I take great pleasure in presenting this thoroughly revised and updated fourth edition of Cost and Management Accounting. The learned professors and students have always praised the excellent presentation of the subject matter in a simple and lucid style and the utility of the solved and unsolved problems in the book from examination point of view. I thank them for their compliments and also for their support and suggestions. I assure them that while revising the book, I always have students in mind and fully utilize the opportunity to improve the subject matter. In this edition, text matter in all chapters has been thoroughly revised and numerical questions from various recent examinations have been given included ? Objective type questions have been added in chapters as suggested. Contents ? 1. Introduction to Cost and Management Accounting 2. Basic Cost Concepts 3. Material Cost ? Accounting and Control 4. Employee (Labour) Cost ? Accounting and Control 5. Overhead Cost ? Accounting and Control 6. Cost Sheet, Tenders and Quotations 7. Contract Costing 8. Process Costing 9. Absorption Costing and Marginal (Variable) Costing 10. Cost-Volume-Profit Analysis 11. Marginal Costing and Decision Making 12. Budgetary Control 13. Standard Costing and Variance Analysis 14. Analysis and Interpretation of Financial Statements 15. Ratio Analysis 16. Funds Flow Statement 17. Cash Flow Statement 18. Recent Developments in Cost Management 19. Activity Based Costing (ABC)