BCom In Accounting & Finance (BCAF) SEM V 2017 18 Nov 2017-18 COST ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q1 A) Match the following any (8) 8 marks
2. Q1 Design specification a) Benefits from uniform cost
3. Q2 Target cost Individual item of material
4. Q3 Maturity c) Under absorption of overhead
5. Q4 Equivalent units d) Stage in life cycle
6. Q6 Overhead adjustment a/c
7. Q7 Work in process g) Actual no of units X stage of
8. Q9 Mutual turst 1) Raw material in processing stage
9. Q10 Healthy competition j) Essence of uniform costing
   • B) State whether the following statement are True or False (Any 7) 07
10. Q1 Inter firm comparison does not maximize profitability
11. Q2 Under Integrated system General ledger Adjustment A/C shows real accounts
12. Q3 Equivalent units are units equal to input
13. Q4 Target costing is a method of costing
14. Q5 There is no difference between operating costing and process costing
15. Q6 Overhauling is running cost
16. Q7 Under Non integrated system Cost A/c and Financial A/c are maintained separately
17. Q8 Under non integrated system finished good ledger shows cost of finished goods 9). ABC is a technique of allocation of common cost
18. Q10 In operating costing, cost of petrol is a running cost
    • Q.P. Code :19707
19. Q2 Journalise the following transactions assuming that the cost and financial records are 15 marks
20. Q2 Dravid Ltd operates a separate cost accounting and financial accounting system. The following is the list of opening balances as on 1 June 2017 in the cost ledger Work in progress control Transactions for the month of June 2017 were as under: 1). Purchases of raw material Rs 100000
21. Q2 Transfer of raw material from work in progress to store Rs 20000 3). Issue of raw material to work in progress Rs 120000
22. Q4 Issue of raw material to repairs & maintenance Rs 5000
23. Q5 Deficiency in stock taking Rs 5000
24. Q6 Direct wages applied to work in process Rs 100000
25. Q7 Factory overheads applied to work in process Rs 50000
26. Q9 Material transferred between batches Rs 10000
27. Q10 Cost of goods sold
28. Q11 Sales 3,00,000
29. Q12 Finished goods bas on 30 June 2017 Rs 15000 prepare necessary ledger account & Trial Prepare necessary ledger accounts and Trial balance
    • Q.P. Code :19707
30. Q3 The following data are available is respect of process II for the month of June 2015 Opening Work — in progress 1000 Units at Rs 5000 Input of material 9000 Units at Rs 28600 Unit Transferred to next process 8000 Units Closing work — in — progress 1000 Units Degree of Opening stock | Closing stock. | Scrap Normal process loss is 8% of total input (opening stock and units put in). Scarp value is Rs .5 per unit. The company follows FIFO method of inventory valuation You are required to: 15 marks
    • a) Prepare statement of Equivalent production Statement of cost per equivalent unit for each element and cost of closing work in progress and units transferred to next process
    • c) Prepare process account and abnormal Gain/ Loss account
31. Q3 A certain product passes through three process before it is completed & transferred to finished stock the following data are obtained at the end of March 2015 15 Stock on March 3000 6000 8000 5000 The output of each process is charged to the next process at a price calculated to give a profit of 20% on transfer price. The output of process —III is charged to finished stock Account on a similar basis
    • Q.P. Code :19707 There was no work in progress at the beginning of the year and overheads have been ignored. Stocks in each process have been valued at prime cost of the process You are required to process
    • a) Process cost Accounts showing profit elements at each stage
32. Q4 The following expenses were incurred by a company in connection with two lorries for 25 days. Lorry A carried 1000 tons of raw material and distance of 3000 kilometers in 25 days Lorry B tons of raw materials and covered a distance of 4500 kilometers in 25 days find out the cost per ton- kilometer. Prepare an operating cost sheet in summary form for the two 15 marks
33. Q4 Hotel has a capacity of 120 single rooms & 40 doubles rooms The average occupancy of both single and double rooms, is expected to be 80% through the year of 365 days the rent for double room has been fixed at 120% of the rent of a single rooms The cost are as below variable cost — single rooms Rs 250 each pa day, Double room Rs 400 each per day Fixed cost : - single room Rs 150 each per day,Double room Rs 300 each per day Calculated the rent chargeable for single & double room per day in such a way that the hotel earns margin of safety of 20% on rooms rent
34. Q5 A) What is ABC? What is the difference between ABC and Traditional costing? 8 marks
    • B) Define Uniform costing? State the advantages and disadvantages of Uniform costing? 07
    • Q.P. Code :19707
35. Q5 Write short notes on (any three ) ili) Advantages of operating costing 15 marks
    • iv) Work in progress ledger control account
    • v) FIFO method in process costing

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