Question 1) Answer all the questions:
(i) Explain the term Cost Accounting. Write down the differences between cost accounting and financial accounting?
(ii) What do you mean by labour turnover? How is it computed?
(iii) Define cost sheet. Give the format of cost sheet.
(iv) What do you mean by work certified and work uncertified in contract costing?
(v) Explain variance. What is favourable and adverse variance?
Question 2) What do you mean by absorption of overhead? Describe various method of factory overhead absorption.
Question 3) What do you mean by operating coating? Create a Transport Operating Cost Sheet with imaginary figures and discuss the different items included in it.
Question 4) From the following information, compute different types of Material Variance:
Material Standad Actual
Copper 60 tons @Rs. 5 per ton 80 tons @Rs. 4.50 per ton
Zinc 40 tons @Rs. 10 per ton 70 tons @Rs. 8 per ton
Output 70 ton 115 tons