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.
EditExplanation
The main objects or functions of cost accounting are as follows:
- 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) .
EditPassage
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: