problem 1: Define the term costing and cost accounting. Describe the main advantages of cost accounting.
a) What are the steps included in the purchase of material?
b) Describe in detail the FIFO technique of pricing with the help of imaginary figures.
problem 3: Distinguish between the given terms:
a) Cost Accounting and Financial Accounting.
b) Cost Sheet and Production Account.
c) Reconciliation Statement and Memorandum Reconciliation Account.
d) Job Costing and Contract Costing.
problem 4: Describe various methods of absorption of factory overheads.
problem 5: prepare short notes on the given terms:
a) ABC analysis.
b) Treatment of shortage of materials.
c) Rowan Premium Plan.
d) Cost centre.