Cost & Management Accounting important questions

                                                 COST AND MANAGEMENT ACCOUNTING

UNIT-1 (only Theory)

1. Define Cost  Accounting? Explain the objectives of Cost Accounting

2. Discuss the differences among Financial, Cost & Management Accounting

3. Explain the role of accounting information in planning & control

4. Explain the major classification of cost & types of cost using examples

5. Discuss the management process and accounting

UNIT-2(Theory & Problems)

Theory questions:

1. Explain the concept of allocation, apportionment & absorption

2. Explain the pricing of issues and material cost control

3. What is Activity Based costing(ABC), Explain the need & importance of it

4. Explain the concept of costing for specific industries using examples

5. Explain various methods of costing

Problems:

1. Cost allocation sums

2. Cost apportionment & absorption related sums

3. Activity-based costing sums

4. Cost sheet, Unit costing, Job costing, Tender costing, Process costing

5. Treatment of normal losses & abnormal losses related sums

UNIT-3(Theory & Problems)

Theory questions:

1. Explain the applications of Marginal costing

2. Discuss the concept of make or buy decisions

3. Explain the process of fixing selling pricing using the marginal costing method

4. Discuss the concept of Diversification of products, closing down or suspending activities

Problems:

1. Make or Buy decisions 

2. Desired level of profit

3. Diversification of products

4. Closing down or suspending activities

UNIT-4(Theory & Problems)

Theory questions:

1. What is CVP Analysis? Explain the relationship between cost, volume and profit

2. Discuss the Assumptions, Advantages & Limitations of BEP analysis

3. Explain the BEP analysis using graphical methods(Form the schedule & draw diagram) 

4. Discuss the applications of BEP for various business problems

Problems:

1. Breakeven point related sums 

--BEP (Units), BEP (Value), BEP(Using P/V Ratio)

--P/V Ratio, MOS, No of units and sales required to earn desired profit

UNIT-5(Theory & Problems)

Theory questions:

1. What is Budget, Budgeting & Budgeting control? Explain the significance of Budgetary control

2. Explain various types of Budgets using their formats and examples

3. Explain various steps in Budgetary control

4. Explain the concept of Zero-based budgeting and its significance

5. write the differences between Fixed Budget and Flexible Budget 

Problems:

1. Fixed Budget and Flexible Budget

2. Sales Budget and Cash Budget

3. Material Budget and Production Budget

UNIT-6(Theory & Problems)

Theory questions:

1. What is Standard costing and also explain the significance 

2. Discuss the differences between standard costing & Budgetary control

3. Explain various types of variance analysis with formulas

Problems:

1. Material cost variance

2. Labour cost variance

3. Overhead cost variance