IGNOU B.COM ECO 10 ELEMENTS OF COSTING IMPORTANT QUESTIONS FOR DECEMBER 2020 EXAM

IMPORTANT QUESTIONS

ECO 10

 1. Explain as to how abnormal loss and normal loss is treated in process Costing. 


 2. What are the factors taken into account for installation of a system of costing ? State the possible difficulties faced in installing such a system.  


3. a. How would you classify the costs"on the basis of variability"? Explain. 

 b. What are the main advantages of a good system of material control. 

 c. What are the advantages of cost accounting to a manufacturing concern.  



4. How would you classify selling and distribution overheads?  How are the selling overheads absorbed by the cost units?   


5. Write short notes on the following: 

  •  Store keeping.  
  • ABC analysis of inventory control. 
  • Direct labour hour rate.
  •  Appointed of overheads.  
  • Payroll accounting.
  •  Labour turnover. 
  • Cost accounting. 
  • Financial accounting. 
  • Cost centre. 
  • Over absorption of overheads.
  •  Process Costing. 
  •  Bin card.  
  • Incentive plans. 
  •  Job costing. 
  •  Centralized purchasing. 
  •  Inventory turnover. 
  •  Idle time



Practical Questions.     


  •    Overhead Distribution Summary. 
  •  Inventory turnover ratio. 
  •  Reorder level.  
  • Minimum level.
  •   Maximum level. 
  •  Price of material issued under weighted average method.  
  • Cost sheet. 
  •  Contract account. 
  • Economic order quantity.  
  • Machine hour rate. 
  •  Average stock level. 
  •  Process account.

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