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Important Questions for "cost accounting":

[1]

  1. Distinguish between Cost Audit and Management Audit. Explain the significance of cost accounting record maintenance and cost audit in a manufacturing company as per Companies Act, 2013.
  2. How is a company auditor appointed?
  3. What do you mean by proposed dividend on preference shares, proposed dividend on equity shares and interim dividend?

[2]

  1. Discuss the statement 'Cost Accounting is an indispensable tool of modern management.' Explain the objectives and advantages of Cost Accounting.
  2. Define maximum stock level, minimum stock level, ordering level, average stock level, danger level, and economic order quantity. How are these calculated?
  3. What are the elements of cost? Give a pro forma of cost sheet.

[3]

  1. Discuss the statement 'Cost Accounting is an indispensable tool of modern management.'
  2. Explain the difference between Cost Accounting and Management Accounting.
  3. Distinguish between Direct Material and Indirect Material.

[4]

  1. Explain the term Costing, Cost Accounting, and Cost Accountancy.
  2. Determine the stock rate for pricing issue considering the given data and provision for deterioration.
  3. Find the Labour turnover rate by replacement method based on the provided worker data.

[5]

  1. Differentiate between Financial and Cost Accounting.
  2. List out the scope of Cost Accounting.
  3. Explain the applications of Marginal Costing.

[6]

  1. What are the usage of process cost accounting?
  2. What do you understand by Job Order Cost Accounting and make a format of Job Cost sheet.
  3. What are the identification factors of Fixed, Variable and Mixed Cost? Explain with examples fixed, variable and mixed cost.

[7]

  1. Prepare a Statement showing reconciliation between the two sets of profits.
  2. What are the methods of wages payment?
  3. Prepare the contract account showing the profit to be transferred to the profit and loss account, calculate work-in-progress, and show how particulars should appear in the Balance Sheet.

[8]

  1. What are the shortcomings in financial statements prepared under the Historical Cost Accounting Method (HCA) during periods of inflation?
  2. How is Cost of Sales Adjustment (COSA) calculated while preparing final accounts of companies under Current Cost Accounting (CCA) method of accounting for price level changes?
  3. What do you mean by banking companies and insurance companies?

[9]

  1. Distinguish between historical cost accounting and accounting for price level changes.
  2. How is Memorandum Joint Venture Account prepared?
  3. What are the items shown in debit and credit sides of Receipts and Payments account?

[10]

  1. How is profit calculated by Cost Accounting Method?
  2. How would you execute the setting up of an enterprise?
  3. Name the various elements included in total cost.

[11]

  1. State and explain the general principles of cost accounting.
  2. What is the difference in under-absorption and over-absorption of overheads?
  3. Differentiate between Job costing and Contract costing.

[12]

  1. List the items not to be included in Cost Accounting.
  2. What is Cost Accounting? Explain its objectives and advantages.
  3. On the basis of the given information, find out profit as per financial accounts.

[13]

  1. What do you understand by 'Indirect Expenses'?
  2. Explain the main objectives of 'Material Control'.
  3. Prepare a cost-sheet for the year showing cost per unit for each item of expenses and also the total cost of the production.

[14]

  1. Discuss the terms Costing, Cost Accounting and Cost Accountancy. What are the functions of Cost Accounting?
  2. What points will you take into consideration in submitting quotation?
  3. Discuss the different methods of pricing materials issued from stores for production and state which of these methods is most accurate.

[15]

  1. Explain the general principles of Cost Accounting.
  2. Distinguish between Cost Accounting and Financial Accounting.
  3. Discuss in brief the different methods of Cost Accounting.

[16]

  1. What is meant by Cost Accounting?
  2. What is a cost sheet?
  3. Distinguish between direct expenses and indirect expenses. What types of expenses are included in the former?

[17]

  1. What is meant by Cost Accounting? Explain its objectives and limitations.
  2. Differentiate between variable and semi-variable overheads.
  3. What do you mean by Management Accounting? Discuss its nature and scope.

[18]

  1. Differentiate between Management Accounting and Cost Accounting.
  2. What do you mean by variable cost?
  3. Describe the uses of Marginal Costing in managerial decisions.

[19]

  1. Define Cost Accounting. Discuss its significance to the management. How does it differ from Financial Accounting?
  2. What is cost of goods sold?
  3. Distinguish between marginal cost and variable cost.

[20]

  1. Differentiate Financial Accounting and Cost Accounting.
  2. How do you calculate cost per unit?
  3. Write any two objects of Management Accounting.

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