1. What is the difference between fixed costs and variable costs? 

2. How do you calculate the break-even point in cost accounting? 

3. What is job costing and how is it used in cost accounting? 

4. What are the advantages and disadvantages of using standard costing? 

5. Explain the concept of contribution margin in cost accounting. 

6. How is overhead cost allocated in cost accounting? 

7. What is the formula for calculating cost of goods sold (COGS)? 

8. What is absorption costing and how does it differ from variable costing? 

9. How do you calculate the predetermined overhead rate in cost accounting? 

10. What is process costing and when is it used in cost accounting? 

11. Explain the concept of activity-based costing (ABC) and its benefits. 

12. What is the difference between direct costs and indirect costs? 

13. What are cost drivers and how are they used in cost accounting? 

14. What is the concept of relevant costs in decision-making? 

15. Explain the concept of cost-volume-profit (CVP) analysis and its applications.

Answer rating: 100% (QA)

Absolutely heres a breakdown of the accounting concepts you requested 1 Fixed Costs vs Variable Costs Fixed Costs These costs remain relatively constant regardless of the level of production or sales ... View the full answer