## Monday, April 14, 2014

Cost accounting Important questions – New course
Unit 1: Part A (Theory)
Q. Write Short notes on:

Ã˜  Cost centre and Cost Unit
Or
Unit 1: Part B (Practical)
Practical Problems: 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. REFER TO THE BELOW LINK FOR COST SHEET PRACTICAL PROBLEMS
COST SHEET PART 1
COST SHEET PART 1I
COST SHEET PART 1II

Unit 2: Part A (Material – Theory or Practical)
Q. What do you mean by Perpectual Inventory system? What are its essential features? Explain its importance in material control.
Q. Write Short notes on:
Ã˜  EOQ and its calculation
Ã˜  Perpectual Vs Periodical Inventory System
Q. Practical Questions: Calculation of EOQ with offer comparison, Various levels of material, Pricing of material issue – LIFO, FIFO, Weighted average and Simple average (focus of return and loss of goods). Follow QUESTION PAPERS FROM 2010 TO 2016

Unit 2: Part B (Labour – theory or practical)
Q. Write short notes on:
Q. Practical Problems: Rowan and Halsey premium plan, straight piece rate and taylors differential piece rate method, treatment of overtime and labour turnover. PRACTICAL RELATING TO LABOUR TURNOVER AND OVERTIME WAGES ARE EXPECTED. FOLLOW QUESTION PAPER FROM 2010 TO 2016.

Unit 3: Part A (Overheads – Theory)
Unit 3: Part B (Overheads – Practical)
Q. Practical Problems: Machine hour Rate and primary and secondary distribution of overheads from production department to service department. Follow QUESTION FROM NO 5 TO 30 OF JAIN AND NARANG BOOK.
Unit 4: Part A (Process Costing – Theory or Practical)
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.
Unit 4: Part B (Reconciliation Statement – Theory or Practical)
Q. Draft a format of Reconciliation statement.
Q. Practical Problems: Preparation of reconciliation statement together with profit and loss account and cost sheet. Follow JAIN AND NARANG BOOK'S PROBLEMS. SOLUTIONS ARE GIVEN BELOW:

Cost Account Important Questions – Old course
Unit 1: Part A (Theory)
Q. Write Short notes on:
Ã˜  Cost centre and Cost Unit
Or
Unit 1: Part B (Practical)
Practical Problems: 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. Follow examples of BASU AND DAS COST ACCOUNTING BOOK.

Unit 2: Material Control
Q. What do you mean by Perpectual Inventory system? What are its essential features? Explain its importance in material control.
Q. Explain in brief the process of purchasing and receiving goods.
Q. Explain various methods of pricing of material issue together with their respective merits and demerits.
Q. Write Short notes on:
Ã˜  EOQ and its calculation
Ã˜  Perpectual Vs Periodical Inventory System
Q. Practical Questions: Calculation of EOQ with offer comparison, Various levels of material, Pricing of material issue – LIFO, FIFO, Weighted average and Simple average (focus of return and loss of goods). Follow examples of BASU AND DAS COST ACCOUNTING BOOK.

Unit 3: Labour Cost – Computation and Control
Q. Explain the essentials of a sound Incentive scheme.
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.
Q. Write short notes on:
Ã˜  Time and motion study
Ã˜  Job Evaluation and merit rating
Ã˜  Time keeping and time booking
Q. Practical Problems: Rowan and Halsey premium plan, straight piece rate and taylors differential piece rate method, treatment of overtime and labour turnover. Follow examples of BASU AND DAS COST ACCOUNTING BOOK
Unit 4: Part A (Overheads - Theory)
Q. What do you mean by overhead cost? Explain the various classification of overhead cost. Mention its significance.
Q. What is overhead codification? Mention is various methods. Explain its objectives and significance.
Q. What do you mean by under absorption and over absorption of Overheads? How do they arise? How are they treated in cost accounts?
Q. What do you mean by allocation and apportionment of overheads to cost centres? What are the bases of overhead apportionment to various departments?
Q. Explain various methods for absorption of overheads.

Unit 4: Part B (Overheads – Practical)
Q. Practical Problems: Machine hour Rate and primary and secondary distribution of overheads from production department to service department. Follow examples of BASU AND DAS COST ACCOUNTING BOOK

Unit 5: Process, Contract and Reconciliation Statement
Q. Explain the meaning and treatment of Normal and Abnormal loss in Process Accounts.
Q.  What is contract costing? Mention its features. Explain the procedure of ascertainment of Profit under contract costing.
Q. Writ short notes on:
Ã˜  Fixed price contract with escalation clause
Ã˜  Cost plus contract
Ã˜  Cost and Management Audit
Ã˜  Value of Work – in – progress in Process Costing
Ã˜  Job costing and Batch costing
Q. Practical Problems:
Ã˜  Contract Costing: Problems From 1 to 8
Ã˜  Process Costing : All illustrations and Problems from 9 to 18
Ã˜  Reconciliation Statement: All illustrations and Problems from 1 to 11 and 17, 18 and 19.
Follow examples of BASU AND DAS COST ACCOUNTING BOOK.