BCom TY BCom Sem 5 BCom Sem 5 (2018 2019) May 2019 Financial Accounting Auditing Paper VIII Cost Accounting Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q3 Working notes wherever necessary should form part of your answer
2. Q1 a) Select the most appropriate option and rewrite the sentence (Any Ten) : 10 marks
3. Q1 is unaffected by the change in output Fixed of the above
4. Q2 The cost which does not involve any cash outlay
5. Q3 request to a supplier for specified goods at an agreed upon price is
6. Q4 Order should be placed with the supplier when the inventory
7. Q5 The method of time booking Daily time sheet None of the above
8. Q6 Difference between attendance time and
9. Q7 The allocation of whole items of cost, to cost unit is
10. Q8 Salary of a foreman should be classified
11. Q9 Selling and distribution overheads are absorbed on the basis of on works cost e Rate per unit %onselling price of each unit e None of these 10). Drawings office Interest on bank Credited to costing P & L a/c Debited to financial P & L a/c in costing P & La/c Credited in financial P &
12. Q12 In reconciliation statement, transfer to reserve from financial a/c e Added to costing profit e Added to financial profit Ignored Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting
13. Q1 b) State whether the following statements are True or False (Any Ten) : 10 marks
14. Q1 Fixed cost per unit decreases when the volume of production increases
15. Q2 Variable cost can be controlled by functional managers
16. Q3 Bin card is a record of quantity only
17. Q4 Store ledger account is posted after the transaction
18. Q5 Gantt’s task bonus plan is combination of time rate, bonus and piece rate plan
19. Q6 Normally payment of wages to workers depends upon the time spent by them
20. Q7 Cost accounting means the process of ascertainment of costs
21. Q8 Office salaries are the indirect costs incurred in production process
22. Q9 Realizable value of scrap shall be debited to cost of production
23. Q10 Borrowing cost and other financial charges are part of overheads
24. Q11 Bad debts is an example of factory overheads
25. Q12 In reconciliation statement, overvalued opening stock in Financial Account deducted from Financial Profit
26. Q2 The Trading, Profit and Loss Account of XYZ manufacturing company for the year ending December, 2017 was as follows : Trading, Profit and Loss Account for the year ended December, 2017 To Raw Material Purchased 2,40,000 | By Sales (7500 Units) 7,50,000 To Direct Wages By Closing Stock of Raw Material 15,000 To Office Salaries 75,000.| By Gross Profit b/d To Office Rent 36,000 | By Dividend received 30,000 To Selling Expenses By Discount received 22,500 For the year 2018 it is estimated that : 15 marks
27. Q1 Units produced and sold will rise by 20% Price of Raw Material per unit will rise by 10%
28. Q3 Direct wages per unit will increase by 25% Direct expenses per unit will remain the same
29. Q5 Factory expenses per unit will increase by 25% Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting
30. Q6 The office premises which was on rental basis in 2017 would by purchased by company on which depreciation would by in 2018
31. Q7 Selling expenses per unit will remain same You are required to prepare a statement showing estimated cost and profit for the year ended December, 2018, considering that company will charge a profit at 16 on sales
32. Q2 a) an employee of the company gets the following emoluments and benefits: Dearness Allowance 100% of basic Employer’s contribution to 4% of basic Employer’s contribution to Provident Fund 10% of basic He works for 4,500 hours per annum, out of which 900 hours are normal idle time Mr. Mahendra worked 45 effective hours on a job where the cost of direct material is and overheads are 60% of combined cost of material and labour. The sale value of job is quoted to earn profit 25% on cost You are required to find out effective hourly cost of Mr. Mahendra and the expected sales value of job
33. Q2 b) Calculate the total earnings of two workers under Halsey Premium Plan and Rowan Premium Plan from the following particulars : 7 marks
34. Q3 GST Ltd. has furnished the following information from the Financial books for the year Trading, Profit and Loss Account To Opening Stock 1,000 | By Sales (190000 units) 23,940 To Raw Material 8,320 | By Closing Stock (Finished 2,000 To Factory Expenses By Bad Debts recovered To Office and Administration Expenses 3,380 To Distribution Expenses 2,800 Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting The following information is revealed from the cost records for the year ended 31 15 marks
