CWA - COSTING-Important Qtns

CWA

Costing - Group II

IMPORTANT QUESTIONS – June 2011 Exam

 

DISTINGUISH QUESTIONS

Ø              Cost control and Cost reduction

Ø              Perpetual Inventory System & Continues stock taking

Ø                Distinguish between Spoilage and Defectives

Ø                Job evaluation & merit rating

Ø                Idle time and Idle capacity

Ø                Work measurement and Motion study

Ø                Distinguish between 'Incentive to indirect workers' and 'Indirect incentives to direct workers'.

Ø                Depreciation and Obsolescence

Ø                Cost allocation and Cost appropriation

Ø                Joint product & by-product

Ø                Marginal cost & differential cost

Ø                Marginal costing & Absorption costing

Ø                Fixed & Flexible budget

Ø                Standard costing & budgetary control

SHORT NOTES

Ø                Direct Expenses

Ø                Profit Centre

Ø                Relevant Cost

Ø              Material Transfer Note

Ø              ABC analysis

Ø                idle time

Ø                Learning Curve

Ø                Batch costing

Ø                Escalation Clause

Ø                Equivalent production

Ø                Split-off point

Ø                Operating costing

Ø                Integrated accounting system

Ø                Margin of safety

Ø                BEP

Ø                Angle of incidence

Ø                Differential cost

Ø                CVP analysis

Ø                Profit volume chart

Ø                Sensitivity Analysis

Ø                Activity Based Costing

Ø                Activity Based Budgeting

Ø                Activity Based Management

Ø                Cost Driver

Ø                Budgetary control

Ø                Principal Budget factor

Ø                Balance scorecard

Ø                Performance management

Ø                MRP

Ø                Value analysis

Ø                ERP

Ø                Value Engineering

Ø                Target costing

Ø                JIT

Ø                Supply Chain Analysis

Descriptive Question

Ø              Pre – requisites for computerization of accounts

Ø              Pre – requisites for Installation of a cost system

Ø                Explain Uniform Costing

Ø                Explain the role of costing in the changing economic scenario of our country

Ø                What are the basic assumptions of EOQ model?

Ø                Explain Labour Turnover and its causes.

Ø                How to minimize labour turnover

Ø                Cost associated with the labour turnover

Ø                Enumerate the principles of a good incentive scheme

Ø                Methods for disposal of under/over-absorbed overheads

Ø                What is predetermined overhead absorption rate?

Ø                Profit on incomplete contracts

Ø                Explain Cost – plus contract & its advantages

Ø                Accounting treatment of by product

Ø                Features of processing costing

Ø                Reason for reconciliation of profit between cost & financial account

Ø                Assumptions of BEP

Ø                Area in which application of marginal costing technique

Ø                Circumstance in which fixing the selling price below variable cost

Ø                Methods of Transfer pricing

Ø                Limitations of Activity Based Costing

Ø                Features of zero based budgeting

Ø                Methods of disposition of variances

Ø                Explain the principles of management

Ø                Six C's in TQM

Ø                Pre requisites of inter firm comparison

Ø                Features of uniform costing