Semester 5 - Cost Accounting
Question Bank of Cost Accounting
1. What are the advantages of Cost Accounting?
2. Distinguish between Financial Accounting and Cost Accounting.
3. Explain the classification of cost on the basis of –
4. Explain the terms Cost Unit and Cost Center.
5. Enumerate the reason for differences between Financial Profit and Cost Profit.
6. What is Material Cost? What are its objectives and advantages?
7. Explain the procedure involved in receipt of materials?
8. Explain how inventory control is achieved through stock level?
9. Explain how inventory control is achieved through Economic Order Quantity (EOQ)?
10. What is ABC classification? State the advantages of ABC classification.
11. What do you mean by Inventory Turnover Ratio? State its objectives.
12. What do you mean by Overheads? Explain the different classification of overheads.
13. Write a short note on –
a) Direct Cost
b) Bin Card
c) Idle Time
d) Abnormal Idle Time of Labor
e) Time Rate Wage System
f) Halsey Premium System
g) Taylor’s Differential Piece Rate System
h) Gant Task Bonus Plan
My Dear Students,
The questions given in the question bank are the most important questions. The students are advised not to fully rely on these questions. Students should also refer the other questions to get the maximum marks.
Best of Luck for your Exams.