Cost Accounting-Nature and Functions of Cost Accounting [IAS (Admin.) Mains Commerce Accountancy]: Questions 1 - 8 of 8

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Question 1

Appeared in Year: 2018

Describe in Detail Subjective▾

Explain in brief, the functions of Cost Accounting.

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Explanation

The main objects or functions of cost accounting are as follows:

Objects or Functions of Cost Accounting
Objects or Functions of Cost Accounting
  • Cost ascertainment: The primary function of cost accounting is to determine the cost of production of every unit, job operation, process, department, or service. Cost of each element and cost per unit of prod…

… (284 more words, 16 figures) …

Question 2

Appeared in Year: 2016

Write in Short Short Answer▾

State four items which are not to be included in determining the cost of inventories in accordance with paragraph 6 of accounting standard 2 (Revised) .

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Passage

Cost Accountant of a company was given the following information regarding the overheads for February, 2016:

(a) Overheads cost variance Rs 1,400 adverse.

(b) Overheads volume variance Rs 1,000 adverse.

(c) Budgeted hours for February 2012,1, 200 hours.

(d) Budgeted overheads for February 2012, Rs 6,000.

(e) Actual rate of recovery of overheads Rs 8 per hour.

You are required to assist him in computing the following for February, 2016:

Question 3 (1 of 6 Based on Passage)

Appeared in Year: 2016

Write in Short Short Answer▾

Overheads expenditure variance.

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Question 4 (2 of 6 Based on Passage)

Appeared in Year: 2016

Write in Short Short Answer▾

Actual overheads incurred.

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Question 5 (3 of 6 Based on Passage)

Appeared in Year: 2016

Write in Short Short Answer▾

Actual hours for actual production.

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Question 6 (4 of 6 Based on Passage)

Appeared in Year: 2016

Write in Short Short Answer▾

Overheads capacity variance.

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Question 7 (5 of 6 Based on Passage)

Appeared in Year: 2016

Write in Short Short Answer▾

Overheads efficiency variance.

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Question 8 (6 of 6 Based on Passage)

Appeared in Year: 2016

Write in Short Short Answer▾

Standard hours for actual production.

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