BCom In Accounting & Finance (BCAF) SEM V 2019 20 2019-20 Objective All Subjects Question Paper - Mumbai University | munotes

Which of the following does not use process costing? Oil refining
Process costing is applied when small number of
Normal Loss is equal to Normal Output
Unit Cost is equal to Normal Cost +
In process costing, each producing department is a Cost unit
When production is below standard specification or quality and cannot be rectified by inc Defective
Normal Output is equal to Input — Abnorm
Process costing is ordinarily applied where all the operations are performed in de one
has no sale value. Units
The sale value of scrap is credited to the . Cost sheet
Realizable value of abnormal loss is credited to Account. Process
Normal Loss is treated as normal cost of production. True
Which cost accumulation procedure is most applicable in continuous mass production m Standard
Popular methods for calculating equivalent production are FIFO
Which of the given units can never become part of first department of Cost of Production Units received
Abnormal Gains are equal to Actual Output
What will be the impact of normal loss on the overall per unit cost? Per unit cost wi
The cost of good units is reduced by the abnormal gain in process costing. True
The sale value of scrap is always more than the cost of production, leading to abnormal g True
costing is the method used to ascertain the cost of providing a service sucProcess
Which of the following item is not included in Hotel’s cost sheet? Laundry
Operating costing uses the methods of costing when costing a particular trip Process
In case of transport, carriage capacity is in terms of tonnes. Passenger
For a hospital, the composite cost unit is . Patient- day
In case of passenger transport, the carriage capacity is in terms of weight
Cost sheet of a hospital includes as variable cost. Medicines
Which of the following would be regarded as a variable cost in the annual operation of a Hire purchase p
For goods transport, the composite cost unit is Trips — Hours. 1
costing applies when standardised services are provided either by an undProcess
Goods transport is Per Km — Ton
Cost sheet of Transport Costing include two important items, cost & Fixed, Variable
is classified into fixed and variable for preparing operating cost sheet. Unit
Under integrated system of accounting, purchase of raw material is debited to aPurchase account
In integrated cost system, issue of direct material is debited to account. Purchase account
Indirect labour of Rs. 50000/- will be absorbed by account, in Integrated cost Wages control acc
In integrated accounting system, factory overheads accounts will be debited to WIP control
In integrated accounting system, which accounts are maintained? Only cost account
Under absorbed overheads will be debited to account, in Integrated accountirProfit and loss ac
In integrated accounting system, factory cost of production will be debited to WIP control accot
Credit purchase of material will be credited to account in Integrated accouStore ledger conti
Under integrated system of accounting, Cash purchase of material will be credited to Store ledger conti
In integrated cost system, issue of indirect material is debited to account. Purchase account
Under integrated system of accounting, Material returned to suppliers will be credited Store ledger conti
Administration overheads absorbed will be debited to account, in Integrated Finished Goods cc
Selling and distribution overheads absorbed will be debited to account, in In Finished Goods cc
Over absorbed overheads will be credited to account, in Integrated accountin Profit and loss ac
Under integrated system of accounting, Depreciaton charged on machinary will be debi Profit and loss ac
authorises and records the issue of material for use. Material requisiat
records the shifting of material from one store to another. Material requisiat
account is essential to make the cost ledger 'self in non integr WIP control accot
In Non- integrated accounting system, account is debited with purchasWIP control accot
In account cost of material, wages and overheads are absorbed. WIP control accot
account represents the total value of finished goods in stock. General ledger ad
In the non integrated accounbting system, the emphasis is on Personal account:
Cost and financial accounts are required to be reconciled under Integral system
Purchase for specail job is debited to under non integrated system WIP control accot
are used to in accounting for raw material. Goods Received N
The Work in progress account is not debited with account Direct material
The debit balance of overheads adjustment account may be transferred to accounts.Cost of sales
Indirect material is absorbed in accounts. Manufacturing
account is credited for issue of material. Raw material inve
The entry to record cost of goods sold includes a credit to account. Cost of sales
Uniform Costing and Inter-firm comparision
Inter firm comparison is method of costing
The use by several undertakings of the same costing principles and/ or practices is costing
Uniform costing helps an indivisual firm in . Ascertainment of
Inter firm comparison is one of the aims of uniform costing
Introduction to Emerging concepts in costing
is usually the longest stage in the product life cycle. Introduction phas
Most of a product's life cycle costs are locked in by decisions made during the busines Desing
ABC stands for Allocation based
Cost allocation bases in the activity based costing should be Cost Drivers
In activity based costing final cost allocations assign cost to Departments
large number large number o small numbe c large number of identical products are
Actual Output Input x % of N None of the c Input x % of Normal Loss
Input — Norma Input — Abnorn None of the b Input — Normal Loss
more than one all more than one
P & L Accoun Process Costins None of the c Process Costing
False Can’t say None of the a True
Average cost Both (a) & (b) None of the c Both (a) & (b)
Units transfer Lost units Units still in a Units received from preceding department
Per unit will d Per unit cost r Normal loss has no rela Per unit cost will increase
False Can’t say None of the b False
Goods Animals None of the a a Passenger
0 Can’t say None of the a b 0
Salary to staff Cost of a Medicines
Only Financial A Both (a) &(b) None of the ak Both (a) & (b)
Overheads contiStore ledger contWIP control ac a Profit and loss account
Finished Goods of Sales acc Production ove b Finished Goods control account
Administration Cost of Sales acc WIP control ac a Finished Goods control account
Administration Cost of Sales acc WIP control ac Cost of Sales account
Overheads contiStore ledger contWIP control ac a Profit and loss account
Production over Depreciation pro'Cost of sales a b Production overheads control account
Material requirelnvoice of materi None of the ak a Material requisiation note
Material requirelnvoice of materi Material trans d Material transfer Note
Real accounts Nominal account None of the ak c Nominal accounts
Cost control acc Both (a) &(b) None of the ak b Cost control accounts system
Material returneMaterial requisit Delivery notes Material requisition notes
Direct Labour Production overhSelling and dis d Selling and distribution overheads
Profit Finished account Work in progre b Profit and loss
method of allocia technique of evrelated to mar; a technique of evaluating the performance of firms in
cost control andallocation of costapprtionment b cost control and cost reduction