COST ACCOUNTING
The below questions are picked from the RTP'S of previous years, from MTP'S, from PRACTICE MANUAL and as well as from STUDY MATERIAL
So, we advice you to completely go through the all questions provided below
And also we recommend you to revise at least thrice before attending the exam
So, we advice you to completely go through the all questions provided below
And also we recommend you to revise at least thrice before attending the exam
ALL THE BEST AND HERE ARE THE QUESTIONS!
1.BASIC CONCEPTS IN COSTING
cost unit
cost center
investment center
explicit cost
costs on the basis of controlability
imputed cost
sunk cost
imputed cost
capitalized cost
engineered cost
oppurtunity cost
shut down cost
objectives of cost accounting
cost control vs cost reduction
characteristics of good cost accounting system
methods of costing and suggestive unit of cost
2.MATERIALS
bill of material vs material requisition note
3.LABOUR
treatment of overtime premium in cost accounting
what do you mean by time and motion study?why it is important to management
job valuation vs merit rating
4.OVERHEADS
explain treatment of over and under absorption of overheads
direct redistribution method
reciprocal service method
step method
5.INTEGRATED AND NON-INTEGRATED ACCOUNTS
what is meant by integrated accounting system?state its advantages
what are essential pre-requisites of integrated accounting system?
6.RECONCILIATION OF COST AND FINANCIAL ACCOUNTS
what are the reasons for dis agreement of profs as per cost and financial accounts?discuss
list the financial expenses which are not included in costs
when is the reconciliation statement of coast and financial accounts not required?
is reconciliation of cost and financial accounts is necessary in case of financial accounting system
7.JOB AND BATCH COSTING
define product costs?describe three different purposes for computing product costs
job costing vs batch costing
job costing vs product costing
8.CONTRACT COSTING
define retention money
define notional profits
describe the main future of cost plus contract
discuss briefly the principles to be followed while taking credit for profits on incomplete records?
write short notes on escalation clause?
9.OPERATING COSTING
what do you understand by operating costs?discuss its essential features and state where it can be usefully implemented?
10.PROCESS AND OPERATION COSTING
explain eqivalent units
state the advantages and dis-advantages of inter process profits
11.JOINT PRODUCTS AND BY-PRODUCTS
describe briefly,how joint costs up to the point the point of separation may be apportioned among the joint products under the following methods:
a.average unit cost method
b.contribution margin method
c.market value at the time of separation
d.market value after further processing
e.net realizable value method
12.STANDARD COSTING
13.MARGINAL COSTING
what do you understand by key factor? give two examples of it?
discuss the basic assumptions of cost volume profit analysis?
elaborate the practical application of marginal costing?
what is the meaning of margin of safety(mos)?state the relation between operating leverage and margin of safety ratio?
14.BUDGET AND BUDGETARY CONTROL
explain the essentials of budget
describe the salient features of budget manual
list the eight functional budgets prepared by a business
explain briefly the concept of fixed budget and flexible budget
fixed budget vs flexible budget
discuss the components of budgetary control system
describe the steps involved in the budgetary control technique?
state the considerations on which capital expenditure budget is prepared?
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