BCom In Accounting & Finance (BCAF) SEM III 2016 2017 Feb 2017 ATKT COST ACC Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q2 Wherever part of the manufacturing operation is subcontracted, the subcontract charges related to materials shall be
   • a. ignored b. treated as cost of materials
   • c. treated as works overheads d. treated as direct expenses
   • a. fixed cost b. works cost c. cost of cost of goods sold
2. Q4 In Reconciliation statement, expenses shown only in financial accounts are to financial profits b. deducted from financial profit
   • c. ignored d. deducted from costing profit
3. Q5 is the person for whom the contract job is undertaken
4. Q6 In contract costing credit is taken only for a part of the profits on
5. Q7 Progress payments received by the contractor from the client are
   • a. debited to the contract account b. credited to the contract account
   • c. debited to the client account d. credited to the client account
6. Q8 Process costing is applied when
   • a. small number of different products are manufactured
   • b. large number of different products are manufactured
   • c. large number of identical products are manufactured
   • d. small number of customized made-to-order products are manufactured
7. Q9 Which cost accumulation procedure is most applicable in continuous mass-production 10, Abnormal loss is equal to
   • B] State whether the following statement is True or False and rewrite the sentence (A
8. Q1 The sale value of units of abnormal gains is debited to the abnormal gains account & cre to the normal loss account
9. Q2 Abnormal loss is charged to costing profit & loss account
10. Q3 Process costing is used in case of industries where work is done against specific order
11. Q4 Profit as per cost accounts is the same as profit as per the financial accounts i 5. Expenses which appear only in financial Accounts & not in cost accounts are generally
12. Q6 Transfer to general reserve is credited to profit & loss a/c,
13. Q7 Raw material inventory consists of products partially completed at the end of a
14. Q8 Secondary packaging cost is not production hut distribution cost
15. Q9 Closing stock of finished goods should be valued on the basis of cost of sales
16. Q10 Work uncertified is valued terms of contract price From the following Particulars, prepare a statement of Cost for the year 2009, (15) “Opening Stock of Raw Materials Raw Materiais Returned to Suppliers 4,000 Wages paid to Productive workers 36,000 Wages paid to Non Productive workers 4,000 Rent of Workshop 5,000 < Repairs to Plant 1,200 Purchase of Materials 1,40,000 Closing Stock of Materials 36,000 Carriage on Saies 3,000 Depreciation on Machinery 2,800 Abnormal Loss of Materials 2,400
17. Q2 The following information is available from Cost and Financial Accounts in respect of progressive Co. Ltd. for the year ended 31 December, 2003. You are required to prepare a statement reconciling the profit or loss from the same. The following items are shown in Financial Accounts but not in Cost Accounts. (15) Loss due to obsolescence of assets 3,700 Provision for Income-tax 38,000 Reduction in value of stock 6,000 Q-3 A product passes through three processes. The following cost data have been extracted from the books of manufacturing company. (15) 10,000 units at Rs.6/- each were introduced in process I. There was no stock of material or work in progress at the beginnitig or at the end. The output of each process passes directly to the next process and finally to the finished stock. Production overheads is recovered at 100% of Direct Wages. The following additional data is obtained: Process Output Unit Percentage of Normal Value of Scrap per Loss to input unit Prepare Process Account and Abnormal Loss Account/Gain Account and Normal Loss Account Navnirman Ltd. has undertaken three contracts. It furnishes the following information for the year ended March, 2004: (15)
    • (1) Balance on 1“ April, 2003 Material at site 100 2,000 Plant at site 2,200 3,100 Provision for contingencies 1,000 600
    • (2) Transaction during the year
    • (3) Balance on March, 2004 Material at site 1,000 8 Plant at site 2,000
    • (4) Contract price
    • (5) Amount received 27,000| 10,8
    • (6) Value of Plant transferred from Goa contract to Surat contract Rs. 1,550 The company consistently adopts to policy of taking credit for the contract profit considering the proportion of amounts received to the contract price You are required to:
    • (a) Prepare the respective contract accounts for the year ended 3 March, 2004
    • (b) Find the net profit as per Profit and Loss Account
18. Q4 Mr. Behram Contractor has undertaken two contracts one at Mumbai and another at Thane The details of the contracts are given for the year ended March, 2004: (15) at at Surat Material issued from stores 2,20,000 | 2,00,000 Material returned to stores Material at site 18,000] 16,000 Cash received from ( representing 80% of work certified) 4,80,000 | 2,40,000
    • (1) Provide depreciation on plant at 20% p.a
    • (2) During the year materials costing Rs. 10,000 were transferred from Thane contract to You are required to prepare contract A/c of Mumbai and Thane contracts Aj Explain Importance of Contract costing (08)
    • B] Explain Format of Cost Sheet Write short notes (Any 3) 7
19. Q1 Process costing
20. Q2 Normal Loss
21. Q3 Need of Reconciliation statement
22. Q4 Format of process costing
23. Q5 Work uncertified and special plant

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