BCom TY BCom Sem 6 BCom Sem 6 (2018 2019) April 2019 FINANCIAL ACCOUNTING AUDITING PAPER X COST ACCOUNTING Question Paper - Mumbai University | munotes

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Q3 Working Notes should form the part of your answer
Q1 A.Select the correct alternative and Rewrite the sentence. — Any 10 actual cost is more than standard cost variance is 2.Subsidiary Ledger is e Work in progress ledger e Allof the above 3.Work done but uncertified is to be valued at ; 4.Notional Profit is e Difference between value of work certified. and cost of work certified e Profit of contract differences between cash received and work certified between retention money and cash received 5.Normal loss is debited to e None of the above 10 marks
Q6 At breakeven Point the contribution is equal to None of the above Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting 7.Amount transferred to Profit and Loss Account out of Notional profit when contract is 8.When selling price decreases ,then break even point 9.Sales are Rs. 150,000 Variable cost is 10.Margin of safety 11.Variances are difference between e Standard and actual cost e and variable cost e Cost of Finished Work e Cost of unfinished work e of the above Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting
Q1 B).Match the column. (Any 10) 10 marks
Q2 Plant issued to site b. Benchmarked with company process
Q3 Escalation Clause c. Activity that generates cost
Q5 Joint product e. First step in Benchmarking
Q6 By Product f. Benchmarking on global scale
- h. Cost and Financial accounts maintained separately
Q9 ABC i. Debited to Contract Account 10.Cost Driver j. Product emerging in process having insignificant value
- n. Additional product with significant value
Q2 A) The Product of a company passes through three distinct processes to completion. They are known as A, Band C. (15 Marks) From past experience, it is ascertained that Normal Loss is incurred in each process as Process A 2%, Process B 5% and Process C 10%. In each case the percentage of Normal Loss is computed on the number of units entering the process concerned Normal Loss of each process possesses a scrap value. The Normal Loss of process A is sold at 5 Paise per unit and B is sold at 20 paise per unit and that of process C at 50 paise per unit Output of each process passes immediately to the next process and the finished are passed from process C into stock Following information is obtained: - Amount Rs 20,000 units have been issued to process A at a cost of Rs.10,000 Output of each process has been as under: There is no work in progress in any process Prepare Process accounts and the calculations should be made to the nearest rupee Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting
- B) Asha Ltd manufactures a chemical which passes through three processes. The following particulars gathered for the month of December 2018. (15 Marks) Output transferred to Next You are required to prepare process accounts
Q3 15 marks
- A) Mahesh Construction Company has three independent Contracts Following particulars are available for the year ended December 2018 Note: 1. All the Contracts have commenced during the year
Q2 Total Depreciation on plant amounted to Rs. 5,600 .Allocate the same to all the contracts in the ratio of work certified Prepare Contract Accounts for all the contracts Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting
- B) Following information relates to a contract for Rs.1,00,00,000. The contractee pays 80% of the work in progress as certified by the architect. (15 Marks) % of Work Certified Value of plant at the end of 1% year, 2"4 year and year was Rs 60,000, Rs.45,000 and Prepare contract account for these three years and show the calculation of profit or loss to be transferred to Profit & Loss Account for each year
Q4 (A) : Following balances are available from the books of Neel manufacturing company on 1* April, 2017. (15 Marks) Work-in-Progress Ledger Control Account Transactions for the year were as follows: Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting Prepare the following control accounts
Q2 Work in progress Ledger Control Account
Q4 B (1) From the following information relating to financial and cost records of a new business, pass necessary entries in Cost-Journal. (08 Marks)
Q1 Purchase of Material — Rs. 45,000
Q4 Material issued to production — Rs.4,25,000 B(2) From the following information you are required to calculate (07 Marks ) Standard quantity for 35 units of product —Z
Q5 (A) From the following information calculate Material and Labour Variances: For 5 units of Product A, standard data are: 5B) Selling price of a product was Rs.200 per unit. (15 Marks) Its cost structure was as follows Fixed Overhead for the year: Number of units Sold 40,000units Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting 1.P/V Ratio 2.Break Even Point in Units 3.Margin of Safety
Q4 Break Even sales — amount, if Fixed Overhead is increased by 20% 5.Revised P/V Ratio when selling price is increased by 20% 6A) Write the meaning of Break-Even Chart. What are the steps in drawing Break Even
- B) Explain in short the meaning and benefits of standard costing. 10
Q6 write short note (Attempt any Four.) (5 Marks each)
Q1 Types of Benchmarking
Q3 Limitations of Marginal Costing
Q4 Advantages of Cost ledger
Q5 Abnormal Gain
Q6 Joint Product Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting anita Se Be Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting
- a) St Hale 60% Paper Subject Code: 83007 Financial Accounting and Auditing X -Cost Accounting
Q2 wa B
Q3 wa B

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