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Cost and Management Accounting-I
Cost and Management Accounting-I
Mohammed Hanif
Sr. Professor, Accounting & Finance
St. Xavier’s College (Autonomous), Kolkata
1 2 3 4 5 6 7 8 9 D103074 22 21 20 19 18
Printed and bound in India.
ISBN (13): 978-93-87572-42-3
ISBN (10): 93-87572-42-0
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Information contained in this work has been obtained by McGraw Hill Education (India), from sources believed to be reliable. However,
neither McGraw Hill Education (India) nor its authors guarantee the accuracy or completeness of any information published herein, and
neither McGraw Hill Education (India) nor its authors shall be responsible for any errors, omissions, or damages arising out of use of this
information. This work is published with the understanding that McGraw Hill Education (India) and its authors are supplying information
but are not attempting to render engineering or other professional services. If such services are required, the assistance of an appropriate
professional should be sought.
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Preface
In the last few years, there have been many changes in the field of Cost and Management Accounting. In
the past, the role of the cost and management accountants was very narrow. Nowadays, their job is not
only limited to report the past events to the management, but also they act as internal consultants. They
are actively involved in the decision-making process of the organisation. Hence, there is a dire need to
equip students with the skills required according to the dynamic requirements of the corporate world so
that they can pursue this profession with efficacy.
This book has been a modest approach in this direction. Cost and Management Accounting-I has
been structured as per the CBCS syllabus prescribed by the University of Calcutta w.e.f. 2017-18, for
the students of B. Com Semester II.
Thorough knowledge of the subject is of vital importance for the students, and hence, a sincere
effort has been made throughout this book to give students a clear view of the subject. Considering the
changing students’ need, a considerable restructuring of the book has been done, especially in terms of
pedagogical respect.
Previous years’ CU question papers with solutions have been provided in every chapter. The question
papers are further segregated into two categories: ‘for general course students’ and ‘for honours course
students’. The questions provided in the book will enable the students to assess the kind of questions
asked in the university examination and will also help them in evaluating their conceptual understanding.
An exclusive section named ‘special problems’ has been dedicated for advance learners. It includes
questions that are more challenging and are of higher order of difficulty.
A number of colleagues, friends and students helped in the preparation of this book. The author
thanks each and every one of them. Special thanks to Mr. S. Rangarajan for typesetting and formatting
the book.
Utmost care has been taken to make this book error-free, but still if any error comes up, it can be
addressed at pmhanif@gmail.com. All suggestions will be most welcomed.
M Hanif
Brief Contents
Preface v
Brief Contents vii
Syllabus xxi
(2) When the contract is above 25% complete but not exceeding 50% complete 8.6
(3) When the contract is above 50% complete but not exceeding 75% complete 8.6
(4) When the contract is above 75% complete or nearing completion 8.6
(5) In case of a loss, the entire amount is transferred to the Profit and Loss Account
irrespective of the percentage of completion. 8.7
Calculation of Percentage of Completion of a Contract 8.7
Calculation of Work–in–Progress for Balancing Sheet Purpose 8.8
Escalation Clause 8.36
Previous Years’ C.U. Question Paper (with Solution) 8.41
For General Candidates 8.41
For Honours Candidates 8.48
Theoretical Questions 8.57
Practical Questions 8.57
Guide to Answers 8.67
Lo fins aquí indicat basta pera demostrar que la missió altíssima del
Estat no es pas suprimir la lluyta, sinó regularla, al objecte de que sos
resultats siguin civilisadors y progressius. Aquestos están en relació
directa de la activitat y energía de la lluyta, per qual motiu l’Estat,
lluny de restringirla ó contrariarla, ha de procurar per tots sos medis
fomentarla y exténdrela. Per medi de la direcció de las relacions
exteriors, ha de darli camp franch; per medi de la definició, fixació y
aplicació del dret, ha d’evitar que degeneri en batalla, mantenintla
dins dels límits de la competencia; per medi de las atribucions que se
li concedeixen pera la producció y aument de la cultura, ha de pendre
en ella part activa, provocantla, avivantla y extenentla á tots los
terrenos civilisadors.
Los procediments son sempre fills del método, de manera que pot
ben assegurarse que sent aquells particularistas, particularista ha de
ser tambe aquest. Y en efecte, lo método científich tendeix avuy
directament cap al particularisme. La observació directa ha vingut á
ser la base de las ciencias, aixis de las que buscan las lleys dels sers
materials, com de las que estudian lo món metafísich. Las hipótesis
sens fonament real en fets demostrats no captivan avuy las
intel·ligencias. Los llibres de filosofía en que l’autor no hi va vuidar
més que’ls productes d’una admirable gimnástica de cervell, han
perdut quasi tota la autoritat de que han gosat en altras épocas. Tals
esforsos d’intel·ligencia admiran pero no convensen.
Tots los sistemas filosófichs que fins ara ha concebut l’home y tots
los que concebirá mentres sols disposi de las facultats que
actualment lo posan en relació ab los móns exteriors, poden ben bé
calificarse en dos grans grupos: idealisme y positivisme. Quan se
precindeix de la realitat, y las qüestions se resolen en virtut de
teorías preconcebudas y fillas de generalisacions autoritarias, los
resultats han de ser purament convencionals, y s’imposan més á la
imaginació que á la rahó. Quan s’atén á la realitat y no se avansa un
pás que no pugui fundarse en la observació directa y comprobada, las
conseqüencias, menys brillants que sólidas, s’imposan á la rahó més
que á la imaginació. Los sistemas idealistas produheixen entusiasme,
pero llurs efectes per lo meteix que son molt intensos, no tardan á
decaure. Los sistemas positivistas no arrivan quasi jamay á
entusiasmar, pero en cambi son d’efectes mes durables, puig que
satisfán á la rahó y donan convenciment. Uns y altres sistemas tenen
un gran perill en l’exclusivisme. L’idealisme arriva moltas vegadas á
prescindir completament dels fets, aixis com lo positivisme
precindeix moltas altras de las abstraccions. Reduhintnos als
sistemas basats en la observació, afegirem que sols es llegítim lo
positivisme, quan pera sas resolucions té en compte totas las
impressions de que son capassas las variadas facultats del home,
aixis las reflexivas com las imaginativas.