1 "Reconciliation statement is the way to proof the arithmetical accuracy of cost and

financial statement". Justify the statement.

2 Why and how is the inter-process profit costing highly significant for the organization?

3 What are the differences between earnest money and retention money? Discuss the

rules of transferring notional profit to the profit and loss account.

4 a. How does the equivalent production process helporganizations measure efficiency? 2

b. Draw the basic differences between joint product and by product.

5 What are the differences between service costing and manufacturing costing?

2-3 lines answer should be enough