This article introduces students to cost and management accounting, covering topics like cost determination, budgetary planning, standard costing, and decision-making. It explains how costs are managed in accounting systems, including materials, labor, and overheads. The article also discusses different cost accounting methods like job costing and process costing. Additionally, it explores budgetary procedures and techniques for controlling budgets. Variance analysis and marginal costing are used for decision-making, while management information is crucial for long-term business decisions. Solutions to exercises are provided for practical application.