Gauhati University2011
COST ACCOUNTING
Full Marks: 80
Time: 3 hours
(The figures in the margin indicate
full marks for the questions)
Answer all the questions.
1. Answer the following as
directed:
1x10=10
a) Aggregate
of all direct cost is known as _______. (Fill in the blank)
b) Costing
systems are classified according to the nature of operations. (State whether
the statement is true or false)
c) A
cost unit is regarded as a unit of product, service or time in relation to
which cost may be ascertained or expressed. (State whether the statement is
true or false)
d) Job
order costing is not applied where work is undertaken to customers’ special
requirements. (State whether the statement is true or false)
e) In
periods of rising prices, profit and tax liability under LIFO would be lower
than under FIFO. (State whether the statement is true or false)
f) Wages
under piece rate system are paid according to the _______ of work done. (Fill in
the blanks)
g) In
Cost Accounting, auditing expenses are examples of _______ overhead. (Fill in
the blank)
h) Fixed
overhead cost per unit remains fixed when output level changes. (State whether
the statement is true or false)
i) Cost
of normal loss in process costing is borne by the goods produced. (State
whether the statement is true or false)
j) The
question of reconciliation of cost accounts with financial accounts arises only
under non-integral system. (State whether the statement is true or false)
2. Write short answer to the
following in about 50 words each:
2x5=10
a) State
the meaning of cost in respect of cost accounting.
b) State
the meaning of idle time in labour costing.
c) State
the meaning of time rat in wage payment.
d) State
the meaning of direct labour.
e) State
the meaning of stores ledger.
3. Write short notes on any four of
the following:
5x4=20
a) Economic
order quantity (EOQ).
b) Methods
of overhead absorption.
c) Perpetual
inventory system.
e) Cost
accounting vs. financial accounting.
4. Explain the advantages and
limitations of cost accounting. How is a cost accounting system
installed? 10
Or
Rangia Trading Company furnishes
the following data relating to the manufacture of a standard product during the
month of April 2009.
|
Rs. |
|
|
Raw materials
consumed Direct labour
charges Machine hours
worked Machine hour rate Administration
overhead 20% on works cost Selling overhead Unit produced Unit sold |
15,000 9,000 900 5 Re. 0.50 per unit 17,100 16,000 at Rs. 4 per
unit. |
Prepare a cost sheet from the above
showing
2)
Cost per unit sold and profit for
the period.
10
5. The following information is
provided by Shorbhog Candle Producing Company for the fortnight of April,
2011: 10
Materials in hand:
Stock on 1.4.2011 = 100 units at
Rs. 5 per unit
Purchases of materials:
5.4.2011 300 units at Rs. 6
8.4.2011 500 units at Rs. 7
12.4.2011 500 units at Rs. 8
Issues of materials
6.4.2011 250 units
10.4.2011 400 units
14.4.2011 500 units
Calculating using FIFO and LIFO
methods of pricing issues;
1)
The value of materials consumed
during the period; and
2)
The value of stock of materials on
15.4.2011.
Or
State the significance of inventory
control. Explain the various techniques of inventory
control. 10
6. The following are the
particulars extracted from the ice cream factory of
Sonapur: 10
Standard time = 10 hours
Time rate = Rs. 3 per hour
Prepare a comparative table under
Halsey Plan and Rowan Plan if time taken is 9 hours, 8 hours and 6 hours.
From the calculated table show the
amount of bonus payable; the amount of total wages and labour cost per hour
under the two methods.
Or
a)
Explain the difference between
direct and indirect expenses and highlight the importance of such a
distinction.
b)
Describe the causes of labour
turnover and indicate technique of its
measurement. 5+5=10
7. From the following information,
you are asked to pass journal entries under the integrated accounts
system: 10
|
Rs. |
|
|
Materials purchased
on credit Wages paid Wages – productive Wages –
unproductive Materials issued to
production Works expenses
incurred Works expenses
charged to production Administration
expenses paid Administration
expenses charged to production Sales (Cash) Finished goods at
cost |
25,000 32,000 28,000 4,000 23,000 12,000 14,000 8,800 8,600 78,000 60,000 |
Or
What are the different methods of
classifying overheads? Explain the principles on which apportionment of
overhead is based.
10
-000-
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