Author: T.S. Grewal, CA. (Dr.) G.S. Grewal, H.S. Grewal, R.K. Khosla
T.S. Grewal's Accountancy Textbook for ISC Class 12 (Section B)
This thoroughly revised edition of Management Accounting, authored by the esteemed academic panel of T.S. Grewal, H.S. Grewal, CA. (Dr.) G.S. Grewal and R.K. Khosla book is explicitly designed for Class 12 students appearing for the Indian School Certificate (ISC) Examination to be held in 2027. It gives full effect to the Syllabus prescribed by the Council and its Guidelines.
A highly critical feature of this textbook is its strategic approach to conceptual continuity. Although the 'Statement of Profit & Loss (Application of Schedule III)' is not officially included in the syllabus, it is discussed in detail in the book. The authors have deliberately included it because a foundational understanding of this topic is necessary to study and comprehend subsequent chapters like the Comparative Income Statement, Common-size Income Statement, Cash Flow Statement, and Accounting Ratios.
Exhaustive Examination & Competency Focus
To meet the exact syllabus requirements and align with the current trend of questions, a concerted effort has been made to incorporate questions from the 2025 Examination and the ISC Specimen Question Paper 2026 at appropriate places throughout the text.
Diverse Question Typologies:The book is packed with Multiple Choice Questions, Assertion-Reason Based MCQs, Very Short Answer Questions, Source-Based Questions, Missing Value Questions, and Case Study Based Multiple Choice Questions to ensure detailed conceptual understanding.
Dedicated Competency Section: Keeping the Council's latest directives in view, a separate section entirely dedicated to Competency Based Questions has been incorporated into each chapter.
Structured Learning Aids:Formats, tables, and side boxes are strategically provided to facilitate learning at a glance.
Consolidated Testing:To test overall exam readiness, Model Test Papers are attached at the end of the book as consolidated papers, alongside dedicated sections for Project Work and Past Examination Questions.
Smart Digital Resources & CUET Preparation
The publishers have utilized scannable technology to provide useful extra material without making the physical book too bulky or increasing its price. By scanning the relevant QR Codes in each chapter, students can unlock additional text, fresh illustrations, and highly crucial Master Questions and Advanced Level Questions (along with their complete Solutions).
Furthermore, the authors note that objective-type questions are gaining massive importance not just in board examinations, but also in competitive tests like CUET. To help students practice such questions, a free app titled 'GCL for Accountancy' is fully operational. Students can download it directly from the Play Store or by scanning the QR Codes given in the book to access a sizable number of practice questions.
Fully updated as per current board syllabus with rationalized topics and latest guidelines.
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NCERT Aligned
Includes NCERT & Exemplar based questions to build solid baseline concepts for exams.
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Chapter Review
MCQs, statement variations, and objective questions at the end of every single chapter.
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Quick Recap
Key concepts, core definitions, and formulas mapped out for fast final revisions.
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Practice Papers
Self-practice test papers designed rigorously for high-impact exam preparation.
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Graded Exercises
Well-graded practice problems starting from basic levels to highly advanced application stages.
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Chapters Covered
📖 View Complete Table of Contents+
Volume 2: Section B (Management Accounting)
Financial Statement Analysis
Comparative Statements
Common-Size Statements
Cash Flow Statement - Based on Accounting Standard-3 (Revised)
Ratio Analysis
+Model Test Papers
+Project Work
+Past Examination Questions
About The Authors
T.S. Grewal
Legendary Commerce Educator | Academic Author | Alumnus, Harvard Business School (ITP)
Prof. T.S. Grewal was a visionary academician who revolutionized accountancy education in India. A Gold Medalist from Calcutta University and an alumnus of the prestigious International Teachers Program at Harvard Business School, he dedicated his life to simplifying complex accounting concepts. He authored benchmark textbooks, including Double Entry Book Keeping and Advanced Accounts, transforming how the subject is taught. Today, his enduring legacy and concept-based approach continue to guide generations of commerce students and teaching professionals nationwide.
CA. H.S. Grewal is a Fellow Chartered Accountant (FCA) and a graduate of Shri Ram College of Commerce, University of Delhi. With over 30 years of experience in professional practice and commerce education, he has co-authored and revised the renowned T.S. Grewal Accountancy series. His expertise lies in financial accounting and the transition from single-entry to accrual-based double-entry accounting systems, making complex concepts accessible to students and educators.
Chartered Accountant & Veteran Educator | Ph.D. in Banking Finance | Co-Author, T.S. Grewal Series
CA. (Dr.) G. S. Grewal is an eminent Chartered Accountant and academician with over 40 years of combined experience in corporate practice and teaching. An alumnus of SRCC with a Ph.D. from the University of Southern California, he brings profound industry and legal expertise to his role in revising the benchmark T.S. Grewal accountancy textbooks series for CBSE and ISC. Recognized by the ICAI for his academic contributions, he actively serves on its Board of Studies and has been a vital member of CBSE and NCERT syllabus committees.
Educator with 50+ years of teaching experience | Academic Author & Veteran Faculty
Mr. R.K. Khosla is an eminent commerce academician with nearly 50 years of distinguished teaching experience in the field of accounting. A seasoned educator, he has served as a faculty member for the Northern India Regional Council (NIRC) of the Institute of Company Secretaries of India (ICSI) and formerly for the NIRC of the Institute of Chartered Accountants of India (ICAI). He is widely recognized as the co-author of the premier accounting textbook series for CBSE and ISC Class 11 and 12 examinations, including T. S. Grewal’s Double Entry Book Keeping, Analysis of Financial Statements, and Management Accounting.
Yes. This edition is prepared according to the latest ISC Council syllabus and guidelines for Class 12 Management Accounting, including the updated examination pattern and competency-based questions.
Students often get confused about this on forums. While the direct application of Schedule III for Profit & Loss is not part of the 2027 syllabus, you absolutely need its foundational knowledge to solve problems in subsequent chapters like Comparative Income Statements, Cash Flow Statements, and Accounting Ratios. The authors have deliberately kept it in the book to ensure your conceptual chain doesn't break.
Yes, it is highly recommended for dual preparation. The authors have specifically designed the objective sections keeping exams like CUET in mind. Along with the MCQs, Assertion-Reason, and Source-Based questions in the book, you get free access to the 'GCL for Accountancy' app, which lets you practice thousands of objective questions in a competitive, time-limited format.
Absolutely. The ISC Specimen Question Paper 2026 introduced new testing formats, and this book has been completely adapted. Instead of just mixing them in, a separate and dedicated section entirely focused on Competency Based Questions has been incorporated into every single chapter.
Yes. Once you finish the chapters (like Cash Flow and Ratio Analysis), the book provides consolidated Model Test Papers attached at the very end. It also includes dedicated sections for Project Work and Past Examination Questions, giving you a complete final-revision toolkit for this specific section of the syllabus.
Students prefer this book because it combines concept-based explanations, exam-oriented numerical practice, model test papers, QR-based learning resources, and complete coverage of the ISC Management Accounting syllabus in a single volume.
Many students find Cash Flow Statement and Ratio Analysis more challenging because they involve multiple formats and calculations, while Comparative Statements and Common-Size Statements are generally considered easier after sufficient practice.
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