Question 1: Comment on the Notional Costs and Imputed Costs mean the similar thing.
Question 2: Differentiate between the Product and period Cost.
Question 3: Write brief notes on the Cost Centre.
Question 4: Differentiate between:
a) Controllable costs and uncontrollable costs.
b) Variable cost and direct cost.
c) Cost control and profit control
d) Sunk cost and out of Pocket cost.
e) Job costing and process costing.
Question 5: Describe what is meant by: Cost Centre. Illustrate the different types of cost centers? What is the purpose do cost centers serve?
Question 6: What do you meant by the term Profit Centre?
Question 7: IOCosts might be categorized in a variety of ways accord to their nature and the information requirements of management. Describe and discuss this statement giving illustrations of classifications needed for different purposes.