BCom TY BCom Sem 6 BCom Sem 6 (2017 2018) April 2018 COST ACC 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 1 a) Select the most appropriate option and rewrite the full sentence. (Any 8) (08)
2. Q1 The difference between actual quantity and standard quantity, multiplied by standard price is
3. Q2 Profit remaining as reserve is e Transferred to profit and loss A/c e Deducted from W.LP e Not taken into account in cost e Debited to cost price of contract
4. Q3 Process output is 25,000 units, Normal loss 3,000 units, Abnormal loss is 2,000 units. The input e None of the above
5. Q4 Cost drivers for customer order processing are e All of the above
6. Q5 Profit volume ratio of company is 40%, while its margin of safety is 40%, if sales volume of the company is Rs. 25,00,000, profit is Rs
7. Q6 Normal output is equal to e None of these OF COMMERCE (B.COM.)(CBSGS)(75:25)SEM VI /C0179 FINANCIAL ACCOUNTING & PAPER IX. COSTING
   • Q.P. Code : 32703
8. Q7 Work certified is below 25% of the contract price, the transfer to profit and loss will be < 5 of Notional profits x Work Certified 5 of Notional Profit x Work Certified
9. Q8 Cost allocation basis in Activity Based Costing should be
10. Q9 Process costing is applicable to e None of these
11. Q10 The balance of work in process account is equal to e The total manufacturing cost incurred during the period e The total cost of the incomplete job e The total cost of the jobs completed and sold e The total cost of the jobs completed
    • B) State whether the following statements are True or False (Any 7) 7
12. Q1 Indirect labour is debited to work-in-progress control account
13. Q2 P/V ratio is improved by decreasing fixed cost
14. Q3 Unit level cost occur once for each unit produced
15. Q4 Material returned to stores is credited to contract account
16. Q5 Material Transfer Note is a document which records the return of unused materials
17. Q6 Sales value of Joint product is significant
18. Q7 Contract costing is a technique of cost accounting
19. Q8 When margin of safety decreases, then variable cost increases
20. Q9 Cost ledger contains all impersonal accounts
21. Q10 Life cycle costing is particularly important when there are significant non-production cost OF COMMERCE (B.COM.)(CBSGS)(75:25)SEM VI /C0179 FINANCIAL ACCOUNTING & PAPER IX. COSTING
    • Q.P. Code : 32703 2 Vivek Industries Ltd. is manufacturing a product which passess through three consecutive (15) process i.e. Process X, Y and Z. The following figures have been taken from their books for the Rate of Basic Raw Materials per unit (% on units introduced in each process) Closing stock is to be valued at respective cost of each process Your are required to prepare: a) Process Accounts b) Process Stock Accounts 2 Chitra Ltd Manufactures a chemical product which passes through three processes. The cost (15) record show the following particulars for the year ended 30" June, 2017 Input to process [— 40,000 units @ Rs. 28 per unit (% of unit introduced in each process) unit for each process OF COMMERCE (B.COM.)(CBSGS)(75:25)SEM VI /C0179 FINANCIAL ACCOUNTING & PAPER IX. COSTING
    • Q.P. Code : 32703 3 Mohan Infrastructure Ltd. commenced a contract on 1“ April 2016. The total contract price (15) was for Rs. 25,00,000 and it is likely to be completed on 31“ December 2017. The actual 2017 are as given below Plant returned to stores 1,00,000 The plant is subject to annual depreciation @ 25% of original cost. It was decided that profit to be taken credit for should be that portion of the estimated net profit to be realized on completion of the contract which the certified value of work as on March, 2017 bears to the total Prepare Contract account for the year ended March, 2017 and show your calculation of profit to be credited to the Profit & Loss Account for the year ended March 2017 3 A firm of contractors commenced three contract viz. ‘M’, ‘N’, ‘P’ on 1“ April, 2016, on (15) 1“ October, 2016 and on January, 2017 respectively. The following particulars about above three contracts are obtained for the ended 31‘ March, 2017 OF COMMERCE (B.COM.)(CBSGS)(75:25)SEM VI /C0179 FINANCIAL ACCOUNTING & PAPER IX. COSTING
    • Q.P. Code : 32703 The plant are installed on respective dates of the contracts and depreciation is to be provided at Prepare Contract M, N, and P Accounts and show the calculation of profit or loss transferred to Profit and Loss Account 4 Following are the balances in cost ledger of a manufacturing company on 1“ April. 2016. (15) Work-in-Progress ledger control Transactions of the year ended 31-03-2017 (Rs)
22. Q3 Work-In-Progress Ledger Control A/c
23. Q6 Costing P&L A/c OF COMMERCE (B.COM.)(CBSGS)(75:25)SEM VI /C0179 FINANCIAL ACCOUNTING & PAPER IX. COSTING
    • Q.P. Code : 32703 4 A) From the following information, calculate: (08)
24. Q2 Sales and marginal cost of sales
25. Q3 New in units & in Rs. If selling price is reduced by 10%
26. Q4 Profit at sales Rs 60,000
    • B) From the following information, Calculate: 5 a) What are the advantages of marginal costing? (08) 7
    • b) Distinguish between Joint Product and By-Product. 5 Write short notes on any three of the following. (15) 7
    • b) P/V Ratio
    • c) Abnormal Loss
    • e) Work Certified OF COMMERCE VI /C0179 FINANCIAL ACCOUNTING & PAPER IX. COSTING
    • Q.P. Code : 32703 Please check whether you have got the right question paper
27. Q2 Tat OF COMMERCE VI /C0179 FINANCIAL ACCOUNTING & PAPER IX. COSTING
    • Q.P. Code : 32703 OF COMMERCE (B.COM.)(CBSGS)(75:25)SEM VI /C0179 FINANCIAL ACCOUNTING & PAPER IX. COSTING
    • Q.P. Code : 32703
28. Q3 AT OF COMMERCE (B.COM.)(CBSGS)(75:25)SEM VI /C0179 FINANCIAL ACCOUNTING & AUDITING. PAPER IX. COSTING
    • Q.P. Code : 32703 OF COMMERCE VI /C0179 FINANCIAL ACCOUNTING & PAPER IX. COSTING
    • Q.P. Code : 32703 OF COMMERCE VI /C0179 FINANCIAL ACCOUNTING & PAPER IX. COSTING
    • Q.P. Code : 32703

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