Question 1: Define the term costing and cost accounting. Describe the main advantages of cost accounting.
Question 2:
a) What are the steps included in the purchase of material?
b) Describe in detail the FIFO technique of pricing with the help of imaginary figures.
Question 3: Distinguish between the given terms:
a) Cost Accounting and Financial Accounting.
b) Cost Sheet and Production Account.
c) Reconciliation Statement and Memorandum Reconciliation Account.
d) Job Costing and Contract Costing.
Question 4: Describe various methods of absorption of factory overheads.
Question 5: Write short notes on the given terms:
a) ABC analysis.
b) Treatment of shortage of materials.
c) Rowan Premium Plan.
d) Cost centre.