Abstract
Progression generally witnesses three basic |veracities, viz., its imperativeness over time, possibility across all industries and its perilous nature. New challenges are encountered by companies on a daily basis, but at the same time new opportunities are cropping up as well. Moreover, the intensifying competition has led to an undeniable need ta step up strategies and methods ta be a leader in the league. The consequential growth reinforces companies’ drive to deliver to shareholders, builds advantages of scale and scope, attracts talent and delivers funds for reinvestment. However, for growth to be present and business to be successful, effective financial planning and control are the principal foundations. In consequence, the prerequisite to keep oneself abreast of the various techniques of financial planning and control besides a sound knowledge of the concepts of management accounting for the purpose of effective decision making have become imperious.