BCom TY BCom Sem 5 BCom Sem 5 (2018 2019) Oct 2019 AND AUDITINGVIII COST ACCOUNTING Question Paper - Mumbai University | munotes

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1. Q3 Working note wherever necessary should form part of your answer
2. Q4 Calculate figures up to two decimal points wherever required
3. Q1 (a) Select the most appropriate option and rewrite the full sentence (Any Ten) 10 marks
4. Q1 is the portion of total cost which cannot be identified and direct to the
5. Q2 Gold in Jewellery is the example of
6. Q3 The method which doesn’t differentiate between efficient and inefficient worker is
7. Q4 After receiving material inspection note, the receiving official will prepare e Receipt of Material e None of these
8. Q5 Salary of works manager is a
9. Q6 The statutory provision regarding deduction from payroll pertain to e Tax. deduction at source e Professional Tax e Provident fund e All of the above
10. Q7 Under Time Rate System, the wages is equal to e None of these
11. Q8 Holiday pay is apportioned on the basis of e No. of workers e Direct wages e No.of workers and Direct wages e None of these
12. Q9 Interest on Bank Deposit is e Credited in Financial Profit and Loss A/C e Credited in Costing Profit and Loss A/C e in Financial Profit and Loss A/C e Debited in Costing Profit and Loss A/C Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting
13. Q10 is not included in the administrative cost e Salaries of office staff e Telephone charge e Office expenses e Salaries of foremen
14. Q11 In Reconciliation statement, Closing stock over valued in Financial Account is e Added to financial Profit e Deducted from financial loss e Added to costing profit e Deducted from costing profit
15. Q12 Production manager is an example of
16. Q1 (b) State Whether the following statements are true or false (Any Ten) 10 marks
17. Q1 Cost Accounting is used only in Manufacturing industry
18. Q2 Earning under Halsey and Rowan plan are same
19. Q3 Under Perpetual inventory control, stock is verified periodically
20. Q4 Interest on capital is imputed cost
21. Q5 FIFO method is usually suitable in case of perishable material
22. Q6 Power failure is an abnormal Idle time
23. Q7 Drawing Office salaries is an item of Factory Overheads
24. Q8 Goods received Note is prepared by Storekeeper
25. Q9 Over absorption of overheads increases costing Profits
26. Q10 Transfer to general reserve is an item of Cost Accounts
27. Q11 Bin Card is same.as Stores Ledger
28. Q12 Loss on Sale of Fixed assets is included in Cost for calculating profit
29. Q2 SAM Manufacturing Company gives following particulars for the year 2017. and Distribution overheads: The Company has worked to its maximum capacity of 20,000 Units during 2017 The management has decided to increase production capacity to 30,000 Units for the year 2018 and it estimated that: There will be allround rise in all variable expenditure by 10% There will be increase of 20% in all fixed overheads There will be no need to change the selling price for the year 2018 a statement showing Total as well as Unit Cost and profit for 2017 Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting Also prepare a statement showing estimated profit for 2018 taking into consideration the 15 marks
30. Q2 (a) Calculate the earning of Sky and Blue From the following Particulars for a month and allocate the labour cost of each job R, S and T: The normal working hours for the month are 400. Overtime is paid at double the total of normal wages and dearness allowance. Employer’s and Employee’s Contribution to State Insurance and Provident Fund are at equal rates. The Two workers were employed on Job and T in the following proportions: Overtime was done on Job S at the request of customers 8 marks
31. Q2 (b) Calculate the earnings of a worker using Halsey and Rowan Plan based on the following Time allowed to complete the job 180 hours Time taken to complete the job 144 hours Rate of Wages per hour = 20 Dearness allowances is = 40 per day of eight hours 7 marks
32. Q3 BAT Business on April 2017, Cost and Financial records are maintained for the year ended March, 2018, From the following information: 15 marks
33. Q1 Prepare Cost Sheet for the year ended March 2018
34. Q2 Prepare Reconciliation Statement for the above period Particulars As per Financial | per Costing In Cost Accounts, Closing stock of Finished Goods is valued at Cost of Production. The profit as per financial records for the year ended March 2018 was = 41,125/ Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting
35. Q3 (a) Tomco Ltd. Manufactures a special product called “A” and provides you the following 8 marks
    • ii) ordering and carrying cost at EOQ level
36. Q3 (b) From the following information calculate Material Turnover Ratio and express it in number of Days. You are required to consider 365 days ina year 7 marks
37. Q4 GUM Ltd. has three Production Departments X, Y, Z Service departments and The following details are extracted from the books of accounts in respect of indirect expenses incurred for the month ended March, 2018 Rent and rates 12,000 Following further details are collected for distribution of the above Costs: Prepare statement showing Primary Distribution of Overheads Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting
38. Q4 (a) Calculate the Machine Hour Rate from the following in formation: The machine occupies 1/4 th of the total area of the shop. The supervisor is expected to devote 1/6 of his time for supervising the machine 8 marks
39. Q4 (b) A Manufacturer supplies you the following information: Carrying cost is 8% of average inventory Your are required to ascertain the Economic Order Quantity using Formula Method and also state the number of orders to be placed in the year 7 marks
40. Q5 (a) From the following data of Textile factory machine room, compute an hourly Machine Rate assuming that the machine room will work on 90% capacity throughout the year & that a breakdown of 10% is reasonable. There are three days holiday at Deepawali, 2 days at holi & 2 days at Christmas exclusive of Sundays. The factory works 7 hours a day & 5 hours on Saturday Number of machines (each of same type) — 50 8 marks
41. Q5 (b) The standard time fixed for a job is 40 hours and the wage rate is = 40 per hour. The worker completed the 32 hours. Calculate the wages and effective rate of earnings per hour as per Halsey Premium plan and Rowan Premium plan Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting 7 marks
42. Q5 The following are the receipts and issues of coal in factory during March 2018 Condemned due to deterioration all quantity Excess found is stock 50 tons due to wrong weighing during the month The Maximum Level fixed is 400 Tons, the 75.Tons and the Reordering level is 100 Tons Prepare Store Ledger Account under FIFO Method and Weighted Average Method 15 marks
43. Q6 (a) Explain the classification of Cost on the basis of functions. 10 marks
44. Q6 (b) meant by Labour Turnover. Explain its causes. 10 marks
45. Q6 Write short notes on any four of the following 20 marks
46. Q1 Objectives of Cost Accounting
47. Q2 Advantages of Material Control
48. Q3 Tabular method of EOQ
49. Q4 Selling Overheads
50. Q6 Purpose of Reconciliation Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting
51. Q3 AY
    • (31) are frags
52. Q3 He Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting
53. Q3 Slat el Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting
54. Q2 ad fer 20%
55. Q3 sea Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting at aa Ro
    • S) Farms =
56. Q2 fe
57. Q3 one Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting

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