... Concepts of Cost Costing, Cost Accounting and Cost Accountancy General Principles of Costing Objectives of Cost Accounting Importance of Cost Accounting Classifications of Costs Cost Centre and Cost. .. Significance of Accounting Standards Need for Accounting Standards Scope of Accounting Standards Compliance of Accounting Standards Accounting Standards Board Accounting Standards International Accounting. .. of accounts Valuation of shares and intangible assets PART B: COST AND MANAGEMENT ACCOUNTING (50 MARKS) Cost accounting – objectives of costing system; cost concepts and cost classification; management