BCom TY BCom Sem 5 BCom Sem 5 (2018 2019) May 2019 Financial Accounting Auditing Paper VI 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 notes should from the part of your answer
2. Q1 a) Select the most appropriate option and rewrite the full sentence. (Any Eight) : 8 marks
3. Q1 Cost excludes e Direct Labour Cost e All the above
4. Q2 Material Requisition Note is meant for e Purchase of Materials e Supply of materials from stores e Sale of materials e Storage of materials
5. Q3 Time Rate and Piece Rate are combined e Rowan Plan e None of these
6. Q4 of Rectification is a
7. Q5 Machine setting time is e Abnormal idle time e None of the above
8. Q6 Direct expenses are also known as e Period Cost e All of the above
9. Q7 Total of indirect material, indirect labour & indirect expenses is called as
10. Q8 Interest on capital is Turnover is caused by e with job e All of the above
11. Q10 — Over valuation of opening stock in Cost Accounts
    • b) State whether the following statements are True or False (Any Seven) 7
12. Q1 level means the quantity to be ordered
13. Q2 Cost would be affected by change in level of activity in short term
14. Q3 Interest on bank loan is purely financial charge & included in cost
15. Q4 Analysis is a Technique which involves analysis of Inventory based on alphabetical order
16. Q6 Drawing Office Salary is an example of Factory overheads
17. Q7 Preliminary expenses written off appear only in Financial Accounts
18. Q8 Financial Accounts fail to give a product wise break-up of profit or loss
19. Q9 Maintenance of building is postponable cost
20. Q2 From the following information, prepare Stores Ledger as per FIFO & Weighted On March, a stock verification revealed a shortage of 50 units 15 marks
21. Q2 From the following information, calculate Economic Order Quantity (EOQ) and Number of orders to be placed in the year according to Tabular method : 8 marks
    • b) Calculate Machine hour rate form the following data : Cost of Machine 3,20,000 Estimated maintenance cost during working life of (=) 24,000 Rent & Rate per month (15% to be charged to machine) 6,000 Normal machine running hours during the month Standing charges other than rent, rates etc. per month 7
22. Q3 Mr. Mayur, an employee of a company gets the following emoluments and benefits : Dearness Allowance 100% of basic Employees Contribution to Provident Fund 12% of basic Employees Contribution to E.S.I. 4% of basic Expenditure on amenities per month = 1,000 Mr. Mayur works for 2500 hours p.a. out of which 500 hours are normal idle time Mr. Mayur worked 30 effective hours on a where the cost of direct material is and overheads are 80% of combined cost of material and labour. The sale value of job is quoted to earn profit 20% on sales. The employer's contribution to State Insurance and are at equal rate with employee's contribution You are required to find out total earnings of Mr. Mayur & Effective Hourly Cost of Mr. Mayur and also calculate expected sales value of Job A & Company has three production departments A, B & C and two service (08) Depreciation of Machinery 12,00,000 Insurance on Buildings Insurance on Machinery 24 00,000 Other technical details about departments are as under : Cost of (& in Lakhs) No. of Workers 15 marks
    • H. P. of Machine Show Primary Distribution of overheads
    • b) From the following data, ascertain the total earnings of each worker separable under (i) Halsey Plan (50%), (ii) Rowan Plan. Also calculate the effective hourly rate of wages of the workers under both the plans : Particul Name of Worker 7
23. Q4 Following information is furnished by Zee Ltd. of expenses incurred during the year Loss on Sale of Plant 18,000 Depreciation on Plant & Machinery 96,000 Expenses on mailing of sales literature 85,500 Depreciation on Computers 1,72,000 Purchase of Plant Depreciation on Delivery Van 1,14,000 Opening stock of Finished Goods (100 Units) 85,250 Stock of Finished goods at end of the year were 200 units to be valued at cost of You are required to prepare Cost Sheet showing various elements of cost both in total and per unit and also find out total profit and per unit profit 15 marks
24. Q4 Following is the summarised Profit and Loss Account of Ekta Ltd. for the year ending Profit and Loss Account For the year ended 31-03-2019 To Wages 3,00,000 | By Closing Stock of 32,000 To Selling & Distribution 96,000 | By Interest on Bank 2,000 To Preliminary Expenses 4,000 The Cost accounts for the same period reveal that direct material consumption was =5,60,000. Factory overheads is recovered at 20% on prime cost. Administration overheads are recovered. at per unit of production. Selling and Distribution overheads are recovered at per unit sold You are required to prepare the Cost Sheet for the year ended March 2019 and a Statement of Reconciliation 15 marks
25. Q5 a) Explain the three methods of calculating Labour Turnover. Explain the classification of overheads on the basis of function. (07) 8 marks
26. Q5 Write short notes on (Any Three) : 15 marks
    • a) Requisition Note
    • b) Importance of Cost Accounting
    • c) Stock Levels
    • d) Fixed Cost
    • e) Causes of difference between Financial and Costing Profit
27. Q3 ART
    • G) da
28. Q9 ae
29. Q3 feat
30. Q3 a. wa-2 wa
    • a) (2) Bes (40%), 2

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