problem 1: Differentiate between Costing and Cot Accounting. Describe the Objects of costing.

problem 2: Define the term costing and describe in brief its objectives and merits.

problem 3: State the differences between the Financial, Cost and Management Accounting. Describe how financial accounts are insufficient to measure the performance of the industry.

problem 4: Illustrate the limitations of Financial Accounting? How far Cost Accounting has contributed in eliminating the defects of Financial Accounting?

problem 5: A good system of costing serves as a means of control over expenses and helps to secure the economy in manufacture. Describe.

problem 6: Illustrate the main advantages that might be expected from the installation of costing system in a manufacturing business.

problem 7: Costing system has become a necessary tool in the hands of management. Comment on it.

problem 8: It is said, Cost accounting is a system of foresight and not postmortem examination; it turns losses to profits, speeds up activities and removes wastes. Describe in detail this statement.

problem 9: describe, in brief, the different methods of costing.