Attempt all the problems

problem1) describe the various techniques of inventory control.

problem2) What is a cost sheet? Describe its main components. Prepare a cost sheet with imaginary figures.

problem3)(a) Describe the different types of costs.

(b) describe the different methods of wage payment.

problem4) prepare down the difference between the following:

(a) FIFO and LIFO

(b) Allocation and Apportionment

(c) Job costing and Contract costing

(d) Normal process loss and Abnormal process loss.

problem5) prepare down brief notes on the following with their accounting implications:

(a) Cost centre

(b) Idle time

(c) Selling and distribution overheads

(d) Work-in-progress