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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. Give a classification of audit reports.
  3. You have just completed the audit of the accounts of a Sugar Mill Company for the year ended 31st March, 2020. Draft your qualified audit report inserting three qualifications therein.

[2]

  1. Discuss the statement 'Cost Accounting is an indispensable tool of modern management.' Explain the objectives and advantages of Cost Accounting.
  2. What are the elements of cost? Give a pro forma of cost sheet.
  3. What is Management Accounting? Discuss the scope and advantages of management accounting.

[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. Calculate contribution, profit-volume ratio, break-even point, margin of safety, sales volume, and profit for given sales data.

[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. Explain the meaning of the following terms: Shut-down cost, Replacement cost, Sunk cost, Opportunity cost, Imputed cost.

[5]

  1. Differentiate between Financial and Cost Accounting.
  2. List out the scope of Cost Accounting.
  3. Discuss the modern-day classification of cost with the help of relevant examples.

[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. Explain the causes of differences in profits as shown by financial accounts and cost accounts.
  2. Prepare Process Cost Accounts showing the cost of output.
  3. What are the methods of wages payment?

[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. Define royalty, shortworkings, minimum rent and sub-lease in regard to royalty accounts.

[9]

  1. Distinguish between historical cost accounting and accounting for price level changes.
  2. Calculate the amount of cash paid for purchase of machinery during the year using specified machinery account balances.
  3. Write up joint venture account and personal account in the books of a consignor with given details.

[10]

  1. How is profit calculated by Cost Accounting Method?
  2. Why is market assessment necessary for entrepreneurship?
  3. What is the importance of quality control?

[11]

  1. State and explain the general principles of cost accounting.
  2. What do you mean by Inter-process Profit? Give justification of Inter-Process Profit in an organization.
  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 is under and over absorption?

[13]

  1. What is meant by 'Idle Time and Over-time'?
  2. What is meant by Certified Work?
  3. Explain the main objectives of 'Material Control'.

[14]

  1. Discuss the terms Costing, Cost Accounting and Cost Accountancy. What are the functions of Cost Accounting?
  2. What do you understand by Cost Reconciliation Statement?
  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. Calculate remuneration under Halsey and Rowan premium plans for given conditions.
  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. Difference between overhead distribution and allocation.
  3. Differentiate between variable and semi-variable overheads.

[18]

  1. Differentiate between Management Accounting and Cost Accounting.
  2. Explain Halsey Premium Plan in brief.
  3. What is margin of safety?

[19]

  1. Define Cost Accounting. Discuss its significance to the management. How does it differ from Financial Accounting?
  2. Name the different methods of absorption of factory overheads.
  3. Write a note on classification of cost.

[20]

  1. Differentiate Financial Accounting and Cost Accounting.
  2. What do you mean by Economic Order Quantity?
  3. What are the characteristics of unit costing? To what type of concerns is the output costing method suitable?

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