Question 1: Differentiate between Costing and Cot Accounting. Describe the Objects of costing.
Question 2: Define the term costing and describe in brief its objectives and merits.
Question 3: State the differences between the Financial, Cost and Management Accounting. Describe how financial accounts are insufficient to measure the performance of the industry.
Question 4: Illustrate the limitations of Financial Accounting? How far Cost Accounting has contributed in eliminating the defects of Financial Accounting?
Question 5: A good system of costing serves as a means of control over expenses and helps to secure the economy in manufacture. Describe.
Question 6: Illustrate the main advantages that might be expected from the installation of costing system in a manufacturing business.
Question 7: Costing system has become a necessary tool in the hands of management. Comment on it.
Question 8: It is said, Cost accounting is a system of foresight and not postmortem examination; it turns losses to profits, speeds up activities and removes wastes. Describe in detail this statement.
Question 9: Explain, in brief, the different methods of costing.