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

 

 

CWA Crash course - IDT- by Prof.NSG

CWA - Crash June 2011 Exam

PROFESSIONAL COACHING CENTRE

CWA – Inter- Group 2
SUBJECT	Faculty		DAYS		TIME		Starts	FEES
Indirect Tax	Prof. N.S.Govindan		4 days		9.30am–5.30pm		28//5/11	600
Registration at    (Pre registration is must)		10/9, Flat no.6, 2nd Floor, Rainbow Apartments Norton 1st Street Mandaveli, Chennai - 600 028 Ph: 98416 61405     99406 23954 044 – 2462 2694

 

 

CWA - DIRECT TAX - IMPORTANT QUESTIONS

CWA

APPLIED DIRECT TAX

IMPORTANT QUESTIONS – June 2011 Exam

 

BASIC CONCEPTS:

 

Distinguish:

1. Assessee vs person
2. AOP vs BOI
3. Previous year Vs Assessment year
4. Direct tax vs Indirect tax

Short notes:

1. Exception to the general rule "Income earned in the previous year is taxed in the assessment year'
2. Agricultural income as defined u/s 2(1A)
3. Charitable purpose and exemption available u/s 11.

 

Salary:

Short notes:

1. Perquisite valuation wrt:

- Transfer and usage of moveable assets.

      - Medical facility.

      - RFA

2. Profit in lieu of salary u/s 17(3)

3. Exemptions available u/s 10(10) of IT act.

4. Commuted pension

5. Exemptions wrt HRA and conditions to be fulfilled.

 

House property:

Short notes:

1. Concrete structures are only assessable under Sec 22. Elaborate
2. Income from house property is chargeable in hands of owner. Exceptions.
3. Explain the concept of deemed let out property.
4. Distinguish between unrealized rent and arrears of rent.
5. Explain the concept of treating pre-construction interest.

 

Profits and gains of business or profession:

Short notes:

1. Concept of block of assets and mode of calculation of depreciation.
2. Scope of income under business or profession.
3. Conditions for claiming depreciation u/s 32.
4. Deduction wrt scientific research u/s 35.
5. Deduction wrt to specified business u/s 35AD.
6. Deduction wrt amortization of preliminary expenses.
7. Provisions u/s 36
8. Disallowances u/s 40(b) wrt partnership firm & sec 40A(3)
9. Sec 43B: Deduction based on actual payment basis.
10. Tax audit u/s44AB
11. Deemed income u/s 41
12. Presumptive income for resident and non-resident.

Capital gains

Short notes:

1. Capital asset u/s2(14) and transfer u/s 2(47)
2. Chargeability u/s45
3. Transactions not regarded as transfer u/s47.
4. Taxability of capital gains u/s 111A and sec 112.
5. Exemptions u/s 54
6. Explain the need for Capital gains accounts scheme

 

Income from other sources

1. Concept of deemed dividend u/s 2(22)(a)-(e)
2. Taxability of family pension and deduction allowable u/s 57.

 

Clubbing of income and set-off and carry forward of losses

1. Clubbing provision with respect to minor-child and spouse.
2. Exceptions to clubbing provision.
3. difference between inter-source and inter-head adjustment
4. Whether LTCL can be adjusted against STCG?
5. Exception to general rule "loss of one person cannot be carried by another person"

Deductions u/c V1-A:

1. Sec 80C , 80ccc and 80ccd
2. Sec 80D,80E and 80G
3. 80QQB and 80RRB

Tax deducted at source:

1. objective of TDS
2. Sec 193,Sec194 and sec 194A
3. sec 194B,194BB and 194C
4. Sec 194I and 194J.

Filing of return of Income

1. Loss return, revised and belated return.
2. Concept of self-assessment tax u/s 140A.
3. Difference between notice issue u/s 142(1) and 142(2A)
4. Best judgment assessment u/s 144

Wealth tax

1. Persons not an assessee u/s 45 of wealth tax act.
2. Asset definition u/s 2(ea)
3. Exemptions from wealth tax u/s5.

 

 

 

FREE…….Class FOR CWA / CS - June '11 Exam

PCC

 

       PROFESSIONAL COACHING CENTRE

 

                  

 

FREE…….Class FOR  CWA /CS

 

                

 

Topic :                 STANDARD COSTING & MARGINAL COSTING

 

Resource persons:  CA.K.HARIHARAN, FCA

 

Date    :                 15^th  May  2011 (Sunday)

 

Time   :                  2pm to pm

 

Entry   :                  Free – All are welcome

 

Contact:                   98416 61405.

 

 

Venue  :       No. 16/33, KNR Building, Ground Floor,

Bharathi Salai, Triplicane, Chennai-5

 

Note:                Pre registration is must