Search for Important Questions

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. "An auditor is a watchdog and not a bloodhound." Explain this statement.
  3. What is the difference between shares and debentures as far as company audit is concerned?

[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. Calculate total contribution, contribution per unit, profit volume ratio, fixed costs, break-even point in units and in , margin of safety in units and in , sales volume to earn a specific profit, and profit for given sales volumes.

[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. Explain time rate system and piece rate system of wages payment giving their merits and demerits.

[4]

  1. Explain the term Costing, Cost Accounting, and Cost Accountancy.
  2. Explain the different components of total cost.
  3. Calculate the amount of sale based on the provided data.

[5]

  1. Differentiate between Financial and Cost Accounting.
  2. List out the scope of Cost Accounting.
  3. Explain the concept of Material and Labour Variances.

[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 do you understand by classification of cost? Explain characteristics and types of classification of cost.

[7]

  1. How will you distinguish between direct wages and indirect wages? Provide pro forma of cost sheet.
  2. What are the methods of Absorption of overheads?
  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. How is the cost of sales and closing inventory determined under the CPP method of inflation accounting?

[9]

  1. Distinguish between historical cost accounting and accounting for price level changes.
  2. What is the accounting treatment of goodwill upon admission of a partner?
  3. Explain minimum rent, shortworkings and royalty in relation to lease of coal mines.

[10]

  1. How is profit calculated by Cost Accounting Method?
  2. How would you execute the setting up of an enterprise?
  3. Explain the marketing concept and its objectives.

[11]

  1. State and explain the general principles of cost accounting.
  2. Explain the various techniques of stores control.
  3. Prepare a monthly cost sheet for sand lime brick work showing cost and profit per M bricks.

[12]

  1. List the items not to be included in Cost Accounting.
  2. What is Cost Accounting? Explain its objectives and advantages.
  3. What do you mean by Piece rate and Time rate system of remunerating the labour? Explain their advantages and disadvantages.

[13]

  1. What do you understand by Classification of Cost?
  2. What do you understand by 'Indirect Expenses'?
  3. What is Contract Account? What important points should be borne in mind in its preparation?

[14]

  1. Discuss the terms Costing, Cost Accounting and Cost Accountancy. What are the functions of Cost Accounting?
  2. What do you mean by Prime Cost?
  3. What is Machine-Hour Rate? How is it determined?

[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 are the objects of operating cost?
  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. What is cost of production?
  3. What do you mean by Element of Cost? Explain clearly the element of total cost.

[18]

  1. Differentiate between Management Accounting and Cost Accounting.
  2. Explain Halsey Premium Plan in brief.
  3. Write down the scope of Management Accounting.

[19]

  1. Define Cost Accounting. Discuss its significance to the management. How does it differ from Financial Accounting?
  2. What do you mean by ABC analysis?
  3. Distinguish between a cost sheet and statement of cost. How a cost sheet helps in finding out tender price? Give a specimen of cost sheet.

[20]

  1. Differentiate Financial Accounting and Cost Accounting.
  2. What is meant by overhead classification?
  3. What are the characteristics of unit costing? To what type of concerns is the output costing method suitable?

GKPAD.COM by SK Yadav | Disclaimer

free counter