BCom TY BCom Sem 5 BCom Sem 5 (2019 2020) Oct 2020 FINANCIAL ACCOUNTING AUDITING PAPER VIII COST ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 All questions are compulsory
2. Q2 Figures to the right indicate full marks allotted to the question
3. Q4 Working should form part of the answer
4. Q1 A) Select the most appropriate answer from the following: (any ten) 10 marks
5. Q1 Cost accounting is directed towards the need of
6. Q2 Continuous stock taking is a part of none of the above
7. Q3 The store keeper should initiate a purchase requisition when stock reaches
8. Q4 Material requisition is meant for e Purchase of material e of material from stores e Sale of material
9. Q5 Difference between attendance time and job time
10. Q6 Normal idle e Can be avoided Can be minimized e Cannot be avoided e Can be controlled Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting
11. Q7 Directors remuneration and expenses form part of
12. Q8 Overhead Expenses can be classified according to e All of the above
13. Q9 In the cost sheet, income from sale of empty containers used for dispatch of the goods produced e added to cost of production e deducted from cost of production e added to sales
14. Q10 Cost of production minus administration expenses equals e Cost of sales e Work-in-progress
15. Q11 In Reconciliation statement, closing stock under valued in financial accounts is e Added to Financial profit e deducted from financial profit e Added to costing profit
16. Q12 Interest on investment increases e None of the above
17. Q1 B) Match the Columns from the following: (any ten) 1 Interest paid on loans A Where all cost can be directly charged to a group Job Costing | BO Expenses debited only in the financial accounts Cost containing both fixed and variable elements 4 | Advertisement Where all cost can be directly charged to a Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting 7 | Gantt task and bonus G Combination of time and piece work system 10 marks
18. Q2 From the following particulars prepare a Cost sheet showing total cost and cost per unit for the period ended March, 2019. (20 Marks)
19. Q1 Closing stock of Finished goods was 2000 units to be valued at Cost of Production
20. Q2 Units Sold during the year 18,000
21. Q3 Profit desired is 20 % on Sales Prepare a detailed Cost Sheet showing various elements of total and per unit cost and calculate selling Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting
22. Q2 Following information is available for the year ended March 2019 Units Produced and sold 50,000 Following estimates are available for the year ending March 2020 produced and sold will be doubled ui. Direct Material Cost per Unit will increase by 25 % ui. Direct Labour per Unit will decrease by 10 % Direct Expenses per unit will increase by 10 % 20 marks
    • v. fixed Overheads will increase by 10 %
    • vi. variable expenses will increase by 20 %
    • vii. 80 % of the total output will be sold in local market at a profit of 20 % on Cost Remaining 20 % output will be exported where the profit expected is 50 % on sales Prepare Actual Cost Sheet for the year ending March 2019 and Estimated Cost sheet for the year ending 31“ March 2020 showing total and per unit Cost Calculate profit for the year ending March 2019 Calculate Selling Price for the Local and Export Market Calculate estimated total Profit for the year ending March 2020
23. Q3 From the following information prepare Stores leader & find out the value of closing stock as per FIFO and Weighted Average cost method. (20 Marks) The stock in hand of a material as on March 2019 was 5000 units at Rs 20 per unit Shortage of 15 Units was found on march 2019 Out of purchases on March 100 units were returned to the supplier on March 10" Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting
24. Q3 (a) A Company requires 20,000 Kgs of material Y for the year. Cost of Carrying one KG of material is calculated to be Rs. 20 per annum. It is estimated that expenses of placing an order would be Calculate EOQ and number of orders to be placed per annum. (10 Marks)
25. Q3 (b) From the following information calculate Machine hour Rate for the machine. Marks) Purchase price of the Machine 4,50,000 General Lighting for total area- Per Month 2,000 Insurance Premium for the machine per Year 6,000 Estimated Repairs to Machine per annum 18.000 Estimated life of Machine 10 years Estimated Scrap Value at the end of 10" year Rs.1,00,000 Machine is expected to run for 20,000 hours during its life time Machine occupies 25 % of the total area and foreman devoted 1/6" of his time for the machine
26. Q4 The following data were obtained from the books of Aradhana Engineering Company for the half year ended 30" September 2018.The Company has Three production departments A,B and C And two Service Departments X and Y (20 Marks) The expenses for 6 months are: Repairs and Maintenance 1,800 General Overheads ( proportionate to Direct wages) | 15,000 Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting You are required to prepare Primary Overheads distribution summary for the departments showing clearly the basis of apportionment where necessary Q From the following Information calculate the earning of worker under Halsey premium plan (50% of the time saved) and Rowan plan Separately. (10 Marks) Time taken to complete job 60hours Time allowed to complete Job 100hours Per Hour rate of wages Rs 30 Dearness Allowance Rs10 per day of hours worked
27. Q4 (b) Mr. Amardeep of Amla Co. Ltd. gets the following emoluments and benefits. Employer’s contribution to provident fund | 8% of salary and Dearness Allowance Employer’s contribution to 4% of Salary and Dearness Allowance 20% of Salary and Dearness Allowance Amardeep works for 2200 hours per annum. But out of which 200 hours are non productive You are requested to find out the effective hourly cost of Amardeep the reasons for difference between Financial profit and Cost profit. (10 Marks) 10 marks
    • b. What do you mean Material Control? What are its objectives and advantages? 10
28. Q5 Write Short notes on any four of the following: 20 marks
29. Q1 Necessity of Cost Accounting
30. Q2 Stock levels
31. Q3 Idle time and Abnormal idle time
32. Q4 Methods of Costing
33. Q5 Allocation vs Apportionment of Overheads Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting
34. Q2 Net Paper Subject Code: 23107 Financial Accounting and Auditing VIII - Cost Accounting Sal: AT AT

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