35. Q1 Raw Material consumption is per unit of production
36. Q2 Direct Wages are 70% of Direct Material
37. Q3 Factory overheads are recovered @ 50% of Direct Materials
38. Q4 Administrative overheads are taken @ 20% of works cost
39. Q5 Selling and Distribution overheads are recovered @ 215 per unit
40. Q6 Opening stock of finished goods is valued at per unit
41. Q7 stock of finished goods is to be valued at cost of production
42. Q8 Selling Price is recorded at per unit
43. Q1 Detailed cost statement showing Total Cost and per unit cost and also find out the total profit and per unit profit
44. Q2 Statement of Reconciliation
45. Q3 a) The following information is available from the books of Aditi Ltd. for the year 2017 and From the above information find out : Turnover Ratio and Cost of goods sold for the year 2017 Purchases and Cost of goods sold for the year 2018 8 marks
46. Q3 Acompany manufactures a product XYZ and provides the following information : Demand of Product XYZ is 2,000 units per month Raw Material required per unit of finished product - 2 kgs Purchase price of input materials - per kgs Calculate Economic Order Quantity and Number of Orders to be placed by using Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting 7 marks
47. Q4 Monarch Ltd. has four production departments, and one service department following details are extracted from the books of accounts in respect of indirect expenses Following further detail are collected for distribution of the above overheads : Prepare a statement showing Primary Distribution of Overheads From the following particulars, compute Machine Hour Rate : (08) Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting Non — productive setting up time of the machine | 20% of estimated working hours The machine occupies 4" of the total area. The supervisor is expected to devote of his time for the machine 15 marks
48. Q4 b) Beta Ltd. manufactures a special product “M” and provides you the following Purchase Price of Input Unit per kg Raw Material required per unit for Finished Goods 7 marks
49. Q1 Order Quantity (By Formula Method)
    • ii) of Orders to be placed
50. Q5 From the following records of Shantanu Company Ltd. receipts and issues of materials during the month of March, 2018 : Received of surplus from work order 50 quintals Received from vendor 200 quintals per quintal Condemned due to deterioration all quantity Received from vendor 500 quintals @ per quintal Return of surplus from a work order 50 quintal Received from vendor 200 quintals @ per quintal A stock verifier of the factory noted that a shortage of 20 quintals on March and on 28" March another shortage of 10 quintals The maximum level fixed 500 quintals, minimum level 100 quintals and reordering Prepare Store Ledger Account under FIFO and weighted Average Method Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting 15 marks
51. Q5 a) Calculate the Machine Hour Rate for “Metallic” machine installed in a factory from the Other information of Machine “Metallic”
52. Q5 b) From the following information you are required to work out the earnings of worker 7 marks
53. Q1 Halsey premium scheme (Bonus 50% of savings) His normal basic rate of wages was =80 per day of 8 hours and his dearness allowances was per week of 48 hours
54. Q6 a) Explain Cost classification based on nature of manufacturing concern. 10 marks
55. Q6 What are the essentials of Sound Material Control Procedure? 10 marks
56. Q6 Write short notes Any Four of the following : 20 marks
57. Q1 Functions of Cost Accounting
58. Q2 Objectives of Material Control
59. Q3 Time Keeping
60. Q4 — Administrative Overheads
61. Q5 Profit Centre
62. Q6 Need of Reconciliation Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting
63. Q3 AM AAS
64. Q2 te Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting
65. Q3 ars ate
    • G) Wee
66. Q2 fe Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting ad one are Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting
67. Q2 ted (ol)
68. Q3 fe. 39 Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting 24 marks
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