BCom In Accounting & Finance (BCAF) SEM I 2022 2023 Nov 2023 COST ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B. 1. All Questions are compulsory. 2. Figures to the right indicate full marks

1. Q1 Objectives Questions
   • (A) Multiple Choice Questions (8 out of 10) 8
   • 1. Cost accounting is directed towards the needs of
   • 2. The reorder level is
   • (a) The number of units that should be ordered (b) The economic order quantity
   • (c) The level of inventory when next order should be The economic order quality
   • 3. An example of fixed cost is
   • (a) Fast Investment in future order (b) First in first out
   • (c) Fast in fast out (d) Fast issue of fast order
   • 5. Bin card is maintained by the
   • 6. Wage sheet is prepared by Bonus under Halsey plan is paid
   • (a) at 50% of time saved (b) at 75 % of time saved
   • (c) at 80% of time saved (d) at 90% of time saved
   • 9. Bad debt is an example of
   • 10. An example of variable cost is
   • (a) Property taxes (b) Interest on Capital
   • (c) Direct material cost (d) Depreciation of Machinery
   • (B) State whether the following are true or False: (7 out of 10) 7
   • 1. Cost accounting helps in controlling cost
   • 2. Imputed costs are type of opportunity costs
   • 3. Purchase requisition note is prepared by the purchasing department
   • 4. Bin cards are not a part of accounting records
   • 5. In Halsey premium plan, time wages are guaranteed
   • 6. Labour productivity automatically increases when production increases
   • 7. Factory overhead includes all production costs other than direct materials and salaries VCD 28) SEM-I /SUB — COST ACCOUNTING — I 2% Hr/75Marks 8 Administration overheads are usually absorbed as a percentage of prime cost
   • 9. Packing cost is a distribution cost
   • 10. Wages of delivery van drivers is a selling overhead
2. Q2 (A) The following information is available in respect of material: and (e) Danger level 8 marks
3. Q2 (B) The following particulars apply to a particular job : Calculate the wages of these workers under Merrick Differential Piece Rate System 7 marks
4. Q2 (C) From the following data of March, 2014, calculate the cost of goods sold and value of closing Stock using the following methods — FIFO and weighted Average Price: (15)
5. Q3 (A) The following information is supplied from the costing records of a company: Maintenance 1,200 Employer’s contribution to P.F. | 300 Number of employees 24 16 12 Cost of machinery (Rs.) 24,000 18,000 12,000 Stock of goods (Rs.) 9,000 6,000 SEM-I /SUB - COST ACCOUNTING - 1 2% Hr/75Marks 8 marks
6. Q3 (B) Calculate the earnings of a worker under (i) Halsey Plan and (ii) Rowan Plan from the
   • (1) Hourly rate of wages guaranteed Rs. 0.50 per hour
   • (2) Standard time for producing one dozen articles — 3 hours Actual time by the worker to produce 20 dozen articles — 48 hours
7. Q3 (C) From the following information, Calculate the machine hour rate for the machine. Purchase price of machine 5,00,000 General lighting for the total area per month 3,000 Insurance premium for machine (per annum) 6,000 Estimated Repairs for machine (per annum) 20,000 Power 2 units per hour (@ Rs. 500 per 1,000 units. Estimated life of machine is 10 yearsand estimated value at end of the 10th year is Rs. 1,00,000 The machine is expected to run 20,000 hours in its life time. The machine occupies 1/4thof the total area. The foreman devotes 1/4th of his time for this machine 8 marks
8. Q3 (D) From the following information, calculate Economic order quantity. Purchase price of input unit Rs.25 7 marks
9. Q4 (A) The Modern Company is divided into four departments: A, B and C are production departments and D is a service department. The actual costs for a period are as follows: (15) Repairs to plant 6,000 Power 9.000 Depreciation of plant 4,500 Light 1.000 The following information are available in respect of the four departments: Number of employees | 20 15 10 15 Horsepower of machines 500 200 Value of plant (Rs.) | 2.40,000 1,80,000 1,20,000 | 60.000 Value of stock (Rs.) 90,000 60,000 vep SEM-I /SUB COST ACCOUNTING I /2% Hr/75Marks
10. Q4 (B) Calculate the Machine Hour Rate from the following information: The machine occupies 1/4 th of the total area of the shop. The supervisor is expected to devote 1/6 of his time.for supervising the machine 8 marks
11. Q4 (C) The Purchase Manager of an organisation has collected the following data for one of the , A class Interest of the locked-up capital 20% Order processing cost (Rs.) for each order Follow up cost for each order Rs.80 Other procurement cost for each other Rs.170 What should be the EOQ?
12. Q5 (A) Write a Distinguish between Cost Accounting Vs Financial Accounting 8 marks
    • (B) Define Cost and explain the various classification of cost 7
13. Q5 Write short notes on: (3 out of 5) 15 marks
    • (a) Explain the Halsey premium plan
    • (b) Whatare the advantages of Cost Accounting
    • (c) Explain the Merrick incentive plan
    • (d) Explain Stock levels
    • (e) Explain EOQ

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