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Cost Accounting Important Questions

The document contains a list of important short and long questions related to cost accounting, including topics such as differences between cost and financial accounting, techniques of costing, and various costing methods. It also covers concepts like labour turnover, job costing, and standard costing, along with their advantages and applications. The questions aim to assess understanding of key cost accounting principles and practices.

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faizankhan876988
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250 views2 pages

Cost Accounting Important Questions

The document contains a list of important short and long questions related to cost accounting, including topics such as differences between cost and financial accounting, techniques of costing, and various costing methods. It also covers concepts like labour turnover, job costing, and standard costing, along with their advantages and applications. The questions aim to assess understanding of key cost accounting principles and practices.

Uploaded by

faizankhan876988
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Important short questions

1. Explain any four differences between cost accounting and financial accounting.
2. What do you mean by cost centre and cost unit.
3. What is the different techniques of costing?
4. Define different components of total cost.
5. Distinguish between direct and indirect cost.
6. What is economic order quantity
7. What is ABC classification for material control?
8. What do you understand by two bin system.
9. What do you mean by labour turnover ?
10. What is difference between fixed overhead and variable overhead
11. What is difference between allocation and apportionment of overhead?
12. Differentiate between cost sheet and production account.
13. Give the Proforma of cost sheet or statement of cost.
14. What is objects of unit costing method.
15. State the meaning of job costing method give four example.
16. What is the mean of ‘escalation clause’.
17. What is the features of contract costing.
18. Define process costing method.
19. What is inter process profit?
20. What is abnormal wastage and abnormal effectiveness?
21. What are the advantages of marginal costing?
22. What do you understand by cost volume profit analysis?
23. Distinguish between marginal costing and absorption costing
24. Explain BEP and margin of safety.
25. Would you understand by variance analysis?
26. Give the formula to calculate material price and material mix variance.

Important long type questions

1. What do you mean by cost accounting? Explain objectives and advantages of cost
accounting.
2. Define labour turnover ?discuss causes ,effects and methods of labour turnover.
3. Explain the following:
• Halsey premium plan
• Rowan premium plan
• Emerson premium plan
• Gantt task method
4. Explain the methods of absorption of overhead and also discuss their merits and
demerits.
5. Define unit or output costing and cost sheet .State objects of preparing a cost sheet
and discuss difference between cost sheet and production account.
6. What is meant by contract costing method where is it used?
7. What do you mean by job costing explain feature , procedure and advantages of job
costing.
8. What is meant by operating costing? In which industries is it used. Explain.
9. What do you mean by standard costing discuss utility ,advantages and limitation of
standard costing.
10. Explain the following :
• Break even point
• Margin of safety
• Profit volume ratio
• Angle of incidence

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