Basic Concept of Cost Accounting


  1. Compare cost accounting with financial accounting.
  2. Compare cost accounting and management accounting?
  3. Define the term ‗cost‘. Compare it with ―Value‖ and ―Price‖?
  4. What are the advantages/ objectives of a cost accounting system.
  5. Discuss the role of the cost accountant in a manufacturing organisation
  6. How are costs classified?
  7. Give different classifications of overheads.
  8. Write short notes on explicit and implicit costs.
  9. Distinguish between committed fixed costs and discretionary fixed costs?
  10. Distinguish between conversion cost and added value?
  11. How are costs classified on the basis of normality?
  12. Write short notes on period costs and product costs. Why should product costs be computed?
  13. Distinguish between period costs and product costs?
  14. How is cost ascertainment classified, based on the fine period of ascertaining costs?
  15. Methods of Costing.
  16. Write about unit cost method for ascertaining product cost.
  17. What are the essential features of a good Cost Accounting System?
  18. Steps involved in installing a costing system in a manufacturing unit.
  19. Factors that you will consider before installing a costing system.
  20. You have been asked to install a costing system in a manufacturing business. What practical difficulties, apart from technical costing problems, would you expect to meet and how would you propose to overcome them?
  21. Reports provided by the cost accounting department.
  22. Items not regarded as cost and not included in cost sheet.
  23. Production account Vs. Cost sheet
  24. What is cost reduction & what are its advantages

Distinguish between cost reduction and cost control


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