Cost Accounting Theory questions

The above questions may be treated as an assignment to be submitted within 7 days form today by mail:
Mail id is aalok.anand@gmail.com
1. What are the objective of cost accounting for a manufacturing firm?

2. Cost Accounting system evolved due to the deficiencies of the financial accounting system. Do you agree? Discuss

3. What is Idle Time? What is its treatment?

4. Differentiate between departmentalisation and absorption  of overheads

5. Write a short note on Activity Based costing
6.What is semi variable cost.Give three examples
7. Explain the treatment of the following
a. Packing Expenses
b. Holiday with pay
c. R&D cost
d. Overtime
e. Cash discount

7.Explain the following concepts of cost accounting:
a. batch costing
JIT purchases

8, Explain the following terms with examples
Minimum order level
Reorder level
Stock out
Weighted Average Method of Stock valuation
EOQ

9. What information does a cost sheet convey?
10. Differentiate between job costing., process costing and contract costing with examples

11. Differentiate with examples difference between perpetual inventory system and periodic inventory system

Comments

Post a Comment

Popular posts from this blog

Work certified and uncertified

Meaning of Work Certified  When contractor takes the contract to complete any construction work, it may complete in 4 or 5 years. but contractor has to pay different expenses for material, labor and others. So, it is very necessary to pay him some money of contract. This money is given on the basis of work done. So, any part of construction which is completed by contractor will be work certified if it is certified by an authority. Authority may be independent engineer or architect who can estimated the work. He will issue the certificate of work done after certifying the work of construction. On this work certified, contractor has right to get money of contract. Meaning of Work Uncertified Work uncertified means work done but not certified by authority. So, contractee will cut some money on the basis of work uncertified and will keep in his pocket. This will be retention money. Accounting Treatment of Work Certified and Work Uncertified  (I) Work  certified and work unce
Read more

factors influencing choice of advertising agency

The Advertiser looks for an advertising agency whose services and expertise meets his requirements. Following factors should be considered while selecting an advertising agency:- Services offered by Ad-agency  - There are different agencies provides different services, some provides all the services, some provide selected services, some provides only media services. It depends on the requirement of advertiser whether he need a fulls service agency, creative boutique, media buying service agency, or a  sweet shop . Experience of Agency  - An experienced agency performs better then a new agency  because it is familiar with different components of marketing environment like- competitors' policies, taste of consumer, income of consumer, consumer responses, fashions and trends, reputation of different media etc. Location  - A major factor to be considered while selecting ad-agency is location of office of agency. A considerable amount of communication is required at diffe
Read more

Sale of Goods Act- Conditions and Warranties

Image
The Sale of Goods Act, identifies the terms, ‘Conditions’ and ‘Warranties’ as being of a prime significance in a contract of sale. Both the terms imply a promise that is made by the seller. However, the difference between Conditions and Warranties arises due to the nature of the promise that is made in each case. In the case of ‘Condition’ the impact is on the very essence of the contract; whereas, in the case of ‘Warranty’, the promise is in the nature of a collateral to the main purpose of the contract. It is thus evident that if there is a breach of either, a condition or a warranty, the effects will be different. Illustration 1:   Sita bought a wet grinder from an electric shop. The purpose for which the grinder was to be used was known to the seller. The grinder was unfit for the purpose. In this case there is a breach of an express condition by the electric shop and Sita is entitled to return the grinder and be refunded the money paid. Illustration 2:   Varuna bought a
Read more