B.Com. (Financial Management) SEM III ATKT COST ACCOUNTING II Question Paper - Mumbai University | munotes

Questions asked in this paper

• (2)Figures to the right indicate full marks

1. Q1 b: state whether the following statements are true or false (Any 07) 7 marks
   • 1. Direct material is variable cost
   • 2. Variable overheads vary with production
   • 3. Weighted Average method is used for calculating Direct material
   • 5. Factory overheads includes all items other than direct material, direct wages and direct expenses
   • 6. The word allocation and allotment have same meaning in costing
   • 7. There is inverse relationship between order size and order cost
   • 8. Ordering cost refers to the cost incurred in storing or carrying the stock
   • 9. Fixed costs do not vary with the change in output
   • 10. Apportionment of production overheads to different departments is known as primary distribution
2. Q2 Prepare store ledger Account as per FIFO and Weighted Average Method of material R for month
3. Q2 a: Q2.a: The following details are available:
   • 2. Cost per unit (order than carry and ordering cost) —Rs.5
   • 3. Carrying cost per item per year is Re.1
   • 4. Cost of placing each order is Rs.150
4. Q2 b: Ina company, weekly minimum and maximum consumption of Material A are 175 and 125 units respectively. The order quantity has fixed by the company is 600 units. The material is received within 4 to 6 weeks from issue of supply order. The emergency order period is 2 weeks. Calculate Minimum level, Maximum level, Average Level and Danger level
5. Q3 Mr.Y an employee of XYZ Co. gets the following emoluments and benefits:
   • c. Employers contribution to provident fund — 8 percent of salary and Dearness Allowance
   • d. Employers contribution to E.S.I— 4 percent of salary and Dearness Allowance
   • e. Bonus — 20 percent of salary and Dearness Allowance Mr. Y work for 3,500 per annum, out of which 500 hours are non-productive but treated as normal idle time. You are requested to find out the Effective Hourly cost of Mr. Y Also find cost per Day if Mr. Y is working for 10 hours in a day
6. Q3 a:From the following details as regards a worker for a job 666. Time allowed- 52 hours. Time taken 40 hours. His normal basic rate of wage is Rs.160 per day of 16 hours and dearness allowance was Rs.500 per week of 48 hours Calculate the amount payable to him :
   • a. on Time Basis ,
   • b. On Halsey Plan Basis
   • c. On Rowan Plan Basis
7. Q3 b: In a manufacturing concern the daily wage rate is Rs.10. The standard output in a week is 800 units representing 100 percent efficiency. The daily wage rate is paid without bonus to those worker who show up to 66 2/3% of the efficiency standard. Beyond this there is a bonus payable on a graded scale as below: Further increase of for every | percent further rise efficiency In a6 week Mr. A produced 400 units, Mr. B- 800 units, Mr. C -1000 units, and Mr. D 600 units Calculate the earnings of each worker using Emerson Efficiency Bonus System A factory has 3 production departments (P1, P2, P3) and 2 service departments( and $2). The following overheads and other information are extracted from the books for the month of March 2018: Horse power of | 45 40 5 Allocate or apportion the overheads among the various departments on suitable basis
8. Q4 Classify the given cost on basis of :
   • A. basis of Traceability:
   • 1. Wages
   • 2. Freight inward
   • 3. Directors fees
   • 5. Postage B:basis of Function:
   • 1. Manager salary
   • 2. Depreciation on machinery
   • 3. Compensation to factory worker
   • 4. Travelling Expenses
   • 5. Rent
   • C. basis of relation to change in Behaviour:
   • 1. Carriage Inward
   • 2. Direct wages
   • 3. Direct Material
   • 4. Rent
   • 5. Freight inward
9. Q5 a:Explain in detail Direct Cost 8 marks
10. Q5 b:Explain in detail Bin Card 7 marks
11. Q5 Write Short note on: (any 03) 15 marks
    • 1. Absorption Costing
    • 2. Sunk Cost
    • 3. Limitation of EOQ
    • 4. Classification of costs

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