Cost Accounting Important Questions
B.Com 4th Sem CBCS Pattern
Dibrugarh University
Unit – 1: Basic Concept of Cost
Accounting (Part A) and Cost Sheet (Part B)
(These Questions are subject to modification, if necesary. Download DTS Application for complete notes)
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? 2019
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.
Explain the role and functions of cost accountant.
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 2019SN
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.
Unit – 2: Material Control – Purchase and Issue (Part A)
(These Questions are subject to modification, if necesary. Download DTS Application for complete notes)
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, 2019SN
Ø Perpetual (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). 2019
Unit – 2: Labour cost – Computation and Control (Part B)
(These Questions are subject to modification, if necesary. Download DTS Application for complete notes)
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, 2019
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, 2019SN
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, 2019
Unit 3: Part A (Overheads – Theory)
(These Questions are subject to modification, if necesary. Download DTS Application for complete notes)
Q. What do you mean by overhead cost?
Explain the various classification of overhead cost. Mention its significance. 2013, 2015, 2019
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, 2019
Q. Explain various methods for
absorption of overheads. 2016,
2017
Q. What is overhead codification?
Mention is various methods. Explain its objectives and significance.
Q. Explain the treatment of some
specific overheads in cost accounting.
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, 2019
Follow examples of BASU AND DAS COST
ACCOUNTING BOOK.
Unit – 4: job, Contract and Process Costing
(These Questions are subject to modification, if necesary. Download DTS Application for complete notes)
Q.
What is Job costing (2018) and Process costing? Distinguish between job costing
and process costing. 2016SN, 2017
Q.
Explain the features, advantages and disadvantages of job costing.
Q. What
is process costing? What are the fundamental principles of
Process Costing? Point out the advantages and limitations of Process costing. 2019
Q. Explain the meaning and treatment
of Normal, Abnormal loss and abnormal gain in Process Accounts. Distinguish
between normal and abnormal process loss. 2017, 2019, 2019SN
Q. What is contract costing? What are
its features? Explain how profit is determined in case of an incomplete
contract.
Q. Write short notes on: Cost plus
contract, Escalation clause, contract costing vs job costing, Unit Costing
(Refer unit 1)
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
- Preparation of contract account
(Question bank given in notes)
Unit 5:
Part A: Non-integrated
and Integrated Accounts System
Part B (Reconciliation Statement –
Theory or Practical)
(These Questions are subject to modification, if necesary. Download DTS Application for complete notes)
Q. What is integrated and non-integrated accounts?
Distinguish between them along with their relative feature, merits and
demerits.
Q. What are control accounts? Mention various types of
ledger maintained under non-integrated accounting system?
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, 2019
Q. Draft a format of Reconciliation statement.
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