Past Paper Descriptives

Compiled by: Arib S.

[Thanks to all the students who shared their exam feedbacks]

Fundamentals of Cost Management and

Accounting (FCMA)
Note: Similar questions/topics from multiple students are written just once.

OCT AND EARLIER (2022)

MTQs
• Computing per unit cost
• CPR
• Cpr loss
• Entries
• Job costing
• Labour (incentive)
• Labour costing
• Process costing
• Process costing (CPR for dept 1 & 2)
• Variance analysis

Descriptives
• A specifically chemical making ....
• An advertising company
• An oil refining industry
• Defination of Income statement
• Defination of Marginal costing
• Define idle time variance and calculate idle time variance from the
given values...
• Determine the method of costing, job order costing or process
costing for the following...
• Examples of uncontrollable cost
• Piece rate system
• Standard costing ki theory
• Value analysis
• Variable cost and fix cost behavior in terms of unit change
• Variable costing, process costing ki definitions
• Variance (Numerical)
• What is idle time ? And compute idle time variance. (Figures given in
that way: Estd Labour hours and it's rate. Actual labour hours and it's
rate)

DEC (2022)
MTQs
• Required: A cost of production report for Department 3 for March.
(Cost of production report; Company A, produces a product which
requires processing in three departments in the third department,
materials are added, doubling the number of units. The following
data pertain to the operations of Department 3 for. Units received
from Department 2: 60,000. Units transferred to finished goods
storeroom: 96,000. The balance of the units are still in process -
100% complete as to materials, 50% complete as to labor and
overhead. Cost transferred from Department 2: 120,000. Cost added
by the department: Materials: 120,000. Labor: 108,000. Factory
overhead: 108,000. There was no beginning work in process
inventory).
• Fire loss
• job order costing
• CPR
• Variances
Descriptives
• Define variance costing and it's examples
• Finished goods definition
• Job order definition and it's importance briefly
• Main product and by-product difference
• Raw materials definition
• Variable cost definition with examples
• What is process costing and in which sector process costing is
suitable
• WIP definition

FEB (2023)
MTQs:
• Cost of production report of department 1 and 2 unit complete but
not transfer
• CPR
• Fire loss
• FOH
• Labour
• material variance, labour variance
• process costing
• Variances

Descriptives
• Cost Classification
• Difference between Absorption costing and variable costing
• Difference between joint and by-product
• Difference between semi variance and variable cost
• Direct labour
• Direct material
• Examples of uncontrollable cost
• how are sale variances calculated?
• Job costing and its importance.
• job order costing se general entries
• Production cost
• Purpose of job order costing

APR (2023)
MTQs
• 4 variances calculate krne the
• Absorption costing
• Accounting for labour
• CPR
• Finished Goods
• FOH
• Incentive method
• Job order costing
• journal entries
• Labor incentive
• Overheads Apportionment
• process costing income statement
• Raw Materials
• Variable cost
• Variance
• WIP

Descriptive
• under or over obsorved overhead Kyu occure hoty h.
• Applied OH and Actual compare.
• Compute Labour Time Variance
• Controllable uncontrollable cost sunk cost opportunity cost
• Cost center
• Define variable cost with few examples.
• Difference btw Manufacturing and Non-Manufacturing Overheads
• Difference in variable and fixed manufacturing cost
• Finished goods inventory
• How compare the applied overhead variance with actuall FOH?
• How fixed manufacturing cost is transferred to next period under
absorption costing
• How Fixed overhead changes from one period to another period in
absorption costing ?
• marginal costing ko define
• Marginal costing or us ki income statement say related
• process costing
• Process costing ki definition and where it use mostly
• Raw materials
• Variable cost and examples
• What is Idle time Variance
• What is marginal costing
• WIP inventory

MCQs
• cost classification
• joint by product
• OAR
• overheads
• process
• responsibility accounting
• reversal by product cost method
• variance
 JUNE (2023)
Descriptive:
• Allocatiom of overhead k sawal or balance credit debit on foh
account?
• basic and overtime pay . ..... To finally find net pay 4 OH say tha
• CPR of double department
• Define controllable, Uncontrollable, Opportunity cost, Sunk cost
• define process system
• DEFINE product cost
• Diff between absorbtion costing and variable costing
• Difference between manufacturing overhead and non manufacturing
over head
• difference between process and job order cost
• Difference between production overhead and non production oh
• How job costing is usefull for an industry?
• Job order costing and process costing definition
• Manufacturing overhead cost and non manufacturing cost
• Margin ki definition uskay Saath ik margin ka sawal
• marginal and absorption costing
• Opportunity cost
• pieces rate + time rate
• poduct costing
• Process costing and job costing
• Sunk cost
• time rate and piece work
• identify krna tha k kia chez direct mat.. direct lab.. production OHs or
selling or admin costs hai
• ek tha metal for golf club
• marginal costing ki operating statement bnani thi or iska part b tha
define marginal costing
MTQs:
• job costing
• joint product
• marginal costing Meekal & Co (CPR) both departments
• Absorption
• Arshad and badar
• Cost of production report
• CPR report woi jis me 2 departments thy
• foh Aya tah Jo fixed variables alag lalag allcate karnay hotay past
paper
• Enteries of WIP
• Job order costing
• Labour costing
• Labour incentive
• loss by fire,
• Overheads
• payroll sheet
• Process costing,
• Service costing
• variances

AUG (2023)
Descriptives:
• Advantages and disadvantages of FIFO
• Define product costing.
• Differences between absorption and Marginal
• fixed overhead why it should be part of product cost.
• List down the factors of favourable and adverse of material price
variance
• Piece rate and time rate system difference
• Process costing define and why it is appropriate.
• Product costing system
• Reasons of under.over absorbed overhead.
• Which industries use fifo method
• Which industries work for main products
• Why Fixed manufacturing overhead cost is product cost
• Why the balance of overhead become under absorbed or over
absorb

MTQs:
• labour incentive
• payroll sheet of 2 employees(badar)
• Cost of production report of department 3
• Job order costing of job no 205, 206, 207
• Arshad and babar past paper ques piece rate
• CPR past pper 1 and 2 department
• Departmentalization
• Factory overheads on jobs
• FOH
• general entries
• Fire Loss
• Job order costing....required, ending material,ending labour, ending
foh, ending FG, ending wip, COGS, Over.under applied foh.
• labour costing 100 bonus incentive wala
• PROCESS COSTING sy CPR ( with no WIP opening and but 2 departs
thy or dept 2 ki CPR require thi)
• Variance (just material or labour dono ka rate and efficiency variance

MCQs
• Cost classification
 • External data.
• FOH
• Management accounting benefits.
• Marginal absorption costing
• Overhead.
• Process costing.
• Standard costing
• Varience.

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