File Details:

Questions:

1. Explain the concept of standard costing and marginal costing.
2. Explain the concept of sunk cost and relevant cost with the help of examples.
3. List out the responsibilities of a Management Accountant.
4. Explain the concept of overheads and its types.
5. Explain the concept of Profit and Investment Centre.
6. Explain the characteristics of an ideal costing system.
7. Discuss the various elements of cost and explain each one of them citing appropriate examples.
8. Write a detailed note on Labour and Material Costing.
9. What is the significance of the term 'Variance' relating to standard costing? What type of variances are computed for materials, labour, and factory costs?
10. What is meant by Cost Centre? What are the different types of cost centres? What purpose do cost centres serve?
11. Prepare a Cost Sheet showing cost per unit from the provided data of a factory manufacturing 20,000 units of product A.
12. Distinguish between Marginal Costing and Absorption Costing. Also examine their relative appropriateness.
13. Analyze a production scenario for 24,000 units considering the given costs and proposed production increase for foreign markets.
14. Explain the relationship between Financial, Cost, and Management Accounting.