Master of Management Studies (M.M.S) Cost and Management Accounting Syllabus - Mumbai University 2026

Course objectives

• 1 To introduce core concepts of cost classification, cost sheets, and management accounting frameworks.
• 2 To explain various costing methods (job, process, ABC) and their relevance to decision- making.
• 3 To build analytical skills in standard costing, responsibility accounting, and cost control systems.
• 4 To train students in using budgeting, marginal costing, and variance analysis for business planning.
• 5 To guide application of CVP analysis and lifecycle costing, and other cost and management accounting models in evaluating real-world cost efficiency.

Course outcomes

• CO1: Understand the cost accounting concepts, elements and classification of cost and overheads and develop the application skill in drafting a cost sheet.
• CO2: Understand the need for material control, control of idle time of labour, methods of calculation of labour turnover and classification of overheads.
• CO3: Analyze the importance of Standard Costing and the effect upon cost effectiveness
• CO4: Use the different costing systems in practical scenario.
• CO5: Create control system through budgets and evaluate business decision making scenarios with CVP analysis.

Unit 1 CO1 · 1 hours

Introduction to Cost and Management Accounting, Concept of Cost, Role of Cost in decision making analysis, classification of cost, Cost Accounting Standards, Preparation of Cost Sheet, Methods and Techniques of Costing. Management Accounting: Evolution, Meaning, Objectives and Scope, Tools and Techniques of Management Accounting, Relationship of Cost Accounting, Financial Accounting, Management Accounting and Financial Management, Role of Management Accountant in Decision Making. Elements of cost - Materials, Labour and Overheads, Allocation and Apportionment of overheads

Unit 2 CO1, CO2, CO3 · 2 hours

Introduction to different costing techniques; Methods of costing – with special reference to job costing, process costing, services costing

Unit 3 CO1, CO2, CO3, CO4 · 4 hours

Responsibility Accounting and Transfer Pricing

Unit 4 CO1, CO2, CO3, CO4 · 4 hours

Activity Based Costing & Activity Based Management

Unit 5 CO1, CO2, CO3, CO4 · 4 hours

Target Costing, Lifecycle Costing, Environmental Costing

Unit 6 CO1, CO2, CO3, CO4 · 3 hours

Standard Costing and Variance Analysis

Unit 7 CO4, CO5 · 6 hours

Budgeting - Budget Concept, Fixed and Flexible Budgets, Preparation and Monitoring of Various types of Budgets, Budgetary Control System: Advantages, Limitations and Installation, Zero Base Budgeting

Unit 8 CO4, CO5 · 6 hours

Marginal Costing – Meaning, Limitations and Applications, Difference between Marginal Costing and Absorption Costing, Breakeven Analysis, Cost-Volume Profit Analysis, Margin of Safety and P/V Ratio

Text Books

• 1 Cost Accounting - A Managerial Emphasis, Horngren, Datar, Rajan 15th ed. Pearson
• 2 Accounting - Text and Cases, Anthony, Hawkings, Merchant 13th ed. McGraw Hill
• 3 Cost Accounting for Managerial Emphasis – Horngren, Datar, Foster 2
• 4 Management Accounting – Robert Kaplan, Anthony A. Atkinson 3
• 5 Cost and Management Accounting – Ravi. M. Kishore

Reference Books

• 1 Management Accounting for profit control – I. W. Keller, W. L. Ferrara
• 2 Accounting & Finance for Managers – T P Ghosh
• 3 Management Accounting – Paresh Shah – Oxford Publications
• 4 Cost Accounting – Jawaharlal and Seema Srivastava
• 5 Management and Cost Accounting – Colin Drury