In this post, we have shared the Gauhati University Cost Accounting Question Paper 2015 (Non-CBCS). This question paper is highly beneficial for FYUGP NEP 4th Semester Accountancy Major students.
The paper, originally part of the Non-CBCS curriculum for the 4th Semester Cost Accounting Question Paper , is now included in the FYUGP NEP syllabus. As the content remains relevant, we strongly recommend studying this question paper to enhance your preparation for the FYUGP NEP 4th Semester Honours Course. It is a valuable resource for understanding key concepts in Cost Accounting
2015
COST ACCOUNTING
Full Marks: 80
Time: 3 hours
(The figures in the margin indicate
full marks for the questions)
1. Answer the following as
directed:
1x6=6
a)
The main purpose of Cost Accounting
is to
3)
Help management in taking decisions
by providing information.
(Select the correct answer)
b)
Cost of goods produced include
1)
Production cost and work in
progress.
3)
Production cost and finished goods
inventory.
(Select the correct answer)
1)
Due to the nature of process.
2)
Due to the abnormal factors.
(Select the correct answer)
d)
Equivalent production in process
costing represents production
1)
In terms of completed units.
2)
Production at cost price.
3)
Production of incomplete units.
(Select the correct answer)
e)
Weighted average cost method of
valuing material issues involves adding all the different prices and dividing
by the number of such prices. (Indicate whether the statement is true or false)
f)
Labour turnover is calculated by –
1)
Number of workers left/average number
of workers.
2)
Number of additions/average number
of workers.
3)
Number of workers replaced/average
number of workers.
(Select the correct answer)
2. Answer the following questions
briefly:
2x5=10
a)
What is the concept of cost?
b)
State the two reasons of abnormal
idle time of labour.
c)
Why is ABC analysis of inventory
significant?
d)
What is the basic difference
between allocation and apportionment of overhead?
e)
What is the need for charging
inter-process profits?
3. Answer the following questions:
(a) Write the differences between
Cost Accounting and Financial Accounting.
5
(b) State the benefits of
centralized purchasing system of materials.
5
Or
Following information relating to a
type of raw material is available:
|
Annual demand Unit price Ordering cost per order Storage cost Interest rate Lead time |
2,400 units Rs. 2.40 Rs. 4.00 2% per annum 10% per annum Half Month |
Calculate EOQ and total inventory
cost in respect of the particular material.
5
(c) What will be the earning of a
worker at 55 paisa per hour when he takes 140 hours to do a volume of work for
which the standard time allowed is 200 hours? The plan payment of bonus on
sliding scale is as under:
1)
Within the 1st 10%
saving in standard time, bonus is 40% of the time saved.
2)
Within the 2nd 10%
saving in standard time, bonus is 50% of the time saved.
3)
Within the 3rd 10%
saving in standard time, bonus is 60% of the time saved.
4)
For the rest, the bonus is 75% of
the time saved.
5
(d) What are the necessities of
classification for overhead into Fixed and
Variable?
5
(e) What is Contract Costing?
Mention the distinguishing features of Contract Accounts. 1+4=5
4. Write in detail the
classification of direct and indirect costs.
9
Or
The following are the costing
records for the year 2014 of a manufacturer:
|
Rs. |
|
|
Production 1,000 units Cost of raw materials Labour cost Factory overheads Office overheads Selling expenses Rate of profit 25% on selling price |
20,000 12,000 8,000 4,000 1,000 |
The manufacturer decided to product
1,500 units during the year 2015. It is estimated that the cost of raw material
will increase by 20%, the labour cost will increase by 10%, 50% of the overhead
charges are fixed and other 50% are variable. The selling expenses per unit
will be reduced by 20%.
The rate of profit will remain
same.
Prepare a Cost Statement for the
year 2015, showing the Profit and Selling price per unit.
5. The following transaction took
place in respect of an item of material:
|
Receipts |
||
|
Quantity |
Rate (Rs.) |
|
|
Jan – 1 Opening balance Jan – 5 Received from vendor Jan – 12 Received from vendor Jan – 20 Received from vendor Jan – 25 Received from vendor |
500 units 200 units 150 units 300 units 400 units |
@ Rs. 4/- @ Rs. 4.25/- @ Rs. 4.10/- @ Rs. 4.50/- @ Rs. 4/- |
|
Jan 4 Jan 10 Jan 15 Jan 19 Jan 26 Jan 30 |
200 units, 400 units, 100 units, 100 units, 200 units, 250 units. |
Issues are to be priced on the
principle of Last in first out method.
Write out the Store Ledger Account
in respect of the materials for the month of January.
10
Or
What are idle facilities? From the
information given below, calculate the idle time cost and present the same in a
tabular form when the hourly fixed cost of running the machine is Rs. 8/-.
The capacity usage ratio and the
capacity utilization ratio in respect of a machine for a particular month is
80% and 90% respectively.
The available working hours in a
month are 200 hours.
The break-up of idle time is as
follows:
|
Waiting for job Breakdown Waiting for tools |
5 hours 4 hours 3 hours |
6. The net profit of A Co. Ltd.
appeared at Rs. 60,652 as per financial records for the year ending 31st march,
2014. The Cost Books, however showed a net profit of Rs. 86,200 for the same
period. A scrutiny of the figures from both the sets of accounts revealed the
following facts:
|
Rs. |
|
|
Works overhead under recovered in
cost Administrative overhead over
recovered in cost Depreciation charged in Financial
Accounts Depreciation recovered in costs Interest on investment not included
in costs Loss due to obsolescence charged in
Financial Accounts Income tax provided in Financial
Accounts Bank interest and transfer fee
credited in Financial Book Stores adjustment (credit) in
financial books Value of Opening Stock in: Cost Accounts Financial Accounts Valuation of Closing Stock in: Cost Accounts Financial Accounts Interest charged in cost accounts Goodwill written off Loss on sale of furniture |
1,560 850 5,600 6,250 4,000 2,850 20,150 375 237 24,800 26,300 25,000 23,000 2,000 5,000 600 |
Prepare a statement showing the
reconciliation between the figures of net profit as per Cost Accounts and the
figures of net profit as shown in the Financial Books.
10
Or
Elucidate the functional
classification of overheads.
10
7. What is process costing?
Describe the basic feature of process costing.
2+8=10
Or
A.M. Industry Ltd. has three
processes through which its products pass for becoming a finished product.
There is a loss of 2% in each process on the total weight put in and 10% is
scrap in all processes. The scrap realizes Rs. 5/- per ton from process 1. Rs.
7 per ton from process 2 and Rs. 10 per ton from process 3.
The detailed information of various
processes is as follows:
10
|
Process 1 |
Process 2 |
Process 3 |
|
|
Passed to next process Sent to warehouse for sale |
60% 40% |
50% 50% |
- 100% |
|
Process 1 Rs. tons |
Process 2 Rs. tons |
Process 3 Rs. tons |
|
|
Raw materials Labour cost General expenses |
150,000 500 27,500 12,500 |
24,480 136 20,600 9,200 |
7,200 24 15,000 5,075 |
Prepare Process Cost Accounts
showing cost per ton at each process.
-000-