B.Com In Financial Management SEM IV 2022 2023 March 2023 COST ACCOUNTING II Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A.)Fill in the blanks with appropriate answer: (Any8.) (8 M)
   • 1.) Factory cost is also known as also cost
   • a) Direct b) Indirect
   • c) Work d) Prime
   • 2.) The aggregate of all direct costs is termed as cost
   • a) Work. b) Prime expenses are ignored while making Cost Sheet
   • a) Selling. b) Financing
   • c) Factory. d) Office
   • 4) In cost accounting CPU stands for
   • 5) expenses are not recorded in cost account
   • a) Office b) Financial
   • c) Direct d) Establishment
   • 6) Dividend paid is which type of cost
   • c) Selling expense d) Not included in cost sheet
   • 7) In contract costing, payment of cash to the contractor is made on the basis of
   • c) Work in progress d) Uncertified work
   • a) Process. b) Contract Process By-product. d) None of the above
   • 9) Joint products are of importance
   • a) Equal. b) Unequal
   • c) Less. d) More SYFMG COST ACCOUNTING-II 75 marks 2
   • 10) Cotton used in a textile mill is an example of
2. Q1 B) State whether the following statements are True or False: (Any 7) (7 M) \
   • 1) Variable cost remains fixed per unit of output
   • 2) Contract costing is a type of job costing
   • 3) Carriage Inward should be added to purchase
   • 4) Notional rent is debited to Profit and Loss Account
   • 5) Abnormal gain is debited to process account
   • 6) Cost Sheet and Profit and Loss Account are same
   • 7) Administration costs are mostly variable cost
   • 9) Contractee is a person who takes the contract
   • 10) Normal losses are avoidable losses
3. Q2 A)The of. Raj Limited for the year ended December,2014 shows the following: Repairs to Plant and Machinery 89,000 SYFMG Sem-lV COST ACCOUNTING-II 75 marks 4 Stock of Raw Materiais: Travelers Salaries and Commission 154,000 Depreciation on Plant and Machinery 130,000 Depreciation on Office Furniture 6,000 Gas and Water ( Factory) 24,000 Gas and Water ( Office) 8,000 Manager’s Salary office and % Factory) 2,00,000 You are required to prepare a cost statement for the year ended 31* December 2014
4. Q2 B.) From the following information you are required to prepare a Statement reconciling the results of Cost Book with Finance Books: (15) Net Profits as per Finance Books 10,21,040 Works recovery in cost 20,020 Depreciation charged in Financial Book 2,60,000 Depreciation charged in Cost Book 2,86,520 Obsolescence loss charged in Financial Book only 40,420 Income tax provided in financial books only 52,520 SYFMG COST ACCOUNTING-II 75 marks Interest received but not recorded in Cost Book 60,620 Bank interest debited in Financial Books only On 1* October 2021 Mr. Kaushik undertook a contract no 345 for Rs.250000. The following information is available in respect of this contract for the accounting year ended 31-12 Plant supplied on 1-10-2020 30000 Materials unused lying at site 1000 Wages due but not paid 500 Provide 10% depreciation on the plant. Cash received is 90% of Work Certified. Prepare Contract account & Coniractee account in the book of Mr. Kaushik
5. Q3 B) A Firm tendered for a contract for rupees 10,00,000 and started work on the contract on SYFMG COST ACCOUNTING-II 75 marks The following information is available for the year ending 31st December, 2022: Materials purchased for contract 5,00,000 Stores and speared consumed. 50,000 Stock of Materials on 31st December,2022 30,000 The machinery was purchased on Ist July, 2022. It has a working life of five years and its scrap value has been estimated at Rs. 10,000. Work Certified at the end of the year was Rs.1 0,00,000 and work uncertified was Rs. 50,000. Cash paid was 80% of Work Certified. Prepare Contract
6. Q4 A) ‘X’ product passes through three processes. The output of each process is treated as the raw material of the next process to which it is transferred and output of the third process is transferred to finish stock. 2500 unit have been issued to the process-I and other details are as No stock of material or of work-in-process was left at the end Prepare Process-I, VCD: SYFMG COST 75 marks
7. Q4 B) A product of a company passes through 3 viz. Process X, and Z to obtain three consecutive grades of the product. Details relating to its production for the year 2020 are as Raw Materials used (in Tonnes) 6,000 Scrap sold at Rs.50 per tonne 120 Ton 90 Ton 153 Ton Management expenses were Rs.90,000, Selling expenses were Rs.60,000 and interest on borrowed capital was Rs.30,000. 2/3rd output of Process X and 4 output of Process Yarepassed on to the next process and the balance was sold. You are required to prepare Process X, Y and Z account and Costing Profit and Loss account for the year
8. Q5 A.) Explain Classification of Costs in brief. 8 marks
9. Q5 B.) Distinguish between Joint Products and By-products 7 marks
10. Q5 C) Write Short Notes on: (Any 3) 15 marks
    • 1) Process Costing
    • 2) Direct Cost
    • 3) Normal loss
    • 4) Job Costing
    • 5) Contract Price

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