BCom TY BCom Sem 5 BCom Sem 5 (2017 2018) Nov 2018 COST ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

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• 2. Figures to the right indicate full marks allotted to the question

1. Q3 Working Notes should form the part of your answer
2. Q1 a) Select the most appropriate option and rewrite the full sentence. (Any Eight) 8 marks
3. Q1 The purpose of inventory control is e To Control flow of raw material e To Control invention e To Maintain optimum level of inventory e None of these
4. Q2 When the actual overhead is more than the absorbed overhead. it is called e None of these
5. Q3 Interest on Investment
6. Q4 Factory overheads are recovered as e % of Direct wages e % of Cost of production e None of the above e With change in fixed cost e With change in selling price e Proportionately with the change of output e None of the above Indirect Costs are known as e None of the above
   • Q.P. Code : 19492
7. Q7 Labour Turnover is measured by e All of the above
8. Q8 Deductions allowed as per Payment of Wages Act include e All of the above
9. Q9 Under Perpetual Inventory System, stock is ascertained At end of the year None of the above
10. Q10 Payment to other parties is e Out of pocket cost
    • b) State whether the following statements are True or False (Any Seven) 7
11. Q1 Carriage Inwards is an overheads
12. Q2 Abnormal idle time wages are included in the cost of production
13. Q3 The terms 'Allocation' & 'Apportionment' have the same meaning in costing
14. Q4 Financial Accounts give product wise break-up of profit or loss
15. Q5 Cost Accounting is a branch of Financial Accounting
16. Q6 Stores Ledger is maintained in the Cost Accounting department
17. Q7 Purchase Requisition Note is prepared by the Stores department
18. Q8 Reconciliation of Cost and Financial accounts is necessary in case of non integrated system of accounts
19. Q9 Over absorption of overheads take place only when predetermined rate of overheads is used
20. Q10 Total Cost = Prime Cost + All Indirect Costs
    • Q.P. Code : 19492
21. Q2 a) Keshav Ltd. has five departments. A,B,C, D are production departments and S department. The expenses incurred during the month of March, 2017 are as follows Repairs to Plant 17,500 Depreciation on Plant 11,970 Insurance on Stocks 16,000 The following data are also available in respect of the five departments No. of Workers 25 20 10 10 5 Value of Plant (=) 20,000 | 18,000.) 16,000 | 10,000 6,000 Value of Stock (=) 15,000 | 5,000 2,000 No. of Light Points 14 12 11 9 4 Prepare a Statement showing Primary Distribution of Overheads
    • b) From the following information, Prepare Stores Ledger and find out value of Closing 7 Stock as per FIFO Method Shortage of 15 units was found on Jan. 2017
    • Q.P. Code : 19492
22. Q2 a) From the following data, calculate 8 marks
23. Q1 Economic Order Quantity by Formula Method
24. Q2 No. of orders to be placed Interest on locked up capital 20% Order processing cost for each order = 25 Follow up cost for each order
    • b) From the following information, Calculate the machine hour rate for the machine. 7 Purchase price of machine General lighting for the total area per month 3,000 Insurance premium for machine (per annum) 6,000 Estimated Repairs for machine (per annum) 20,000 Power 2 units per hour @ = 500 per 1,000 units. Estimated life of machine is 10 years and estimated value at end of the 10th year is = 1,00,000 The machine is expected to run 20,000 hours in its life time. The machine occupies 1/4th of the total area. The foreman devotes 1/4th of his time for this machine
25. Q3 Mr. Ashish, an employee of the company gets the following emoluments and benefits: Dearness allowance 90% of basic Employee's contribution to provident fund 12% of basic Cost of amenities =600 per month Bonus 10% of basic He works for 2,800 hours per annum, out of which 800 hours are normal idle time Employer’s Contribution to P.F. is at equal rate with employees' contribution. Amar worked 40 effective hours on a job - 'A' where the cost of direct material is = 60,000 and overheads are 50% of combined cost of material and labour. The sale value of job is quoted to earn profit 20% on sales 15 marks
    • Q.P. Code : 19492 You are required to find out Mr. Ashish's total earnings, Effective hourly cost of Mr. Ashish and the Expected sales value of job
26. Q3 a) is having three production departments namely, A, B & C and two service departments X and Y. The expenses incurred during the month of Dec 2016 are as Fire Insurance on stock 100,000 Rent and taxes 100,000 Repairs and Maintenance 170,000 Depreciation on Plant 85,000 The following formation is also available for above departments: No. of workers 200 100 100 150 50 8 marks
    • H.P. of Machine 80 50 20 Value of Plant 120,000 | 90,000 | 60,000 | 30,000); 40,000 Value of Stock = | 90,000 | 60,000 Prepare.a Statement showing Primary Distribution of Overheads
    • b). A Worker worked in a factory and he is getting his wages where company is following 7 Halsey Method (50%) of Remuneration. A worker's weekly wages is = 1440 for 48 hours plus a cost of living bonus is = 10 per hour. He is given task which he is expected to complete in 8 hours. He could complete that task in 7 hours. What would be his total hourly rate of earnings? Also calculate his total earnings if company would have opted
    • Q.P. Code : 19492
27. Q4 Following particulars have been taken from the books of Heena Manufacturing Co. Ltd. for the year ended March 2017 During the year 10,000 Units were produced out of which 2,000 Units remain unsold Prepare Cost Sheet and show total and per unit cost. Also show total profit and per unit 15 marks
28. Q4 Following is the Profit & Loss Account of Deo Ltd. for the year ended 31-03-2017. For the year ended 31-03-2017 To Selling & Distribution Exp 15 marks
    • Q.P. Code : 19492 The Cost accounts record for the above period showed the following :
29. Q2 Selling and distribution overheads were absorbed @ = 70 per unit sold
30. Q4 Office overheads were absorbed @ = 50 per unit produced
31. Q5 Manufacturing overheads were absorbed @ 20% of Prime cost You are required to prepare the detailed Cost Sheet for the year ended 31-03-2017 and a Statement of Reconciliation
32. Q5 a) What do you mean by Material Control? What are its objectives? 8 marks
    • b) Distinguish between Financial Accounting and Cost Accounting. 7
33. Q5 Write Short notes on (Any Three) 15 marks
    • a) Functional Classification of Overheads
    • c) ABC Analysis of Inventory Control
    • d) Stock Levels
    • e) Cost Centre
    • Q.P. Code : 19492
34. Q3 SATA AM
35. Q4 oes
    • Q.P. Code : 19492
36. Q3 far 9 marks
37. Q9 TAR Set
38. Q2 S at
    • Q.P. Code : 19492 (at. Be) 9900 R00 Yoo q 4oo go
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