problem 1:

What do you understand by term ‘Management Accounting’? Illustrate its objectives and drawbacks. Also make a distinction between ‘Management Accounting’ and ‘Financial Accounting’.

problem 2:

Illustrate step by step procedure of identifying the material in respect to procurement, storing and issuing.

problem 3:

Illustrate the categorization of overheads with suitable illustrations. Illustrate the ‘Under absorption’ and ‘over absorption’.

problem 4:

prepare down comprehensive notes on the following:

a) Categorization of Accounts.

b) Labour Turnover.

c) Benefits and drawbacks of Standard Costing.

problem 5:

Illustrate out the following terms with the help of suitable exs:

a) Drawings.

b) Cost Concept.

c) Conservatism.

d) Money measurement.

e) Time keeping and Time booking.