Cost and Management Accounting Question Bank

Unit I

1.What is Cost centre and cost unit ? pg. 30

2.What is Prime Cost? Pg. 37

3.Discuss the various Elements of cost

4.Explain the scope and objectives of cost accounting pg. 4

5. Define cost accounting pg. 1

6.Explain the various Types of costing pg.23

Problems

1.Preparation of Cost Sheet

Unit II

1.What is Perpetual Inventory System?

2. Explain the term Periodical Inventory system.

3. Explain the documents used in the process of material control.

4. Explain the Record Maintaining System in Inventory.

Problems

1. Maximum, Minimum Stock Levels

2. Stores Ledger Account ( LIFO,FIFO)

Unit- III

1.Explain the term Cost Apportionment,Allocation, Absorption

2. Explain the term Indirect Labour , Direct Labour,Labour Turnover

3.Explain the various premium or Bonus Methods of payment to workers

4.Explain the various types of Idle Time and its causes

5. Explain the Essentials of good wage system

6. Explain the classification of Overheads

7. Methods of distribution of overheads.

Problems

1.Calculation of Rate of Labour Turnover

2.Computation and treatment of Labour cost

3.Calculation of Time Wages and Piece Wages

4.Calculation of Premium Wages under Rowan plan and Halsey Plan, Merricks
Multiple System, Taylors Differentials piece rate system.

5. Preparation of Primary Distribution Summary in overheads.