BCom TY BCom Sem 5 BCom Sem 5 (2016 2017) Apr 2017 ATKT Cost Acc 25th Question Paper - Mumbai University | munotes

Questions asked in this paper

• (2) Figures to the right indicate full marks allotted to the question

1. Q1 (a) Select the most appropriate option and rewrite the full sentence. (Any 8) 8 marks
2. Q1 is not a function of cost accounting
3. Q2 Imputed cost is
4. Q3 Direct material is Directly identifiable with the product Directly identifiable with the stores department Directly associated with purchase department e All the above
5. Q4 Order should be placed with supplier when the inventory touches
6. Q5 Bonus under Halsey plan is paid at e 50% of Time saved 75% of Time saved of Time saved 83% of Time saved
7. Q6 The method which doesn't differentiate between efficient & inefficient e None of the above
8. Q7 Cost of Fancy packing is included in e All the above
9. Q8 Overheads can be classified according to e All of the above Cost of production e All the above 6 marks
10. Q10 Notional rent is recorded in None of the above
    • (b) State whether the following statements are True or False. (Any 7) 07
11. Q1 Absorption means charging overheads to product
12. Q2 Over-absorption of overheads decreases costing profit
13. Q3 Prime cost is indirect cost
14. Q4 Sale of Scrap is added to cost of material
15. Q5 Profit on sale of investment is considered in cost accounts
16. Q6 Time rate plan motivates the efficient workers FIFO Method, Closing stock is valued at oldest prices of material
17. Q8 Purchase order is an order to stores department to issue material
18. Q9 In Halsey Plan, time wages are guaranteed
19. Q10 Secondary Packaging cost is a distribution cost
20. Q2 From the following information, find out value of stock by preparing stores ledger as per FIFO and Weighted Average (Perpetual) Method The weekly physical stock taking on April 7, 2016 showed a shortage of 100 units 2 (A) ACompany is having two production departments namely X & Y departments 08 S1 & S2. The expenses incurred during the month of March, 2016 are as follows The following information is also available for the above departments No. of Light Points 30 15 10 5 45 marks
    • H.P. of Machines 8 4 2 1 Value of Assets in Thousands) 100 40 30 10 No. of Workers 100 50 50 25 Prepare a Statement showing Primary Distribution of Overheads
    • (B) Calculate earnings of a worker under Halsey Premium Plan and Rowan Premium Plan from. 97 Dearness allowance Rs. 50 per day of 8 hours' work
21. Q3 Mr. Vasudeo, an employee of XYZ Ltd. gets the following emoluments & benefits: Dearness allowance 50% of Basic Employees Contribution to Provident Fund 10% of Basic Employees Contribution to 4% of Basic Bonus 20% of Basic Mr. Vasudeo works for 2000 hours per annum, out-of which 200 hours are normal idle time Employer's contribution to State Insurance and P.F. are at equal rate with employees' contribution. Mr. Vasudeo worked 25 effective hours on No.5 where the cost of direct material is Rs. 60,000 and overheads are 80% of combined material & labour. The sale value of job is quoted to earn profit 20% on sales You are required to find out effective hourly cost of Mr. Vasudeo and expected sales value of Job No.5 15 marks
    • A) Calculate Machine hour rate from the following data. 08 No. of Machines in the shop 4 Original cost of four machines Rs. 1,53,600 Maintenance cost - Average Rs. 16 per day of 8 hours for Supervision - for 4 machines Rs. 1280 per month Building depreciation for 4 machines - Rs. 160 per month Manufacturing overheads - Rs. 480 per month for 4 machines Normal working days in a year 300 days Normal-running - 1 Shift of 8 hours
    • B) Calculate the earnings of a worker under Time rate, Rowan system & Halsey system, from the following information A Worker's wages for a guaranteed 48 hours week is Rs. 75 per hr. The estimated time to produce one article is 30 minutes and under an incentive plan, the time allowed is
22. Q4 Following details are furnished by Omkar Ltd. of expenses incurred during the year ended Salaries of Drawings & Designing Department
23. Q1 Stock of Finished goods at the end of the year 2,000 units to be valued at cost of
24. Q2 No. of units produced during the year 20,000
25. Q3 Profit desired on sales is 20% Prepare Cost Sheet showing various elements of cost both in total and per unit and also find out total profit and per unit profit
26. Q4 Following is the Profit & Loss Account as per financial records of Shraddha Enterprises for the year ended 315t March 2016 Administrative expenses | | By Closing stock The Cost Accounts revealed the following : 15 marks
    • (1) Factory overheads recovered at 20% on prime cost
    • (2) Administration overheads at Rs. per unit produced
    • (3) Selling and distribution overheads at Rs. 4 per unit sold Prepare: i) Cost Statement for the year ended 31st March, 2016 and
    • ii) Statement of Reconciliation
27. Q5 A) Explain the Causes of Over and Under Absorption of Overheads. 8 marks
    • B) Explain in brief Cost Classification by Behaviour. 07
28. Q5 Write Short notes on (Any Three) 15 marks
    • a) Direct Cost
    • c) Abnormal Idle time of labour
    • d) Allocation of Overheads
    • e) Causes of difference between Financial and Costing profit
    • (3) AM
    • (a) feat ara)
29. Q3 @ sie
30. Q9 SAA (FIFO) a
31. Q20 ae (at. Be) Yoo 200 200
    • (a) vat TAR at yea 20% aa
32. Q3 Fa
33. Q2 = 3 AT
34. Q3 at

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