Cost accounting can be divided into two major types. It includes material cost, and no material cost. Non material cost refers to such factors as interest and penalties charged against a loan, which have no direct effect on the value of the item. Material cost refers to the direct costs of production such as materials used in production, labor, and space occupied in a factory or shop. Non material cost also includes the indirect costs such as travel expenses, overhead expenses, etc.
It is necessary to know the difference between material and non-material cost so that the student can plan his expenditure properly. For example, if an individual buys an item that has a high price tag and consumes it, his cost of production will be high. However if the same individual consumes foodstuff and uses it up only once, then his cost of production will be low.
This is one of the most important aspects of MBA in accounting. The candidate must master all the necessary knowledge to pass the exam. The examination also covers the basic concepts of management theory such as strategy planning, decision-making, and forecasting. Students are required to understand the concept of firm efficiency, profit margin, and growth and employment levels.
Different colleges have different requirements for this exam. Some require the candidate to have a bachelor’s degree while some do not. The candidates who have a bachelor’s degree in business must have completed the course in accountancy and have at least two years of internship. The candidates who do not have any such training or are working professionals will have to complete the course in accounting. The courses may vary according to the school.
The first phase of MBA is the core curriculum of the course. Candidates must get enrolled in one of these programs before they apply for MBA in accounting. They should pass all the required exams for their admission into this program. The second phase consists of the technical modules of the course. The students are required to understand the different concepts of finance, bookkeeping, finance planning and budgeting.
The candidates who pass the test can sit for the exam in the third phase. Candidates who have good results will be able to pass this examination with ease and can start their career in any accounting firm after passing this exam. The candidates who fail will have to take a few more courses before they can go back to their regular course.
There are many institutes that offer MBA in accounting. These institutes also train their students in the process of business administration so that they can be an asset to the firms as they become full-time employees. A thorough research is needed to find the institute offering MBA in accounting that matches your skill set and career goals. Online study is one of the best ways to learn about various institutes and take up the same.
Most of the students who are successful in passing their MBA in accounting test are able to use their success in this field to make a career change. In the past few years, the accounting industry has undergone a tremendous transformation and there are many accounting firms that have opened up in different cities. Candidates who pass their MBA in accounting test can be hired by the leading firms and can easily find jobs in their organization.
To pass the MBA cost accounting exam, a student is required to have at least two years of internship. These candidates must know the basics of bookkeeping, accounting procedures, business strategy planning, and budgeting so that they can successfully pass the exam. They must have basic knowledge of financial management systems like budgeting, cash flow analysis, financial analysis, and financial statement analysis, and internal control systems.
Candidates who are looking forward to taking up their career in this field of study should look at the career advancement options offered by the different institutes in order to be sure about the kind of career path they need to take in order to pass the exam. Since the costs involved in education are also rising, the salary packages are also increasing. Thus, it is good to look into this option as well.