COST ACCOUNTING THEORY
1. a. What is contract costing?
b. State five features of contract costing.
c. Tabulate three differences between contract costing and job costing.
2. a. Define cost classification.
b. State five reasons for classifying costs.
c. Distinguish between cost unit and cost center.
3. a. Distinguish between integrated and non integrated system of cost bookkeeping.
b. Outline four benefits associated the integrated system of cost bookkeeping.
c. State three reasons why reconciliation between cost and financial accounts is necessary.
4. a. Distinguish between a cost variance and a price variance.
b. Mention four uses of variance analysis to mgt.
c. State two causes each of:
i. Material cost variance
ii. Labour cost variance
5. a. Distinguish between a principal budget and a principal budget factor.
b. State three advantages and two disadvantages of a cash budget.
c. Tabulate two differences between a budget and a forecast.
COST ACCOUNTING PRACTICE
6. stock valuation using FIFO, LIFO and AVCO methods plus trading accounts.
7. Process costing involving three processes, finished stock account and normal loss.
8. Variance analysis to calculate material and labour variances with their components.
9. Contract costing
10. Cost accounts under non integrated system.
11. Marginal and absorption costing.
CONFIRMED+++
++HISTORY OBJECTIVES++
1-10=ACDABCADCC
11-20=ACCDABBACA
21-30=DDACACCBCB
31-40=CCBCACDDDC
41-50=DDBCABBCAB
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