COSTING

Q1. Write short notes on the following:

  1. Cost
  2. Costing
  3. Cost Accounting
  4. Cost Accountancy
  5. Conversion Cost
  6. Differential Cost.

Q2. Write short note on the following:

  1. Opportunity Cost
  2. Impute Cost
  3. Out of Pocket Cost
  4. Sunk Cost
  5. Shut Down Cost
  6. Discriminatory Cost.

Q3. Write short notes on the following:

  1. Responsibility center
  2. Explicit cost and implicit cost
  3. Product cost and period cost
  4. Cost control and cost reduction
  5. Post costing and continuous costing.

Q4. What are the main objectives of cost accounting?

Q5. What is the importance of cost accounting?

Q6. What are the various reports generally generated by the cost accounting department?

Q7. What do you understand by the term cost center?

Q8. What do you mean by cost unit?

Q9. What are Techniques or Types of Costing?

Q10. What are the methods of Costing?

Q11. What are the factors to be considered while installing and designing a cost accounting system?

Q12. What is the variable element of cost?

Q13. What are the essentials of an ideal costing system?

Q14. How are cost classified?

Q15. What are the various methods of segregation of semi variable expense into fixed and variable cost?

Q16. What is the importance of segregating expense into fixed and variable cost?

Q17. Discuss reasons for accounting and controlling of material cost.

Q18. Discuss material purchase procedure.

Q19. Write short notes bills of materials.

Q20. What are the various type of stores?

Q21. Write short notes on location of stores and layout of stores.

Q22. What are the duties of a shopkeeper?

Q23. Discuss the following about the material control:

  1. Meaning,
  2. Objective, 
  3. Requisites,
  4. Techniques.

Q24. Write short notes on Two Bin System of material control.

Q25. Write short notes on perpetual inventory system.

Q26. Write short note on continuous stock verification.

Q27. Distinguish between bin card and stock control card.

Q28. What is store ledger? What are the advantages of store ledger?

Q29. Discuss meaning, accounting treatment and control of waste.

Q30.Discuss meaning, accounting treatment and control of scrap.

Q31.Discuss meaning, accounting treatment and control of spoilage.

Q32. Discuss meaning, accounting treatment and control of defective.

Q33. Write short notes on the following:

  1. Re-order Stock Level.
  2. Maximum Stock Level.
  3. Minimum Stock Level.
  4. Average Stock Level.
  5. Danger Stock Level.

Q34. What is Economic Order Quantity? What are its assumptions?

Q35. Discuss the ABC analysis as a technique of inventory control?

Q36. Discuss the method of maintaining store ledger or valuing issue price.

Q37. Differentiate between direct labor cost and indirect labor cost.

Q38. Discuss the departments involved in accounting and controlling of labor cost.

Q39. Write short note about Time Keeping:

  1. Meaning,
  2. Objectives,
  3. Methods,
  4. Requisites.

Q40. Write short notes about time booking.

  1.  Meaning
  2. Objectives
  3. Methods.

Q41. Write short note about time and motion study:

  1. Meaning
  2. Objectives
  3. Procedure or steps.

Q42. Discuss the elements of wages.

Q43. Discuss the main principles of remuneration.

Q44. What factors should be considered for introducing an incentive system?

Q45. What are the principles for a sound system of wages incentives?

Q46. What are the essential characteristics of good incentive system?

Q47. Write short notes about job evaluation:

  1.  Meaning,
  2. Objective,
  3. Methods.

Q48. Differentiate between job evaluation and merit rating.

Q49. Write short notes on group system of wages payment.

Q50. Write short notes about labor productivity.

Q51. Discuss about objectives and advantages of group bonus scheme.

Q52. What are the various scheme of group bonus?

Q53. Write short notes on system of incentive scheme for indirect workers.

Q54. Write short notes about labor turnover:

  1. Meaning, 
  2. Causes,
  3. Effect, 
  4. Cost,
  5. Remedial Measures.

Q55. What is the difference between Halsey and Rowan Plan?

Q56. What is idle time? What are its types and causes?

Q57. Write short notes about Over time:

  1. Meaning,
  2. Causes,
  3. Effect.
  4. Steps for controlling over time.

Q58.Write short notes about codification of Over time:

  1.  Meaning,
  2. Importance and Objectives,
  3.  Method of Codification.

Q59. Write short notes on accounting and control of Administrative overhead.

Q60. What do you mean by allocation of overhead?

Q61. What is apportionment of overhead? What are the criteria for apportionment of overhead?

Q62. What is re-apportionment of overheads? What are its methods?

Q63. Write short notes on the following:

  1. Blanket Rate,
  2. Departmental Rate,
  3. Supplementary Rate,
  4. The absorption and absorption of overhead.

Q64. What is absorption? What are various methods of absorption?

Q65. Write short notes about budgetary control:

Q66. Discuss various types of budget.

Q67. Differentiate between fixed budget and flexible budget.

Q68. What is Standard Cost? What do you mean by Standard Costing?

Q69. What are the advantages of standard costing?

Q70. What are the disadvantages of standard costing?

OR

          What are the limitations of standard costing?

Q71. What is the basis of standards?

Q72. What are the steps for introducing of standard costing system?

Q73. What do you mean by marginal cost?

Q74. What is marginal costing? What are the advantages and disadvantages of marginal costing?

Q75. What is P/V Ratio? How it can be improved? How is the use of P/V ratio?

Q76. What is Break Even Point? What are types of Break Even Point?

Q77. What is margin of safety? How it can be improved?

Q78. What is the Angle of Incidence?

Q79. What is Break Even Chart? What are its uses and limitations?

Q80. Write short notes on Contract Costing?

Q81. Write short notes on Escalation Clause.

Q82. Write short notes on cost plus contract.

Q83. What do you mean by Joint Product, Co- Product and By-Product?

Q84. Differentiate between Joint Product and By-Product.

Q85. What are the various methods for appointment of joint expenses between joint products?

Q86. What are various methods for valuation of By-Product?

Q87. What is the treatment of By-Product?

Q88. Write short notes on process costing.

Q89. What is normal loss, abnormal loss and abnormal gain in process costing?

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