COST ACCOUNTING IMPORTANT QUESTIONS FOR UPCOMING EXAM (MAY, 2019)
PATTERN OF QUESTION PAPERS
1 MARKS = 8 QUESTIONS
4 MARKS = 4 FOUR SHORT NOTES
14 MARKS = 4 QUESTIONS
PATTERN OF QUESTION PAPERS
1 MARKS = 8 QUESTIONS
4 MARKS = 4 FOUR SHORT NOTES
14 MARKS = 4 QUESTIONS
Unit – 1: Basic Concept of Cost
Accounting (Part A) and Cost Sheet (Part B)
Q. What is Cost accounting? Discuss briefly
the nature (2010) and objectives (2011) of Cost accounting.
Q. What
do you understand by cost classification? Discuss the various bases of
classification of costs and various types of costs. 2015, 2016SN, 2017
Q. What
are the advantages and limitations of cost accounting?
Q. “Cost accounting is an essential tool to
the Management” –Comment. 2011,
2012
Q. Distinguish and also mention the
relationship between
Ø Cost
accounting and Financial accounting 2013SN,
2016SN, 2018SN
Ø Cost
accounting and Management Accounting
Q. “Cost accounting is better understood as a
cost control and cost reduction exercise and not mere a cost ascertainment
process”. Considering this statement explain the scope of cost accounting. 2010
Q. What are the steps involved in installing a
costing system. Mention the problems faced by a manufacturing unit in
installing such a system. What
are the essentials of an effective costing system? 2012, 2014
Q. Write
Short notes on:
Ø Cost
sheet or Statement of Cost 2017SN
Ø 4
Methods of Cost accounting
Ø 4
Techniques of Cost accounting
Ø Cost centre and Cost Unit
Or
Unit 1: Part B (Practical)
Practical
Problems:
a)
Cost sheet focusing on valuation of stock of finished goods, Keep in mind
expenses ignored in cost accounts, preparation of cost sheet from financial
records (refer unit 4 – Reconciliation), profit percentages given on cost
price or sale price. Every
year
b)
Follow 28 solved questions uploaded on my blog
c)
Follow examples of BASU AND DAS COST ACCOUNTING BOOK.
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Unit – 2: Material Control – Purchase
and Issue (Part A)
Q. What
do you mean by Inventory Control (2017SN)? What are its objectives (Need)?
Explain the essentials of Material Control. 2014,
2015SN
Q. What
are various techniques of Inventory Control? Explain them in detail. 2015SN, 2018
Q.
Explain various methods of pricing of material issue together with their
respective merits and demerits. 2013, 2015SN
Q. What
do you mean by Perpetual Inventory system (2013SN)? What are its essential
features? Explain its importance in material control. 2016
Q. How Perpetual
Inventory System differs from ABC analysis? State the advantages of ABC
analysis. 2017
Q.
Explain in brief the process of purchasing and receiving goods.
Q. “Store
ledgers are essential to an efficient costing system”. Considering this
statement highlight the uses and values of store ledgers. Distinguish between
Store ledger and Bin Card (2015SN).
Q. Write
Short notes on:
Ø EOQ and its calculation 2010, 2015
Ø ABC analysis differs from VED analysis 2013, 2014, 2016SN
Ø Perpectual (2018SN) and Periodical Inventory
System
Q.
Practical Questions:
a)
Calculation
of EOQ with offer comparison, 2012
b)
Various
levels of material – Reorder level, maximum level, minimum stock level. 2014
c)
Pricing
of material issue – LIFO, FIFO, Weighted average and Simple average (focus of
return and loss of goods).
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Unit – 2: Labour cost – Computation
and Control (Part B)
Q. What is idle time? What are its causes? How
it is controlled? Explain the treatment of idle time in cost accounting. 2012, 2014SN,
2016
Q. What are various methods of wage payment?
Explain them briefly. 2010
Q. Explain
the essentials of a sound Incentive scheme. 2010,
2018
Q.
Discuss the principles of Premium Bonus Plan. Describe the salient features
of Rowan Plan and Halsey Plan and also distinguish between Rowan and Halsey
Premium Plan. 2013,
2018
Q. Write
short notes on:
Ø Overtime and its treatment
Ø Labour Turnover, its causes and
Control Measure 2013,
2014, 2017SN, 2018SN
Ø Time
and motion study 2014SN
Ø Job
Evaluation and merit rating
Ø Idle
time and overtime 2015SN
Ø Remuneration
and Incentives 2015SN
Ø Time
keeping, Merit Rating (2014) and time booking
Q.
Practical Problems:
Rowan
and Halsey premium plan, straight piece rate and Taylor’s differential piece
rate method, treatment of overtime and labour turnover. Follow practical
problems given in Jain and Narang’s Book. 2012,
2013, 2014, 2015, 2016, 2017, 2018
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Unit 3: Part A (Overheads – Theory)
Q. What
do you mean by overhead cost? Explain the various classification of overhead
cost. Mention its significance. 2013,
2015
Q. What
do you mean by allocation and apportionment of overheads to cost centres
(2017SN, 2018SN)? What are the bases of overhead apportionment to various
departments? 2013,
2017
Q. What
do you mean by under absorption and over absorption of Overheads? How do they
arise (2015)? How are they treated in cost accounts? 2015, 2018
Q.
Explain various methods for absorption of overheads. 2016, 2017
Q. What
is overhead codification? Mention is various methods. Explain its objectives
and significance.
Unit 3: Part B (Overheads –
Practical)
Q.
Practical Problems:
Ø Machine hour Rate 2013, 2015, 2016, 2017, 2018
Ø Primary and secondary distribution of
overheads from production department to service department. 2014
Follow
examples of BASU AND DAS COST ACCOUNTING BOOK.
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Unit – 4: Process Costing (Part A)
and Reconciliation Statement (Part B)
Unit 4: Part A (Process Costing –
Theory or Practical)
Q. What is Job costing (2018) and
Process costing? Distinguish between job costing and process costing. 2016SN,
2017
Q. What
are the fundamental principles of Process Costing? Point out the advantages
and limitations of Process costing.
Q.
Explain the meaning and treatment of Normal, Abnormal loss and abnormal gain
in Process Accounts. 2017
Q.
Practical Problems: Preparation of process accounts together with normal,
abnormal loss and abnormal gain account, preparation of profit and loss
account and costing profit and loss account, treatment of process finished
stock and stock of raw material in process accounts. Follow examples of BASU
AND DAS COST ACCOUNTING BOOK. 2013, 2016, 2018
Unit 4: Part B (Reconciliation
Statement – Theory or Practical)
Q. What
is Reconciliation Statement (2015SN, 2018SN)? Explain the need for
Reconciliation of cost and financial accounts. State the reasons for the
difference between the profits shown in the cost accounts and those shown in
the financial accounts. 2012,
2013SN, 2016, 2017SN, 2018
Q.
Practical Problems: Preparation of reconciliation statement together with
profit and loss account and cost sheet. Follow examples of BASU AND DAS COST
ACCOUNTING BOOK. 2012,
2015, 2017
Q. Draft
a format of Reconciliation statement.
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