B.Com. (Financial Management) SEM III 2022 2023 Oct 2022 COST ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 (A) State whether True or False: (Any Eight) Direct Material is an indirect cost 8 marks
   • 2. Lubricants are direct material
   • 3. Depreciation is book cost
   • 4. Transfer to General Reserve is an item of cost accounts
   • 6. Cost sheet shows total cost and cost per unit
   • 7. Waste having realisable value is called as scrap
   • 8. is also called as re-order quantity
   • 9. Stock levels are fixed up for inventory control
   • 10. FIFO method of pricing of materials results in higher profits
2. Q1 (B) Match the following. (Any Seven) Prime Cost A. Movement of Materials Casual Workers C. Replace the absentees Weighted Average Method G. First In First Out 7 marks
   • 8. Purchase Requisition H. Evidence of delivery material
   • 9. Delivery Challan Requirement of Material
   • A) Mr. Rajendra furnishes the following data related to the manufacturing of X standard product during the month of April 2018. (45) Administrative Expenses 20% on work cost Unit Sold 16000 at Rs. 4 per unit You are required to prepare a cost sheet from the above showing: cost per unit and profit per unit sold
3. Q2 B) From the following prepare a cost statement showing cost of goods manufactured and sold. The books and records of Anand manufacturing company present the following data for the month of Direct Labour cost Rs. 16000 (160% of factory overheads) Cost of goods sold Rs. 56000 VCD: SYFMG Cost Accounting Marks 2% Hours / Inventory accounts give opening and closing balance: Work-in-Progress 8000 12000 15 marks
4. Q3 A) From the following Particulars, prepare a stock record by FIFO and Weighted Average Method. The stock on hand on Ist January, 2018 was 100 units @ Rs. 25 each 15 marks
5. Q3 A) Calculate total earning of two workers under Halsey Premium Plan and Rowan Premium Plan from the following particulars: (8) Rate of Wages: Rs. 2 per hour
6. Q3 B) of a worker under Halsey premium plan and Rowan premium plan for a piece of woik in 40 hours as against 50 hours allow ed. His hourly rate is 25 per hour and under Halsey System he’s to be paid a bonus of 50% on time saved. In addition he gets a Dearness allowance of Re. | per day of 8 hours work. (7)
7. Q4 A) Prem Ltd. has five departments. O, P and Q. The expenses incurred during the month of March, 2017 are as follows. (15) Repairs to Plant 35,000 Depreciation on Plant 23.940 Insurance on Stocks 32.000 The following data are also available in of the five departments No. of Workers 25 20 10 10 5 Value of Plant 0,000 18,000 16,000 10,000 6,000 SYFMG Cost Accounting SEM: III 75 Marks 2% Hours Value of Stock (Rs) {15,000 | 10,000 | 5,000 | 2,000 No. of Light Points 14 12 9 4 Prepare a Statement showing Primary Distribution of Overhead
8. Q4 B) A Company has Five production departments namely A, B, C, D and E. The expenses incurred during the month of Dec 2018 are as follows: (1S) Fire Insurance on stock 100,000 Rent and taxes 100,000 Repairs and Maintenance Depreciation on Plant he following formation is also available for above departments: No. of workers 200 100 100 150 50
   • H.P. of Machine 80 50 20 Value of Plant (Rs) 120,000 | 90,000 60,000 30,000 40,000 Value of Stock (Rs) 1,50,000 | 90,000 | 60,000 Prepare a Statement showing Primary Distribution of Overheads
   • (A) What is a cost sheet? What are the purposes of cost sheet?
9. Q5 , (B) Distinguish between Cost Allocation and Cost Apportionment. q Write short notes on: (Any Three) (15) 7 marks
   • 2. Fixed Cost
   • 4. Rowan Plan

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