PROFESSIONAL COMPETENCE COURSE
STUDY MATERIAL
COST ACCOUNTING AND
FINANCIAL MANAGEMENT
PAPER 4
Cost Accounting and
Financial Management
BOARD OF STUDIES
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
This study material has been prepared by the faculty of the Board of Studies. The
objective of the study material is to provide teaching material to the students to enable
them to obtain knowledge and skills in the subject. Students should also supplement their
study by reference to the recommended text books. In case students need any
clarifications or have any suggestions to make for further improvement of the material
contained herein, they may write to the Director of Studies.
All care has been taken to provide interpretations and discussions in a manner useful for
the students. However, the study material has not been specifically discussed by the
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be taken to necessarily represent the views of the Council or any of its Committees.
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© The Institute of Chartered Accountants of India
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Published by Dr. T.P. Ghosh, Director of Studies, ICAI, C-1, Sector-1, NOIDA-201301
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PREFACE
The recent surge in globalisation and the massive cross border flow of capital has increased
the significance of Cost Accounting and Fina