ECO-10 - Elements of Costing - Accounting & Finance Assignment Help

Assignment Task

Attempt all the questions:
1. Describe the factors to be considered before installing a system of costing in an organization. Also explain the requisites of an effective system of costing.   

2. Define 'material control'. What are its objectives? Describe its advantages and basic requirements.

3. What are the main methods of pricing? Explain the First in First out method. In a factory, the following purchase and issues were made during the month of January, 1988.
Date Purchases Issues
Units Rate (Rs)
Jan. 1 500 5.00 -
Jan. 8 300 5.10 -
Jan. 13 - - 600
Jan. 18 400 5.20 -
Jan. 23 - - 300
Jan. 25 500 5.10 -
Jan. 31 - - 200
Prepare the stores Ledger Account under FIFO method.

4. What are the distinct features of direct and indirect labour? Explain the principle of time keeping and its purpose.

5. Write short notes on the following:
a) Methods of absorption
b) Contract costing
c) Process costing
d) Classification of costs

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