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The aim of this book is to explain the principles involved in designing and evaluating management and cost accounting information system. Management accounting systems accumulate, classify, summarize and report information that will assist employees within an organization in their decision making planning control and performance measurement activities. A cost accounting system in concerned with accumulating costs for inventory valuation to meet external financial accounting and internal monthly and quarterly profit measurement requirement. Introduction—Cost Accounting Cost Accounts and Cost Accounting System Basic Cost Concept Material-Procurement and Procedure Material Control Labour and Labour Cost Overhead Overhead Absorption Elements of Cost Cost Sheet Introduction to Management Accounting Relationship of Management, Financial and Cost Accounting Marginal Costing Absorption Costing