Guess Questions Costing

IPCC-GUESS QUESTIONS - MAY'2015
Points to be Noted:
These Guess questions are given in
reference to ICAI Practice Manual
July'2014 edition.
Those who studied all the syllabus verify
whether you have covered all the models
given here.
As per my expectation around maximum
of 40 to 45 marks can be covered from
these.
Important thing to remember is these are
only Guess Questions.
MATERIALS
Question No
Page No
1
2.19
3
2.22
5
2.25
6
2.26
8
2.29
9
2.30
16
2.37
LABOUR
Question No
Page No
2
3.18
5
3.24
12
3.31
15
3.34
18
3.38
19
3.40
OVERHEADS
Question No
Page No
1
4.12
3
4.16
5
4.19
7
4.23
8
4.25
12
4.32
17
4.45
20
4.49
BOOK-KEEPING
Question No
Page No
1
5.11
2
5.12
9
5.32
10
5.34
14
5.43
GURUKUL FOR CA & CMA
JOB & BATCH COSTING

Question No
Page No
1
6.40
CONTRACT COSTING
Question No
Page No
1
7.7
2
7.9
8
7.17
10
7.21
11
7.23
OPERATING COSTING
Question No
Page No
3
8.4
5
8.8
7
8.13
9
8.17
PROCESS & OPERATION COSTING
Question No
Page No
1
9.4
2
9.8
6
9.16
12
9.29
15
9.33
STANDARD COSTING
Question No
Page No
2
11.11
4
11.14
6
11.17
8
11.20
10
11.23
11
11.24
MARGINAL COSTING
Question No
Page No
1
12.5
2
12.6
6
12.8
9
12.11
10
12.13
BUDGETARY CONTROL
Question No
Page No
3
13.11
4
13.12
7
13.16
Page 1

THEORY QUESTIONS
SL.NO
QUESTION
What are the objectives of cost accounting?
CHAPTER
Basic Concepts
Distinguish between cost reduction & cost control.
Basic Concepts
of Costing
Essentials features of a good cost accounting system.
Basic Concepts
of Costing
Define Cost Unit, Cost Center, Cost Object, Profit Centre &
Investment Centre
Basic Concepts
of Costing
Different Classification of Costs
Basic Concepts
of Costing
Write short notes on explicit and implicit costs.
Basic Concepts
of Costing
7.
Methods of costing and cost unit applicable to different

industries.
Basic Concepts
of Costing
Materials
8.
Difference between Bills of Material and Material Requisition

Note.
Materials
9.
What do you mean by bin card, stock control cards and stores
ledger?
What is Just-In Time purchases? What are its advantages?
Materials
What is the treatment of defectives?
Materials
Explain about Continuous Stock verification
Materials
Write about different types of idle time & reasons?
Labour
What is labour turnover? Explain methods for calculating it.
Labour
What are the costs associated with labour turnover?
Labour
1.
2.
3.
4.
5.
6.
10.
11.
12.
13.
14.
15.
Page 2
Time & motion study?
Labour
Job evaluation and merit rating?
Labour
Write about the overtime premium and its treatment.
Labour
What is the treatment of over and under absorption of

overhead?
Write short notes on Chargeable Expenses.
Overheads
Indicate the base or bases that you would recommend to

apportion overhead costs to production department.
Overheads
Integrated Accounting System And explain its advantages.
Book-Keeping
Book-Keeping
23.
What are the items included only in Financial Books & What are
the items included only in Costing Books?
Book-Keeping
24.
What are the essential pre-requisites for Integrated Accounting

System?
Write about Economic Batch Quantity.
Job & Batch
Distinguish between job and batch costing.
Job & Batch
What do you mean by Inter Process Profits?
Process Costing
Explain the treatment of By product costs in cost accounting.
How will you recognize profits on almost complete contracts

(91% - 99% completion)
Joint & Byproducts

Costing
Contract
Costing
Write a short note on escalation clause?
Contract Costing
Write about cost plus contracts?
Contract Costing
16.
17.
18.
19.
Overheads
20.
21.
22.
25.
26.
27.
28.
29.
31.
32.
Page 3
Write short notes on Break Even Point.
Marginal
Costing
What is margin of safety? How can margin of safety be

improved?
Marginal
Costing
What is meant by Differential Cost?
Marginal
Costing
What do you understand by key factor or limiting factor?
Pg. No.313
Distinction between Standard Costing and Budgetary Control.
Standard
Costing
What are the different types of budgets? Distinguish between

fixed and flexible budgets?
Budgetary
Control
Write about functional budget?
Budgetary
Control
33.
34.
35.
36.
37.
38.
39.
Page 4

Guess Questions Costing

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IPCC-GUESS QUESTIONS - MAY'2015

JOB & BATCH COSTING

IPCC-GUESS QUESTIONS - MAY'2015

Distinguish between cost reduction & cost control.

Essentials features of a good cost accounting system.

Different Classification of Costs

Write short notes on explicit and implicit costs.

Methods of costing and cost unit applicable to different

Difference between Bills of Material and Material Requisition

What is the treatment of defectives?

Explain about Continuous Stock verification

Write about different types of idle time & reasons?

What is labour turnover? Explain methods for calculating it.

What are the costs associated with labour turnover?

IPCC-GUESS QUESTIONS - MAY'2015

Time & motion study?

Job evaluation and merit rating?

Write about the overtime premium and its treatment.

What is the treatment of over and under absorption of

Indicate the base or bases that you would recommend to

Integrated Accounting System And explain its advantages.

What are the essential pre-requisites for Integrated Accounting

Job & Batch

Distinguish between job and batch costing.

Job & Batch

What do you mean by Inter Process Profits?

Explain the treatment of By product costs in cost accounting.

How will you recognize profits on almost complete contracts

Joint & Byproducts

Write a short note on escalation clause?

Write about cost plus contracts?

IPCC-GUESS QUESTIONS - MAY'2015

Write short notes on Break Even Point.

What is margin of safety? How can margin of safety be

What is meant by Differential Cost?

What do you understand by key factor or limiting factor?

Distinction between Standard Costing and Budgetary Control.

What are the different types of budgets? Distinguish between

Write about functional budget?

GURUKUL FOR CA & CMA

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