Write short notes on: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19.

Overheads Costing Methods Costing Techniques Taylors Differential Piece Rate System Time study & Motion Study Joint Products & By-Products Standard Costs & Budgeted Cost Cost Unit & Cost Centre Break Even Point Escalation clause Equivalent production Integrated accounts ABC analysis Labour turnover Direct Expenses Economic Order Quantity Perpetual inventory Semi variable expenses Under-absorbed overhead

Differentiate Between: 1. 2. 3. 4. 5. 6. 7. Cost Reduction & Cost Control Direct Expenses & Indirect Expenses Financial Accounting & Cost Accounting Time Keeping & Time Booking Time Rate & Piece Rate of Wage payment Cost of Production & Cost of Sales Direct Material & Indirect Material

Other Questions: 1. What is process costing? Explain with any 2 examples, the type of industries in which this costing method is applied. 2. Differentiate absorption & apportionment of overheads. Discuss the basis on which the following may be apportioned a. Salaries of supervisors b. Contribution to provident fund c. Repairs & Maintenance d. Electricity charges 3. Discuss any three different inventory control techniques. 4. Explain with examples 1 of the following methods of pricing materials FIFO, LIFO, Weighted Average. Under conditions of rising prices, which of these methods would you recommend and why?

5. Discuss the main purpose of time keeping at the entrance of the factory and time booking at the department under the following heads a. For payment of wages b. For ascertainment of cost c. For other reasons 6. In a big contract, which takes more than one accounting year to complete, would you take any portion of profit of the same remains incomplete at the end of the year? 7. Some of the overheads expenses tend to vary with the level of activity, while some tend to remain practically unaltered whatever may be the volume of output. Classify overhead expenses justifying the above statement. Give illustrations. 8. What are the essential requirements of a material cost control system? Briefly mention the areas of operation for effective material control. 9. What are the basic differences between Time Rate & Piece Rate of Wage payment? Under what conditions time rate is preferred to piece rate? 10. What is Obsolescence? How is it different from Depreciation? How they are treated in the company accounts? 11. What is perpetual inventory system? Briefly explain the procedure. What are its main advantages? 12. What is Time Keeping? Is it different from Time Booking? Explain their importance in cost accounting. 13. What are overhead expenses? How they are classified by function in a manufacturing company? Mention the main sources from which overheads expenses are collected. 14. What are the characteristics features of Job costing system? Are there any differences with process costing system? Explain briefly. 15. What is Job Costing & Process Costing? Bring out the basic differences between the two methods.(Dont use tabular method). 16. Explain the difference between time keeping & book keeping. What are their significance in respect of labour cost control in a manufacturing company? 17. What do you understand by under absorption and over absorption of overheads?. How are the treated in accounts?. Give examples. 18. What is the difference between Time keeping & Time Booking. What purpose do they serve in a manufacturing company? 19. What do you understand by departmentalization of overhead expenses? Why this is done? Explain fully. 20. What is idle time in manufacturing unit? How they are caused? How idle time can be controlled? 21. What is the importance of classifying overheads into fixed and variables? Mention three methods of segregating semi-variable expenses into fixed and variable expenses. 22. What are different methods of absorbing administration overhead in product costs? Explain them briefly? 23. What is Opportunity cost? Explain also Opportunity Cost of Capital. 24. List the steps involved in the Purchase of Material. 25. What is inventory control? Explain any two techniques of inventory control.