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Cost Accounting Practice Questions & Solutions

Description

The purpose of this course is to give you an opportunity to have in-depth knowledge of Cost Accounting with regard to the changing environment. This course will assist you to acquire adequate knowledge of the principles and practice of Cost Accounting, either for academics or professional or daily challenges at work.

This course is prepared with a brief explanation of the principle of each subject. Illustration questions and solutions were equally provided for self-help in the application and knowledge of the principles.

This course is a compilation of various tested academics and professional lecture notes on Cost Accounting with video illustrations on practical Accounting Questions.

 

Topics for this course

27 Lessons4h 11m 35s

Material Pricing & Stock Valuation?

The following are the main pricing methods that we'll look into at the cause of this study. 1. FIFO Method 2. LIFO Method and 3. Weighted Average Method
Intro on FIFO, LIFO, and Weighted Average.19:33
FIFO | First-In, First-Out16:37
LIFO | Last-In, First-Out12:25
Weighted Average Method15:14

Labour Costing?

There are different methods used in calculating labour cost. In this lesson, We will focus on three methods that fall under the PRODUCTIVITY SCHEME – they are; 1. Halsey Bonus Scheme 2. Halsey Weir Bonus Scheme and 3. Rowan Bonus Scheme.

Inventory Control?

These formulas have been abbreviated in this article just for reference purposes and to help you remember them without stress. Please do not abbreviate while solving questions on Inventory Control in tests and examinations. Watch the video below

Economic Order Quantity (EOQ)?

This is the re-order quantity where the total relevant cost of inventory is minimized. EOQ is also known as optimal re-order quantity. It also the ordering quantity at which the control cost ordering is minimized.

Overhead Costing?

Overhead costs are those costs that cannot be traced directly to the level of activities of an organization. The overhead cost can be further described as “the cost of indirect materials, indirect labor, and indirect expenses”.

Contract Costing

Process Costing

Budgeting (Cash Budget)

Joint Product Costing

Standard Costing

About the instructor

An Entrepreneur and a graduate in Business Administration and Management. He is the Founder of HS Tutorial, A Digital Marketer and Content Creator. Check him out on Instagram.
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295 students

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Hello sir....words can't express how I feel. hs-tutorial is not just helping students but is also making students great...your tutorial and videos have proved or rather made me to understand that Accounting is not difficult but very easy to understand i.e when you have the right tutor..God bless you sir...Am extra ordinary good in Accounting now....I learnt from hs-tutorial.

hello mr Charles, cant express how happy iam with mere words here, i have been having issues on calculation courses untill i come across ur tutorial page and ur video has been of great help to me in solving it now, i recommend it to anyone who face the same thing, God bless you real good,. umoh Felix ( yabatech)

Hello sir, I am really glad that you’re giving out Accounting lessons, you have cleared many of my doubts hats of to you. Thank you and stay blessed!

cost-accounting
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