PREVIOUS COST ACCOUNTING IMPORTANT THEORY QUESTIONS

🔰PREVIOUS COST ACCOUNTING IMPORTANT THEORY QUESTIONS🔰

1.Explain how time booking differs from time keeping.

2. What is the purpose of maintaining both Bin Card and Stores ledger system?

3.How do Cost Accounting and Financial Accounting differ from each other?

4.Outline the functions of Costing in detail.?

5.Distinguish between normal loss and abnormal loss.

6. Comment on:

a) VED analysis

b) JIT approach

c) ABC analysis.

7.WHAT IS COSTING?

8.WHAT IS TIME KEEPING?

9.WHAT DO YOU MEAN BY IDLE TIME?

10.DIFFERENCE BETWEEN FIXED COST & VARIABLE COST?

11.WHAT IS ESCALATION COST?

12.What do you mean by direct materials ?

13.What is meant by job evaluation ?

14.Define overheads.

15. Explain cost allocation.

16. What is joint cost?

17.Explain uniform costing.

18. What is the purpose of calculating EOQ?

19. Explain Re-order level of materials.

20. Difference between Joint product and By product

21.What do you mean by Inventory control?

22.What is centralised buying?

23.What do you mean by direct materials?

24.What is meant by job evaluation ?

25. Define overheads.

26. Explain cost allocation.

27. What is joint cost?

28. Explain uniform costing.

29. What is the purpose of calculating EOQ?

30. Explain Re-order level of materials.

31.Explain how time booking differs from time keeping.

32. What is the purpose of maintaining both Bin Card and Stores ledger system?

33.Define the term Cost.

34.What do you mean by Bin Card ?

35. What do you mean by VED Analysis?

36. What is labour turnover?

37. Define Cost Accounting.

38.What is absorption of overheads?

39.What is meant by Work certified?

40.What is process costing?

41.What are the various objectives of Cost Accounting?

42.Distinguish between time rate system and piece rate system.

43.Explain the purchase procedure.

44. Write a note on EOQ.

45. Explain the treatment of cost of plant in contract costing.

46. Distinguish between time keeping and time booking.

47.Explain the various methods and techniques of Costing.

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