BCom In Accounting & Finance (BCAF) SEM I 2023 2024 Dec 2024 COST ACCOUNTING I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) the blanks. (Any 8) 8 marks
   • 1. is a process of accounting for costs
   • 2. Fixed cost is a cost which is
   • 3. The term cost refers to the costs incurred for acquiring input
   • 4. Direct material is a cost
   • 5. EOQ stands for 2
   • 6. is unproductive labour hours
   • 7. Labour hour rate is followed when most of the work done by
   • a. Labour b. Machines Different groups of machines
   • 9. The function of purchase department is
   • a. Purchase of material Sale of scrap c. Production of goods
   • 10. Time booking is essential for
2. Q1 B) State Whether the following statement is True or False. (Any 7) 7 marks
   • 1. Cost accounting is an essential tool of a management
   • 2. Fixed cost changes according to the level of activity
   • 3. Costing system helps in measuring profits
   • 5. Stock levels are fixed up for inventory control
   • 6. Selling and distribution are same as administrative overheads
   • 7. Employees welfare expenses are allocated on the basis of labour hours
   • 8. Cost accounting is a branch of financial accounting
   • 9. Staff salary is an administrative overhead
3. Q2 a) Two Components X and Y are used as follows Normal usage: 300 units per week each Maximum usage: 450 units per week each Minimum usage: 150 units per week each Re-order period: X — 4 to 6 weeks; Y - 2 to 4 weeks Calculate each component: VCD: G | FYBAF SEMI COST ACCOUNTING 75 Marks ‘Q.2. b) Prepare store ledger A/c on the basis of FIFO method of pricing the issue of stores using the following information. (08) 15 marks
4. Q2 c) Determine the EOQ from the following particulars: Cost of Material: = 30 per unit Cost of placing an order: Annual carrying cost of one unit: 10% of inventory value 7 marks
5. Q3 a) The following is supplied from the costing records of a company: Stock of goods Prepare a statement showing apportionment of costs to various departments laf FYBAF SEMI COST ACCOUNTING 75 Marks 2!Hours 8 marks
6. Q3 b) A worker produced 200 units in a week’s time. The guaranteed weekly wage payment for /, 45 hours is 80. The expected time to produce one unit is 15 minutes which is raised further by j 20% under the incentive scheme. What will be the earning per hour of that worker under Halsey (50% sharing) and schemes? (07) Standard hours in a week — 50 hours The production details of different workers are given below Compute the earning of workers under Gantt’s Task Bonus Plan
7. Q3 d) From the following information calculate Labour Turnover as per Replacement Method, separation Method and Flux Method. (07) Number of Workers as on 1-1-2000 are 7,500 Number of Workers as on 31-12-2000 are 8,500 During the year 100 workers were left and 300 workers were discharged and 1,000 workers were replaced out of which 200 workers were recruited because of exit and the rest were recruited in accordance with expansion plan of company
8. Q4 a) The production department of a factory furnishes the following information for the month Hours of machine operation 30,000 Overheads chargeable to the department 36,000 For an order executed by the department during the period the relevant information was as under: Hours of machine operation 4,800 You are required to calculate the overhead charges chargeable to the job by the following methods: VCD: 6 | FYBAF SEMI COST ACCOUNTING 75 Marks Also prepare a comparative statement of cost of this order by the above method
9. Q4 b) A manufacturing concern has three production departments and two service departments.in July 2016, the departmental expenses were as follows: (08) i Expenses of service department X and Y are apportioned as under: Prepare a statement of secondary distribution under repeated distribution method
10. Q4 c) Amit an employee of XYZ Ltd. gets the following benefits: Employee contribution to Provident Fund 8% of Salary and DA Employees contribution to ESI 4% of salary and DA ae Bonus 20% of salary and DA Amit works for 2,500 hours p.a. out of which 500 hours are non-productive but treated as You are required to find out the effective hourly cost of Amit 7 marks
11. Q5 a) Write a distinguish between Cost Accounting and Financial Accounting. 8 marks
    • b) Define Cost and explain the various classification of cost. 7
12. Q5 b) Write a short note on. (Any Three) 15 marks
    • v) Idle Time

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