Costing exam prep

*RENU SINGH * (✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )   (21627 Points)

28 October 2013  

This is simply the continuation of the part ....  n again it's just a guideline for the busy busy people who had no time to prep ... n sorrrryyyyy thodi extra late ho gayi ... crying as I was too much busyyyyyy blush

1.       For costing theory, I’d recommend the combination of RTP n Compiler only. I did that for my attempt , and my theory hardly crossed 7 pages for both Cost n FM. Unfortunately, I had lost that otherwise I’d have shared that.

But still in case you have not made any notes, then at least you can mark the revised question or just write 1,2 as per their repetition  basis. So that  on exam day, you focus on just some imp questions.

2.       Material chapter fully based on formula. Obviously if u learn it rightly, you can grab those 5 marks easily.

3.       In labour, I had focused on rowan method, halsey method , Halsey weir and labour turnover.

4.       Overhead , a big one and confusing chapter (at least for me) . So do after you done all imp chapters.

5.       Operating costing (luck by chance) chapter. If it comes it’d fetch u 8 marks otherwise won’t give you anything. For this you don’t need to devote more than 15 minutes .It’d more than sufficient believe me.

6.       Process costing , you have to do this chapter religiously as it comes from 8-10 marks constantly. So you must be well aware by both methods of production.

7.       Budgeting chapter which I really loved it as it’s quite similar to accounts. You have to focus on cash budget, purchase budget and sales budget and for the rest others you can have eagle’s view.

8.       Contract chapter , its one of a kind chapter which get mixed with every other chapter e.g. Marginal costing and standard costing.  For this you need to learn standard costing formulas and p/v ratio and break-even ratio by heart.

 

9.       Non-Integrated chapter really a long one and not so imp as well. It’s simply accounting. You need to see the visible differences and it’s done. Do it at  last. 

As no one can predict the practical question, so I'd advise you to have a copy of your mistakes on your side along with solution so atleast you can prevent them from recurring in exams ... Goodluck yes

 

Regards

Renu