B.Com In Banking & Insurance (BCBI) Sem IV 2016 2017 March 2017 COST ACC Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) Say True or False (Any 8) 8 marks
2. Q1 Fixed cost per unit remains the same
3. Q2 Direct expenses are excluded from cost sheet
4. Q3 Office Rent is an example of office and Administration overheads
5. Q4 Normal Loss is unavoidable Loss
6. Q5 Transport costing is an example of service costing
7. Q6 Showroom rent is a factory overhead
8. Q7 Abnormal Gain arises when Actual Loss is more than Normal Loss
9. Q8 Bad debts from the cost sheet
10. Q9 Escalation clauses is in contract account
11. Q10 Prince cost and works cost are the same
    • C) Match the following. 5
12. Q1 Abnormal Loss a) Per unit is the same
13. Q2 Variances b) is done by Architect
14. Q4 Work certified d) Included in cost sheet
15. Q5 Claim e) Profts are different
16. Q6 Depreciation f) part of direct material
17. Q10 P/V Ratio j) Actual loss is more than Normal Loss Q No 2 The following particulars have been extracted from books of zebra Itd., Calcutta for the Stock of materials as on March, 2015 87,000 Stock of materials as on 31 March, 2016 50,000 Repairs of plant, machinery and tools 10,600 Rent, Rates, Taxes and insurance (Factory) 3,000 Rent, Rates. Taxes and insurance (Office) 1,000 salaries and commission 8,400 Depreciation written off on machinery plant and tools 7,100 Depreciation written off on furniture 700 Gas and water charges (office) 300 Out of 48 hours in a week, the time devoted by the manager to the factory and office was average 40 hours and 8 hours. respectively throughout the accounting year Prepare s statement giving the following information:
    • (a) Prime cost
    • (b) Factory cost
    • (c) Total cost
18. Q2 MESSRS. Mohan BUILDERS. having undertaken a contract at a price of Rs.4,00,000/- start the works on |“ January, 1996. Prepare a Contract Account for the year ended 31" Decemb 1996 from the following particulars Plant installed at site 15,000 Materials at site on December, 1996 1,880 Material returned to Stores 549 Cash received (90% of work certified) 2,70.000 Establishment charges allocated to contract 4,000 Wages due on 31.12.1996 2,640 Value of Plant at site on 31.12.1996 11.000 Show your calculation of the amount of profit to be transferred to Profit and Loss Account explain the basis of your calculation Q No 3 (a)Calculate the P/V ratio and Break-even point from the following particulars :
19. Q4 A fire which occurred on 20" April 2012 in the premises of Ram Enterprises Ltd destroyed all stock except Rs. 1,00,000. Selling price is fixed having 20% margin on sales value.Fire insurance policy amount was Rs. 6,00,000. 15 Following information is available from 1* Jan. 2012 upto 20" April 2012 Sales (including goods sent on approval 67,00,000 Furniture included in Purchases 1,00,000 Goods of sales value Rs. 50,000 were sent on approval for which there was no information from customer till date of fire Compute the amount of claim
20. Q5 Write short notes on : (Any three) 1, Profit computation in contract costing 15 marks
21. Q2 Standard costing
22. Q3 Features of service costing
23. Q4 Steps in budgetary control
24. Q5 Cost sheet

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