Question 1:
What do you understand by term ‘Management Accounting’? Illustrate its objectives and drawbacks. Also make a distinction between ‘Management Accounting’ and ‘Financial Accounting’.
Question 2:
Illustrate step by step procedure of identifying the material in respect to procurement, storing and issuing.
Question 3:
Illustrate the categorization of overheads with suitable illustrations. Illustrate the ‘Under absorption’ and ‘over absorption’.
Question 4:
Write down comprehensive notes on the following:
a) Categorization of Accounts.
b) Labour Turnover.
c) Benefits and drawbacks of Standard Costing.
Question 5:
Illustrate out the following terms with the help of suitable examples:
a) Drawings.
b) Cost Concept.
c) Conservatism.
d) Money measurement.
e) Time keeping and Time booking.