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Financial
& Cost Accounting
Q1. Differentiate between
Management Accounting and Financial Accounting.
Q2. What is the different
between cost accounting and management accounting?
Q3. State the objectives of
cost accounting briefly explain the advantages of cost accounting.
Q4. “Cost accounting is better
understood as a cost control and cost reduction exercise and not a more cost
ascertainment process”. Discuss.
Q5. “Cost accounting is a
system of foresight like pre-natal care, but financial accounting is just a
postmortem examination”. Critically examine this statement
Q6. Define “Costing”, “Cost”
and “Cost Accountancy”. Distinguish between cost accounting and financial
accounting.
Q7. “A Good system of costing
must place the same emphasize on cost control as on cost ascertainment”.
Comment on this statement.
Q8. What one the limitations of
financial accounting? How do you overcome item in cost accounting?
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