BCom TY BCom Sem 5 2022 2023 Nov 2023 FINANCIAL ACCOUNTING AND AUDITING VII COST ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

• e Figures to the right indicate full marks allotted to the questions

1. Q1 a) Select the most appropriate option and rewrite the full sentence (Any Ten) (10Marks)
2. Q1 Royalty on production
   • (c) variable cost
   • (b) administration cost
   • (c) selling cost
   • (d) Overhead
3. Q3 At , new order for material is placed
   • (a) Maximum level
   • (b) Minimum level
   • (c) danger level
   • (d) Reorder level
4. Q4 is the maximum of stock which can be held in stock at any time during the year
   • (a) maximum level
   • (b) minimum level
   • (c) reorder level
   • (d) danger level
5. Q5 Labour Turnover is
   • (a) Productivity of Labour
   • (b) Efficiency of the Labour
   • (c) Change in Labour Force
   • (d)Total Cost of the Labour
6. Q6 Bonus under Halsey plan is paid at
   • (a) 50% of time saved
   • (b) 75% of time saved
   • (c) 80% of time saved
   • (d) 90% saved
7. Q7 Tea & Lunch break is
   • (a) Overtime
   • (d) Standard time Paper Subject Code: 23107/ Financial Accounting and Auditing VIII - Cost Accounting
8. Q8 When the amount of overhead absorbed is less than the amount of overhead incurred, it is called
   • (a) under absorption of overhead
   • (b) over absorption of overhead
   • (c) proper absorption of overhead
   • (d)lower absorption of overhead
9. Q9 Indirect Cost Be traced particular cost object
   • (b) Cannot Be traced to a particular cost object
   • (c) Are not important
   • (d)Are always variable cost
10. Q10 The process of charging the traceable overheads to cost centre is called as
    • (a) overheads allocation
    • (b) overheads charging
    • (c) overheads allotment
    • (d)overheads apportionment
11. Q11 which are incurred on the basis of time and are charged to the period in which they are incurred are
    • (a) Fixed Costs
    • (c) Normal Cost
    • (d) Abnormal Cost 12). Selling & Distribution Overheads does not include
    • (a) Director's Fees
    • (b) Carriage on Sales
    • (c) Rent of Warehouse
    • (d) Advertisement
12. Q1 (b) State whether the Following Statements are True or False (Any 10)
13. Q1 Office rent is Prime cost
14. Q2 Administration Cost is not included in cost of Work in Progress
15. Q3 Variable cost is the cost which does not vary with the changes in the volume of activity in the short run
16. Q4 Re-order level is calculated as Maximum level - Minimum level
17. Q5 Under the weighted average method, a new issue price is determined after
18. Q6 Materials are issued from one process to another, on the basis of Goods
19. Q7 Reconciliation of Cost and Financial Accounts is necessary in case of non integrated system of accounts
20. Q8 Profit on sale of investment is considered in cost accounts
21. Q9 Transit Insurance relates to Value of Goods in Transit 10.Preliminary expenses written off appears only in financial accounts 11.In Halsey Plan, Time wages are guaranteed 12.Idle time arises when workers are paid on piece basis Paper Subject Code: 23107/ Financial Accounting and Auditing VIII - Cost Accounting
22. Q2 a) The following information is available from the books of MK Ltd. for the year 2020 and 2021. (10 Marks) From the above information find out
23. Q1 Purchases and Cost of Goods sold for the year 2020
24. Q2 Stock Turnover Ratio and Cost of Goods sold for the year 2021
25. Q2 b) Vosco Ltd. has collected the following data for one of its material X as follows: (10 Marks) Interest of the locked-up capital 3%, pilferage while holding inventory 2%, Order processing cost Rs. 120 for each order
26. Q1 What should be the
27. Q2 Calculate the Number of orders to be placed in a year
28. Q3 Calculate the Total Annual Ordering Cost
29. Q4 Calculate the Total Annual Carrying Cost
30. Q5 Calculate the Total annual Material Cost
31. Q2 Trading and Profit and Loss Accounts of X Ltd. for the year ended To Management expenses 62,500 | By Interest on 6,500 For the year ending 31" March 2022 following estimates have been made:
32. Q1 Production and sales units will be doubled
33. Q2 Direct material cost per unit will rise by 20% Paper Subject Code: 23107/ Financial Accounting and Auditing VIII - Cost Accounting
34. Q3 Direct wages per unit will increase by 40%
35. Q4 Of the factory overheads Rs 1,50,000 are Fixed and would remain same. And variable Overhead Per unit would also remain same as in 2020-21
