We are delighted to present this book, “Cost and Works Accounting”, in alignment with the vision and objectives of the National Education Policy (NEP) 2020. This book is designed to meet the educational needs of students pursuing commerce and accounting under the new curriculum framework, which emphasizes a holistic, multidisciplinary, and practical approach to learning.
The NEP 2020 advocates for skill-based education, critical thinking, and an experiential learning approach. In line with these principles, this book offers a blend of theoretical concepts and practical applications in cost and works accounting, preparing students to not only understand the subject but also apply it in real-world scenarios. Topics such as basics of cost and management accounting, elements and classification of cost, cost sheet, and Material Accounting have been elaborated upon with an emphasis on problem-solving and decision-making, which is critical for today’s dynamic business environment.
In tune with NEP 2020, we have integrated finance, operations, and management insights into cost accounting concepts, enhancing the learner’s understanding of the subject in a wider business context. Case studies, examples, and exercises are embedded within each chapter to promote critical thinking and practical application of the concepts. This book promotes skill development, helping students to become proficient in cost and works accounting, and enabling them to contribute effectively to cost control, budgeting, and financial analysis in their future careers. The learning material is designed to encourage students to think critically and independently, fostering innovation and adaptability, which is in line with the goals of NEP 2020.
We have also ensured that the content of this book is aligned with the Outcome-Based Education model, encouraging students to achieve specific learning outcomes and competencies. We want to express our gratitude to educators, industry experts, and students for their feedback and support in the development of this book. Their valuable contributions have ensured that this book not only addresses academic requirements but also supports the vision of NEP 2020 in transforming education into a more student-centric and skill-oriented approach.