ICMA M1 - Fundamentals Of Cost And Management Accounting Study Text

📘 Title Name: ICMA M1 – Fundamentals of Cost and Management Accounting Study Text
🏢 Publisher: ICMAP

🔹 Introduction:

The ICMA M1 – Fundamentals of Cost and Management Accounting Study Text by ICMAP is a foundational guide designed for students beginning their journey in cost and management accounting. It provides a structured understanding of how financial information supports managerial decision-making, cost control, and performance analysis. This study text is essential for ICMA students aiming to build strong accounting and analytical skills.

🔑 Key Points:

• Explains the fundamental principles of cost and management accounting in a clear, practical manner.

• Covers essential topics such as material control, labor costing, overheads, and process costing.

• Includes detailed examples, exercises, and illustrations for concept reinforcement.

• Prepares students for ICMA examinations with a focus on analysis and application.

• Aligns with the latest ICMA syllabus and professional accounting standards.

🧾 Conclusion:

The ICMA M1 – Fundamentals of Cost and Management Accounting Study Text is an indispensable resource for accounting students. It equips learners with the analytical tools needed to measure, control, and manage costs effectively. Ideal for both academic success and professional growth in the field of management accounting.

📘 Table of Contents:

1. Introduction to Management Accounting

2. Sources of Data

3. Cost Classification and Cost Behaviour

4. Materials: Accounting and Control

5. Materials: Inventory Control

6. Accounting for Labour

7. Accounting for Overheads

8. Absorption and Marginal Costing

9. Job and Batch Costing

10. Service Costing

11. Process Costing

12. Standard Costs: Principles and Preparation

13. Variance Analysis: Materials and Labour

14. Variance Analysis: Overheads

15. Sales Variance Analysis and Profit Reconciliations

16. Index