Discuss the various elements of cost, Cost Accounting

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Question 1 Discuss the various elements of cost

Question 2 Explain the various stages involved in the distribution of factory overheads

Question 3 Define activity-based costing.Explain the steps or stages involved in designing an ABC system

Question 4 List the limitations of budgetary control. What is the difference between a budget and a forecast?

Question 5 From the undermentioned figures, prepare accounts indicating the cost of process and the total cost. The production was 480 articles per week
                            Process I   Process II    Process III
Materials                Rs 3,000       Rs 1,000      Rs 400
Labour                    1,600            4,000         1,200
Factory Overheads    520            1,440             500

Office overheads amounting to Rs.1,700 should be apportioned on the basis of wages. Ignore stock in hand and work-in-process at the beginning and end of the week


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