Cost & Management Trainee Interview Questions and Answers

Costing refers to the process of determining the cost of a product or service.

• Costing involves identifying and analyzing all the costs associated with producing a product or service.

• It helps in determining the selling price of a product or service by adding a profit margin to the cost.

• Costing can be done using various methods such as job costing, process costing, and activity-based costing.

• For example, a company manufacturing a car would consider the cost of raw materials, la...read more

A cost sheet is a document that shows the cost of producing a product or providing a service.

• It includes direct and indirect costs

• It helps in determining the selling price of a product

• It is used for cost control and decision making

• It can be prepared for a specific period or for a specific order

• Example: A cost sheet for a manufacturing company may include costs for raw materials, labor, overhead, and depreciation