B.Com. (Financial Management) SEM III 2023 2024 2024 COST ACCOUNTING I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Objectives Questions Choice Questions (8 out of 10) (08)
   • 1. ESI stands for
   • (a) Employee state insurance (b) employee stock insurance
   • (c) employee second income (d) employee state scheme
   • 2. Time and motion study is conducted by the
   • (c) payroll department (d) non of above
   • 3. FIFO stands for
   • (a) first in first out (b) fish in fish out
   • (c) Fast in fast out final in final out
   • 4. Time study is for
   • (a) Fixation for standard time (b) Efficiency of the Labour
   • (c) To find out actual hours (d) Total cost of the Labour Number of methods available for calculation of labour turnover
   • (a) Three 2) (b) One
   • (c) Two (d) Four
   • 6. Wages sheet is prepared by Depreciation is allocated on basis of
   • (a) value of assets no of worker
   • (c) value of stock (d) area square feet
   • 8. Material is issued by store keeper against 7 9. Rent is distributed on basis of
   • (a) Area square feet (b) no of worker
   • (b) No of machine (d) value of stock
   • 10. Bad debts is an example of
   • (B) State whether the following are true or False: (7 out of 10) 7
   • 2. financial accounting is a branch of cost accounting
   • 3. variable cost varies with time rather than volume
   • 4. Purchase order is prepared by sales department,
   • 5. Waste can be realised VCD/ /SYMFG SEM III COST ACCOUNTING 2 % HRS 75 MARKS
   • 6. Allocation and apportionment of overheads means the same thing
   • 7. Time books records time to arrival and departure of each material
   • 8. Cost accounting provides data for financial decision making
   • 9. Clock card is useful time booing record
   • 10. Store ledger is maintained in the sales department
2. Q2 (A) The following information is available in respect of material: 8 marks
3. Q2 (B) The following particulars apply to a particular job: Calculate the wages of these workers under Merrick Differential Piece Rate System 7 marks
4. Q2 (C) From the following data of April, 2014, calculate the cost of goods sold and value of Closing Stock using the following methods — FIFO and weighted Average Price:
5. Q3 (A) The following information is supplied from the costing records of a company. Repair 3,600 | Fire insurance for stock 3,000 umber of W orker 54 | 36 24 18 the of 2 worker under Halsey (ii) Rowan Plan from ).4. (A) the | earning a worke ig the H y and Rowan Plan based on ite of we oer hour Rs. 20 ).4. (B) the fol! ig date e year er 31" Dec 2021, calculate the rasing the yea 3,600 15 marks
   • (C) | pay Rs? )00; lea: it paid provided to an employee VCD/ /SYMFG SEM COST ACCOUNTING 2 % HRS 75 MARKS expenses of family member born by the employer Rs 19,000, festival bonus Rs 50,000. Compute the employee cost. (08)
6. Q4 (D) For direct material xxx the following details are available: Required: determine the annual demand, the cost of placing an order, the annual carrying cost of one unit, and the economic order quantity 7 marks
7. Q5 (A) Write a Distinguish between periodic Vs perpetual inventory system. 8 marks
   • (B) Define Cost and explain the classification of cost on basis of elements. 7
8. Q5 Write short notes on: (3 out of 5) 15 marks
   • a) Features of Cost Accounting
   • b) Purchase order
   • d) Cost centre
   • e) Fixed cost

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