Cost Accounting Question Paper'2018 Dibrugarh University | B.Com 4th Sem(Hons.)CBCS | Dibrugarh University

 

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Cost Accounting Question Paper 2018 (May)
Dibrugarh University B.Com 4th Sem CBCS Pattern
Commerce (General/Speciality)
Course: 401
Full Marks: 80
Time: 3 Hours

1. (a) Fill in the blanks:                                   1x4=4

1)         Fixed cost per unit _____ when volume of production increases. 

2)         In printing industries, the method of _____ costing is applied. 

3)         In process costing, the output of the each process in the _____ of the next process. 

4)         In Cost Accounting, _____ is the combination of indirect material, indirect labour and indirect expenses. 

(b) Choose and write the correct answer:                             1x4=4

1)         Under the ABC analysis of material control, A stands for low value/moderate value/high value items. 

2)         In a chemical industry, the method of process costing/contract costing is applied. 

3)         Variable overhead cost is a period cost/an output cost. 

4)         Cost of abnormal idle time and overtime is transferred to costing Profit and Loss Account/General Profit and Loss Account. 

2. Write on the following (any four):                                       4x4=16

a)         Distinction between Cost Accounting and Financial Accounting (any four points)      

b)         Causes of labour turnover. 

c)          Allocation and absorption of overheads. 

d)         Reconciliation of Cost Account and Financial Account. 

e)         Perpetual inventory system. 

3. (a) The following data have been extracted from the books of M/s, ABC Industries Ltd. For the calendar year, 2017: 

(Rs.)

Opening stock of raw materials  Purchase of raw materials  Closing stock of raw materials  Carriage inwards Wages: Direct Indirect Other direct charges Rent and rates: Factory Office Indirect consumption of materials Depreciation: Plant Office Furniture Salary: Office  Salesman Other factory expenses  Other office expenses  Managing Director’s remuneration Other selling expenses Travelling expenses of salesman Carriage and freight Sales  Advance income-tax paid  Advertisement

25,000 85,000 40,000 5,000 75,000 10,000 15,000 5,000 500 500 1,500 400 2,500 2,000 5,700 700 12,000 1,000 1,100 1,400 2,50,000 15,000 2,000

Managing Director’s remuneration is to be allocated in the ratio of 2 : 1 : 3 for factory, office and sales departments respectively. From the above information, prepare the different phases of cost and net profit.    14

Or

(b) What do you mean by material control? What are its techniques? Discuss its significances.               3+3+8=14

4. (a) The following are the information in respect to a worker who has manufactured 240 articles during the last week of December 2017:        4+5+5=14

Working hours during the week are 48 hours, standard rate Rs. 5 per hour and standard time to manufacture an article is 15 minutes. 

Calculate his gross wages for the week according to –

1)         Piecework with guaranteed weekly wages; 

2)         Rowan Premium Bonus Plan; 

3)         Halsey Premium Bonus Plan;                                                            

Or

(b) (1) Describe the essential characteristics of a good system of wage payment.                        7

(2) Describe with illustration the salient features of Rowan Plan and Halsey Plan.   7

5. (a) From the following information, compute machine hour rate of a machine in a shop consisting of 3 machines occupying equal floor space. The estimated working hours per year are fixed at 2500 hours in which normal idle time is estimated at 20% of the standard time:    14

Rent and taxes of the shop per annum – Rs. 3,600

General Electricity for the shop per month – Rs. 200

Repairs and maintenance expenses for the machine per annum – Rs. 600

Rate of power charges for 100 units (the machine consuming 10 units per hour) – Rs. 3

Foreman’s salary for supervising all the machines per month – Rs. 750

Indirect labour cost – Rs. 2 per hour for the machine. 

The machine cost – Rs. 1,30,000.

Scrap value is estimated at Rs. 10,000.

Estimated life is 10 years. The foreman devotes equal attention for each machine in the shop. 

Or

(b) What factors would you consider for determining the overhead absorption rate? Explain the causes of over and under-absorption of overheads.             7+7=14

6. (a) A product of a manufacturing concern posses through two processes A and B and then to finished stock. It is ascertained that in each process 5% of the total weight is lost and 10% is scrap, which from processes A and B realizes Rs. 80 per tone and Rs. 200 per tone respectively. 

