BCom In Accounting & Finance (BCAF) SEM I 2017 2018 March 2018 COST ACCOUNTS Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q1 a) Multiple Choice Questions (Answer any eight) 8 marks
   • 1.18 process of accounting for costs.(Auditing, Cost Accounting, Financial Accounting)
   • 2. Fixed cost is cost which is . (Decrease, Fixed, Increases)
   • 3. Under the . method a new cost is determine after each purchases (FIFO, LIFO, Weighted
   • 4. The term. cost refers to the costs incurred for acquiring input.(Carrying, Ordering,
   • 5. Prime cost plus variable cost known as.cost.(Production, Marginal, Total)
   • 7. Charging overheads to the cost unit Apportionment, Distribution)
   • 8. Bad debts is example of. (Overheads , Production, Selling & Distribution)
   • 9.EO Q stands for. (Economic Order Quantity, Economic Offer Quantity, Easy Order
   • 10. is unproductive labour hours.(Idle, Over; Regular)
2. Q1 b) State whether True or False (Answer any seven) 7 marks
   • 1. Store ledger is maintain in store department
   • 2. Normal loss is avoidable
   • 3. Packaging of material is selling cost
   • 4. Bin card shows quantity and value of material
   • 5. All overtime is not unusual
   • 6. In Taylors differential piece rate plan time wages are guaranteed card is useful for time booking
   • 8. Idle time is difference between clocked and time booked
   • Q.P. Code: 30304
   • 9. Cash discount are excluded from cost
   • 10. Overhead absorption is the allotment of overhead to cost unit
3. Q2 a) Sarika Ltd furnished the following information: Cost of processing an order Rs. 600 Insurance of inventory 25% p.a Compute: EOQ, Number of orders per year If a supplier offers a discount of 5% on a purchases of 500 units, should it be (8 Marks)
4. Q2 b) The stock of material on hand on 1* July 2012 was 1000 units @ Rs.3 each. With the help of following information calculate quantity and value of stock in hand as on July 2012 under FIFO 2-7-2012 500 units @Rs 4 each. 4-7-2012 500 units @Rs 5 each 8-7-2012 @Rs 5 each. 7-7-2012 500 units @Rs 5 each 25-7-2012 400 units @Rs 3-each. 22-7-2012 @Rs 5 each
5. Q2 a) For a manufacturer of a certain product two used as A. The following particulars are available for week: You are required to. calculate: Reorder level, Minimum level, Maximum level, Average stock level (8 Marks)
6. Q2 b) The stock of material on hand on 1* June 2011 was 1500 units @ Rs 30 each. With the help of following information calculate quantity and value of stock in hand as on June 2011 under Weighted 2-6-2011 900. units @Rs 40 each. 4-6-2011 1500 units @Rs 50 each
   • Q.P. Code: 30304 8-6-2012 1000 units @Rs 50 each. 7-6-2011 1500 units @Rs 50 each 25-6-2011 1400 units @Rs 30 each. 22-6-2011 1500 units @Rs 50 each
7. Q3 a) Amit an employee of XYZ Ltd. gets the following benefits: Employees contribution : to provident fund 8% of salary and DA Employees contribution : to ESI 4% of salary and DA Bonus 20% of salary and DA Amit works for 2500 hrs p.a. out of which 500 hrs are non-productive but treated as normal idle time You are required to find out the effective hourly cost of Amit (7 Marks)
8. Q3 b) A worker produced 200 units week’s time. The guaranteed weekly wage payment for 45 hours is Rs.80. The expected time to produce one unit is 15 minutes which is raised further by 20% under the incentive scheme. What will be the earnings per hour of that worker under Halsey (50% sharing) and Rowan bonus schemes? ( 8 Marks)
9. Q3 a) From the following information calculate Labour Turnover as per Replacement Method, No. of workers as on 1.1.2000 are 7500 No. of on 31.12.2000 are 8500 During the year100 workers were left and 300 workers were discharged and 1000 workers were replaced out of workers were recruited because of exist and the rest were recruited in accordance with expansion plan of company. (7 Marks)
10. Q3 b)Calculate the earnings of workers A & B under Straight Piece Rate System and Merrick’s Multiple Piece Rate System from the following particulars. (8 marks)
    • Q.P. Code: 30304 Output per day is as follows Working hours per day are 8 In factory there are two service departments P and Q and three Production departments In April 2000 the departmental expenses were: The service department expenses are allotted on.a percentage basis as follows: Prepare a statement showing the distribution of the two service departments expenses to the three
    • c) Trial & Error Method 15
11. Q4 a) S Ltd has 3 production department L, M,N -After all overheads allocation and apportionment, the production department budget for the year included the following: A predetermined overhead absorption established for each production department each year. Actual data for June 2000 included: Required:1. Calculate from the data provided an appropriate predetermined overhead absorption rate for each production department and
    • Q.P. Code: 30304
    • 2. Calculate the amount of the over/ under absorption of overhead in each department and in total for the
12. Q4 b) Compute the Machinery Hour Rate from the following data: Cost of machinery 200000 Estimated scrap value after expiry of its 10 years life 5000 Rent and rates per month Repairs and maintains p.a. 1000 Power consumption 10 units per hour and rate per 100 unit of power Estimated working hours p.a. 2000. The machine occupies 4 th of the total area of the shop. The supervisor is expected to devote 1/5 th of his time for supervising the machine. (8 marks)
13. Q5 a) write a distinguish between Cost Accounting and Financial Accounting 7 marks
    • b) Define Cost and explain the various classification of cost 8
14. Q5 Write a Short note on (Any Three) 15 marks
    • 1. The Principles of material cost 2 Advantages of Cost Accounting

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