BCom In Accounting & Finance (BCAF) SEM I 2018 2019 Nov 2019 COST ACCOUNTING I Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q1 (A) Multiple Choice question (Any Eight) 8 marks
2. Q1 A Material loss during production or storage due to evaporation or shrinkage is called
   • a. Scrap
   • b. Waste
   • c. Spoilage
   • d. Material Loss
3. Q2 The process by which cost items are charged direct to a cost unit or cost centre is called
   • a. Absorption
   • b. Apportionment
   • c. Allocation
   • d. Allotment
4. Q3 The difference between hours paid and called
   • a. Normal time
   • b. Time saved
   • c. Standard time
5. Q4 Under Taylor differential piece rate worker whose production is higher than the standard will get ------------------------------------------ of normal piece rate
6. Q5 The inefficient workers is penalized by paying him low piece rate in
   • a. Rowan Plan
   • d. Rucker
7. Q6 A ---------is a planned cost for a product of service rendered
   • a. Standard cost
   • c. Opportunity cost
   • d. cost
8. Q7 Rent paid for the factory building which is temporarily closed is example
   • b. Sunk cost
   • d. Temporary cost
   • Q.P. Code :24466
9. Q9 The model and formula of Economic Order Quantity was developed by — in 1913
   • b. F. Wilson Harris
   • c. F. Walter Harris
10. Q10 ------- are not recorded in the books of account
    • a. Implicit Cost
    • b. Explicit Cost
    • c. Sunk cost
    • d. Allofthe above
11. Q1 (B) State whether True or False (Any Seven) 7 marks
12. Q1 Cost Accounting is a branch of Financial Accounting 2.Conversion cost is equal to direct wags and factory overhead 3.Notional expenses are not included for ascertaining cost cost vary with volume rather than time 5.FIFO method of pricing material issue results in higher profit 6.Bin card shows the value of a material at any movement of time 7.Labour turnover is the movement of people out of the organization 8.Merrick differential piece rate system is less punitive than Taylor system 9.Pre-determined overhead rates are used only in standard costing system can be realized but scrap cannot be realized
13. Q2 (A) The following details are available in respect of a consignment of 1500 kgs of material Z Sales tax 10% of Invoice Price including Cost of container @ Rs.50 per container for 50kgs of material. Rebate is allowed @Rs.40 per container, if returned within six weeks, which is a normal feature. One container load of material was rejected on inspection and not accepted Cost of unloading and handling @0.25% of the cost of material ultimately accepted You are required to find out the landed cost per per kg .of material Z 8 marks
14. Q2 (B) A company manufactures 6000 units of a product per month. The cost of placing an order is Rs.100. The purchase price of the raw material is Rs.15 per kg. The re-order period is 4 to 8 weeks. The consumption of raw material varies from 150 kgs. to 450 kgs. per week. The average consumption being 300 kgs. The carrying cost of inventory is 20% per annum You are required to calculate 7 marks
    • Q.P. Code :24466 Average stock level (apply both the formulas)
15. Q2 (A) The store ledger account for Material Y in a manufacturing concern reveals the following data for the Physical verification on 30.9.2016 revealed an actual stock of 3900 units. You are required to prepare store ledger accounts by Weighted Average Method 7 marks
16. Q2 (B) M/s NK Ltd. are the manufactures of LCD of mobile phones. The following are the details of their You are required to calculate Economic Order quantity and If the supplier is willing to supply quarterly 1500 units at a discount of 5%, is it worth accepting 8 marks
17. Q3 (A) worker in LP Ltd. Is guaranteed wage rate of Rs. 40 per hour. The standard time per unit for a particular product is 6 hours, Shashi a machine man has been paid wages under the Rowan incentive plan and he had earned an effective hourly rate of Rs.60 on the manufacture of that particular product What been his total earning and effective hourly rate, had been put on Halsey Incentive 8 marks
    • Q.P. Code :24466 The production details of different workers are given below Compute the earning of workers under Gantt’s Task Bonus Plan
18. Q3 (A) 3 hours allowed to a worker to produce.6 units. and wages has been paid @Rs.26 per hour. 48 hours week the worker produced 136 units You are required to calculate the total earnings and effective hourly rate of earnings of the worker under the following incentive wage systems 8 marks
19. Q1 Halsey (50%) system
20. Q3 (B) From the following data provided to you. Find out the Labour turnover rate by applying 7 marks
21. Q3 Method No. of workers on the payroll At the beginning of the month - 1600 At the end of the month -2000 During the month 20 workers left, 65 workers were discharged and 230 workers were recruited. Of these 35 workers were recruited in the vacancies of those leaving, while the rest were engaged for an expansion scheme A company has three production departments and two service departments. Distribution summary of 15 The expenses of service departments are charged on a percentage basis which is as follows
    • Q.P. Code :24466 Apportion of cost of service departments by using
22. Q1 Direct Method
23. Q4 (A) From the following particulars, compute the hourly rate of machine installed in a shop. (after expiry of life of 10 years) General lighting for the shop Rs.50.per month Rent & rates of the shop per quarter Rs.500 Insurance premium for the machine Rs.20 per month Power consumption of the machine Estimated working hours of the machine per 2000 The machine occupies of the total floor area of the shop. The supervisor of the shop devotes - of the time for supervising the machine General lighting expenses are to be apportioned on the basis of floor area 8 marks
24. Q4 (B) Yankees Ltd. Accepts varieties of jobs which require both manual & machine operations? The budgeted Profit & Loss Account for the period 2015 -16 is as follows Cost of Production 550000 7 marks
    • Q.P. Code :24466 Labour hours for the period 2500) Machine hours of the period 1500 Number of jobs for the period Calculate overhead absorption rates for absorption of production overhead cost by following methods
25. Q4 Unit of Production Method
26. Q5 (A) Discuss the step down method and Reciprocal service method of secondary distribution of overheads 7 marks
27. Q5 (B) Distinguish between Bin card & Store Ledger Write short notes (Any Three) 15 8 marks
    • a) Relationship between cost department with other department
    • d) Absorption of overhead

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