LPU - Lovely Professional University
What you'll learn

This course is designed to equip learners with modern cost and management accounting skills required in today’s technology-driven business environment. The course focuses on the application of cost analytics, strategic cost management, budgeting techniques, performance evaluation, and managerial decision-making using contemporary business tools and digital technologies. Learners will explore practical approaches to cost control, profit planning, and operational efficiency through case studies, analytical exercises, and technology-enabled financial analysis. The course also introduces emerging trends such as automation, business intelligence tools, AI-enabled accounting systems, and data-driven managerial reporting to prepare students for evolving industry requirements. Learning Outcomes After successful completion of this course, learners will be able to: 1. Apply modern cost and management accounting techniques for planning, control, and managerial decision-making. 2. Analyze cost behavior, budgeting, and performance reports to improve organizational efficiency and profitability. 3. Evaluate strategic business decisions using relevant costing, cost analytics, and performance management tools. 4. Utilize digital and analytical tools for cost reporting, financial analysis, and data-driven business insights.

  • Meaning, scope, objectives, and importance of cost and management accounting Difference between cost, financial, and management accounting Cost concepts, classification of costs, cost centres, and cost units Cost sheet preparation and cost reporting Introduction to cost analytics and managerial applications
  • Material costing and material control techniques Inventory management techniques: ABC Analysis, VED Analysis EOQ, stock levels, perpetual inventory system Pricing of material issues: FIFO, LIFO, Weighted Average Method Inventory analytics and digital inventory tracking systems
  • Marginal costing and contribution analysis Cost-Volume-Profit (CVP) analysis Break-even analysis and margin of safety Profit planning and decision-making Applications in make-or-buy, pricing, and product mix decisions
  • Standard costing: meaning, objectives, and advantages Fixation of standards and variance analysis Material, labour, and overhead variances Responsibility accounting and performance evaluation KPI-based performance analytics
  • objectives and process Functional budgets, cash budgets, and flexible budgets Strategic cost management concepts Activity-Based Costing (ABC) Target costing, life-cycle costing, and cost reduction strategies
  • Ratio analysis and interpretation Liquidity, profitability, solvency, and activity ratios Cash Flow Statement Analysis (AS-3 Revised) Digital tools in management accounting AI, automation, ERP, and business intelligence in accounting Introduction to dashboard reporting and data visualization

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Dr. Ashish Patel
Assistant Professor

Dr. Ashish Patel is currently serving as an Assistant Professor in the Accounting and Business Law domain at the Lovely Professional University. He earned his Ph.D. in Business Administration (Finance) from the University of Lucknow. With over eight years of teaching and research experience, he is a UGC-NET and UGC-JRF qualified scholar in Management and has also qualified UGC-NET in Commerce. His research interests include financial management, behavioral finance, securities analysis, portfolio management, MSME finance, financial literacy, and digital financial behavior. Dr. Patel has contributed to academia through publications in national and international peer-reviewed journals and has actively participated in academic conferences, seminars, and institutional research initiatives. He is recognized for his commitment to academic excellence, research engagement, and student mentorship in the field of finance and business education.