File Details:

Questions:

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. What are the elements of cost? Give a pro forma of cost sheet.
4. What is Management Accounting? Discuss the scope and advantages of management accounting.
5. 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.