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Cost Accounting Question Paper 2019 (May)
Dibrugarh University B.Com 4th Sem CBCS Pattern
Commerce (General/Speciality)
Course: 401
Full Marks: 80
Time: 3 Hours
1. (a) Choose the correct answer: 1x4=4
1) Prime cost includes
a) Direct material + Direct labour + Works expenses.
b) Direct material + Direct labour + Chargeable expenses.
c) Direct material + Direct labour + Office expenses.
2) Purchase budget should be prepared by the
a) Financial Manager.
b) Production Manager.
c) Purchase Manager.
3) Depreciation is a
a) Fixed expenses.
b) Variable expenses.
c) Semi-variable expenses.
4) In process costing, the abnormal loss is treated as
a) Period cost.
b) Unit cost.
c) Future cost.
(b) Fill in the blanks: 1x4=4
1) Fixed cost per unit _______ with rise in output.
2) Re-order quantity may be measured in _______.
3) Fixed overhead cost is a _______ cost.
4) The need of reconciliation arises in _______ accounting system.
2. Write short notes on (any four): 4x4=16
a) Techniques of costing.
b) ABC analysis.
c) Rowan premium bonus plan.
d) Manufacturing overheads.
e) Abnormal process loss.
3. (a) Discuss in detail the advantages and limitations of Cost Accounting. 8+6=14
Or
(b) Following data are taken from the Cost Accounts of a manufacturer in respect of the month of March 2019:
Prepare a Statement of Cost and Profit showing the following: 2x7=14
1) Cost of materials consumed.
2) Prime cost.
3) Works cost.
4) Cost of production.
5) Cost of goods sold.
6) Cost of sales.
7) Profit for the month.
4. (a) A statement of materials received and issued in March 2019 is given below:
From the above statement, prepare Stores Ledger by applying –
1) First-in-first-out method;
2) Last-in-first-out method; 7+7=14
Or
(b) (1) What is idle time? What are its causes? 6
(2) A worker takes 12 hours to complete a work on daily wages and 8 hours on a scheme of payment by results. Worker’s daily rate is Rs. 6 per hour. The cost of material of the product is Rs. 20 and the overheads are recovered at 200% of the total wages. Calculate the Factory Works Cost of the product under:
1) Rowan plan;
2) Halsey scheme; 4+4=8
5. (a) Define overhead. How are overheads classified? Explain four reasons of over-absorption and under-absorption of overheads. 4+5+5=14
Or
(b) From the following information, work out the production hour rate of recovery of overhead in department P1, P2 and P3: 14
Expenses of service departments S1 and S2 are apportioned as under:
6. (a) (1) What is process costing? What are its features? Name any three industries in which process costing is used. 2+5+3=10
(2) Distinguish between normal process loss and abnormal process loss. 4
Or
(b) A company’s Trading and Profit & Loss Account was as follows:
The profit as per Cost Accounts was only Rs. 19,770. Reconcile the financial and cost profits using the following information: 14
1) Cost accounts value of closing stock Rs. 4,280.
2) The works expenses in the Cost Accounts were taken as 100% of direct wages.
3) Selling and administration expenses were charged in the Cost Accounts at 10% of sales and Rs. 0.10 per unit respectively.
4) Depreciation in the Cost Accounts was Rs. 800.
(OLD COURSE)
Pass Marks: 32
1. (a) Fill in the blanks: 1x4=4
1) _______ is defined as ‘the technique and process of ascertaining costs’.
2) A _______ provides a complete record of all materials received and the quantity thereof.
3) The rate of change in the composition of labour force in an organization is termed as _______.
4) _______ is the aggregate of indirect material, indirect labour and indirect expenses.
(b) Choose and write the correct answer: 1x4=4
1) Unit costing / Job costing is employed in paper mill industries.
2) In case of rising prices, LIFO / FIFO method of pricing material issues reports higher income.
3) Cost of normal idle time is always controllable / uncontrollable.
4) Fixed overheads per unit is reduced / increased when volume of output is increased.
2. Write on the following (any four): 4x4=16
a) Elements of cost.
b) Scope of Cost Accounting.
c) ABC analysis.
d) Apportionment of overheads.
e) Cost audit.
f) Cost sheet.
3. (a) Prepare a Cost Sheet from the following: 11
Or
(b) Distinguish between the following: 6+5=11
1) Direct cost and Indirect cost.
2) Fixed cost and Variable cost.
4. (a) XYZ Ltd. manufactures a product A and provides you the following particulars:
Compute from the above: 11
1) Re-order quantity.
2) Re-order level.
3) Minimum level.
4) Maximum level.
5) Average stock level.
Or
(b) Explain the meaning and purpose of the following documents: 4+3+4=11
1) Purchase Requisition.
2) Bin Card.
3) Stores Ledger.
5. (a) From the following particulars, you are required to work out the earning of worker for a week under –
1) Straight piece rate;
2) Halsey premium scheme (50% sharing);
3) Rowan premium scheme. 3+4+4=11
Or
(b) What is idle time? Explain its causes. How is idle time treated in Cost Accounts? 3+4+4=11
6. (a) Compute the machine hour rate from the following data: 12
The machine occupies one-fourth of total area of the shop. Supervisor denotes one-third of his time for the machine.
Or
(b) What are the causes of under-absorption and over-absorption of overheads? How will you deal with them in Cost Accounts? 7+5=12
7. (a) A product of XYZ Ltd. Co. possesses through two processes A and B. 10,000 units at a cost of Rs. 1.10 were issued to process A. Other direct expenses were as follows:
Wastage of process A was 5% and in process B 4%.Wastage of process A was sold at 0.25 per unit and that of process B at 0.50 per unit. Overhead charges were 160% of direct labour. Prepare Process – A A/c and Process – B A/c. 11
Or
(b) (1) Explain the special features of contract costing. 5
(2) How does cost audit differ from financial audit? 6
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