IPCC-GUESS QUESTIONS - MAY'2015Points to be Noted: These Guess questions are given in reference to ICAI Practice Manual July'2014 edition. Those who studied all the syllabus verify whether you have covered all the models given here. As per my expectation around maximum of 40 to 45 marks can be covered from these. Important thing to remember is these are only Guess Questions. MATERIALS Question No Page No 1 2.19 3 2.22 5 2.25 6 2.26 8 2.29 9 2.30 16 2.37 LABOUR Question No Page No 2 3.18 5 3.24 12 3.31 15 3.34 18 3.38 19 3.40 OVERHEADS Question No Page No 1 4.12 3 4.16 5 4.19 7 4.23 8 4.25 12 4.32 17 4.45 20 4.49 BOOK-KEEPING Question No Page No 1 5.11 2 5.12 9 5.32 10 5.34 14 5.43 GURUKUL FOR CA & CMA JOB & BATCH COSTING Question No Page No 1 6.40 CONTRACT COSTING Question No Page No 1 7.7 2 7.9 8 7.17 10 7.21 11 7.23 OPERATING COSTING Question No Page No 3 8.4 5 8.8 7 8.13 9 8.17 PROCESS & OPERATION COSTING Question No Page No 1 9.4 2 9.8 6 9.16 12 9.29 15 9.33 STANDARD COSTING Question No Page No 2 11.11 4 11.14 6 11.17 8 11.20 10 11.23 11 11.24 MARGINAL COSTING Question No Page No 1 12.5 2 12.6 6 12.8 9 12.11 10 12.13 BUDGETARY CONTROL Question No Page No 3 13.11 4 13.12 7 13.16 Page 1 IPCC-GUESS QUESTIONS - MAY'2015 THEORY QUESTIONS SL.NO QUESTION What are the objectives of cost accounting? CHAPTER Basic Concepts Distinguish between cost reduction & cost control. Basic Concepts of Costing Essentials features of a good cost accounting system. Basic Concepts of Costing Define Cost Unit, Cost Center, Cost Object, Profit Centre & Investment Centre Basic Concepts of Costing Different Classification of Costs Basic Concepts of Costing Write short notes on explicit and implicit costs. Basic Concepts of Costing 7. Methods of costing and cost unit applicable to different industries. Basic Concepts of Costing Materials 8. Difference between Bills of Material and Material Requisition Note. Materials 9. What do you mean by bin card, stock control cards and stores ledger? What is Just-In Time purchases? What are its advantages? Materials What is the treatment of defectives? Materials Explain about Continuous Stock verification Materials Write about different types of idle time & reasons? Labour What is labour turnover? Explain methods for calculating it. Labour What are the costs associated with labour turnover? Labour 1. 2. 3. 4. 5. 6. 10. 11. 12. 13. 14. 15. GURUKUL FOR CA & CMA Page 2 IPCC-GUESS QUESTIONS - MAY'2015 Time & motion study? Labour Job evaluation and merit rating? Labour Write about the overtime premium and its treatment. Labour What is the treatment of over and under absorption of overhead? Write short notes on Chargeable Expenses. Overheads Indicate the base or bases that you would recommend to apportion overhead costs to production department. Overheads Integrated Accounting System And explain its advantages. Book-Keeping Book-Keeping 23. What are the items included only in Financial Books & What are the items included only in Costing Books? Book-Keeping 24. What are the essential pre-requisites for Integrated Accounting System? Write about Economic Batch Quantity. Job & Batch Distinguish between job and batch costing. Job & Batch What do you mean by Inter Process Profits? Process Costing Explain the treatment of By product costs in cost accounting. How will you recognize profits on almost complete contracts (91% - 99% completion) Joint & Byproducts Costing Contract Costing Write a short note on escalation clause? Contract Costing Write about cost plus contracts? Contract Costing 16. 17. 18. 19. Overheads 20. 21. 22. 25. 26. 27. 28. 29. 31. 32. GURUKUL FOR CA & CMA Page 3 IPCC-GUESS QUESTIONS - MAY'2015 Write short notes on Break – Even Point. Marginal Costing What is margin of safety? How can margin of safety be improved? Marginal Costing What is meant by Differential Cost? Marginal Costing What do you understand by key factor or limiting factor? Pg. No.313 Distinction between Standard Costing and Budgetary Control. Standard Costing What are the different types of budgets? Distinguish between fixed and flexible budgets? Budgetary Control Write about functional budget? Budgetary Control 33. 34. 35. 36. 37. 38. 39. GURUKUL FOR CA & CMA Page 4