Bachelor Of Management Studies (BMS) SEM III 2019 2020 Oct 2020 COST ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

• 2. Figures to the right indicate full marks

1. Q1 Objectives Questions. 15 marks
   • (A) State whether the following are truc or false: (Any 8) Uniform costing helps in cost control 8
   • 2. Rent received is only credited in financial accounts
   • 3. Debenture interest is excluded from cost sheet
   • 4. Labour turnover can be reduced
   • 5. Under FIFO method, stock purchased first is deemed to be issued first
   • 6. Stores ledger is maintained in the stores department
   • 7. Vhe economic order quantity is the re-order
   • 8. Danger level is normally a level below the minimum stock level
   • 9. Normal loss is shown on the credit side of process account
   • 10. The output of process | becomes the input of process 2 the following : (Any 7) (07) I. | Target Costing a
   • b. Finance overhead
   • 4. d. Direct cost E | Carriage outward Japan by Toyota Motors Bonus System Selling and Distribution Depreciation on plant and Machinery | Abnormal Gain
2. Q2 Product A is obtained after it passes through three distinct processes, I, I] and III. The following information is obtained from the accounts for the month of march,2018 : (15) 1000 units at Rs.6 each introduced into Process I. There was no stock of material or work in progress at the beginning or at the end. The output of each process passes directly to the next process and finally to the finished stock. Production overhead is recovered at 100% of direct wages. The following additional data are obtained : Process Output during the Percentage of normal month (units) loss to input unit a(Rs.)
3. Q2 The following is supplied from the costing records of a company : Maintenance | 1.200 Empioyer's contribution to P. F Cost of machinery (Rs.) 24,000 18,000 6,000 Stock of goods (Rs.) [6.000 Prepare a statement showing apportionment of costs to various departments 15 marks
4. Q3 (a) the following particular find out the Economic Order Quantity : 8 marks
5. Q3 (b) Calculate the earnings of a worker under
   • (i) Halsey plan and (ii) Rowan plan from the following particulars Hourly Rate of wages = Rs. 10 per hour Actual time taken by the worker - 40 hours 7
6. Q3 Calculate by FIFO method of inventory valuation, the cost of goods sold and value of closing inventory trom the following (15)
7. Q4 The following data have been extracted from the books of Shri Ganesh Industries Ltd. for the year Opening Stock of Raw Materials 25,000 Purchases of Raw materials 85,000 Closing Stock of Raw materials 40.000 Rent and Rates : Indirect Consumption of Material 500 Depreciation on Plant 1,500 Depreciation on Office Furniture 100 Travelling Expenses of Salesman | 1.100 The Managing Director's Remuneration is to be allocated Rs. 4,000 to factory, Rs. 2,000 to the Rs. 6,000 to selling departments. From the above information prepare a statement of cost showing
   • (a) Prime Cost; (b) Works Cost; Cost of Production ; (d) Cost of Sales; (e) Net Profit
8. Q4 The net profit of Dhura Ltd. shown by cost accounts for the year ended March 2015 was Rs. 10.35.000 and by financial accounts for the same period was Rs. 5,00,200 A serutiny of the figures of the financial accounts and the cost accounts revealed the following Administrative overhead under recovered in cost accounts 14,800
   • 2. Pactory overhead over-recovered in cost accounts 20,000
   • 3. Depreciation over charged in financial accounts 40,000 4, Interest on Investment 20,000 Ly | 5. Loss due to Obsolescence charged in financial accounts 24,000
   • 6. Abnormal labour wastage charged in financial accounts 2,00,000
   • 7. Income tax provided in financial accounts 2,80,000
   • 8. Bank interest credited in financial accounts 4,000
   • 9. Stocks adjustment credited in financial accounts 28,000 10, Loss due to depreciation in stock values charged in financial accounts 48,000
   • (A) How is Cost Classified? 8
   • (B) Explain Bench Marking in Detail? 7
9. Q5 , Short Notes (Any 3) 15 marks
   • (b) Target Costing
   • (c) Stock Levels
   • (e) Weighted Average method of Inventory valuation

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