UNIT EXAM IMPORTANT QUESTIONS

1. Distinguish between estimating and costing?

2. What are different classifications of cost? Explain
3. State the functions of estimating?
4. Discuss data requirements and sources for cost estimation
5. Calculate prime cost, factory cost, production cost, total cost and selling price per
item from the data given below in table for the year 2012-13.
Expenses
S.No. Particulars
Rs.
1 Cost of raw material in stock as on 01.04.2012 25,000
2 Raw material purchased 40,000
3 Direct labour cost 14,000
4 Direct expenses 1,000
5 Factory / work overheads 9,750
6 Administrative expenditure 6,500
7 Selling and distribution expenses 3,250
8 Number of items produced 650
9 Cost of raw material in stock as on 31.03.2013 15,000
6. Briefly discuss about most commonly used methods of costing?
7. What are different classifications of cost? Explain
8. List out the steps involved in cost estimating?
9. Evaluate the cost of material for the machine part shown in fig. Density of material
may be taken as 8.2 gm/cu cm. the cost of material is Rs. 30 per kg. Assume 20%
wastage of material of the finished component and 6 holes for bolt.