Bachelor Of Management Studies (BMS) SEM III 2023 2024 2024 COST ACCOUNTING BASICS OF FINANCIAL SERVICES Question Paper - Mumbai University | munotes

Questions asked in this paper

• Note: 1) All questions are compulsory 2) Figures to the right indicate full marks

1. Q1 A] Fill in the blanks with correct options. (Any 8) 8 marks
2. Q1 Which of these is not an objective of Cost Accounting ?
   • A) Assisting shareholder in decision making B) Ascertainment of cost C) Determination of selling price D) Cost control and cost reduction
3. Q2 Elements of Cost a product
4. Q3 Raw Materials are directly identifiable as a part of the final product and are classified
   • A) Direct cost B) Period cost C) Fixed cost D) Any of the above
5. Q4 indicates the level of each particular item of stock at any point of time
   • A) A bin card B) Bill of material C) Material Requisition Note D) All of the above
6. Q5 In which of the following incentive plans of payment, wages on time basis are not
   • A) Taylor's differential piece rate system B) Halsey plan C) Rowan plan D) Gantt's task and
7. Q6 Under the high wage plan, a worker is paid
   • A) At a time rate higher than the usual rate B) According to his efficiency C) At a double rate for overtime D) Normal wages plus bonus
8. Q7 The allotment of whole items of cost of centers or cost units is called
   • A) Cost allocation B) Cost apportionment C) Overhead absorption D) None of the above
9. Q8 Packing cost is
   • A) It may be any or the above B) Productions of cost C) Distribution cost D) Selling cost
10. Q9 While calculating " Raw Material Consumed" , the opening stock of raw
11. Q10 It involves setting a cost by subtracting a desired profit margin from a competitive market
12. Q1 B] State whether the following statements are true or false. (Any 7) 7 marks
13. Q1 Uniform costing helps in cost control
14. Q2 Rent received is only credited in financial accounts
15. Q3 Debenture interest is excluded from the cost sheet
16. Q4 Labour turnover can be reduced
17. Q5 The output of process I becomes the input of process 2 marks
18. Q6 Normal loss is shown on the credit side of the process account
19. Q7 Under FIFO method, stock purchased first is deemed to be issued first
20. Q8 In Absorption costing both fixed and variable cost are allocated to cost units
21. Q9 Prime cost is also termed as factory cost
22. Q10 are not included in financial books
    • A) Advantages of cost accounting. 7
    • B) Disadvantages of cost accounting 8
    • C) Classification of cost accounting 7
    • D) features of process costing 8
    • A) Calculate the Economic Order Quantity from the following state the number of orders to be placed in a year. 7 Marks Consumption of material per annum = 10,000kh Cost per kg of raw materials = Rs. 2 Storage cost = 8% on average inventory
    • B) The components A and B are used as follows Norm usage - 300 units per week each Maximum usage - 450 units per week each Minimum usage - 150 units per week each Reorder Quantity - A = 2,400 units and B = 3,600 units Reorder period - A.= 4 to 6 weeks and B = 2 to 4 weeks 8
    • C) Compute EOQ and the total variable cost for the following Determine the total variable cost results for the items if an incorrect price of Rs.12.80 is used 7
    • D) Advantages and disadvantages of Time Rate System 8
    • A) The net profits of Nidhi Limited according to financial accounts was 84,377 while profits shown by cost accounts were 106,200 for the same year. Prepare reconciliation statement to reconcile both the profits from the following information: Depreciation charged in financial accounts 5,600 5600 SYBMS FINANCE/Sem III/Cost Accounting/Time : 2" hours/75 marks Depreciation charged in cost accounts 6250 Works overheads under absorbed in cost accounts 1560 Office overheads over-recovered in cost accounts 850 Interest on loans (credit) not included in cost accounts 4000 Loss due to obsolescence charged in financial accounts 2850 Bank interest and dividends received 375 Loss due to depreciation in inventories charged in financial accounts 3375
    • B) From the following particulars a Cost Sheet of Polar energy. Opening stock of raw materials - 20,000 Closing stock of raw material - 75,000 Opening stock of Closing stock of Work-in-progress - 15,000 Opening stock of Finished goods - 50,000 Factory overhead - 80,000 Sales for the year - 12,00,000 Selling & Distribution expenses - 30,000 Oy C) From the following information of Gems Ltd. for the year 2013 you are required to prepare the cost sheet Stock of raw materials (1.1.2013) Stock of raw materials | 10,000 Other Direct Charges 30,000 [Office rent and Factory rent and rates [Indirect consumption of Salesman salary Salary to office supervisor [5,000 VCD/__/Class SYBMS FINANCE/Sem Accounting/Time : 2!” hours/75 marks Other selling expenses raveling expenses of 8
23. Q5 Write Short Notes. (Any 3 ) 15 marks
24. Q1 Important objectives of inter-firm comparison
25. Q2 Explain classification of ratios based on function
26. Q3 Explain Benchmarking process
27. Q4 Explain advantages of Benchmarking
28. Q5 Advantages of Target Costing
29. Q1 Explain Meaning and Steps involved in Target costing 15 marks

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