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practical knowledge in cost ac/ing?

nancy (student) (127 Points)

01 October 2009

hi friends as v all know abt d decision of ICAI to lay more stress on practical knowledge in d exams bt hw cn d paper of cost ac/ing nd i.t- sm be based on practical knowledge?cn anybody suggest wat cud be d likely pattern of these papers.............

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Manmohan ACA, CS (Chartered Accountant ) (14243 Points)
Replied 01 October 2009

Practical knowledge does not means you have to undergo training under a CWA, it means which can be applied practically i give you an example, immaterial concentrate on passing material entries, treatment of abnormal loss, normal loss, level of stock , in Labour chapter - labour turnover, making payroll, how to keep store ledger, concentrate of cost ledger chapter, Marginal and standard costing is important, which can be used and applied in practical life . Budget is important , But you see various obsolete methof of computing labour wages is not is not so important, ………….

Similarly in FM give emphasis on Cash flow, Debtors management, treasury management, arbitrage,