BCom In Accounting & Finance (BCAF) SEM V 2016 2017 2017 Cost Accounting Question Paper - Mumbai University | munotes

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1. Q1 A) Multiple choice questions (Any eight) £ 1. Target cast management is
   • a) A management technology to establish a cost target
   • b) Astructured approach for determining cost
   • c) Both of these
   • d) None of these
2. Q2 The type of process loss that should not affect the cost
   • a) Abnormal loss
   • b) Normal loss
   • c) Seasonal loss
   • d) Standard loss
3. Q3 In cost accounts stock are valued at
   • c) Cost or net realizable value less
   • d) Estimated cost
4. Q5 The cost pools and cost drivers are used to assign indirect costs to separate ledgers and separate set of costing ledgers fordirect expenses and indirect expenses
   • Q.P. Code :10637
5. Q8 Profits related to new product in its introductory stages are
   • a) Negative
   • b) Continuous rising
   • c) Higher
   • d) Declining
6. Q9 Material handling in the life cycle is :
   • a) Operation cost
   • b) Initial cost
   • c) Acquisition cost
   • d) None of these
7. Q10 Appropriation of profit is in
   • a) Included
   • b) Not included
   • c) Considered
   • d) Separately shown
8. Q1 B) State whether the following statement are true or False (Any seven) 7 marks
9. Q1 Canteen uses number of
10. Q2 Log book and Daily jog sheet are the same
11. Q3 Integral accounts eliminate the necessity of operating cost ledger control accounts
12. Q4 Loss on sale of in accounts under integral system
13. Q5 The technique used in of performance, efficiency, costs, profits etc. of firms type of products is called interfirm comparison The documentin writing adopted by trade associations or by undertaking the Uniform costing is called Uniform cost Manual Service costing 1s not used in hospitals no personal accounts are kept but the transactions affecting the nominalaccountsare recorded workers are debited to stores ledger control accounts in
    • Q.P. Code
14. Q2 Ltd. keeps books on Integral accounting system. Transactions for the month of August 2016 were as under : 15 marks
    • a) Raw material purchased form Ajay and Co. (50% on credit) 5,00,000
    • b) Depreciation on Machinery 30,000
    • c) Cost of goods produced 4,00,000 =
    • e) Return of Indirect Material to store 1,00,000
    • f) Sales (30% on cash) 8,00,000
    • g) Material returned to Sanjay and Co. from stock 40,000
    • h) Cost of defective work taken out of process 20,000
    • i) Purchase of truck from Azad Itd credit) 1,00,000
    • j) Loan from Axis Bank 6,00,000
    • k) Cost of goods sold 6,00,000 Receipt from Ajay 50% of the amount by cheque You are required to pass journal entries in the books of Razor Ltd for the month of August
15. Q2 Limited opens the costing record with the balances, From the following information, ou are required to prep are the ledger Balance Transactions during the year as follows Return to su applied to production at 150% of direct wages, any under over > forward for the subsequent months. All administtation expenses are treated as period cost and charged off to the Profit & “boss of which they are incurred 15 marks
    • Q.P. Code :10637
16. Q3 From the following information relating to Q’. Prepare the Statement of Equivalent Production, Statement of Cost, Statement of Evaluation and Process Account and Abnormal Loss/Gain Account. (FIFO Method) 15 marks
    • a) Opening Work in Progress-4000 Units Degree of completion
    • b) Received from Process 40,000 Units for Rs. 1,72,800
    • c) Expenses incurred in Process during the month
    • d) Closing work in Progress - 3000 Units Degree of completion
    • e) Units Scrapped
    • f) Normal loss ~5% of Spoiléd-goods realized at Rs.1.50 per unit on sale
    • g) Completed-units-are transferred to warehouse
17. Q3 A certain product three. process before it is transferred to finished ‘ollowing information is obtained for the March 2017 in - processes are Valued at prime cost and finished stock has been valued at price at received from process Sales during the period were Rs. 700000 Prepare and Finished Stock Account showing the Profit elements at each
    • Q.P. Code :10637
18. Q4 Mr. Aryan runs a Holiday Inn Hotel which has 40 rooms. During summer season rooms. are occupied to the extent of 80% and during winter season occupancy is 60% The following costs were incurred during the year ended December 2015 Salaries to staff 6,00,000 Rates and Taxes 5,00,000 Room attendant is paid Rs 50 per day when Ascertain the amount to be charged per room per day if profit expected on takings Summer is of 8 months and winter 4 months. month of 30 days fleet of taxis and the following information is available from his 15 No. of Taxi 10 Salary to Manager Rs.750 per month Salary to Accountant Rs.500 per month Salary to 5 Rs.200 per- month Total a taxi is about km. ‘A taxi runs in all 3,000 km in a month of which empty. Petrol consumption is one litre for 10 km @Rs.49 sundries are Rs.7_per ay. Define uniform costing and state the important features. 07 Distinguish between integrated and non-integrated system of maintaining accounts? 08 notes on (Any three) “Objectives of inter-firm comparison system of accounts SITS, Features of operating costing 15 marks

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