Striking Features of the Book Language and approach used is simple, effective and informal. Approach in the book has been adapted considering the typical present examination requirements of the Professional students preparing for the final examinations under new syllabuses (Paper 5 of the Institute of Chartered Accountants and Paper 15 of the Institute of Cost Accountants of India). There is a glut of new terms in the market emanating from industrial revolution and intense cut-throat competition world-wide. Considering it in the light of weightage of questions asked, the scope of items discussed has been expanded to include such emerging issues as: Beyond Budgeting, Lean Systems, Six Sigma, Kaizen Costing, Throughput Accounting, Enterprise Resource Planning (ERP), Backflush Costing, Business Process Re-engineering, Total Quality Management, Socio-Economic Costing, etc. All the recent practical problems, from the past examinations have been sectionalized, graded and presented according to the level of difficulties. Each section of each chapter ends with one of the celebrated problems of the past examinations, which has been the genesis of the recent examination problems. Questions have not been solved routinely. An effort has been made in each difficult situation to help the students to identify a methodology to solve the problems such as decision-making in situation of multiple key factors impacting each other with fixed costs differing at different levels. In every chapter, each section represents a particular topic under the overall discussion and each section contains almost all the problems, that have appeared during the past 15 to 20 years, making this book a reliable, unique and authentic problem-solution-textual discussion bank to pass the examination. The readers can remain assured that this book adequately and effectively meets all the requirements of the professional students preparing for the above-mentioned papers.