BCom Environmental Management SEM II 2021 2022 May 2022 F.YEME COST ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Choose correct answer from the given alternatives 40 marks
   • 1. Elements of costs are of types. (2, 3, 4, 5)
   • 2. Carriage outward is what type of cost? (Administration expenses, Selling expenses, Factory expenses, not included in cost sheet)
   • 3. Ifthe total cost of a product is Rs. 25,000 & sales is Rs. 47,000, then the profit will be
   • 4. Office overheads are also known as overheads (factory, selling,
   • 5. In reconciliation statement, expenses shown only in financial accounts are from costing profit, added to costing profit, ignored, divided by costing profit)
   • 6. Reconciliation statement states causes of differences in (cost, profit,
   • 7. Margin of safety is the difference between total sales & (maximum,
   • 8. BEP is also termed as (no profit - no loss point, only profit
   • 9. Profit divided by P/V Ratio is (BEP, MOS, P/V Ratio, Actual sales)
   • 10. is a process of accounting for costs. (Financial Accounting, Cost
   • 11. Uncontrollable costs are the costs which be influenced by the action of a specified member of an undertaking (can, cannot, may, will)
   • 12. Basic objective of cost accounting is (tax compliance,
   • 13. Cotton used in a textile mill is an example of (Indirect cost, Total
   • 14. Prime cost + factory overheads = (prime cost, cost of production, works cost, cost of goods sold)
   • 15. is a statement showing cost of production of a particular product
   • 16. Which of the following items is not included in preparation of cost sheet? inward, discount on issue of debentures)
   • 17. In reconciliation statement, overheads over charged are costing profit (added to, deducted from, divided by, ignored)
   • 18. In reconciliation statement, depreciation undercharged in cost accounts will be costing profit (added to, deducted from, divided by, ignored)
   • 19. The abbreviation stands for (Bombay Electricity
   • 20. Contribution is the difference between (sales & variable
2. Q2 Solve any one: 7 marks
   • (A) Classify the following items into Factory Overheads, Office & Administration Depreciation to delivery van, bank charges, office rent, audit fees, salesmen’s
   • (B) Classify the following items into Direct & Indirect Cost: \ Advertisement, productive wages, carriage inward, cost of cotton in a textile unit, lighting & heating, postage, factory rent, cost of fruits in fruit juice manufacturing unit, carriage outwards, cost of nails in furniture
3. Q3 Solve any one 7 marks
   • (A) From the following particulars of a manufacturing firm, prepare a cost sheet showing:
   • (i) Cost of materials used, (ii) Works cost, (iii) Cost of production, (iv) Total cost (v) Profit Stock of Materials on Ist Jan, 2008 | 40,000 Finished Goods sold 24,00,000 Purchase of Raw Materials 11,00,000 Works overhead charges Stock of Finished Goods on Ist Jan, | 50,000 Stock of Materials on Jan, 1,40,000 Stock of Finished Goods on 31"
   • B) From the following information prepare a cost statement Materials used in manufacturing 1,10,000 | Chargeable expenses 10,000 Materials used in primary packing 20,000 Indirect expenses (factory) 2,000 Materials used in final packing 3,000 Administrative expenses 2,500 Materials used in factory 1,500 Depreciation on office premises 1,500 Materials used in office 2,500 Depreciation on factory premises 3,500 Labour required for production 20,000 Freight on materials purchased 10,000 Labour required for factory Sales expenses 7,000 What should be the selling price to obtain a profit of 20% on selling price 4, Solve any one 7 MARKS
   • (A) Prepare a reconciliation statement between financial & cost accounting records: COST OF GOODS SOLD 32,000 To Raw material By Sales To Direct labour 5,000 To Direct expenses 2,500 To Gross profit 36,500 To Factory expenses 6,000 By Gross profit b/d 36,500 To Office & Administration expenses | 12,000 | By Dividend received 1,000 To Selling & Distribution expenses 8,000 To Finance expenses 2,000 To Net profit 4,500
   • (B) A Company’s Trading & Profit & Loss A/c was as follows: To Opening Stock 1,00,000 | By Sales 1,75,000 Costing records show the following:
   • (b) Direct Labour 23,000
   • (c) Factory Overhead 13,000
   • (d) Administrative overhead & selling expenses each are calculated at 8% of the selling
4. Q5 Solve any one 7 marks
   • (A) From the following information calculate (i) P/V ratio, (ii) BEP (units), (iii) MOS (value
   • (B) Sales are Rs. 3,20,000, fixed cost are Rs. 80,000 & variable costs are Rs. 1,20,000. What is margin of safety?
5. Q6 Write short notes on: (any 2) 7 marks
   • 1. Advantages of cost accounting to management
   • 3. Objectives of cost accounting
   • 4. Elements of costs
   • 5. Classification of costs on the basis of functions

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