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Cost Accounting Interview Questions

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Explain about real account, personal accounts and nominal accounts

Asked By: sureshv | Asked On: Dec 12th, 2007

Answered by: Parukrish.balaji on: Sep 3rd, 2014

Personal account deals with the persons, organizations
Real account deals with feel and touch
Nominal account deals with the intangible and unable to feel and see.

Answered by: partha on: Apr 28th, 2014

Revenue comes under which account?

What is the back flash costing ?

Asked By: manisha.sandel | Asked On: Sep 20th, 2011

Answered by: A/Raouf SAlah on: Jun 18th, 2014

There are two costing technique 1- back flash costing 2- pull flash costing
back flash costing : the start of producing after receive the order from costumer.

Answered by: nitesh on: Jan 2nd, 2012

It is not back flash its called back flush costing.

Back flush costing is a Method of costing a product that works backwards.

Purchased entry

Asked By: hasmukh waghela | Asked On: Sep 27th, 2011

If some one tell me in the interview how to make purchase entry ? Pl tell me the answer.

Answered by: khan on: May 3rd, 2013

Purchase A/c dr
to creditor A/c

Answered by: Susanta Ku. Mohapatra on: Oct 17th, 2011

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.)

TDS charged is an income of expense ?

Asked By: Abdul Mujeeb | Asked On: Sep 21st, 2011

TDS deducted by the customer and deposited in central govt.Account through receipt is an income or expenditure or what?

Answered by: pushpabonal on: Feb 10th, 2013

TDS: Is one of the mode of collecting the income tax from assesses in India ,getting deducted from the person received amount (employee deductive ) by the person paying such as (employer deduct er)

Answered by: Tarun Chauhan on: Mar 2nd, 2012

TDS charged from the customer is neither an expense nor an income, It is actually a payable account which becomes a liability for a company after charging it to from customer, which a company needs to pay or deposit it to the tax department on behalf of the customer on a required time line.

What is meaning of turnover

Asked By: mahendra.sharma | Asked On: Aug 24th, 2011

Answered by: siva on: Jul 30th, 2012

Turn over is capitalization of company or business concern for particular period or total sales operations figure in company

Answered by: Susanta Ku. Mohapatra on: Oct 17th, 2011

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

What is deinition of debit note and credit note?

Asked By: cnvssfca | Asked On: Sep 2nd, 2011

Answered by: Dasari Santhosh on: Jun 19th, 2012

Debit note:when the goods are returned to the supplier, a debit note is sent to him indicating that his a/c has been debited with the amount mentioned in the debit note. Credit note: the customer whe...

Answered by: jk latha on: Nov 30th, 2011

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.

Calculating deprecation

Asked By: Allwyn | Asked On: Nov 15th, 2011

Why while calculating deprecation we do not consider the change in prices of the machinery in the market i.E fluctuation in prices in market? As we consider the accounting period one of the concepts

Answered by: Anand on: May 15th, 2012

How will Application know the current market price of your machinery. you need to do revaluation to asset according to market fluctuation and then submit the Deprecation.

Cwa(cma) 1st group

Asked By: mani_cmaG1 | Asked On: May 9th, 2012

I have been doing cwa inter 1g, and working in a pvt txt co as accounts data entry work,i would like to know that what will I do to gain more in cwa that what type of co will target for my future. thanks & regards v mani

Three way matching concept

Asked By: vishakanu | Asked On: Oct 23rd, 2009

What is meant by three way matching concept. Which is related to invoice, purchase order, voucher, vendor

Answered by: gns.ravi on: Apr 10th, 2012

3 Way matching means : - Matching the invoice with PO and GR at the same time,
2 Way matching means :- Matching the invoice with PO.

the above two are the matching concepts in AP process

Answered by: Faisal Azim on: Jul 13th, 2011

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

Difference between contract and employee

Asked By: Ladytrolley | Asked On: Mar 23rd, 2012

Based on internal revenue service rules, what criteria distinguish a consultant from an employee?

Answered by: Jeff Lippold on: Mar 26th, 2012

Answer is simple. A "contract" employee is working through a staffing firm and usually work short term specialty assignment. 6 to 9 month is average length of a "contract" employee. "Direct Hire/Pe...

Cost reporting

Asked By: garcialf | Asked On: Jul 22nd, 2008

Explain the process of cost reporting

Answered by: Lokesh M on: Feb 7th, 2012

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

Cost control

Asked By: debbydebby4real | Asked On: Sep 9th, 2008

What is cost control? What are the duties of a cost controller?

Answered by: Lokesh M on: Feb 7th, 2012

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...

Control accounting

Asked By: bharani2k5 | Asked On: Aug 7th, 2009

What is control accounting? What is the use of it?

Answered by: Lokesh M on: Feb 7th, 2012

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...

Debtors reconciliation

Asked By: vishakanu | Asked On: Oct 23rd, 2009

What is meant by debtors reconciliation. Explain in detail about it

Answered by: JANINE BARR on: Oct 31st, 2011

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

Answered by: JANINE BARR on: Oct 31st, 2011

To ensure that the debtors account balances with payments and debits

What is difference between cash basis and accrual basis balance sheet?

Asked By: singh.coce.jani | Asked On: Oct 11th, 2011

Answered by: Deepthi on: Oct 27th, 2011

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 irrespective of whether we received or not.

What do you mean by lc ?

Asked By: LINU.P.P | Asked On: Dec 7th, 2006

Lc - letter of credit means a guarrantee given by the bank during the course of international business

Answered by: snehal on: Oct 18th, 2011

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 country

Answered by: lulu on: Dec 15th, 2006

Its a gurantee given by the bank onbehalf its client

What is debtors reconciliation ?

Asked By: manisha.sandel | Asked On: Sep 20th, 2011

Answered by: vimala.s on: Sep 27th, 2011

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...

Dapartmental accounts

Asked By: Vikas | Asked On: Jul 28th, 2011

Discuss the procedure for the preparation of dapartmental accounts.

Format for construction project

Asked By: RAMA MOHANA RAO | Asked On: Jul 16th, 2011

Provide me the statement for construction project proffit/loss. Any tips on how to start about this will help

Explain about variable cost along with few situations where you would use variable cost .

Asked By: varghese | Asked On: Jun 29th, 2007

Answered by: vasudeo007 on: Aug 17th, 2008

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...

Answered by: ramm.30 on: Jun 12th, 2008

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

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