Cost Accounting Practice Questions & Solutions

About Course

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.

Course Content

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-Out

16:37
LIFO | Last-In, First-Out

12:25
Weighted Average Method

15:14

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”.

About Course

What Will You Learn?

Course Content

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.

FIFO | First-In, First-Out

LIFO | Last-In, First-Out

Weighted Average Method

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.

Intro and Formula Derivation

Calculation of Gross Pay

Recalculation of Time Allowed

Halsey, Halsey-Weir, and Rowan Bonus Schemes

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

Intro and Formula Derivation

Inventory Control (Ex. 1)

Inventory Control (Ex. 2)

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.

Intro and Formula Derivation

EOQ – Practical Question – Ex. 1

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”.

Intro and Basics of Apportionment

Primary Apportionment Method

Repeated Distribution Method

Simultaneous Distribution Method

Direct or Elimination Method

Contract Costing

Intro to Contract Costing

Determination of Notional Profit

Process Costing

Intro – Derivation of Abnormal Loss or Abnormal Gain

Lesson 2 – How To Apportion and Transfer Values

Lesson 3 – How To Determine Total Cost, Cost Per Unit

Budgeting (Cash Budget)

Cash Budget – Lesson 1

Cash Budget – Lesson 2

Joint Product Costing

Joint Product Costing Using The Four Methods

Standard Costing

Intro and Formula Derivation

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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

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”.