Cost Accounting Question Paper May' 2013, Dibrugarh University B.Com 4th Sem CBCS Pattern

Cost Accounting Question Paper 2013 (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:

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

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

c)       Idle time represents the time for which the employers the time for which the employer makes payment and gains something in terms of production/makes payment but does not gain anything in terms of production.

(b) fill in the blanks:

a)      Fixed overhead cost is a Committed/Period cost.

b)      Prime cost incurred due to any abnormality is debited to Abnormal Loss Account.

c)       In process costing the output of the each process is the Input of the next process.

(c)  Write true or false:

a)      Most of the items of costs are direct in contract costing.  True

b)      High wages of cost not necessarily mean high cost per unit.  True

2. Answer the following:

a)      Distinguish between cost accounting and financial accounting.

b)      What do you mean by perpetual inventory system?

c)       Define labour turnover. Explain the causes of labour turnover.

d)      Distinguish between ABC and VED analysis.

3. (a) Following extract of costing information relates to a commodity for the year ended 31^st March, 2012:

Stock on 1st April, 2011: Raw materials	5000
Finished product (1000 tones)	4000
Stock on 31st March, 2012: Raw materials	5560
Finished product (2000 tons)	8000
Raw materials purchased	30000
Direct wages	25000
Rent, Rates and Taxes	1000
Carriage inwards	360
Work in progress on 1st April, 2011	1200
Work in progress on31st April, 2012	4000
Cost of factory supervision	2000
Sales of finished goods	75000

Advertisement and selling expenses amounts of 0.25 paise per ton sold. 16000 tones were produced during the year. Prepare a statement showing:

a)      The value of raw material used;

b)      The cost of production;

c)       The cost of turnover for the year;

d)      The net profit for the year and net profit per ton.

Or

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

Also Read: Cost Accounting Question Papers and Solutions

Cost Accounting Question Papers	Cost Accounting Solved Papers
	Old Course	New Course
2013 2014 2015 2016 2017 2018 2019	2010 2011 2012 2016 2017 2018 2019	2013 2014 2015 2016 2017 2018 2019

4.   (a) From the following information, calculate the total monthly remuneration of each of three workers X, Y and Z:

Standard production per month per worker=1000 units

Actual production during a month X=890 units, Y= 720 units and Z= 960 units

Piecework rate per unit of actual production=20 paise

Dearness wages Rs. 50 per month (fixed)

House rent allowance 20 per month (fixed)

Additional production bonus at the rate of Rs. 5 for each percentage of actual production exceeding 80% of the standard.

Or

(b) Discuss the principles of Premium Bonus Plans. Describe salient features of Rowan Plan and Halsey Plans  

5.  (a) Compute machine hour rate of a machine in a shop consisting of 3 machines occupying equal floor space. Following detail are supplied for the machine of which estimated working hours per year are fixed at 2500 hours in which normal idle time is estimated at 20% of the standard time:

Rent and taxes of the shop per annum	3600
Electricity for the shop per month	200
Repairs and maintenance expenses for the machine per annum	600
Rate of power changes for 100 units(the machine consuming 10 units per hour)	3
Forman’s salary for supervising all three machines, per month	750

Indirect labour cost Rs. 2 per hour for the machine The machine cost Rs.130000 and scraps value is estimated at Rs. 10000 and estimated life is 10 years. The foreman devotes equal attention for each machine in the shop.   

Or

(b) What do you mean by overhead cost? Explain the various classification of overhead cost and its bases of apportionment.

6. (a) A product process through processes A, B and C. The normal wastage of each process is as followings:

Process A=5%, Process B=6% and Process C=10%. Wastage of process A was sold at Rs. 2 per unit, that of process B at Rs. 5 per unit and that of process C at 10 per unit.

1000 units were issued to process A in the beginning of April, 2011 at a cost of Rs. 2 per unit. The other expenses were as follows:

Process	A (Rs.)	B (Rs.)	C  (Rs.)
Raw materials	2000	3000	1000
Labour	5000	8000	6000
Direct expenses	1550	2946	3738
Actual output(units)	950	910	810

Prepare processes accounts of A, B and C assuming that there were no opening or closing stocks.

Or

(b) Explain the following:

a)      Value of WIP on an incomplete contract

b)      Reconciliation of Cost and Financial Accounts

c)       Difference between cost audit and financial audit.