Questions:
1. Define costing and discuss the objectives of cost accounting.
2. Cost accounting assists: (a) in controlling efficiency; (b) in pricing products; and (c) in providing a basis for operating policy. Amplify these points, giving reasons for your views.
3. State the advantages that may be derived from a sound system of cost accounting.
4. What do you mean by elements of cost ? Discuss the various elements of cost.