Cost accounting is better understood as a cost control and cost reduction exercise

 

Financial and Cost Accounting

 

Cost accounting is better understood as a cost control and cost reduction exercise

 

Answer the following question.

Q1. Cost accounting is better understood as a cost control and cost reduction exercise and not a more cost ascertainment process”. Discuss.

(10 marks)

Q2. What one the limitations of financial accounting? How do you overcome item in cost accounting? (10 marks)

Q3. Define costing. How does it differ from financial accounting? Explain its importance under present circumstances. (10 marks)

Q4. Define costing critically evaluate the arguments for the installation of costing system in an industry. (10 marks)

Q5. A good costing system is an involvable aid to management.” Discuss (10

marks)

Q6. Explain the significance of cost accounting in a manufacturing company. (10 marks)

Q7. How the total cost, variable cost and marginal cost differ from each other? (10 marks)

Q8. Which ratios will help in determining the long term solvency of a business and how? (10 marks)

 

 

Cost accounting is better understood as a cost control and cost reduction exercise

 

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