Welcome to the advanced Accountancy paper at the Post Graduate Level, where
our focus lies on fostering conceptual understanding and practical applicability of key
accounting principles. This course builds upon the foundational knowledge acquired
during undergraduate studies, aiming to equip students with the skills necessary for realworld
application. The significance of this subject is continually magnified by factors
such as economic liberalization, globalization, the free flow of capital, and the pursuit of
enhanced corporate governance practices.
In this book, we delve into the crucial aspects of Cost Accounting from a corporate
standpoint and introduce emerging methodologies tailored to address the evolving
business landscape. It is written in accordance with the New Education Policy (NEP).
The book comprises six units, each focusing on a different aspect of accounting.
Unit 1 begins with Non-Integrated Cost Accounts, providing an elementary study and
disclosure requirements of select Accounting Standards. The subsequent unit navigates
through Integrated Accounts / Integral Accounts. Unit 3 unfolds the complexities of
Reconciliation of Profits under Cost Accounts and under Financial Account, followed by
Unit 4’s exploration of Cost Information Systems and Reporting. The fifth unit illuminates
Uniform Costing and Inter-firm Comparison, while the final unit acquaints students
with an Introduction to Cost Accounting Record Rules and Cost Audit, specifically the
Companies (Cost Records and Audit) Rules, 2014.
We trust that both students and educators will find this book immensely beneficial.
While every effort has been made to ensure accuracy and clarity, we acknowledge the
possibility of inadvertent errors. We extend our heartfelt gratitude to our families for
their unwavering support and encouragement throughout this endeavor.
Special thanks to Prashant Publications, Director Rangrao Patil, and the entire team
for their expedited and meticulous publication process. We invite readers to share their
valuable views, suggestions, and feedback with us.