Cost sheet and its components


Question 1: Discuss the different methods of inventory control.

Question 2: What do you mean by the term cost sheet? State its major components. Make a cost sheet with imaginary figures.

Question 3:

a) Describe the different types of costs.
b) Discuss the different methods of wage payment.

Question 4: Distinguish between the given:

a) FIFO and LIFO.
b) Allocation and Apportionment.
c) Job costing and Contract costing.
d) Normal process loss and Abnormal process loss.

Question 5: Write short notes on the given with their accounting implications:

a) Cost centre.
b) Idle time.
c) Selling and distribution overheads.
d) Work-in-progress.

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Accounting Basics: Cost sheet and its components
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