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Sunday, December 9, 2012

ICWAI/ICAI - Inter - Cost and Management Accountancy-Exam. Preparation

ICWAI/ICAI - Inter - Cost and Management Accountancy-Exam. Preparation
1.       Equivalent Production
2.       Inter firm Comparison
3.       Margin of Safety
4.       Difference-Cost Control & Cost Reduction
5.       Flexible Budget
6.       Labour Turnover
7.       ABC Analysis
8.       Just in Time
9.       Cost Plus Contract
10.   Joint Product & By Product
11.   Angle of Incidence
12.   Profit Volume Chart
13.   Value Analysis
Note :
ü  Above Short Note is Most IMP Short Note but other may be Included.
ü  Do RTP Short Notes of relevant Term and consider that as also Most Imp Short Notes.
ü  Do RTP Objectives of relevant Term and consider that as also Most Imp Objectives.

Above are enough but if you want to do more you can do following…
DISTINGUISH QUESTIONS
Ø    Cost control and Cost reduction
Ø    Perpetual Inventory System & Continues stock taking
Ø    Distinguish between Spoilage and Defectives
Ø    Job evaluation & merit rating
Ø    Idle time and Idle capacity
Ø    Work measurement and Motion study
Ø    Distinguish between ‘Incentive to indirect workers’ and ‘Indirect incentives to direct workers’.
Ø    Depreciation and Obsolescence
Ø    Cost allocation and Cost appropriation
Ø    Joint product & by-product
Ø    Marginal cost & differential cost
Ø    Marginal costing & Absorption costing
Ø    Fixed & Flexible budget
Ø    Standard costing & budgetary control
SHORT NOTES
Ø    Direct Expenses
Ø    Profit Centre
Ø    Relevant Cost
Ø    Material Transfer Note
Ø    ABC analysis
Ø    idle time
Ø    Learning Curve
Ø    Batch costing
Ø    Escalation Clause
Ø    Equivalent production
Ø    Split-off point
Ø    Operating costing
Ø    Integrated accounting system
Ø    Margin of safety
Ø    BEP
Ø    Angle of incidence
Ø    Differential cost
Ø    CVP analysis
Ø    Profit volume chart
Ø    Sensitivity Analysis
Ø    Activity Based Costing
Ø    Activity Based Budgeting
Ø    Activity Based Management
Ø    Cost Driver
Ø    Budgetary control
Ø    Principal Budget factor
Ø    Balance scorecard
Ø    Performance management
Ø    MRP
Ø    Value analysis
Ø    ERP
Ø    Value Engineering
Ø    Target costing
Ø    JIT
Ø    Supply Chain Analysis
Descriptive Question
Ø    Pre – requisites for computerization of accounts
Ø    Pre – requisites for Installation of a cost system
Ø    Explain Uniform Costing
Ø    Explain the role of costing in the changing economic scenario of our country
Ø    What are the basic assumptions of EOQ model?
Ø    Explain Labour Turnover and its causes.
Ø    How to minimize labour turnover
Ø    Cost associated with the labour turnover
Ø    Enumerate the principles of a good incentive scheme
Ø    Methods for disposal of under/over-absorbed overheads
Ø    What is predetermined overhead absorption rate?
Ø    Profit on incomplete contracts
Ø    Explain Cost – plus contract & its advantages
Ø    Accounting treatment of by product
Ø    Features of processing costing
Ø    Reason for reconciliation of profit between cost & financial account
Ø    Assumptions of BEP
Ø    Area in which application of marginal costing technique
Ø    Circumstance in which fixing the selling price below variable cost
Ø    Methods of Transfer pricing
Ø    Limitations of Activity Based Costing
Ø    Features of zero based budgeting
Ø    Methods of disposition of variances
Ø    Explain the principles of management
Ø    Six C’s in TQM
Ø    Pre requisites of inter firm comparison
Ø    Features of uniform costing

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