Master of Commerce (M.Com.) MCom Accountancy SEM I 2019 20 Jan 2019-20 I ACCOUNTANCY COST & MANAGEMENT ACCOUNT Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 From the following information and the assumption that the balance in hand on 1* January is Rs.72, 500. Prepare Cash Budget. {15 Marks] Assume that 50% are Cash Sales. Assets are to be acquired in the month of February and April Therefore provision should be made for the payment of Rs.40,000 and for the same An application has been made to the Bank for the grant of loan of and it is hoped that it will be received in the month of May. \ it is anticipated that a dividend of Rs.35,000 will be paid in June. Debtors are allowed 1 month credit. Sales Commission @ 2% on Cash Sales and 5% on cash collection from Debtors is to be Creditors (for Goods or Overheads) grant one month credit
2. Q1 Draw up a flexible budget for overhead expenses on the basis of the following data and determine the overhead rates at 70%, 80% and 90% plant capacity. 15 Marks] Repairs and Maintenance (60% Fixed, 40% Variable) 2,000 owns a bus which runs between Mumbai and Pune.and back for 10 days in a distance from Mumbai to Pune is 200 Kms. The bus completes the trip from Mumbai to Pune and back on the same day. The bus goes another 10 days month to Ratnagiri and the distance covered being 350 Kms. The trip is also completed on the same day. For the rest of 4 days it runs in the local city. Daily distance covered in local city is 100 [15 Marks] Calculate the rate Mr. A should charge per trip from passenger when he wants to earn a profit of The other particulars are given below: 3 Cost of Bus Rs.9,00,000 “Salary of Driver Rs.6,000 per month Salary of Conductor Rs.5,000 per month Salary of Accountant Rs.2,000 per month Repairs Rs.3,000 per month of “Normal Capacity of the bus is 50 Passengers bus is generally occupied 90% of the capacity when it goes to Pune and 80% when it goes to Ratnagiri. It is always full when it runs within the city 2, A manufacturing company uses the following standard mix of their compound in one batch of “ 100 kgs of its production line: [1S 50 kgs of material X at the standard price of Rs.2 30 kgs of material Y at the standard price of Rs.3 20 kgs of material Z at the standard price of Rs.4 The actual mix for a batch of 110 kgs was as follows: 60 kgs of material X at the price of 40 kgs of material Y at the price of Rs.2.5 \ 10 kgs of material Z at of Rs 3 \ Calculate the different material variances. \
3. Q3 Following by Himesh Ltd: \ 15 marks
   • (iii) when sales are Rs 1,80,000 =
   • (iv) to earn profit of Rs. 12,000
   • (v) Margin of Safety in the year 2018
4. Q3 Following information has been made available from the cost records of a company A 4 hours at Rs.2 per hour B 6 hours at Rs.2 per hour Variable Overheads 150% of wages Selling Price of A Rs.30 Selling Price of B Rs.35 The directors want to be acquainted with the desirability of adopting any one of the following alternative sales mixes in the budget for the next period:
   • (i) 250 units of A and 250 units of B
   • (ii) 400 units of B only
   • (iii), 400 units of A and 100 units of B
   • (iv) 150 units of A and 350 units of B State which of the alternative sales mixes you would recommend to the management
5. Q4 (A) Rewrite the entire sentence selecting the most appropriate alternative with the given serial no.s without altering the order/sequence: [08 Marks]
6. Q1 Contribution is equal to All the above
7. Q2 Anestimate of what cost should be is known as
   • (a) Actual Cost
   • (b) Ideal Cost
   • (d) Forecast Cost
8. Q3 The classification of fixed and variable cost has a special significance in the preparation of
   • (b) Budget
   • (c) Capital Budget 4, Costing is the method used to ascertain the cost of providing a service such as transport, hotel, hospital, gas or electricity
   • (a) Contract
   • (d) Job
9. Q5 Material Cost Variance is equal to
10. Q6 Excess of actual cost over standard cost is a
    • (a) Favourable Variance
    • (c) Abnormal Gain
    • (d) None of the above
11. Q7 Variable cost
    • (a) Remain fixed
    • (d) None of these
12. Q8 Cost of petrol is
    • (a) Fixed cost
    • (d) None of these
    • (B) Match the following by rewriting the columns A & B by matching on an overall most appropriate basis: | [07 Marks]
13. Q3 1 c. Variable Cost
14. Q5 Master e. Summary of all functional
15. Q6 Budget f. Process of reducing cost
16. Q4 Write on any Three: \ 15 marks
17. Q1 P/V Ratio
18. Q2 Applicability of Standard Costing
19. Q3 Objectives of Budgetary Control
20. Q4 Operating Costing of Transport Services
21. Q5 Functions of a Cash Budget

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