Answer the following question.
Q1. Define costing. How does it differ from financial accounting? Explain its importance under present circumstances.
Q2. “A Good system of costing must place the same emphasise on cost control as on cost ascertainment”. Comment on this statement.
Q3. Define costing. Discuss briefly the objectives and advantages of costing.
Q4. . Cost accounting has become an essential tool of management. Mention the steps to be taken while installing cost accounting system in a manufacturing concern.
Q5. Explain the advantages of cost accounting. What are the differences between cost accounting and Financial accounting.
Q6. How cost accounting is superior over financial accounting? Explain the techniques of costing and their application and suitability.
Q7. Enumerate the steps involved in the installation of budgetary control system in an organization?
Q8. Distinguish between Accrual basis of accounting and cash basis of accounting.