UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Cost Accounting Problem Number - 1
Cost Accounting Problem Number - 1 Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Cost Accounting Problem Number - 1 Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What is unit costing and why is it important in cost accounting? |  |
Ans. Unit costing is a method used to determine the cost per unit of a product or service. It is important in cost accounting as it helps businesses accurately allocate costs to individual units, which aids in decision-making, pricing strategies, and assessing profitability.
| 2. How is unit cost calculated in cost accounting? | |
Ans. Unit cost is calculated by dividing the total cost of production by the number of units produced. The formula is: Unit Cost = Total Cost / Number of Units.
| 3. What are the advantages of using unit costing in cost accounting? | |
Ans. Some advantages of using unit costing include providing a clear picture of the cost per unit, aiding in setting competitive prices, helping in budgeting and forecasting, and facilitating cost control measures.
| 4. Can unit costing be used in service industries as well? | |
Ans. Yes, unit costing can be applied in service industries by determining the cost per unit of service provided. This helps in evaluating the profitability of different services and making informed decisions.
| 5. How does unit costing differ from process costing in cost accounting? | |
Ans. Unit costing focuses on calculating the cost per unit of a specific product or service, while process costing averages costs over a period of time or across multiple products. Unit costing is more suitable for businesses that produce distinct units, while process costing is commonly used in industries with continuous production processes.
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Nov 24, 2024 Last updated |
Video Description: Cost Accounting Problem Number - 1 for UPSC 2024 is part of Commerce & Accountancy Optional Notes for UPSC preparation.
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