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1 Cost Concepts & Classifications

The document discusses cost classifications and concepts in cost and management accounting. It provides 9 past paper questions from 2001-2014 on topics related to cost classifications, including: 1. The rationale for cost accounting and how it contributes to efficient resource allocation. 2. Classifications of costs such as direct/indirect, fixed/variable, product/period, and controllable/non-controllable. 3. The differences between cost accounting and financial accounting, job order costing and process costing, joint product cost and by-product cost, and standard cost and budget. 4. How cost accounting serves as a tool for management by providing various cost information for decision making.

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Masood Ahmad Aadam
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108 views3 pages

1 Cost Concepts & Classifications

The document discusses cost classifications and concepts in cost and management accounting. It provides 9 past paper questions from 2001-2014 on topics related to cost classifications, including: 1. The rationale for cost accounting and how it contributes to efficient resource allocation. 2. Classifications of costs such as direct/indirect, fixed/variable, product/period, and controllable/non-controllable. 3. The differences between cost accounting and financial accounting, job order costing and process costing, joint product cost and by-product cost, and standard cost and budget. 4. How cost accounting serves as a tool for management by providing various cost information for decision making.

Uploaded by

Masood Ahmad Aadam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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 Past Papers Topic-wise Unsolved

 From 2001 – 2018


CSS
2019

Examination Structure According to 2015 Revised Syllabus


 CSS Accounting and Auditing is a subject of 200 Marks covered in 2 papers
consisting 100 Marks each, every paper has 20% weightage for MCQs and
80% weightage for Structured Questions.
 Paper – 1 has 2 sections each has 50% Weightage ie 50 Marks for each section.
 Section – A is for Financial Accounting (50%) in which a student needs to attempt
2 out of 3 questions of 20 marks each.
 Section – B is for Cost & Management Accounting (50%) in which a student needs
to attempt 2 out of 4 questions of 20 marks each.

Cost Classifications; Examination Importance


Without understanding of various cost concepts and classifications one can never be
able to learn Cost & Management Accounting which reveals the importance of this
topic. Although theoretically but this topic was selected 9 times from CE 2001 to CE
2015 but this topic is seemed to be ignored since the syllabus is revised still this topic
has a great value because of its default nature so, still it is an ideal topic for MCQs.

Prof. Asif Masood [ACMA, MBA (Finance), M. Phil)] 0321 9842495

Examination Topics Asif Masood is the renowned teacher of CSS Accounting & Auditing, Business
Administrations and Mercantile Law. He is engaged with the profession of
1. Cost Classifications. teaching since 1999 and has been a part of faculty of various reputed educational
2. Cost of Goods Sold institutions including GCU, UCP, Superior University, AIOU, Beaconhouse, LGS for
Statement. MBA, M.Com, BBA and CIE A-Level classes. Moreover he is providing coaching to
3. Cost Accounting Ledger
System.
ACCA, CIMA, CPA, CMA, ICAP and ICMAP students since last 20 years.
4. Material Costing. For CSS, Prof. Asif Masood is the most experienced and result producing teacher of the
5. Labour Costing. subjects of Accounting & Auditing, Business Administration and Mercantile Law. He is
6. F.O.H. Costing. mentoring CSS Aspirants since 2005 and has hundreds of Aspirants who got coaching
7. Job & Batch Costing.
from him and succeeded including the Top Position Holders in CE 2017, Mr. Awaid
8. Process Costing.
9. Absorption & Marginal Irshad (1st), Mr. Ahmad Faisal Ch, (42nd), Seyed Ammar Akhtar (48th) and Miss Iqra
Costing. Shoukat (116th).
10. CVP Analysis & Decision This bunch of past papers are distributed topic-wise and which includes commentary on
Making. each topic regarding its Examination Importance, is for the help and guideline of the
11. Budgeting.
12. Standard Costing &
Aspirants seeking to opt Accounting & Auditing as one of their optional lite subjects to
Variance Analysis. maximize their aggregate marks in CSS. Good Luck
Email:[email protected] Prof. Asif Masood
Facebook/adamslearningcentre ALC, Lahore.
whatsapp: 0321 9842495 0333 4169258
CSS Accounting & Auditing Cost Classifications

Adam’s Learning Centre, Lahore


CSS Accounting & Auditing
Topic-wise Past Papers (Unsolved)
Cost Concepts & Classifications
Q. 1 (CSS – 2014, Paper # 2, Part – II, Q. # 2) (20 Marks)

When Financial Accounting delivers the goods, why Cost Accounting records are needed? Make out a case for
introduction of Cost Accounting in all Industries. State your rationale with expected productive results.

Q. 2 (CSS – 2007, Paper # 2, Part – A, Q. # 1) (20 Marks)

Explain Classifications of Cost under the following headings:


(i) Direct and Indirect costs
(ii) Fixed and variable costs
(iii) Product cost and period costs
(iv)Controllable and Non controllable costs

Q. 3 (CSS – 2006, Paper # 2, Part – A, Q. # 1) (20 Marks)

Explain the rationale supporting cost Accounting. How will it contribute to the efficient allocation of resources?
Illustrate your answer.

Q. 4 (CSS – 2005, Paper # 2, Part – A, Q. # 1) (20 Marks)

Distinguish between:
(a) Cost accounting and financial accounting.
(b) Job order costing and process costing.
(c) Joint product cost and by-product cost.
(d) Standard cost and budget.

Q. 5 (CSS – 2004, Paper # 2, Part – A, Q. # 1) (20 Marks)

Define Cost Accounting. Discuss its objectives and distinguish it from financial accounting.

Q. 6 (CSS – 2003, Paper # 2, Part – A, Q. # 1) (20 Marks)

"Cost Accounting is considered as a tool of management." Explain various aspects of the above statement and
explain dimensions as to how cost accounting can serve as tool of management.

Q. 7 (CSS – 2002, Paper # 2, Part – A, Q. # 1) (20 Marks)

Explain ten uses of Cost Accounting in real life. Highlight points giving edge to Cost Accounting over Financial
in respect of above uses.

Q. 8 (CSS – 2001, Paper # 2, Part – A, Q. # 1) (20 Marks)

a) Briefly describe the functions of the financial accountant and management accountant highlighting the
limitations of financial accountant in carrying out the management objectives.
b) Describe the roles in respect of authority, responsibility and accountability of financial accountant and
management accountant clearly defining the inter-relation.

2|Page By: Asif Masood Ahmad Adam’s Learning Centre, Lahore


0321 9842495 0333 4169258
CSS Accounting & Auditing Cost Classifications
Q. 9 (CSS – 2001, Paper # 2, Part – A, Q. # 2(a)) (10 Marks)

Define characteristic difference between Fixed Cost and Variable Cost.

3|Page By: Asif Masood Ahmad Adam’s Learning Centre, Lahore


0321 9842495 0333 4169258

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