List of top Cost Accounting Questions

Distinguish between process costing and job costing on the basis of cost computation.
12,000 kg of material was put into a process in a period. The normal loss is 10% of input. No opening or closing Work-in-Progress (WIP) is there. Output in the period is 10,920 kg. The abnormal loss/gain is:
Abnormal loss is equal to .............. .
The total profit on a contract for ₹ 3,00,000 is ₹ 60,000 and the contract is 60% complete and has been certified accordingly. The retention money is 20% of the certified value, then the amount of profit that can prudently be credited to Profit or Loss Account will be:
What are By-products?
The sequence of operations is .............. and .............. .
It is important to consider profit on incomplete contracts after providing for the .............. .
What is Escalation Clause?
If completion of contract is less than 25%, how much profit should be taken to Profit and Loss Account under contract costing?
Which one of the following is an example of a direct cost in the manufacturing of pista burfi chocolate?
State whether the statement is True or False:
‘In the balance sheet, the contractor account is shown on the liabilities side.’
State one advantage of job costing.
State whether the statement is True or False:
‘Wage abstract is not prepared in case of batch costing.’
Name the inventory control principle used to calculate economic batch quantity.
Cost sheet based on the predictable cost figures which are estimated is known as .............. .
The value of raw material consumed from the following given information will be:

Opening stock of Raw Material          ₹ 25,000
Add: Purchase of Raw Material           ₹ 1,00,000
Less: Closing stock of Raw Material     ₹ 40,000

Raw Material Consumed = ₹ (25,000 + 1,00,000 - 40,000) = ₹ 85,000
State whether the following statement is True or False:
‘Cost sheet tells about quality and labour efficiency of the production.’
Output costing helps in arriving at the final .............. for marketers.
Choose the odd one out:
Name the method used to present the cost elements in vertical form.
.............. sign defines a formula.
State the basic steps to insert a square shape in a presentation.