BCom TY BCom Tybcom Others 2014-15 Cost Acc. Auditing .Year Question Paper - Mumbai University | munotes

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Questions asked in this paper

(2) Figures to the right

Q3 Process of
- (3) . Costing of cost is known as e None of the above Cost which can be identified easily is called
- (5) Good Received Note is prepared by
- (6) Interest on investment increases e None of the above
- (7) Tea and Lunch break is None of the above [ TURN OVER
- (8) Warehouse expense is an example e None of the above
- (9) Payroll shows All of the above
- (10) Under Perpetual inventory control e Stock is verified continuously Stock is verified periodically Stock is verified at the end of every quarter 5 Stock is verified at half yearly
- (B) State whether the following statements are True or False. (Any 7)
- (1) Sunk costs are relevant for decision making
- (2) Administration costs are mostly variable cost
- (3) The cost of abnormal wastages is added to the cost of product a (4) Eamings under Halsey and Rowan Plan are the
- (5) Cost Accounting is a branch of Financial Accounting
- (6) Under/Over absorption of overheads take place only when a rate of overheads is used
- (7) Reconciliation of cost and financial accounts is necessary in case of non integrated system of accounts. —
- (8) Secondary packaging cost is not production cost but distribution
- (9) Purchase Requisition Note is prepared by the Stores department
- (10) Stores Ledger is maintained in the cost accounting department
Q2 (A) Calculate machine hour rate from the following 1 Cost of machine (%) 1,1 Estimated maintenance cost during working life of machine Rent & Rates per month (10% to be machine) Standing charges other than rent, rates etc. per month
- (B) A Manufacturer 5 Total annual requirement Spares from outside suppliers at 40 perset. 7 10% and cost like rent, 5000 sets. The annual cost of investment in inventory is be 1. Cost of Placing an taxes etc. per unit per year works out to
- G) The (By formula method) of orders to be placed
Q2 (A) A Company is ) two production departments namely A & B and two service 8 as follows. The incurred during the month of March, 2014 are Insurance on Assets 9,000 The following information is also available for the above departments No. of Workers 100 50 25
- H.P. of machine ,, 60 Value of Assets in Thousands) 10 No. of Light Points 30 15 10 05 Prepare a statement showing primary distribution of
- (B) The following information relates to yeat 2 Calculate the material turnover ratios regarding each of these materials and express in number of days the average inventory held
Q3 Calculate the earnings of Ashok and Bhanudas from the following particulars for a month and allocate the labour cost to each Job, No.1, No.2 and No.3
- D.A. (on Basic wages) 50% 50% Employees Contribution to (on Basic wages) 8% 8% Employees Contribution to E. S. I. (on Basic wages) 2% 2% Expenditure on amenities (Per Month) 250 350 The normal working hours for the month are 200. Overtime is paid at double the total of Basic & D. A. Employer’s Contribution to State Insurance and PF. are at equal rates with employees’ contribution. Two workers were employed on Jobs, No.1, No.2 & No.3 in the following proportions Overtime was done on Job No.2 a Service department, The Band C are Production departmentsandDis 8 for a period are as follows: Repairs to Plant 10,000 The following information is available in respect of four departments No. of Light Points 15 11 9 5 No. of Employees 200 150 100 50 Value of Plant (%) 2,40,000 1,80,000 | 1,20,000 60,000 Value of Stock 1,50,000: 90,000 60,000
- (B) From the following information, Calculate Economic Order Quantity by using 7 Formula and Tabulation Method in various lots such as (i) 6400 units (ii) The procure ) (v) 400 units (vi) 200 units and (vii) 100 enses incurred during the yea;
Q4 Following details are furnished by Deepak Ltd. of Opening Stock of Finished Goods Closing Stock of Finished Goods 96,000 Depreciation on Plant & Machinery 17,500 Loss on Sale of Machinery 85,500 Purchase of Machinery 1,90,0 Depreciation on Delivery U 1,14,000 Closing Stock of Finished goods to be valued at cost of production You are required to prepare Cost Sheet showing various elements of cost both in total J per unit and also find out total profit & per unit profit ended 3 1-03-2014. Profit and Loss Account of XYZ Industries for the year 15 for the year ended 31 st March 2014 To Materials Cons To Wages 2,00,000 | By Sales (12000 units) 4,80,000 To Factory E 75,400 | By Closing Stock To Administrat; 54,600 | By Interest on Securities 17,000 To Selling & p; ve Overheads 52,500 | By Profit on sale of Assets |1,20,000 To Interest on Loans > The cost accounting record for the above period showed the following :
- (c) Factory overheads were absorbed @ 25 % of Prime Cost
- (d) Administrative Overheads were absorbed @ 5 per unit produced
- (e) Selling and Distribution overheads were absorbed @ 7 per unit sold You are required to prepare the detailed Cost Sheet for the year ended 3 1-03-2014 and a Statement of Reconciliation
- (A) What is meant by Labour Turnover? What are its causes 7
- (B) Explain in brief necessity of Cost Write short notes on (any three) of Elements 1
- (i) Classification of Cost on the basis of tion of Overheads
- (iv) Causes of Over and Under Absorp
- (v) Direct Costs. ( 4

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