Financial and Cost Accounting
An efficient system of costing is essential factor for industrial control
Answer the following question.
Q1. An efficient system of costing is essential factor for industrial control under modern conditions of business and as such may be regarded as an important part in the efforts of any management to secure business stability”–Elaborate. (10 marks)
Q2. What is meant by cost accounting? Discuss in detail the advantages of the cost accounting (10 marks)
Q3. Standard costing is a valuable aid to management discuss. State in brief limitation of standard costing? (10 marks)
Q4. What are the advantages of cost audit? (10 marks)
Q5. “A Good system of costing must place the same emphasise on cost control as on cost ascertainment”.Comment on this statement (10 marks)
Q6. . Cost accounting has become an essential tool of management. Mention the steps to be taken while installing cost accounting system in a manufacturing concern. (10 marks)
Q7. Enumerate the steps involved in the installation of budgetary control system in an organization? (10 marks)
Q8. Distinguish between Accrual basis of accounting and cash basis of accounting. (10
marks)
An efficient system of costing is essential factor for industrial control
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