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

Questions asked in this paper

• (2) Figures to the right indicate full marks

1. Q1 A) Select the most appropriate answer and rewrite the full sentence ( Any Eight ) 8 marks
2. Q1 Material Supplied to Site is debited to
3. Q2 Wages Control A/c is debited by
   • c) Direct & Indirect wages d) None of the above
4. Q3 Normal Loss is
   • a) Debited to process Ignored
   • c) Credited to process d) None of the above
5. Q4 Abnormal loss is valued at
   • a) Cost of output b) Market c) Marginal Cost Standard Cost
6. Q5 The product which has equal economic importance is a
   • a) Joint product b) By-product c) Economic product d) Consumer product
7. Q6 Abnormal loss arises due to
   • c) Abnormal conditions d) None of the above
8. Q7 Margin of safety is referred to as
   • a) Excess of sales over break even sales b) excess of sales over variable cost
   • c) excess of sales over fixed cost d) excess of sales over budgeted sales Difference between standard cost and actual cost is called as
9. Q10 ABC stands for
   • a) Activity based costing b) ABC Analysis c) Asset based Control d) All of the above
10. Q1 B) State whether the following statements are True or False (any seven) 7 marks
11. Q2 Acontract usually takes more than one year to complete
12. Q3 Work uncertified is valued at cost
13. Q4 Process A/c is credited by scrap value of Normal loss
14. Q5 Joint product is additional product manufactured
15. Q6 P/V ratio is a test of profitability
16. Q7 Increase in Fixed cost does not affect break even point
17. Q8 Standard cost is estimated cost
18. Q9 Idle time variance is always adverse
19. Q10 Bench marking is making on the benches
20. Q2 A) Following information relates to a building contract commenced on April 2016 for Material at site at the end 10,000 Cash received from the Contractee during the 12,00,000 The Value of Plant at the end of 2016-17 and 2017-18 was Rs.14,000 and Rs.10,000 Prepare contract Account for the year 2016-17 and 2017-18
21. Q2 B) M/s Aircraft Builders undertook a contract for a contract price of Rs. 60,00,000 and commenced the work on July, 2017 The Following particulars are available for 9 months ended 31“ March, 2018. (15) Material issued from stores The following further information was available
    • a) Outstanding wages and direct expenses were Rs.5,000 and Rs.10,000 respectively on
    • b) Materials at site at the end of the year is valued at Rs.60,000
    • c) Value of work uncertified Rs,1,00,000 on March, 2018
    • d) Included in wages is the salary paid to a supervisor @ 15,000 pm who had devoted half of the time on this contract
    • e) Working life of the plant is estimated to be 5 years at the end of which it is estimated to realise Rs. 25,000 as scrap value. The Plant was purchased exclusively for this contract only.’ Prepare contract account for the year ended on March, 2018
22. Q3 A) An Article has to undergo three different processes before it becomes ready for sale. From the following information, find out cost of production per unit of that article, if 200 units of that article were manufactured upto December, 2016. (15) Expenses of 200 units of article are : The indirect expenses for the period amount to Rs. 6,000 in the factory out of which Rs. 2,000 is attributable to this product. There was no stock at the end in any process. The indirect expenses should be allocated to each process on the basis of labour
23. Q3 B) JK Ltd produces a product “ AZE”, which passes through two processes ( Process I and Process The output of each process is treated as the raw material of the next process to which it is transferred and output of the second process is transferred to finished stock The following data related to December, 2018. (15) 25 000 units introduced at a cost Rs.2,00,000 Scrap value of Normal wastage( Rs. 9.90 Prepare Process I and Process II account Prepare Abnormal loss/Abnormal gain Account as the case may be
24. Q4 The balances appearing in the cost ledger of Kishor Engineering Co Ltd as on April, 2017 were as follows:- (15) Work-in- Progress Ledger control 10,500 Transactions for the year; Purchase of Materials 1,85 000 Purchase of Special Job 8,000 Stores issued to Maintenance Department 4,500 Stores issued for production Stores returned to suppliers 1,500 Production overhead absorbed by production 37,000 Administrative overhead absorbed by finished 58,000 Selling & Distribution overhead recovered in sales 26,500 Finished goods produced during the year Cost of finished goods sold Prepare following ledgers
    • c) Work-in-progress ledger control account
    • f) Trial balance as on 31-03-2018 From the following information calculate Labour variances. (08)
25. Q4 B) A Company usually manufactures and sells 20,000 units of a product, the selling price of which Rs.50 and profit earned is Rs.10 per unit. (07) You are required to compute:
    • a) Break Even sales in units and Rupees
    • b) Sales to earn a profit of Rs.3,00,000
    • c) Profit when 15,000 units are sold
26. Q5 A) Distinguish between Joint product and By-Product. 5B) What are the advantages of standard costing. (07) 8 marks
27. Q5 Write Short notes (any three): 15 marks
    • a) Target costing
    • b) Normal Loss
    • c) Margin of safety
28. Q2 HATS
29. Q9 THA
    • S) UH 24,000 SAM THA AT TA

Read from the scan above, so a character or two may differ. The scan is the original.