The book provides a framework for understanding of the fundamentals of accounting for management in terms of accounting; costing. It gives a comprehensive account of the basic concepts, theories, and techniques underlying the subject in the context of the financial, legal, and taxation. Business operations may result in financial benefits or losses that arise as a difference of revenue gained from a business activity and expenses, costs and taxes needed to sustain the business activity. Any resulting pro?t or loss goes to the business owner. Accounting is the systematic process of measuring the economic activity of a business to provide useful information to those who make economic decisions. The accounting information is used in many different situations. The illustration in the introductory section shows how a business owner can use accounting information. Bankers use accounting information when deciding whether or not to make a loan. The book will also serve as an excellent reference for the practicing managers in their day-to-day application and understanding of the subject.