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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. In the process of audit of accounts of a company you come to know that wages paid for installation of new machinery 18,000 have been debited in wages account and credited in bank account. Is this treatment correct to be allowed by the auditor?
  3. How is the depreciation on machinery calculated by straight-line method of charging depreciation at the end of the accounting year?

[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. Determine selling price for a product to earn the same rate of profit on selling price as a previous year considering changes in overhead rates.

[4]

  1. Explain the term Costing, Cost Accounting, and Cost Accountancy.
  2. What will be the tender price if profit is added 20% on the tender price and on cost price? Explain the difference.
  3. Determine the marginal cost per unit and fixed cost for the given production data.

[5]

  1. Differentiate between Financial and Cost Accounting.
  2. List out the scope of Cost Accounting.
  3. Explain various methods and techniques 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 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 wages payment?
  3. What are the methods of Absorption of overheads?

[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 goodwill and discuss its accounting treatment upon admission and retirement of a partner.

[9]

  1. Distinguish between historical cost accounting and accounting for price level changes.
  2. Distinguish between hire purchase and instalment payment systems.
  3. How can a partnership firm be dissolved?

[10]

  1. How is profit calculated by Cost Accounting Method?
  2. What is the role of planning in effective control?
  3. Is management an art or science?

[11]

  1. State and explain the general principles of cost accounting.
  2. Differentiate between Job costing and Contract costing.
  3. Prepare a reconciliation statement from given data.

[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. Distinguish between Fixed cost and Variable cost.
  2. What is the main difference between materials and labour hour controls?
  3. Prepare process accounts and determine the cost per unit in each process.

[14]

  1. Discuss the terms Costing, Cost Accounting and Cost Accountancy. What are the functions of Cost Accounting?
  2. What is Economic Order Quantity?
  3. What do you mean by Prime Cost?

[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. Distinguish between direct expenses and indirect expenses. What types of expenses are included in the former?
  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. A furniture company manufactures stools, chairs and tables. The materials and wages cost per unit of furniture are given. The factory overhead during the month was Rs. 36,000. Determine the factory cost of each type of furniture assuming equivalences for overhead allocation.
  3. The figures relate to two jobs. Works on cost is 50% on Prime cost and office on cost is 50% on labour. Find out the total cost of each job.

[18]

  1. Differentiate between Management Accounting and Cost Accounting.
  2. What do you mean by over-absorption of overheads?
  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. What do you mean by ABC analysis?

[20]

  1. Differentiate Financial Accounting and Cost Accounting.
  2. Write any two objects of Management Accounting.
  3. What is meant by overhead classification?

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