Accounting a Science or an Art?
1.7.6 Accounting and other Disciplines
1.7.7 End-users of Accounting Information.

1.8 Relevant Cost

1.9 Statement of Cost
1.9.1 Meaning of Cost Sheet
1.9.2 Importance of Cost Sheet