Cost Accounting Essay Test
1. Explain the concept of cost accounting and its significance in business management (10 marks):
2. Describe the difference between fixed costs and variable costs in cost accounting (10 marks):
3. (a) Define the term "break-even analysis" and explain how it is used in cost accounting (15 marks):
(b) Discuss the limitations of cost-volume-profit (CVP) analysis in decision-making (15 marks):
4. Explain the concept of budgeting in cost accounting and its role in financial planning (20 marks):
5. (a) Define standard costing and variance analysis in cost accounting (15 marks):
(b) Analyze the advantages and disadvantages of implementing a standard costing system (15 marks):
