MUSINGS

Difference between periodic and perpetual inventory systems. What are the advantages and drawbacks of each ? What do you understand by escalation clause  and cost + contract in cost accounting? What are the advantages of introducing costing system in an industrial organisation? What is idle time? Do a 360 degree appraisal of idle time. How is it treated in cost accounting? What are the reasons for disagreements of profits as per FA and CA? Explain What are the causes of under/over absorption of  WOHs? How are they treated in CA? Differentiate between controllable and non  controllable costs What is the role of a cost accountant in a manufacturing organisation ? Explain normal and abnormal process loss. How are they treated in Cost accounting? What is labour turnover? What are its causes ? Enumerate the different methods of absorption of WOH Why is reconciliation of profits required between cost and FA ? Limitation of FA has given rise to CA. Do you agre

1. Basic objective of cost accounting is ________ A. tax compliance. B. financial audit. C. cost ascertainment. D. profit analysis.           2. Process costing is suitable for ________. A. hospitals B. oil refing firms C. transport firms D. brick laying firms 3. Cost classification can be done in ________. A. two ways B. three ways C. four ways D. several ways

International Accounting Standards (IAS) have been developed by:      The European Commission    The International Accounting Standards Committee    The International Organisation of Securities Commission (IOSCO)    The Financial Reporting Council    None of the above is correct The body that has superseded the International Accounting Standards Committee is the:      International Accounting Standards Commission    International Financial Reporting Board    International Financial Reporting Council    International Accounting Standards Board    None of the above is correct According to the IASB Framework, the main purpose of financial reporting is to:      Help the managers to run the business    Calculate taxable income    Enable investors to make economic decisions    Calculate prudently distributable profit    None of the above is correct According to the IASB Framework:      Prudence overrides relevance    Relevance and r