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

Questions asked in this paper

1. Q1 A) Fillin the blanks. (Any 8) 8 marks
   • 1. In cost accounting CPU stands for ;
   • 2. The aggregate of costs is termed as overheads
   • 3. Which of the following items is not included in preparation of a cost sheet?
   • 4. In contract costing payment of cash to the contractor is made on the basis of
   • 5. Prime Cost is also known as cost
   • (a)Process (c)Standard expenses are ignored while making cost sheet
   • 8. Dividend received is shown in Alc
   • 9. expense is an example of Selling Overheads
   • (a)Rent (c)Power is valued in terms of cost
2. Q1 B) State Whether the following statement is True or False. (Any 7) 7 marks
   • 3. The sale price of a material for a contract is credited to the contract account
   • 4. Dividend paid is a financial income
   • 5. A cost sheet and income statement is one and the same
   • 6. Goodwill written off appears only in cost accounts Contractee is a person who takes the contract </ Cash recéived on contract is credited to contractee account
   • 9. Cost of production = Work Cost + Administrative Overheads
   • 10. Need for reconciliation arises because of difference in valuation of stocks in cost and financial
3. Q2 (a) The following data have been extracted from the books of Shri Ganesh Industries Ltd. for Opening stock of Raw Material Purchases of Raw Material Closing stock of Raw Material 40,000 Travelling Expenses of Salesman The Managing Director’s Remuneration is to be allocated 2 4,000 to factory, 2.000 to the office and % 6,000 to selling departments. From the above information prepare a statement of cost showing (a) Prime Cost (b) Work Cost (c)Cost of Production (d) Cost of Sales (e)Net Profit
4. Q2 (b) From the following particulars of Geeta Ltd. prepare a reconciliation statement. Net Profit as per Financial records Net Profit as per Costing records 2,06.880 Works Overheads under recovered in Costing 3,744 Administrative Overheads recovered in excess in Costing Depreciation Charged in Financial Accounts Depreciation Recovered in Cost Accounts 15,000 Interest received but not included in Cost Obsolescence loss charged in Financial records Income tax provided in Financial books 48,360 Bank Interest credited in Financial books Stores adjustment credited in Financial books Depreciation of Stock charged in Financial books 15 marks
   • (a) The following is the summary of the entries in a contract Ledger as on 2017 in respect of Contract No. 51 : Materials (from stores Sale of Scrap You are given the following information:
   • 1. Accruals on 31-12-2017 are: Wages 1,600 and Direct
   • 2. Depreciation on plant upto 31-12-2017 is 17,100
   • 3. Work Uncertified was 9,000
   • 4. Material on site on 31-12-2017 cost 20,000
   • 5. Work Certified was 1,25,000 Prepare Contract Account No. 51 and how that profit and loss should be | into account for the year ended 31‘ December, 2017
5. Q3 (b) A firm of contractors commenced three contracts viz. A, B, C on il, 2012, on October, 2012 and on 1“ January, 2013 respectively. The following parti . rs about three contracts are obtained for the year ended 31* March, 2013. (15) Material at at end of the year (2) 8,000 4,000 Work Certified (% of contract price . 14.4% The plants are installed on respective dates of the contracts and depreciation i be provided at Prepare Contract Accounts A, B and C and show the calculation of profits to Profit and
6. Q4 (a) Y Ltd. manufactures a chemical product which passes through three processes. The cost records show the following particulars for the year ended June, 2014. (15) Input to I process 20,000 units @ 28 per unit Prepare Process Accounts. Also show process cost per unit for each process
7. Q4 (b) Product X is obtained after it is processed through three distinct processes. The following information is available for the month of march, 2014: 2,000 units at 4 per unit were introduced in process A. Production overheads to be distributed as 100% on direct labour. The actual output and normal loss of the respective processes are: Processes Output in Units | Normal Loss on Inputs There is no stock or work-in-progress in any process. You are required to prepare process 15 marks
8. Q5 (a) What are the features of process costing? 8 marks
   • (b) Meaning and advantages of cost sheet. 7
9. Q5 (c) Short Notes. (Any THREE) 15 marks
   • 1. Reason for difference between cost and financial accounting
   • 2. Retention Money
   • 3. Direct Cost
   • 4. Advantages of Process Costing
   • 5. Advantages of Contract Costing

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