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

Questions asked in this paper

• Please check whether you have got the right question paper
• 2. Figures to the right indicate full marks allotted to the questions

1. Q3 Working note wherever necessary should form of your answer
2. Q4 Calculate figures up to two decimal points wherever required
3. Q1 (a) Select the most appropriate option and rewrite the full sentence.(Any Eight) 8 marks
4. Q1 Anexample of variable cost is e Interest on capital e Depreciation of Machinery
5. Q2 Material Requisition is meant for e Purchase of material e Supply of material from stores e Sale of material e Storage of material
6. Q3 Labour Turnover is e Change in productivity of labour e Change in efficiency of the labour e Change in labour force e All of the above
7. Q4 Overhead expenses can be classified according to e Cost of production e None of the above
8. Q6 In Reconciliation Statement, Expenses shown only in Financial Accounts are e added to Financial profit e deducted from financial profit e added to costing profit
9. Q7 Primary Packing
10. Q8 Under Perpetual Inventory Control, stock is verified e At the end of every quarter e All of the above
11. Q9 Unavoidable causes of Labour Turnover may be e All of the above
12. Q10 Employee welfare expenses are allocated on the basis of e Number of employees
13. Q1 (b) State whether the following statements are True or False (Any seven) 7 marks
14. Q1 Cost accounting gets its basic data for estimates from the financial accounting
15. Q2 Interest on capital, payment for which is not actually made, is an example of
16. Q3 Purchase requisition note is prepared by the purchasing department
17. Q4 Perpetual inventory system and continuous stock taking are synonymous
18. Q5 The cost of paid leave to workers is transferred to costing profit & loss A/c When actual overheads are more than absorbed overheads, it is known as over
19. Q7 Machine hour rate is separately computed for each machine
20. Q8 Administration cost is not included in the cost of work-in-progress
21. Q9 Cost of production is equal to prime cost plus works cost
22. Q10 Reconciliation of cost and financial accounts is necessary, in case of non integrated system of accounts
23. Q2 M/s Divya Ltd. has furnished the following information from the financial books for the — Profit and loss Account Dr. For the year ended March 2019 Cr To loss on sale of The following information are revealed from the cost records for the year ended 31“ 15 marks
24. Q1 Raw material consumed is Rs.30 per unit production
25. Q2 Direct wages is Rs.9 per unit production
26. Q3 Factory overheads are recovered @ 20% on prime cost
27. Q4 Administrative overheads are taken @ Rs.5 per unit production
28. Q5 Selling and distribution overheads are recovered @ Rs.6 per units sold
29. Q6 Closing stock of finished good is to be valued at cost of production Prepare statement of cost sheet and statement of Reconciliation for the year ended 31
30. Q2 (a) Calculate the Machine Hour Rate for Machine ‘Metalic’ installed in a factory from the Other information of Machine ‘Metalic’ Following details are given to you :- 7 8 marks
31. Q1 Consumption of material quarterly — 3000 kg
32. Q2 Cost of placing order Rs.60
33. Q3 Cost of material per unit Rs.40
34. Q4 Storage and carrying cost per unit : 10% of inventory Calculate Economic order Quantity and placing number of order in a year under
35. Q3 A company has three production departments A, B and C and two services departments and Y. The following data are extracted from the records of the company for the year Value of Stock I The expenses for the year are as follows : Show the Primary Distribution of Overheads
36. Q3 (a) Keep the stock record on Weighted Average basis from the following transactions Find out the cost of goods sold and the profit A worker produced 300 units in a week’s time, the guaranteed weekly wages payments 7 for 90 hours is Rs.495. The expected time to produce one unit is 20 minutes which is raised further by 20% under incentive scheme. What will be earning per hour of that worker under Halsey (50% sharing) and Rowan Bonus Scheme? 8 marks
37. Q4 The trading and Profit and loss Account is obtained from M/s Faithful for the yearended To Goodwill written off | 20000) To demonstration expenses For the year ending March 2019 following estimates have been made : 15 marks
    • a) Production and sales units will be doubled
    • b) Direct material cost per unit will rise by 15%
    • c) Direct wages per unit will increase by 30%
    • d) Selling and distribution expenses decreases by 50% per unit
    • e) Selling price per unit would increase by 10%
    • f) overheads will increases by 25% per unit
    • g) Total office overheads will increase by 20% You are required to prepare :
    • i. Cost Sheet for the year ended March 2018 showing total cost and cost per unit
    • ii. Estimated Cost Sheet for the year ended 31“ March 2019 showing total cost and
38. Q4 (a) Calculate the earnings and Labour Cost of Suresh and Sujit from the following particulars for the month of March 2019 and find out the effective hourly rate Employees Contribution to P.F. on Basic Employees Contribution to E.S.I on Basic Expenditure on Amenities (per month ) (Rs.) The Normal working hours for the month are 200. Overtime is paid at double the total of basic and D.A. Employers Contribution to P.F. and E.S.I are 8% and 4% on basic respectively of both the workers 8 marks
39. Q4 _ (b) The following information of M/s Aditi Ltd for the year 2018 and 2019. From the above information find out : 7 marks
40. Q1 Purchase and cost of goods sold for the year 2018
41. Q2 Stock Turnover Ratio and cost of goods sold for the year 2019
42. Q5 (a) Describe the rule for measurement and representation of material cost in cost Accounting. 8 marks
    • (b) What are the causes of disagreement between costing profit and financial profit? 7
43. Q5 Write Short notes on (Any Three) 15 marks
    • a) Purchase Order
    • e) Causes of Over and Under Absorption of Overheads Please check whether you have got the right question paper
44. Q3 AMT
45. Q3 fast aan

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