CA Intermediate - CMA
Cost and Management Accounting is Paper 3 of the wide-ranging CA Intermediate Course wherein as the name suggests, both Cost and Management Accounting are thoroughly covered in extreme minuscule detail.
Cost Accounting primarily assesses and calculates the overall cost and expenses required for producing or purchasing something.
It is a kind of managerial accounting per se, that intends to recapitulate a company's entire cost of production by accessing both fixed and variable cost at each step of production. Cost Accounting involves the use of innumerable costing techniques for calculation of per unit cost. The very fundamental use of Cost Accounting is to aid the managers in smooth decision making with regards to the entire production process wherein all the costs involved in production are primarily measured and recorded individually, post which the input costs are collated with output results for accessing the financial execution and thereby making discerning business decisions. There are several types of Cost Accounting such as Standard Costing, Activity-Based Costing, Lean Accounting and Marginal Costing etc but however the pivotal activity of cost accounting is budgeting per se, as several budgets are prepared delineating costs, profit, revenue, production capacity and productivity of both workers along with that of plant and machinery.
Costs are elucidated meticulously at each level and hence this greatly aids any business entity. However Management Accounting ie commonly known as Managerial Accounting alludes to the practice of accessing, scrutinizing, evaluating and thereby communicating crucial financial information to the management of an organization for boosting the overall performance of such an organization. It is a heterogeneous, multifaceted subject that can be primarily considered as a step ahead of Cost Accounting, since it helps fathom the root cause of any profit or loss that has incurred and it therefore aims at rendering appropriate information for smooth decision-making, cost controlling and for better performance appraisal of a business entity. Management Accounting is widely prevalent nowadays and with timely forecasts and in-depth analysis, this eclectic subject greatly helps in forecasting and thereby gauging any initial signs of unsolicited hindrances which an entity can easily overcome, as the management has the sole discretion to choose the domains that require detailed analysis, using which an organization can work upon its business strategies.
Management Accounting also helps in valuation of stock, capital budgeting analysis and variance analysis, to name a few but having a solid mastery in this multidisciplinary subject of Cost and Management Accounting is not a child's play and requires thorough, in-depth guidance of a highly learned teacher.
At IGP Institute, CA Ashish Kalra Sir himself teaches Paper3 of CA Intermediate ie Cost and Management Accounting wherein he makes sure to meticulously cover all the labyrinth and rather perplexing concepts in extreme depth and it is pertinent to mention that many of his students have time and again secured the most sublime and awe-inspiring result in this subject and also in CA Exams, in general, with one of his students who recently received a perfect 100 in the Cost and Management Accounting exam of CA Intermediate in the November 2018 CA Intermediate attempt.
Preparing for such onerous exams can undoubtedly be enervating as well as extremely daunting but studying with Ashish Sir and thereafter nailing the exam is a breeze for students as Ashish Sir teaches each concept with unparalleled enthusiasm and he adopts extreme innovative techniques wherein he even uses whimsical animated figurines for catching the attention of all his students. Ashish Sir is an absolute powerhouse to witness while he teaches his young CA aspirants and studying under his nurturing wing is a true delightful experience to relish. His teaching methodology is thoroughly unique and one of a kind, and Sir also makes sure to cover not only the past attempt question papers, but he also helps students solve each and every question from the diverse Revision Test Papers and Mock Test Papers that are issued from time to time by the ICAI and lastly, the magnificent results of our students speaks for itself.