Fundamentals of Cost Management and

Accounting
(FCMA)
DESCRIPTIVES and MTQs
Note: These questions are from different students so multiple
questions can be repeated too.

OCT AND EARLIER (2022)

MTQs
• CPR
• Cpr loss
• Job costing
Descriptives
• Piece rate system
• Idle time variance
• Variance (Numerical)

MTQs
• Process costing
• Entries
• Labour (incentive)
Descriptives
 • Defination of Marginal costing
• Defination of Income statement
• 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)
• Examples of uncontrollable cost

MTQs
• Process costing
• Variance analysis
• Computing per unit cost(tough & complicated)
Descriptives
• Value analysis
• Piece rate
MTQS
• Job costing
• CPR
Descriptive
• 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...
• An advertising company
• An oil refining industry
• A specifically chemical making ....
MTQs
• Process costing (CPR for dept 1 & 2)
• Labour costing
• Job order costing
Descriptives
• Variable costing, process costing ki definitions
• Standard costing ki theory
• Variable cost and fix cost behavior in terms of unit change

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).
• Matz & Uzry ka pg 455 ka Fire loss wala question jis ka
answer 50000 aarha hai
• Or ek job order costing ka tha, points mai answer aarha
tha... Likha hua bhi tha k ignore decimals

MTQs
• job order
• CPR
• Variances
Descriptives
• Define variance costing and it's examples
• What is process costing and in which sector process
costing is suitable

Descriptive
• Variable cost definition with examples
• Job order definition and it's importance briefly

Descriptive
• WIP definition
• Finished goods definition
 • Raw materials definition
• Main product and by-product difference

FEB (2023)
MTQs:
• material varriance labour variance
• process costing
• Cost of production report of department 1 and 2 unit
complete but not transfer I think it was from mtaz and
usray
Descriptives
• what is sales variance

MTQs
• CPR
• FOH
• Labour
Descriptives
• Difference between Absorption costing and variable
costing
• Direct labour
• Direct material
• Administration Cost
• Production cost
 • job order costing se general entries
• how are sale variances calculated?

Descriptives
• Difference between semi variance and variable cost
• Purpose of job order costing
• Difference between joint and by-product
• Cost Classification

MTQs
• Process Costing
• Fire loss wala question
Descriptives
• Job costing and its importance.
• Examples of uncontrollable cost

MTQs
• Variances
• Labour

APR (2023)
Descriptives
• Define variable cost and give examples
• What is marginal costing
MTQs
• numerical question of marginal

Descriptive
• Raw material inventory
• WIP inventory
• Finished goods inventory
• Process account sequence
• reason for foh over and underabsorbed

Descriptive
• What is Idle time Variance
• Compute Labour Time Variance
• Difference btw Manufacturing and Non-Manufacturing
Overheads

MTQS
• Process costing
• Job order
• Labour.
Descriptive
• Cost center
Descriptive
• Controllable uncontrollable cost sunk cost opportunity
cost
• Process costing ki definition and where it use mostly
MTQs
• cost of production report
• Accounting for labour
• 4 variances calculate krne the

Descriptive
• How fixed manufacturing cost is transferred to next period
under absorption costing
• Difference in variable and fixed manufacturing cost
MTQs
• Variable cost
• Absorption costing

Descriptive
• Variable cost or uski example
• Process costing ko ap kia samjhte ho usse define karo or
koi example bhi do

MTQs
• Incentive method
• process costing income statement
 • Variance

MTQs
• Process costing
• Job order costing
• Overheads
• WIP
• Finished Goods
• Raw Materials

Descriptives
• How compare the applied overhead variance with actuall
FOH?
• cost center ki list
• marginal costing ko define
MCQs
• OAR
• variance

MTQs
• FOH
• CPR
• journal entries

Descriptive
 • Raw materials
• Work in process
• Finished goods
• How Fixed overhead changes from one period to another
period in absorption costing ?