36. Q5 Total office and administrative overheads would be Rs. 2,80,000
37. Q6 Selling and Distribution overheads per unit will remain same
38. Q7 Selling price per unit would rise by 10% You are required to prepare:
39. Q1 Cost Sheet for the year ended March 2021 showing cost per unit and total cost and
40. Q2 Estimated cost sheet for the year ending March 2022 showing cost per unit and total cost
41. Q3 The company has Three production departments X, Y and Z and Two service departments S-1 and S-2. (20 Marks) The following estimates of expenses are available Insurance on Machinery 7,68,000 Insurance on Buildings 7,04,000 Rent and Rates 2,56,000 Depreciation on Machinery 7,20,000 General expenses( proportionate to direct Wages) 5,00,000 Other technical details about departments are as under: Number. of Workers 10 15 15 5 5
    • H.P. of Machine 30 20 25 15 10 Cost of Machine (Rs. in Lakhs) 5 2 1 1 1 Direct Wages (Rs In ‘000) 20 25 25 15 15 Show Primary Distribution of Overhead Expenses
42. Q3 (a) A worker produced 200 units in a week's time. Working Hours in a week are 45 The guaranteed weekly wage payment is Rs.81 The expected time to produce one unit is 18 minutes What will be the earnings of that worker under Halsey (50% sharing) Paper Subject Code: 23107/ Financial Accounting and Auditing VIII - Cost Accounting 10 marks
43. Q3 (b) costs Rs.12,00,000 and is deemed to have a scrap value of 10% at the end of its effective life (12 years). (10 Marks) Ordinarily the machine is expected to run for 1,800 hours per year, but it is estimated that 200 hours of the time will be lost for normal repairs and maintenance. Other details in respect of machine shop are as under: Annual wages, bonus, and provident fund contribution of 1,60,000 operators for the Shop Rent.of shop per year 1,20,000 General lighting of the shop per month 6,000 Insurance premium for one machine per annum 28,000 Cost of repairs and maintenance per machine 24,000 Power consumption of one machine per hour 10units @ Rs. 5 per unit There are Two identical machines in the shop Compute the machine hour rate from the above details
44. Q4 (a) The Net Profit of Satish Limited for the year ended March 2022 as per financial Records was-Rs 5,00,000. (10 marks) of the figures of the financial accounts and the cost accounts revealed the following facts Administrative overheads under recovered in cost accounts 14,000 Over recovery of depreciation in financial accounts 30,000 Loss due to fire as per financial accounts 20,000 Abnormal wages charged in financial accounts 1,00,000 Income Tax provision as per financial records 2,00,000 Loss due to depreciation in stock values charged in financial records 40,000 Factory overheads over recovered in cost accounts 30,000 Interest on Investment credited in financial account 20,000 Bank interest credited to financial accounts 5,000 Prepare a Reconciliation statement and find out the profit or loss as per cost records
45. Q4 (b) from following particulars, prepare stock record by FIFO Method Paper Subject Code: 23107/ Financial Accounting and Auditing VIII - Cost Accounting The stock on hand on ist January 2014 was 50 units @ Rs. 25 each
46. Q4 Calculate the earnings of Workers A, B and C for the particular month Also Calculate Labour Cost of Worker A, and allocate the labour cost to each Job (20 marks) Contribution to provident fund Of the Employer as well as that of the employee (8% of Basic and D.A.) Contribution to ESI Of the Employer as that of the employee (2% of The three workers were employed on jobs X, Y, and Z in the following
47. Q5 A. Distinguish between Financial Accounting and Cost Accounting? 10 marks
48. Q5 B. State the features of Halsey and Rowan method of payment of remuneration?
49. Q5 Write Short Notes (Any Four out of Six) 20 marks
50. Q1 Causes of Labour Turnover
51. Q4 Direct Cost
52. Q5 Selling and Distribution Overhead
53. Q6 Allocation Of Overhead and Apportionment of Overhead Paper Subject Code: 23107/ Financial Accounting and Auditing VIII - Cost Accounting
54. Q3 aa vata (20
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55. Q22 Sa el Paper Subject Code: 23107/ Financial Accounting and Auditing VIII - Cost Accounting
56. Q2 2022 Voll site was ward Paper Subject Code: 23107/ Financial Accounting and Auditing VHI - Cost Accounting
57. Q2 Ud 2o % Paper Subject Code: 23107/ Financial Accounting and Auditing VIII - Cost Accounting
58. Q3 (@) Ara (32
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