Cost accounting past questions 2021

Should a cost sheet give cost per unit in a previous period?

The cost sheet should give cost per unit in the previous period for the purposes of comparison.
Walter & Bigg define, “The expenditure which has been incurred upon production for a period is extracted from the financial books and the store records, and set out in a memorandum or a statement.

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What are the main costs incurred by a company?

They include:

  • costs of accommodation
  • transport facilities
  • medical services
  • welfare schemes
  • pension schemes
  • environment improvement
  • lighting
  • heating
  • air-conditioning etc.
    The rate of labour turnover is usually low, if a company incurs higher preventive costs.
    • ,

    Why is cost accounting a post-mortem examination?

    c) Formulation of future plans:

  • Cost accounting is not a post-mortem examination.
    It is a system of foresight.
    On the basis of past experience, it helps in the formulation of definite future plans in quantitative terms.
    Budgets are prepared and they give direction to the enterprise.
    • ,

    Why is cost accounting important?

    Cost accounting provides basis information for the preparation of tenders, estimates and quotations. c) Formulation of future plans:

  • Cost accounting is not a post-mortem examination.
    It is a system of foresight.
    On the basis of past experience, it helps in the formulation of definite future plans in quantitative terms.

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