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A Textbook Of Financial Cost And Management Accounting 1st Edition P. Periasamy - Solutions
Explain the difference between Activity-Based Costing and Traditional Costing System?
Explain the stages in applying ABC in manufacturing company.
What is meant by Cost Driver? Explain role of Cost Driver in tracing costs to products.
What do you understand by Activity-Based Costing?
Explain the advantages and disadvantages of inter-firm comparison.
What do you understand by inter-firm comparison?
Explain the essential requisites for installation of Uniform Costing.
Define Uniform Costing. Explain its objectives.
What do you understand by uniform costing?
Cash received on contract is credited to(a) Contract Account (b) Plant Account(c) Work in Progress Account (d) Contractee's Account
Materials returned under material return note credited to(a) Contract account (b) Work in progress account(c) Plant and machinery account (d) Profit and loss Nc
In contract costing payment of cash to the contractor is made on the basis of(a) Uncertified work (b) Certified work(c) Work in progress (d) Estimated value
Escalation Clause in a contract to prefect the interest of(a) Contractor (b) Contractee(c) Surveyor (d) Contractee's Architect
In contract costing credit is taken only for a part of the profit on(a) Completed contract (b) In complete contract(c) Cost-plus contract (d) Work Certified
The degree of completion of work is determined by comparing the work certified with(a) Contract price (b) Work in progress(c) Cash received on contract (d) Retention money
Work Certified is valued at(a) Cost price (b) Market price(c) Cost or market price whichever is less (d) Estimate price
In contract costing, determination of work in progress include:(a) Work Certified (b) Work Uncertified(c) Retention Money (d) Both a and b
Contract costing usually applicable in(b) Specific order costing(d) Standard costing(a) Constructional Works (b) Textile Mills(c) Cement Industries (d) Chemical Industries
Contract costing is a basic method of (a) Historical costing (c) Process costing
Explain and determine the profit to be taken to profit and loss account in case of incomplete contract
Write short notes on:(a) Sub-Contracts(b) Work Certified (c) Cost-Plus Contract (d) Escalation Clause (e) Work Uncertified
Explain the important costing procedure of Contract Costing?
Explain the essential features of Contract Costing?
What do you understand by Contract Costing?
Discuss the accounting treatment of the following in cost accounts:(a) Spoilage and Defectives. (b) Abnormal Process Loss and Abnormal Process Gain.
What do you understand by Process Losses?
Write Short notes on :(a) Normal Process Loss. (b) Abnormal Process Loss. (c) Abnormal Gain.
What are the merits and demerits of process costing?
What is Process Costing? What are its Characteristics.
Describe the determination of Economic Batch Quantity.
What are the difference between Job Costing and Batch Costing?
What do you understand by Batch Costing?
What are the main objectives of Job Costing? .
Describe the procedure for ascertaining Job Order Cost.
Explain briefly the objectives of Job Order Costing.
What are the advantages and disadvantages of lob Costing?
What are the important features of Job Order Costing?
Define lob Costing.
Compute main hour rate from the following data :Cost of machine Rs. 1,10,000 Installation charges Rs. 10,000 Estimated scrap value (after IS years) Rs. S,OOO Rent and rates for the shop Rs. 200 P.M.General lighting for the shop Rs. 300 P.M.Insurance premium for the machine Rs. 960 P.a.Repairs and
Briefly explain the importance of machine hour rate as a basis for the absorption of factory overheads
Indicate the accounting treatment of overhead charges mentioned below :(a) Idle time wages. (b) Packing expenses. (c) Research and development costs. (d) Cost of small tools.(e) Overtime wages. "(1) Administrative overhead.
What do you mean by under absorption and over absorption of overhead? Brief explain the methods of treatment of under or over absorption of overheads.
Briefly explain the methods of treatment of selling and distribution overheads.
Explain the different methods of absorption of overhead.S. What do you understand by machine hour rate? How it is computed?
Briefly explain the different kinds of overhead absorption rates.
What do you understand by overhead rates?
Explain absorption of overhead
Explain the different methods of re-apportionment of overheads.
What basis you would adopt for apportionment of the fo\1owing items of overhead expenses to different departments?(a) Power and light. (b) Depreciation on building. (c) Rent and Rates. (d) Postage. (e) Indirect Wages.
What is meant by allocation and apportionment? Distinguish between a\1ocation and apportionment of overhead.
Discuss in brief the different methods used in codification of overhead.
Discuss the usefulness of overhead classification.S. What do you understand by codification of overhead charges?
Define overhead charges. Explain the different methods of classification of overhead.
"Overheads may be classified according to their nature and a number of other charactertics." Discuss this statement while classifying cost.
What do you understand by overhead charges?
From the following particulars, calculate the earnings of workers X and Y under Piece Rate System and Taylor's Differential piece rate system :Standard time allowed = 10 units per hour Normal time rate per hour = Re.l Differential to be applied:80% of piece rate when below standard 120% of piece
What do you mean by collective bonus plan? Explain the types of group incentive plans.
Write short notes on :(a) Halsey Plan. (b) Rowan Plan. (c) Emerson's Efficiency Plan. (d) Halsey-Weir Plan. (e) Gantt Task Bonus Plan.(f) Barth's System.
What do you understand by Incentive scheme of wage payment?
Differentiate between the Differential piece rate system of Taylor and Merrick.
Explain the different types of time rate system.
How are incentive wages calculated under Halsey and Rowan incentive schemes of wage payment?
What do you understand by Taylor's Differential Piece Rate System? Explain its significance.
What do you understand by piece rate system? Discuss the merit and demerits of piece rate system.
What are the differences between time rate system and piece rate system?
Critically examine the advantages and disadvantages of time wage system.
What are the different methods of wage payment?
Describe the factors to be considered for an ideal wage system.
What are the important objectives of ideal wage system?
What is meant by labour turnover? What is the effect of labour turnover on cost of production?
What do you understand by labour turnover? How is it measurd? Suggest measures to minimize labour turnover.
What is labour turnover? How is it measured? What are the cost of labour turnover? How can these be reduced?
Explain briefly the accounting treatment of overtime wages.
What is meant by overtime? What are its effects?
Explain briefly the accounting treatment of idle time and abnormal idle time.
Explain briefly the reasons for normal idle time and abnormal idle time.
What is idle time? Explain briefly the types of idle time.
What is job card? Explain briefly the types of cards.
Write short notes on: (a) Daily Time Sheet. (b) Weekly Time Sheet. (c) Job Card.
Distinguish between timekeeping and time booking.
What do you understand by time booking? What are the objectives of time booking?
Explain briefly the different methods of timekeeping.
What do you understand by timekeeping?
Distinguish between job evaluation and merit rating.
What is Merit Rating? Explain briefly its significance.
Write short notes on: (a) Method Study. (b) Job Evaluation. (c) Merit Rating.
What is motion study? What are the objectives of motion ~tudy?
What do you understand by Job Analysis? Explain its merits.
What do you understand by time study? Explain its significance.
Explain briefly the organization for labour cost control.
Explain briefly the techniques of labour cost control.
What do you understand by labour cost control?
Explain briefly the Periodic Simple Average Method and Periodic Weighted Average Method.
What do you understand by Simple Average Method and Weighted Average Method?
Write short notes on: (a) Base Stock Method. (b) Market Price Method. (c) Inflated Price Method. (d) Standard Price Method.
What is Specific Price Method? Explain its significance.
What do you understand by LIFO? What are its merits and demerits?
What do you understand by FIFO? What are its merits and demerits?
Which of the issuing methods would you recommend under conditions of raising prices and why?
Discuss the various methods of pricing materials issues to production.
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