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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. Accountancy begins where book-keeping ends and auditing begins where accountancy ends. Elucidate this statement and discuss the objectives and advantages of auditing.
  3. What is the difference between Internal Control, Internal Check and Internal Audit? Discuss the objectives of Internal Audit.

[2]

  1. Discuss the statement 'Cost Accounting is an indispensable tool of modern management.' Explain the objectives and advantages of Cost Accounting.
  2. What is Management Accounting? Discuss the scope and advantages of management accounting.
  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. Define cost unit, cost centre, operating costing, and contract costing.

[4]

  1. Explain the term Costing, Cost Accounting, and Cost Accountancy.
  2. Prepare stores ledger account as per FIFO method based on the provided receipts and issues data.
  3. Prepare income statements under Absorption Costing and Marginal Costing using the given data.

[5]

  1. Differentiate between Financial and Cost Accounting.
  2. List out the scope of Cost Accounting.
  3. What do you understand by Marginal and Absorption Costing? Compare and contrast between these two methods of 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 purposes of Management Accounting?

[7]

  1. Explain the causes of differences in profits as shown by financial accounts and cost accounts.
  2. How will you distinguish between direct wages and indirect wages? Provide pro forma of cost sheet.
  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. Explain the preparation of accounts for a Memorandum Joint Venture.

[9]

  1. Distinguish between historical cost accounting and accounting for price level changes.
  2. What do you mean by Consignment Account? How is it prepared under the invoice price method?
  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. How do entrepreneurs differ from employees?
  3. What is the role of planning in effective control?

[11]

  1. State and explain the general principles of cost accounting.
  2. Compute E.O.Q. and Reorder level using given data.
  3. Explain about any one incentive plan of wage payment using imaginary time and rates.

[12]

  1. List the items not to be included in Cost Accounting.
  2. What is Cost Accounting? Explain its objectives and advantages.
  3. Discuss integral and non-integral system.

[13]

  1. What do you understand by 'Indirect Expenses'?
  2. Prepare process accounts and determine the cost per unit in each process.
  3. Prepare Contract Account and Contratee's Account in the books of the contractor.

[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. Give a specimen of a daily log sheet.
  3. Define Contract Account. What are the different methods of calculating profit on incomplete contracts?

[17]

  1. What is meant by Cost Accounting? Explain its objectives and limitations.
  2. Distinguish between direct and indirect materials.
  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. What do you mean by variable cost?
  3. What do you mean by over-absorption of overheads?

[19]

  1. Define Cost Accounting. Discuss its significance to the management. How does it differ from Financial Accounting?
  2. Distinguish between marginal cost and variable cost.
  3. What is an incentive plan for wage payment? Discuss its importance. Distinguish between Halsey and Rowan system of wage payment.

[20]

  1. Differentiate Financial Accounting and Cost Accounting.
  2. Write any two objects of Management Accounting.
  3. What are the characteristics of unit costing? To what type of concerns is the output costing method suitable?

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