Cost Accounting Interview Questions

Cost report displays cost analysis results with details regarding average cost against revenue allocated for product / service, along with weighted average costs.

Cost control is a process that is followed in order to reduce the overall cost of production / service which results in not only saving more but also ensures competitive strategy. Cost controls ensur...

A control account represents a summary of general ledger. It helps us to keep the general ledger free of innumerable transaction details. However the details of all transactions will still be maintai...

TDS is not an income or exp to the company. It is payable to the Company and company will receive cash or receivable from Customer. It is an expense to customer only

TDS is an expenses for customer.

It is not back flash its called back flush costing. Back flush costing is a Method of costing a product that works backwards.

Debit note is an note which is issued from the customer/ party for short/rejetcted matl amt. Credit note is an note which is also issued by the customer /party for excess matl reced amt.

debit note means in which detected the purchases=purchases-purchases returns credit note means in which detected the sale = sale -sale return that will we create the dr. and cr. note

A debtors reconciliation is to ensure that the balance brought forward and the closing balance tally. Reconcili payment and invoices

To ensure that the debtors account balances with payments and debits

Cash basis accounting is when record in books once we receive cash in hand/bank or when we make payment in cash or through bank but accrual basis once we accure the income we record in the book irresp...

letter of credit are often used in international transaction to ensure that payment will be received due to the nature of international dealing including factor such sa distance differing loss in each...

Its a gurantee given by the bank onbehalf its client

Total Sale of year or a period is called turn over.

Total sales figure in a company that is called turnover

1. Go to Get way of Tally 2. Press V (Short Cut Key) 3. Press F9 (Short Cut Key) 4. Type - Purchase A/c. Dr Cash/Bank A/c. Cr. (if Cr. purchase then type name of the comp.)

purchase a/c dr to cash/bank ac

It is the reconciliation of balances between branch to branch transactions or branch balances with Head office balances. For the transaction between the inter branch or with HO, generally there is del...

real accounts means: Dr what comes in and Cr what goes out:;;;;;;; In which includes all assets and liabilities for exp: bank ,cash ,loan, creditors ,building personal accounts means: Dr. the recei...

The double entry book keeping system that is followed world over has classified the accounts into two categories: Personal Accounts and Non-personal Accounts.Personal accounts are those accounts which...

Three Way Matching Means invoices ,Delivery and purchase all are same no any difference

three Way match mean match invoices Delivery and purchase order

Costs are bifurcated into 2, Fixed cost and variable cost. In fact the third category also exist which is Semi variable cost.Fixed costs are those costs which do not vary with the production level. Li...

variable cost varies with level of out put but the per unit cost of variable items is fixed.
eg: production of "x" no. of units where the cost varies with no. of units produced.

Economic order quantity refers to the quantity to purchased every time so as to minimize total of two types of costs associated with purchase. The size of the order for which the total of ordering cos...

Economic order quantity is the level of inventory that optimises the total inventory holding costs and ordering costs.

Project costing is the identification and reporting of all costs generated by a single project. Elements of a standard project cost sheet would include all production orders, purchase orders and inven...