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

Questions asked in this paper

• Please check whether you have got the right question paper
• 2. Figures to the right lindicate full marks

1. Q3 working Notes should be part of your answer
2. Q4 use of simple calculation is permitted
3. Q1 state whether the following statement is True/False rewrite the sentece (any 08) 8 marks
4. Q1 variance arises due to change in government policies
5. Q2 Idle time varianece is always favourable
6. Q3 The most profitable sales mix is the one which gives maximum contribution
7. Q4 At Break even point, an organisation earns profit
8. Q5 Increase in sales, increases margin of safety
9. Q6 Sales budget is prepared by production manager
10. Q7 Flexible budget is drawn for one level of activity
11. Q8 Master budget is the summary of all the functional Budgets
12. Q9 marginal Cost is a fixed cost
13. Q10 Contribution is the test of profitablity
    • B) Select correct alternative & rewrite the sentence (any 07) 07
14. Q1 The object of budgetary control
    • c) Forecasting
    • d) none of the above
15. Q2 sales budget
    • a) Estimate of future sales
    • b) Estimate of future production
    • c). Estimate of inventory
    • d) of the above Acost that cannot be changed by any decision made
    • b) opportunity cost
    • c) indirect cost
    • d) cost
16. Q4 product decided in terms
    • a) sales
    • b). variable cost
    • c) Total-cost
    • d) Fixed Cost 5). Difference between standard cost & actual cost is called as:
    • a) variance
    • c) loss
    • d) wastage
17. Q6 overheads
    • c) fixed overheads
    • d) None of the above
    • Q.P. Code :02729
18. Q7 Production budget is expressed in
    • a) quantity only
    • b) cost only
    • c) quantity & cost
    • d) None of the above
19. Q8 Which of the budget is prepared for a long period of
    • a) Production budget
    • b) Purchase budget
    • c) Cash budget
20. Q9 Ashut down point is the point at
    • a) Operating loss is equal to the loss due to shut down
    • b) Contribution is less than fixed cost
    • c) Contribution is equal to fixed cost
    • d) None of the these
21. Q10 A budget is prepared
    • a) one year
    • b) one month
    • c) six month
    • d) A specified period
22. Q2 A Ltd manufactured and sold 10,000 units and 15,000 units in the first year and the second year respectively. The selling price per unit was Rs. both the years. in the first-year it suffered a loss of Rs.30,000 and in the second year earned profit of Rs 30,000 calculate the following 15 marks
    • b) The amount of fixed cost
    • c) The BEP in units
    • d) profit when 20,000 units are sold
    • e) The units to be sold to earn Post-tax profit of Rs 50,000. Tax rate is 50%
23. Q2 From the following particulars find the most profitable product mix and prepare a statement of profitability at the product mix: Cost of direct material three products are produced from the same direct material using same type of machines and labour Direct labour which is the key factor, is limited to 18600 hours 15 marks
    • Q.P. Code :02729
24. Q3 ABC manufacturing company produces 7,500 units by utilising its 75% capacity, supplies you the following cost information Cost information at 75% capacity utilization (for 7,500 units) 15 marks
    • a) Direct materials, Direct Labour, Direct expenses are variable Cost
    • b) factory overheads per unit increases by 10%, if capacity utilization goes below the 75% and decreases by 10% if capacity utilization goes up above the 75%
    • c) office overheads are fixed overheads
    • d) Selling overheads per unit increase by 10%, if capacity utilization goes down below the 75% and decrease by 20% if capacity utilization goes up above the 75%
    • e) the policy of the company to charge profit at 25% on selling price You are required to prepare a flexible budget at 50%, 75% and 100% capacity utilization
25. Q3 Maya limited has made the following sales estimates for january february and march of the year 2017 from which you are required to prepare sales budget by units and rupees for each of the three months for each sales area in units and value The area-wise sales are expected as follows: The selling price has.been fixed at Rs. 8 per units in area A, Rs. 10 per units in area B, Rs. 11 per units D, and Rs. 12 per units in area C 15 marks
26. Q4 Calculate material and labour variances from the following data: for 5 units of product X the standard data are: 15 marks
    • Q.P. Code :02729
27. Q4 Shakti Ltd. has the following information for the year 2017 15 marks
28. Q5 A) What is Marginal costing ? explain it’s limitations 8 marks
    • B) What is Budget ? explain it’s types 7
29. Q5 write short note on (Any three) 15 marks
30. Q3 Sales variance
31. Q4 Features of standard costing
32. Q5 Limiting Factor

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