BCom TY BCom Sem 5 2022 2023 Nov 2023 FINANCIAL ACCOUNTING AND AUDITING PAPERS VI COST ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

• 2. Figures to the right indicate full marks

1. Q3 Working notes wherever necessary should form part of your answer
2. Q4 Calculate figures up to two decimal points wherever required Select the most.appropriate option and rewrite the full sentence (Any Eight) (08)
3. Q1 Primes cost is nothing but
   • A) Cost of Production
   • B) Cost of Materials only
   • C) Cost of operation
   • D) Total of Direct cost
4. Q2 is an example of a fixed cost
   • A) Salary
   • B) Material Cost
   • C) Labour Cost
   • D) Selling Expenses
5. Q3 Brand ambassador's fees is an example of 2 marks
   • A) Factory Overhead
   • C) Selling Overheads
   • D) Finance Cost
   • A). Financial Profit
   • B) Costing Profit
   • C) Costing loss Goods received note is prepared by __ department
   • A) Purchase
   • B) Stores
   • C) Finance
   • D) Sales
6. Q6 Continuous stock ascertaining is done under
   • C) ABC Analysis
   • D) Stock Reconciliation
7. Q7 Storage cost of materials is associated with
   • A) Quality Cost
   • B) Labour Cost
   • C) Ordering Cost
   • D) Carrying Cost
8. Q8 multiple piece rate system comprise of __ rates
   • A) One
   • B) Two
   • C) Three
   • D) Four
9. Q9 is generally distributed in the ratio of number of light points
   • A) Rent & Rates
   • B) Insurance of Factory
   • C) Heating & Lighting
   • D) Cleaning Materials
   • A) Overtime
   • B) Standard time
   • C) Actual time
   • D) Idle time
   • B) State whether the following statements are True or False. (Any Seven) 7
10. Q1 Variable Cost per unit remains the same irrespective of the level of production
11. Q2 Teaand lunch time is an example of normal idle time
12. Q3 Process of ascertaining the cost is same as cost control
13. Q4 Order for materials is placed once the stock level reaches minimum level
14. Q5 Drawing office salaries is an example of factory overhead
15. Q6 Overvaluation of closing stock in financial accounting records decreases the costing profit
16. Q7 EOQ stands for Economic Output Quantity
17. Q8 Store an accounting record
18. Q9 Under Emerson's Efficiency System bonus is paid only if efficiency is 100%
19. Q10 Under Taylor's differential plan minimum time wages are assured for each worker
20. Q2 A) employee of a company gets following emoluments & benefits: Mr. Suzuko works for 2,400 hours per annum, out of which 400 hours are normal idle time You are required to calculate effective hourly cost of Mr. Suzuko 8 marks
    • B) Stock of Material on 2022 was 2000 Units at RS. 20 per Unit. The following Receipts and Issues were made during the month of March 2022 7.3.2022 4,000 Units @Rs.11 9.3.2022 6,000 Units @Rs.12 20.3.2022 8,000 Units. @Rs.13 30.3.2022 10,000 Units @Rs.14 You are Required to Prepare Store Ledger Account under Weighted Average Method 7
21. Q2 A) The Average annual Consumption of material is 20000 kgs. at a price of kg. The storage cost is 16% on average inventory and the cost of placing an order is 8 marks
    • ii) Number of order per annum Time between two consecutive orders
    • B) The following are the details as regards to worker Z for Job Job B His normal basic rate of wages was Rs. 100/- per hours and his dearness allowances was Rs. 480/- for 48 hours. Calculate the amount payable to him as per: 7
    • a. Halsey plan
    • b. Rowan plan
22. Q3 Amigo Ltd. has 5 departments. Alpha, Beeta & Gama are production departments and Delphi & Enigma are service departments. The actual cost for the year ended 31st March, 2021 are as follows: The following further information is also available in respect of these five Prepare a statement showing Primary Distribution of Overheads 15 marks
23. Q3 A) From the following information calculate the machine hour rate for the machine Power consumption is 2 units per hour @ Rs. 600 per 1,000 units Estimated life of the machine is 10 years with the scrap value of Rs. 90,000 at the end of the 10th year The machine is expected to run for 25,000 hours in its life time. Machine occupies of the total area. Apportion 20% of the factory supervisor's time for the machine Produces a product which has a monthly demand of 4000 Units. The Product (07) requires a component x which is purchased at Rs. 20 for every finished product. One unit of component is required. The ordering cost is Rs. 120 per order and the holding You are required to calculate: 8 marks
24. Q2 Number of Order p.a
25. Q4 Sarkar Manufacturing Company gives following particulars for the year The company is operating at its maximum capacity of 30,000 units in the year management decided to increase production capacity to 35,000 units for the year 2022 and 15 marks
    • a) All variable-expenses would rise by 10%
    • b) All fixed overheads will increase by 15%
    • c) Selling price would rise to Rs. 125 per unit Prepare a statement showing total and per unit cost and profit for the year 2021. Also prepare a statement showing estimated profit for the year 2022 taking into consideration the
26. Q4 Following is the summarized Profit & Loss Account of Rose & Gulab Industries for the year ended 31st March,2022. (15) Profit & Loss Account for the Year ended 31st March 2022 To Interest onloans The cost accounting records for the above period showed the following:
    • c) Factory Overheads to be calculated @ 25% of Prime Cost
    • d) Administrative Overheads were absorbed @ Rs.5 per unit produced
    • e) Selling & Distribution overheads were absorbed @ Rs.7 per unit sold You are required to prepare the detailed Cost sheet for the year ended 31-03-2022 anda statement of Reconciliation
27. Q5 A) What are the objective of Cost Accounting? 8 marks
    • B) Explain the advantages of Material Control. 7
28. Q5 Write a Short Note (Any 3) 15 marks
29. Q3 Important of Reconciliation Statement 2 are fas ara yer forer fa. art are
30. Q2 aa

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