BCom In Accounting & Finance (BCAF) SEM V 2018 19 May 2018-19 Cost Accounting III Question Paper - Mumbai University | munotes

Questions asked in this paper

• 3. Figures to the right indicate full marks

1. Q4 Workings should form a part of your answer
2. Q5 Use of simple calculator is allowed
3. Q1 A. Match the following (Any 8) 8 marks
4. Q1 B. State whether the following are statement are true or false (Any 7) 7 marks
5. Q1 Uniform cost accounting is a branch of unit costing
6. Q2 Cost and financial accounts are reconciled under integrated system
7. Q3 Work in progress ledger contains accounts of individual jobs
8. Q4 In water supply industry per kilo litre of water supplied is a simple cost unit
9. Q5 Finished goods control is debited when the product is sold
10. Q6 Operation Costing is a form of operating costing
11. Q7 In Road maintenance Industry, per K.M of Road maintained is a simple cost unit
12. Q8 Invisible waste has no sale value
13. Q9 Plant management is a batch level activity
14. Q10 ABC leads to enhanced control overhead costs
15. Q2 The following figures have been extracted from the cost records of a manufacturing unit: Finished products: Entire output is sold at a profit of 10% on actual cost from work-in Items not included in cost records: Income from Investments Rs. 10,000; loss in sale of capital assets Rs. 20,000. Draw up Stores Control Account, Work-In-Progress Control Account, Costing Profit and 15 marks
16. Q2 The following are product data for next year budget: Calculate 1) The budgeted overhead costs using activity based costing principles 2) The budgeted 15 marks
17. Q3 Sai Travels owns a bus and operates a tourist service on daily basis. The bus starts from New City to Rest village and returns back to New City the same day. Distance between New city and Rest village is 250 kms. This trip operates for 10 days in a month. The bus also plies for another 10 days between New city and Shivapur and returns back to New city the same day, distance between these two places is 200 kms. The bus makes local sightseeing trips for 5 days in a month, covering the total distance of 60 km .While plying to and fro for Rest village, the bus occupies 90% of the capacity and 80% when it plies between New city to Shivapur (both ways). In the city the bus runs full capacity Passenger tax is 20% of net takings of the travels firm. Calculate the rate to be charged to Rest village and Shivapur from New city, per passenger, if the profit required to be earned is 33% of the net taking of firm. The following data are given (15)
18. Q3 Following are the information given by an owner of a hotel. You are requested to Advise him that what rent should be charge from his customers per day so that he is able to earn 25 % on cost other than interest 15 marks
19. Q2 Room attendant’s salary Rs. 2 per day. The salary is paid on daily basis and services of room attendant are needed only when the room is occupied. There is one room attendant for one room
20. Q3 Lighting, heating and power. The normal lighting expenses for a room if it is occupied for the whole month is Power is used only in winter and normal charge per month if occupied for a room is Rs. 20
21. Q4 Repairs to building Rs. 10,000 per annum
22. Q7 Interior decoration and furnishing Rs. 10,000 annually
23. Q8 Cost of building Rs. 4,00,000; rate of depreciation 5%
24. Q9 Other equipments Rs. 1,00,000; rate of depreciation 10%
25. Q10 Interest @ 5% may be charged on its investment of Rs. 5,00,000 in the building
26. Q11 There are 100 rooms in the hotel and 80% of the rooms are normally occupied in summer and 30% of the rooms are busy in winter. You may assume that period of summer and winter is six month each. Normal days in a month may be assumed to be 30
27. Q4 A product passes through three processes before its completion. The output of each process charged to the next process at a price calculated to give a profit of 20% on transfer price. The output of Process III is transferred to finished stock account on a similar basis. There was no work-in progress at the beginning of the years. Stock in each process has been valued at prime cost of the process. The following data is available at the end of March, 2018. [15] From above information prepare:
28. Q1 Process Cost Account showing the profit at each stage
29. Q2 Actual realized profit and
30. Q3 Stock Valuation as would appear in the balance sheet
31. Q4 From the following information prepare using FIFO Method: 15 marks
    • (a) Statement of Equivalent Production;
    • (b) Statement of Cost per Equivalent Unit; (c) Statement of Evaluation; (d) Process Account:
32. Q1 Opening work-in-progress: 800 units valued as under:
33. Q2 Input of materials : 9,200 units
34. Q3 Current cost incurred in process :
35. Q4 Normal loss : 8% of total input [i.e., opening WIP + units put in]
36. Q6 Closing work-in-progress: 900 units
37. Q7 Transfer to next process: 8,700 units
38. Q8 Degree of Completion:
39. Q5 A Explain Non Integrated costing system 8 marks
    • B. Advantage and disadvantage of inter firm comparison 7
40. Q5 Write Short Note (any three) 15 marks
41. Q1 Uniform costing
42. Q2 Stores control A/C
43. Q3 Canteen costing
44. Q5 Steps in ABC

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