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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 shares and debentures as far as company audit is concerned?
  3. What do you mean by Vouching? How is vouching of cash book done? Explain.

[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. 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. Calculate the most economical order quantity for given data including material price variation.

[4]

  1. Explain the term Costing, Cost Accounting, and Cost Accountancy.
  2. Find the Labour turnover rate by replacement method based on the provided worker data.
  3. Explain the different components of total cost.

[5]

  1. Differentiate between Financial and Cost Accounting.
  2. List out the scope of Cost Accounting.
  3. Discuss in detail the functions and scope of Management Accounting.

[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. Prepare Process Cost Accounts showing the cost of output.
  3. Prepare a Statement showing reconciliation between the two sets of profits.

[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. What are journal entries for royalty transactions involving shortworkings, minimum rent, and cecoupment?

[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. Prepare necessary ledger accounts under Stock and Debtors system for branches using provided financial information.

[10]

  1. How is profit calculated by Cost Accounting Method?
  2. What are opportunity cost and joint cost?
  3. Explain the marketing concept and its objectives.

[11]

  1. State and explain the general principles of cost accounting.
  2. Calculate total kilometers and passenger kilometers using given data.
  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. Prepare Store Ledger Account by adopting 'First in First out' method using given data.

[13]

  1. Distinguish between Fixed cost and Variable cost.
  2. What do you understand by 'Indirect Expenses'?
  3. What is the concept of over absorption of Overhead?

[14]

  1. Discuss the terms Costing, Cost Accounting and Cost Accountancy. What are the functions of Cost Accounting?
  2. What is meant by Certified Work?
  3. Why do you need reconciliation of cost and financial accounts? Explain.

[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. Define a Bin Card and give its specimen.
  3. What do you mean by the terms 'joint products and byproducts'?

[17]

  1. What is meant by Cost Accounting? Explain its objectives and limitations.
  2. Give the method of calculation of wages under Rowan Premium Plan.
  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. Write down the scope of Management Accounting.
  3. Describe the uses of Marginal Costing in managerial decisions.

[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. 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 is Absorption Costing Technique?

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