BCom In Accounting & Finance (BCAF) SEM V 2017 18 May 2017-18 COST ACC. III Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q2 Working should form part of your answer
2. Q1 A) Select the correct alternative: (Any 8 ) 8 marks
3. Q1 The ledger which consist of accounts of individual items of raw material is —
   • a) Cost Ledger
   • b) WIP ledger
   • c) Stores ledger
4. Q2 Profit on sales is credited to —
   • b) Cost of sales A/c
   • c) WIP control A/c
   • d) None of these
5. Q3 In cost accounts
   • a) There are no personal accounts
   • b) There are no real accounts There are no nominal account
   • d) None of these
6. Q4 The balance of Factory overhead control A/c is transferred to —
   • a) Overhead Adjustment A/c
   • d) None of these 5). Classifications of cost as fixed and variable is of special importance in
   • a) Process costing
   • b) Unit costing
   • c) Operating costing
   • d) None of these
7. Q6 The unit of cost for hospitals is —
   • a) Per bed
   • b) Per ton
   • Q.P. Code :19706
   • d) Per unit
8. Q7 Equivalent unit are calculated by —
   • a) Actual no, of units x stage of completion
   • b) Production x stages of completion
   • c) Input x stage of completion
   • d) None of these
9. Q8 Uniform costing is
   • a) System of costing
   • b) Technique of costing
   • c) Method of costing
   • d) None of these
10. Q9 Uniform costing helps to control —
    • b) Cost
    • c) Finance
    • d) All of these
11. Q10 The objective of inter firm comparison is to —
    • a) Increase productivity and efficiency
    • b) Increase morale of employees
    • c) Increase loyalty of consumers None of these
    • B) Rewrite and state whether the statements are True or False (any seven ) 07
12. Q1 Growth stage is the last stage in product life cycle 2). Purchase of capital equipment is the acquisition cost
13. Q3 While calculating equivalent units normal loss must be considered
14. Q4 Composite cost unit for cinema house is man show
15. Q5 Good will written off is not included under integral system
16. Q6 Uniform costing helps to control cost
17. Q7 Under non integrated system there is no need for reconciliation between cost and financial 8). Cost drivers are forces that determines cost
18. Q9 Deficiency in stock taking is debited to store ledger control account
19. Q10 Inter-firm comparison is a tool of for control
    • Q.P. Code :19706
20. Q2 The following balances are shown in the cost ledger of Trinity Limited March 2015, From the following information, you are required to prepare necessary ledger account for the year ended 31“ March 2016 and prepare Trial Balance Transaction during the year ended 31“ March 2016 15 marks
    • Q.P. Code :19706
21. Q2 Bacchraj Enterprise Operates an integral system of accounting. You are required to pass journal entries for the following transaction that took place for the year March 2017 15 marks
    • a) Material purchased from Mahi & Co(25% cash ) & Rs 600000 to work in progress
    • j)_ Paid 50% of the Receipt from customs 75% of the balance amount
22. Q3 In a factory following details are given for printing process. Opening Works in process is 1000 meter of partly printing cloth valued at Rs 40000 Degree of completion for opening work in process is as follows: - Material 80%, Labour 60% and During the month 12000 meter of plain cloth was introduced into the printing process at cost of Rs Normal loss expected is 5% of units produced during the month excluding work in process at the end. Spoiled cloth realised at Rs 2 per meter. 600 meter of cloth were spoiled when 100% of material, labour cost and overhead cost had actually been incurred Further following costs were incurred Partly printed cloth at the end of the month was 3000 meters. Upon which 70% of material lost, 60% of labour cost, 83% of overhead cost has been incurred. You are required to prepare (a) statement of equivalent production (b) cost statement of cost per equivalent unit and cost apportionment (c) prepare process accounts & the company follows FIFO method of calculation 15 marks
    • Q.P. Code :19706
23. Q3 Rehan Co Ltd manufactures a product that passes through three different process. Prepare process. Accounts and finished stocks Account from the information given below Finished goods were sold for Rs.20,00,000 and the value of finished stock at closing was Rs.80000 It is the policy of the company to charge 20% on selling price while transferring goods from process A to process B and 25% on cost price from process B to process C to finished stock 15 marks
24. Q4 Namrata Roadways company supplies the following details in respect of truck of 6 tonne capacity Cost of Truck -Rs 200000 Diesel & oil -@Rs 120 per trip each The truck carries goods to and from a city covering a distance of 60 kilometers each way while going to the city, freight is available to the extent of full capacity and on return 20% of capacity Assuming that truck runs on an average 25 days in a month. You are required to 15 marks
    • b) Rate per tonne per trip that the company should charge, if profit 50% on the freight is to be Sanjeevni hospital operates ayurvedic center where on an average a patient will make Four visits to The hospital estimates the following cost for the ayurvedic center for the month of September 2017
    • Q.P. Code :19706 Rent for the month Rs 20000 Hospital expects on an average 200 patients in a month. What should be the amount charge to each patient per visit if hospital expects 20% profit on revenue
25. Q5 a) What is inter firm comparison and its limitation? 7 marks
    • b) Distinguish between integrated and non integrated accounting system? 08
26. Q5 Write short notes (any three ) 15 marks
    • a) Interprocess profit
    • c) Benefits of ABC
    • d) Feature of operating costing
    • e) Equivalent Units of production

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