Cost Accounting By Jain And Narang.pdf
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Cost Accounting By Jain And Narang.pdf
Cost Accounting By Jain And Narang: A Comprehensive Guide for Students and Professionals
Cost accounting is a branch of accounting that deals with the recording, analysis and allocation of costs incurred in various business activities. Cost accounting helps managers to plan, control and evaluate the performance of their operations, products and services. Cost accounting also provides information for decision making, budgeting and pricing.
One of the most popular and widely used books on cost accounting is Cost Accounting By Jain And Narang. This book covers all the essential topics of cost accounting in a clear, concise and comprehensive manner. The book is written by S.P. Jain and K.L. Narang, who are both eminent authors and professors of accounting. The book is based on the latest syllabus and guidelines of various universities and professional bodies.
Cost Accounting By Jain And Narang is divided into four parts: Part I - Fundamental Principles, Part II - Cost Elements, Part III - Methods of Costing and Part IV - Cost Control and Analysis. The book covers topics such as nature and scope of cost accounting, cost analysis, concepts and classifications, materials purchase and stores control, methods of valuing material issues, labour cost control, overheads analysis and absorption, job costing, process costing, joint and by-product costing, contract costing, operating costing, marginal costing, standard costing, budgetary control, variance analysis, responsibility accounting, transfer pricing, cost audit and cost reports.
The book is enriched with numerous examples, illustrations, diagrams, tables and charts to explain the concepts and techniques of cost accounting. The book also contains solved problems, practical problems, review questions and objective type questions at the end of each chapter to test the understanding and application of the students. The book also provides appendices on cost accounting standards, cost accounting records rules and glossary of terms.
Cost Accounting By Jain And Narang is a must-read book for students pursuing B.Com., M.Com., MBA, CA, ICWA, CS and other courses related to cost accounting. It is also a useful reference book for professionals and practitioners who want to update their knowledge and skills in cost accounting.
Cost Accounting Applications and Benefits
Cost accounting can be applied to various aspects of a business, such as product pricing, inventory valuation, cost control, budgeting, performance evaluation and profitability analysis. Cost accounting can help a business to achieve the following benefits:
Improve decision making: Cost accounting provides relevant and timely information to managers and other decision makers, such as product costs, customer profitability, break-even points, cost-volume-profit relationships and cost behavior patterns. This information can help them to make informed choices about product mix, pricing strategies, outsourcing options, resource allocation and cost reduction.
Enhance efficiency: Cost accounting can help a business to identify and eliminate waste, inefficiency and non-value-added activities in its production process. By using techniques such as activity-based costing, lean accounting and standard costing, a business can measure and improve its operational performance and quality.
Increase profitability: Cost accounting can help a business to optimize its profit margin by reducing costs and increasing revenues. By using techniques such as marginal costing, standard costing and variance analysis, a business can monitor and control its costs and compare them with the budgeted or expected costs. By using techniques such as target costing, life cycle costing and transfer pricing, a business can set competitive prices for its products or services and maximize its market share.
Comply with regulations: Cost accounting can help a business to comply with various accounting standards and regulations