With increase in competition and consequent economic pressures, cost and management accountancy has been finely interwoven into the main fabric of management. The accumulation and analysis of cost accounting information for the valuation of products and services, internal decision-making, and measurement of financial performance is widespread since the last century. Collection, assimilation, collation and analysis of financial information from all areas of an organization are the functions of a cost accountant. There is no denying the fact that an organization's success or failure is dependent on the quality of information made available to the management. This is where cost accounting plays a vital role to the company. It helps to ensure that managerial decisions are well within the cost prescriptions. At the same time, competitive positioning requires knowing which product lines, regions, segments are contributing more to profit; knowledge of cost of raw materials, labor, transport, overheads helps in preparing budgets for the operation that is planned; manufacturing is becoming more capital intensive, there are more indirect costs. Costing errors (which affect pricing) may be fatal; the organization may lose a competitive bid due to miscalculation of costs and it is important to detect inefficient activity. Thus with the growing importance of Cost Accounting, the book provides an in-depth understanding and knowledge about Cost Accounting.