What do you understand by term ‘Management Accounting’? Illustrate its objectives and drawbacks. Also make a distinction between ‘Management Accounting’ and ‘Financial Accounting’.
Illustrate step by step procedure of identifying the material in respect to procurement, storing and issuing.
Illustrate the categorization of overheads with suitable illustrations. Illustrate the ‘Under absorption’ and ‘over absorption’.
prepare down comprehensive notes on the following:
a) Categorization of Accounts.
b) Labour Turnover.
c) Benefits and drawbacks of Standard Costing.
Illustrate out the following terms with the help of suitable exs:
b) Cost Concept.
d) Money measurement.
e) Time keeping and Time booking.