The knowledge and understanding of cost accounting is an integral part of learning the overall nature of accounting and is one of the varied aspects of accounting available for careers in this field. Modernization of industry in this globalized world has also increased the importance of cost accounting. Cost accounting is helpful in making a number of business decisions. By evaluating the actual costs versus the anticipated benefit, a company can prevent the purchase of unnecessary goods and services, or alter the current operational model in a manner that will increase efficiency. Whether utilized to evaluate the status of a department within the company or as a tool to project the feasibility of opening new locations or closing older ones, cost accounting can provide important data that may impact the final decision. Product development and marketing strategies are also informed by the utilization of cost accounting. In product development, it is possible to determine if a new product can be produced at a reasonable price, considering the cost of raw materials, the labour and equipment necessary to produce a finished product. At the same time, marketing protocols can make use of cost accounting to project if the product will sell enough units to make production a viable option. Fundamentals of Cost Accounting: Theory, Problems and Solutions provides a comprehensive introduction to the various concepts, techniques and methods of cost accounting adhering to the syllabus of various universities in India. Various components of cost accounting have been presented in a lucid manner and easy-to-understand formats. It will help students to gain knowledge and understanding of a variety of cost accounting topics. It will also help in understanding how cost accounting information can be used for the purposes of short-term planning, control and decision-making within business organizations. The model question papers, which comprise questions from various university examinations in India are given for the benefit of the students. It will help the students to prepare well for various examinations. The book concentrates on the theoretical concepts as well as problems with solutions, and has been designed for B.Com, B.B.A., M.Com and M.B.A. courses of various colleges and institutes in India. It will also be helpful to the accounts practitioners, managers and business people to understand the basic concepts involved in cost accounting