Answer any five:-
1.
“Cost accountancy has become an essential tool of management”. Give your
comment on this statement. (20)
2.
Explain the advantages & disadvantages of the FIFO & LIFO methods of
pricing material issue. (10+10)
3.
Define process costing & state its characteristics. Compare process costing
& job costing. (4+8+8)
4.
Define administrative overheads & give four examples of it. How are these
overheads apportioned to the products. (6+4+10)
5.
What is standard costing? Explain its advantages & disadvantages. (20)
6.
State briefly the difference methods of remuneration to labour. (20)
7.
It has been mentioned that the cost standard for material consumption are 20 kg
@ Rs5 per kg. Compute the variance when actual are:- (20)
a) 24
kg @ Rs5 per kg.
b) 20
kg @ Rs6 per kg.
c) 24
kg @ Rs6 per kg.
d) 18
kg @ Rs180 in total.