TYBCom Sem 6 2019-2020 Financial Accounting Question Paper PDF 2026 - Mumbai University | munotes

Questions asked in this paper

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• 2. Figures to the right indicate full marks allotted to the question

1. Q3 Working Notes should form the part of your answer
2. Q1 A Select the most appropriate option and rewrite the full sentence (Any ten) 1 Cost of rectification of defective work is 10 marks
   • a. Debited to profit and Loss Account b. Ignored from Contract Account
   • c. Credited to Contract Account d. Debited to Contract Account
3. Q2 Contribution is equal to
4. Q3 At Break Even Point the Contribution is equal to 4.lssue of material is credited to 5.The balance of Finished Goods Ledger Control Account represents
   • a. Cost of Goods remaining unsold b. Cost of Goods sold
   • c. Cost of d.None of the above 6.Plant specially purchased for the contract is debited to
   • c. Plant Account d. None of the above
5. Q7 Normal Loss
   • c. Ascertainable d. None of the above
6. Q8 Abnormal Loss arises due to
   • c. Evaporation d. None of the above
7. Q9 Excess of Actual Cost over Standard cost is
   • c. Unfavourable Variance d. None of the above Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting
8. Q10 ABC stands for
   • c. Asset Based Control d. All the Above
9. Q11 Work uncertified is valued at
   • c. Cost or Market Price whichever is less d. Cost or Market Price whichever is higher
   • c. Factory Overhead Control d. All the above 1.B. State whether the following statements are true or false (Any Ten) (10Marks)
10. Q1 In Cost Accounts all Personal Accounts are maintained
11. Q2 Normal Loss Account is debited to Process Account
12. Q3 Contribution is equal to profit
13. Q4 in fixed cost does not affect Break Even Point
14. Q5 Standard Cost is estimated Cost
15. Q6 Material Price Variance arises due to change in quantity
16. Q7 WIP Ledger shows cost of goods unfinished
17. Q8 Each contract Account is considered as separate unit of Cost
18. Q9 The purpose of retention money is to safeguard against the risk of loss due to faulty 10.Abnormal Gain arises when Actual Loss is less than expected Normal Loss
19. Q11 Joint product is additional product manufactured
20. Q12 P/V Ratio is a test of profitability
21. Q2 (A) A Product passes through two processes. Start and Jump The Output of Process Start becomes the input of process Jump and the output of process Jump is transferred to warehouse. The quantity of raw material introduced into process Start is 20,000 Kg at Rs 9 per Kg. The cost and output data for the month under review are as under: The Company’s policy is to fix the selling price of end product in such a way as to yield a profit of 25% on selling price Prepare : Process Accounts, Abnormal Gain A/C, Abnormal Loss A/c and Determine the selling price per unit of the end product Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting 15 marks
22. Q2 (B) Survey Ltd. Provides you the following information for the month of January 2019 about its processes Down , Middle and Up (15 Marks) Basic Raw material introduced in units 20,000 4,420 3,740 Cost of Basic Raw Material Per Unit Rs Normal Loss(% of total no. of units input) Output transferred to next process % Output sold at the end of the process 100% Selling price per unit of output sold Rs
23. Q3 (A) Mango Village Ltd. contract on April 2017. The total Contract price was for Rs 70,00,000 and It is likely to be completed on December,2018. The actual expenditure upto March, 2018 And subsequent estimated expenditure upto December,2018 are given below: Actual Expenditure | Estimated Expenditure from Cash Received during the year 35,00,000 35,00,000 The plant is subject to annual depreciation @20%p.a. on original cost It was decided that the profit. to be taken credit for should be that portion of estimated net profit to be realised on completion of the contract which the work certified bears to the total contract price as on March, 2018 You are required to prepare contract Account for the year ended March, 2018 and show your calculation of profit/Loss for the year ended 31st March,2018 Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting 15 marks
24. Q3 (B) Amit Construction Pvt. Ltd. engaged on two contracts Hand & Gloves. From their Books of Accounts the following Particulars are obtained in respect of the year 2018 Wages Outstanding on 96,000 72,000 Material at site on 1,32,000 48,000 Value of Plant on 3,90,000 3,84,000 On November,2018, Material costing Rs 54,000 have been transferred to contract Gloves from You are required to show Contract Accounts and the amount of profit/Loss that may be transferred to Profit & Loss Account
25. Q4 (A)A Ltd follows non-integrated system of accounting. Following is the Trial balance as on 31/3/2017 Work-in-progress Control Account Following were the transactions during the year ended 31/3/2018 Material issued to production Rs. 9,00,000 Indirect Material for Factory Rs. 1,20,000 Indirect Material for Office Rs. 30,000 Factory Overhead charged to production Rs.3,55,000 Cost of Finished Goods Sold Rs.30,00,000 Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting Prepare the following accounts for the year 15 marks
26. Q2 Work-in-progress control A/C
27. Q7 Costing Profit and Loss Account A/C
28. Q1 From the following information ,Calculate Labour Variances Standard for 3 units 18 Hours
29. Q2 Following information is available in respect of Tara Ltd. and Chand Ltd.
    • l) P/V Ratio of both Companies Il) Fixed Cost of both Companies
30. Q3 Break Even sale of both the companies
31. Q4 Margin of safety of both the companies
32. Q5 A) . Acompany annually manufactures and sells 30,000 units of a product, the selling price of which Rs 60 per unit You are required to compute: Break-even sales in units HI) Break Even sales in Rupees 15 marks
33. Q4 Sales to profit of Rs 3,00,000
34. Q5 Profit when 50,000 units are sold Vi) New Break Even Point in Rupees if fixed cost is reduced by 20% Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting
35. Q5 (B) Calculate Material and Labour Variances from the following. Actual for production of 200 units 15 marks
36. Q6 A) Describe in brief the costing procedure adopted in process costing 10 marks
    • B) Explain Life Cycle Costing Write short notes on (Any Four) (20Marks) 10
37. Q2 Normal Loss
38. Q3 Retention Money
39. Q4 Work Uncertified
40. Q5 Cost Drivers related to business function of Marketing 6.Work-In-Progress Control Account Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting
41. Q3 AMT Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting
42. Q80 aT
43. Q8 SATS
44. Q22 SATS
45. Q82 ST SATS Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting
46. Q3 art
47. Q9 ward Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting
48. Q2 fee
49. Q3 AT

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