Cost accounting past questions

  • What is cost accounting history?

    Historical cost accounting is the process of recording the original value of an item and is the most common method used due to it being easily understood.
    Discover how to account for the original, or historical cost of an item and the advantages of using the method for businesses..

  • Historical cost accounting is the process of recording the original value of an item and is the most common method used due to it being easily understood.
    Discover how to account for the original, or historical cost of an item and the advantages of using the method for businesses.
  • Modern cost accounting originated during the industrial revolution when the complexities of running large scale businesses led to the development of systems for recording and tracking costs to help business owners and managers make decisions.
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What is the difference between cost accounting and system financial accounting?

Cost Accounting is used only the management of the concern

3

System Financial Accounting uses the double-entry system for recording financial data

Cost Accounting does not use the double-entry for collecting cost data

4

Scope Financial Accounting covers all items of income and expenditure whether related to the cost centers or not,

What is the difference between fixed cost and process costing?

1) Fixed cost per unit decreases when volume of production increases

2) In printing industries, the method of process costing is applied

3) In process costing, the output of the each process in the input of the next process

4) In Cost Accounting, overheads are the combination of indirect material, indirect labour and indirect expenses

What is the study guide for paper 4 accounting for costs?

Paper 4 Accounting for Costs This booklet contains the Study Guide for Paper 4: Accounting for Costs

The Study Guide is designed to help you plan your studies and to provide more detailed interpretation of the syllabus for ACCA’s Certified Accounting Technician examinations


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