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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. What is the difference between Internal Control, Internal Check and Internal Audit? Discuss the objectives of Internal Audit.
  3. What are the rights and duties of an auditor of a company? Explain.

[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. How are Break-Even Point in units and Break-Even Point in calculated?

[4]

  1. Explain the term Costing, Cost Accounting, and Cost Accountancy.
  2. Explain the different components of total cost.
  3. What do you mean by marginal costing? State its usefulness as a tool for corporate decision-making.

[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. How will you distinguish between direct wages and indirect wages? Provide pro forma of cost sheet.
  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. Prepare a Consignment Account, an Agent's Account, and an Abnormal Loss Account for Hero Cycle Co.

[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. Draw up Shortworkings Account, Landlord's Account, and Royalty Account in the books of a lessee under given royalty terms.

[10]

  1. How is profit calculated by Cost Accounting Method?
  2. How would you execute the setting up of an enterprise?
  3. Explain any four functions performed by the marketing manager.

[11]

  1. State and explain the general principles of cost accounting.
  2. Explain about any one incentive plan of wage payment using imaginary time and rates.
  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. Discuss integral and non-integral system.

[13]

  1. What is meant by 'Idle Time and Over-time'?
  2. What is the concept of over absorption of Overhead?
  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. Explain the different elements of cost.
  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 do you mean by the terms 'joint products and byproducts'?
  3. Calculate remuneration under Halsey and Rowan premium plans for given conditions.

[17]

  1. What is meant by Cost Accounting? Explain its objectives and limitations.
  2. Difference between overhead distribution and allocation.
  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. Distinguish between direct labour and indirect labour with suitable examples.

[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. Write a note on classification of cost.

[20]

  1. Differentiate Financial Accounting and Cost Accounting.
  2. What is meant by overhead classification?
  3. Define management accounting and discuss its objects. Why is it called an essential tool for management?

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