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Define job costing. What are the important features of job order costing? What are the advantages and disadvantages of job costing? Explain briefly the objectives
- Define job costing.
- What are the important features of job order costing?
- What are the advantages and disadvantages of job costing?
- Explain briefly the objectives of job order costing.
- Describe the procedure for ascertaining job order cost.
- What do you mean by budget?
- What are the essentials of a budget?
- What are the differences between budgets and forecast?
- What do you understand by budgetary control? Explain briefly the characteristic of a good budget.
- What are the objectives of budgetary control?
- What do you understand by cash budget? Discuss the procedure for preparing the cost budget.
- What do you understand by master budget?
- What do you understand by fixed budget and flexible budget? What are the advantages of flexible budget?
- What are the differences between fixed budget and flexible budget?
- Describe the different methods of preparing flexible budget.
- What do you understand by marginal costing?
- Define Marginal Costing. Briefly explain the features of marginal costing?
- What are the differences between absorption costing and marginal costing?
- What is meant by differential costing?
- Compare and contrast marginal costing and differential costing.
- Define standard costing.
- What do you understand by standard cost and standard costing?
- What are the differences between standard costing and estimated costing?
- Briefly explain and compare and contrast between standard costing and budgetary control.
- What are the advantages of standard costing.
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