B.Com In Investment Management SEM III 2022 2023 Oct 2023 INV. MGT. COST ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) State whether the following statements are True or False (Any 8) 8 marks
   • i) Depreciation is a non-cash cost
   • ii) The main purpose of standard costing is cost control ili) Cost sheet and profit & loss account are same Process cost system is applicable to paper mills
   • vi) When the selling price is at cost, then contribution = fixed cost
   • vii) Debit and credit are basic concepts used in cost accounts
   • viii) Salesman salary is an example of administration overhead
   • ix) Standard costing is a technique of costing
   • x) Marginal costing helps in decision making
2. Q1 B) Fill int the blanks: (Any 7) 7 marks
   • i) Haulage on machinery is an example of overheads. (Administration, Selling
   • ii) Normal output is equal (Input - normal loss, Input - abnormal loss, Input
   • v) Legal charges are an example of overhead. (Administration, Selling &
   • vi) Variance analysis is possible in (Standard Costing, Marginal Costing, Cost Sheet
   • vii) BEP stands for - (Break-even point, break execution plan, Break even plant)
   • viii) An activity which (Cost driver, Cost pool, Cost unit)
   • ix) If the actual cost is more than the standard cost, the variance cost is (Favourable,
3. Q2 A.) From the following data, prepare a cost sheet for the year 2015. Sem:3 Cost Accounting 2% Hours Marks: 75 Factory Rent and Rates Depreciation on factory building Opening stock of finished goods 1-1-2015 15 marks
4. Q2 B) The following information is extracted from the books of M/s Priya Ltd. For the year ended 31-12-2021. You are required to prepare a cost sheet showing relevant details of cost as well as cost per unit: (15 marks) Depreciation on factory building VCD: Sem:3 Cost Accounting Hours Marks: 75 Insurance of office building 600] Depreciation on office building
5. Q3 A) M/s. ABC and company manufactures a chemical which passes through three processes. The following particulars are gathered. (15 marks) Output transferred to next process 50% 40% Overheads are charged@ 50% of direct wages You are required to prepare Process Account
6. Q3 B) From the following information calculate: marks) Standard: 10 units of product Actual: For 2,000 units of product Rate of Labour per hour Rs. 2.60 VCD: Sem:3 Cost Accounting Hours Marks: 75
7. Q4 A) You are given the following data for the year 2020-2021 of “ABC” Co. 15 marks
   • iii) Profit when sales amounted to
   • iv) Sales required to earn a profit of
   • v) Marg:n of safety in rupees
8. Q4 B) The following is the Trading, Profit & Loss account of Sunny limited, for the year ended 31" March 2019. (15 marks) To selling expenses 6,00,000 To interest on debentures To loss on sale of plant 25,000 To provision for tax VCD: 2/222 SYBIM Sem:3 Cost Accounting Marks: 75 Costing records show the following:
   • a) Opening stock of finished goods
   • b) Closing stock of finished goods %3,50,000
   • c) Direct wages %7,00,000
   • d) Factory overheads %5,00,000
   • e) Administrative overheads
   • f) Selling overheads You are required to prepare a Cost sheet for the year ended March, 2019 and statement of reconciliation between the profit shown by both the sets of books
9. Q5 A) Distinguish between Cost accounting and financial accounting 8 marks
10. Q5 B) Explain the advantages & limitations of standard costing? 7 marks
11. Q5 Write short notes (Any 3) 15 marks
    • ii) Objectives of job costing
    • iii) Contribution
    • iv) Need for reconciliation

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