The following are the figures relating to both the processes: 

	Process – A	Process – B
Materials (tones) Cost of materials (Rs. Per tone) Wages (Rs.) Manufacturing expenses (Rs.) Output (tones)	1,000 125 28,000 8,000 830	70 200 10,000 5,250 780

Prepare the Process Cost Accounts showing cost per tones of each process. There was no work-in-progress in any process.       14

Or

(b) (1) Define job costing. Where is it applied?      2+2=4

(2) Under what circumstances, we need to prepare Reconciliation of Cost Account and Financial Account and how is it prepared?     10

(OLD COURSE)

Pass Marks: 32

1. (a) Fill in the blanks:                                   1x4=4

1)         _____ is the combination of direct material, direct labour and direct expenses. 

2)         Fixed cost per unit _____ when volume of production increases. 

3)         In Cost Accounting, depreciation is the _____ expenses. 

4)         In process costing, the output of the each process is the _____ of the next process. 

(b) Choose and write the correct answer:                         1x4=4

1)         Variable cost per unit remains same/increases/decreases due to increase in production. 

2)         Rent of factory building is a variable cost/fixed cost/semi-variable cost. 

3)         A high labour turnover increases/decreases the cost of production. 

4)         Standard costing is a method/technique of Cost Accounting. 

2. Write on the following (any four):                                       4x4=16

a)         Distinction between Cost Accounting and Management Accounting. 

b)         Economic Order Quantity (EOQ)

c)          Labour turnover. 

d)         Apportionment and absorption of overheads. 

e)         Reconciliation of Cost Account and Financial Account. 

3. (a) The Accounts of ABC Manufactures Ltd. For the year ending 31st December, 2017 shows the following: 

	(Rs.)
Stock of raw material on 1.1.2017 Materials purchased Material returned to suppliers Direct labour  Direct expenses  Factory expenses  Office and administrative expenses  Selling and distribution expenses  Stock of materials on 31.12.2017 Profit	6,720 1,50,000 2,000 50,000 15,300 20,000 8,000 7,900 7,720 10,000

Find out –

1)         Material consumed; 

2)         Prime cost; 

3)         Work cost; 

4)         Cost of production; 

5)         Sales.                                                                                          11

Or

(b) What are elements of cost? Classify costs according to elements, function and variability and give two examples of each.       3+8=11

4. (a) Compute the reorder level, minimum level, maximum level and average stock level for components A and B based on the following data:     11

	A	B
Maximum consumption per week Average consumption per week Minimum consumption per week Reorder period  Reorder quantity	150 units 100 units 50 units 8 to 12 weeks 400 units	150 units 100 units 50 units 4 to 8 weeks 600 units

Or

(b) Describe the various methods of pricing materials issued for production and point out their advantages and disadvantages.                                                  11

5. (a) From the following data, ascertain the total earnings of each worker separable under (1) Halsey scheme (50%) and (2) Rowan scheme:                                                11

Name of Worker Time allowed  Actual time taken Basic rate of wages per hour

Amal  5 hours 4 hours Rs. 3.00

Bimal 5 hours 6 hours Rs. 3.00

Or

(b) What is labour turnover? What are its causes? How can it be reduced?                        3+5+3=11

6. (a) From the following details, compute the hourly rate of a machine installed in a shop: 12

	(Rs.)
Cost of machine  Installation charges  Estimated scrap value  Rent and rates p.a.  General lighting of the shop p.m.  Insurance premium for the machine per quarter Repairs and maintenance p.a.	2,00,000 20,000 10,000 7,200 800 720 3,000

Power consumption 20 units per hour, rate of power per 100 units is Rs. 20, estimated working hours of the machine 2300 hours per year, shop supervisor’s salary per month Rs. 1,800. 

The machine occupies 1/4th of the total floor area of the shop. The supervisor is expected to devote 1/5th of his time for supervising the machine. Normal idle time is expected to be 300 hours per annum. 

Or

(b) Define overhead. State the different methods of classification for determining overheads.  4+8=12

7. (a) Assam Construction obtained a contract for the building of an office for Rs. 6,00,000. Construction work commenced on 1st April, 2017 and at the end of the financial year they received payment of Rs. 2,40,000 representing 80% of the amount of work certified. The following information in available from the books of the contractors: 

	(Rs.)
Material issued  Materials of land on 31.3.2018 Wages paid  Plant installed at site Direct Expenses  Overheads allocated to the contract Work finished but not yet certified at cost  Plant to be depreciated at 10%	1,20,000 5,000 1,60,000 1,20,000 22,000 11,000 10,000

Prepare the Contract Account for the year ended 31.3.2018 and show your calculation of the amount adjusted to the credit of Profit and Loss Account.     11

Or

(b) Distinguish between:                                        6+5=11

1)         Job Costing and Process Costing. 

2)         Cost Audit and Financial Audit. 

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