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• MC1001 ACCOUNTING FOR MANAGERIAL DECISIONS

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Examiner will be required to set NINE questions in all. Question No.  1 will be compulsory which consists of 10 short-answer type questions each of 2 marks covering the entire syllabus. In addition to Q.No. 1, candidate will be required to attempt four questions from the remaining eight questions each carrying 20 marks.

 Unit  I:  Management  Accounting-An  Introduction:  Definition;  place,  Financial  Accounting  vs  Cost  Accounting  vs. Management Accounting; Functions, Techniques, Principles; Scope; Utility: Limitations; Essentials for Success. Budgetary Control;  Managerial  Control  Process;  Benefits;  Limitations;  Installation  of  the  System;  Classification  of  the  Budgets; Preparation of different types of Budgets. Standard Costing and Variance Analysis : Types of Standards, Standard Costing and Estimated Costing; Advantages; Limitations; Setting of Standards; Analysis of different types of material, labour and overhead variances.

Unit-II:  Marginal  Costing  and  Break-even  Analysis:  Marginal  Cost;  Marginal  Costing  and  Differential  Costing, Marginal Costing and Absorption Costing; Contribution Analysis; Cost-Volume-Profit Analysis; Different types of Breakeven Points and Charts; Advantages and limitations of BE Charts, and Marginal Costing. Decisions Involving Alternate Choices: Cost Concepts Associated with Decision-making; Evaluation Process; Specific Management Decisions-Make of buy; Expand or buy; Expand or Contract; Change vs. Status Quo: Retain or Replace; Explaining New Markets: Optimum Product Mix; Adding and Dropping a Product.

Unit-III:  Capital  Budgeting  and  Lease  Financing:  Capital  Budgeting-Concept;  nature,  need,  importance,  Managerial Uses;  Components,  Terminology  used  in  Evaluating;  Capital  Expenditures;  Appraisal  Methods-Pay  Back  Period;  its variants. Accounting rate of return; Discounted Cash Flow Methods—NPV, IRR, Profitability Index—their Conflicts and Resolution; Capital Rationing; Risk Analysis and its models.Lease Financing—Lease or buy decision; Evaluation of Lease methods; Financial Statements : Analysis and interpretation, Forms  and  nature  of  financial  statements;  Uses  and  Limitations;  types  and  tools  of  analysis;  Comparative  Financial Statements: common-Size statements: Trend Percentages.

Unit-IV: Accounting Ratio: Profitability ratios; Turnover Ratios; Solvency Ratios; Analysis of Capital Structure; Ratios as Predictors of insolvency; Significance Funds Flow Statement—Concepts; Uses; Preparation.Unit-V: Cash Flow Statement:  Objectives; Sources and Application; Preparation of Statement as per Indian Accounting Standard 3. Responsibilities Accounting—Principles; Definition; Types of Responsibility Centres; Pre-requisites; Utility; Problems. Reporting to Management—Steps for Effective Reporting; Requisites of Ideal Report;Types of Reports, Uses.