Cost accounting SOL

In this blog, we will provide you with the top ten topics to study for Cost Accounting SOL examination so that you can effectively prepare for your upcoming exams. But first let us understand the basic objectives for studying this paper (as provided by SOL) and get to know the structure of the paper of cost accounting.

Cost Accounting SOL Objective

The student is expected to study the syllabus of this paper is such a way so as to accomplish the following objectives:

  1. to understand the basic concepts of cost accounting including various methods involved in cost accounting systems; and
  2. to use such costing data for the purpose of planning, controlling and decision- making.

SOL DU

Cost Accounting SOL Structure of Question paper

Cost accounting SOL paper has the following structure and pattern:

  • Question paper will be of 75 marks.
  • It will have five questions in total.
  • You have to attempt all five questions (though there will be internal choices).
  • Each question will be of 15 marks each.
  • There will be a balanced mix of theoretical and practical questions.

Cost Accounting SOL top ten topics to study:

To cover the whole syllabus within next 15 days and score good marks in cost accounting sol exams, you must cover the below discussed top ten, most- important, topics for cost accounting SOL paper. These are the not- to- miss topics and are very important from exam point of view.

  1. Basics of cost accounting

    • In this, you must make sure to cover the following topics:
      1. Objectives of cost accounting;
      2. Difference between cost accounting and financial accounting
  2. Cost concepts

    • Three important concepts are cost unit, cost centre and cost object.
    • Seldom asked in exams as meaning or short notes, so make sure that you have properly understood all these concepts.
  3. Methods adopted under material costing

    • Understand the basic difference between FIFO and LIFO method.
  4. Concepts of inventory control

    • Cover the following inventory control techniques:
      • ABC analysis, and
      • EOQ model.
  5. Important aspect for labour costing

    • In this, just make sure that you learn the treatment of following:
      • idle time;
      • overtime; and
      • labour turnover.
  6. Overheads- The most important topic

    • Overhead is a very important aspect of cost accounting.
    • Ensure that you understand the aspects of classification, allocation, apportionment and absorption of overhead.
    • Also, you must cover the treatment of under- absorption and over- absorption of overheads.
  7. Special forms of costing

    • There are few specialised form of costing viz. job costing, service costing, contract costing, process costing, etc.
    • Make sure to cover the following two concepts:
      • Job Costing; and
      • Contract costing
  8. Reconciliation of accounts

    • Once the whole process of cost accounting is completed, reconciliation of both cost and financial accounts are to be carried out.
    • Make sure to learn the following two topics under this:
      • Need for reconciliation; and
      • Process for reconciliation
  9. Marginal Costing

    • Another important topic from exam’s viewpoint is marginal costing.
    • Make sure to learn the following in this:
      • Meaning of Marginal Costing
      • Assumptions involved in this aspect
      • Uses of marginal costing
      • Various forms of analysis such as cost- volume profit analysis, break even analysis, etc.
      • Product and pricing decisions
  10. Budgetary Control

    • The last important topic to cover is budgetary control.
    • This is surely a not- to- miss topic for exams.
    • Both practical and theory questions are asked from this topic.

SOL DUWe hope that this blog will be able to help you with the important topics of cost accounting SOL examination. We wish you the best and expect you to score great marks in cost accounting SOL paper. Best of luck…!!!

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