Descriptive
• Define variable cost with few examples.
• Marginal costing.
• Aik question tha under or over obsorved overhead Kyu
occure hoty h.
• process costing
MCQs
• process
• joint by product
• responsibility accounting
• cost classification
• overheads
• reversal by product cost method

Descriptive
• Explain briefly why over and under overhead absorption
occurs.
• Marginal costing or us ki income statement say related
question aaya tha jis k liay worksheet b thi
Descriptive
• Variable cost or uski example
• Process costing ko ap kia samjhte ho usse define karo or
koi example bhi do
MTQs
• Incentive method
• process costing income statement
• Variance

MTQs
• CPR (simple and easy)
• Labor incentive
• Overheads Apportionment
Descriptive
• Variable cost and examples
• Applied OH and Actual compare.

JUNE (2023)
MTQs:
• Overheads
• Variance
• Process costing
Descriptive:
 • Difference between production overhead and non
production oh
• Job order costing and process costing definition

Descriptive:
• How job costing is usefull for an industry?
• Allocatiom of overhead k sawal or balance credit debit on
foh account?
MTQs:
• variances
• Cost of production
• Wip after fire destroyed
MCQs
• Labour overhead
• Materials
• process
Descriptives:
• Define controllable, Uncontrollable, Opportunity cost, Sunk
cost
• Diff between absorbtion costing and variable costing
MTQs
• Process costing,
• loss by fire,
• variance
Descriptive:
• DEFINE product cost
• CPR of double department
• basic and overtime pay . ..... To finally find net pay 4 OH say
tha
MTQs
• Entries
• Process costing
• Foh

MTQs
• Process costing
• Enteries of WIP
• Cost of production report

MTQs:
• Variance ka tha
• Foh and
• Cpr
Descriptives:
• How Job costing is useful for industry
• Identify the cost from given …

MTQs:
• Cpr question
 • Job order
• Entries.
Descriptive:
• marginal and absorption costing
• Manufacturing overhead cost and non manufacturing cost

Descriptive
• DEFINE product cost
• CPR of double department
• basic and overtime pay . ..... To finally find net pay 4 OH say
tha
MTQs:
• Process costing
• Labour costing
• Entries
Descriptives:
• define Uncontrollable cost, controllable cost, opportunity
cost
• define process system
MCQs:
• Marginal
• Absorption
• Variance......
 • 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
• cpr tha ek wo jo imp question
• labour same to same wo tha

MTQs
• process costing
• payroll sheet
• job order costing ka question sath entries
Descriptives:
• difference between manufacturing and non manufacturing
cost
• difference between process and job order cost

MTQs:
• Meekal & Co (CPR) both departments
• Entries mtq from matz
• Arshad and badar
Descriptive
• Job costing process costing difference
• Foh ka tha us m btana tha a) foh ki amount kitni h or dr h
ya cr
 • b) foh mn agar over ho or incorrect entry hojye amount to
yh wala tha
MCQs
• job costing
• joint product
• marginal costing

MTQs:
• CPR report woi jis me 2 departments thy
• Overhead
• job costing
Descriptives:
• Process costing and job costing
• Manufacturing overhead and non manufacturing overhead

Descriptives:
• Difference between manufacturing overhead and non
manufacturing over head
• Margin ki definition uskay Saath ik margin ka sawal

MTQs:
• foh Aya tah Jo fixed variables alag lalag allcate karnay hotay
past paper
• Or process costing tah 2 department ki cost nikalni tih
• job oder
MTQs:
• Job order costing
• CPR
Descriptives:
• Controllable & uncontrollable costs
• Opportunity cost
• Sunk cost
• How Job costing is useful for industry ?

MTQs:
• Service costing
• job order
• CPR.
Descriptives:
• pieces rate + time rate
• poduct costing

MTQs:
• Process account cpr
• Labour incentive
• Job order costing
Descriptives:
• diff bt process and job
• time rate and piece work
 MCQs
• marginal process
• job entries.

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