TYBCOM Sem 5 Cost Accounting Question Paper Oct 2024
Q1 A) State whether the following statements are True or False. (10 Marks)
- Lubricants are direct matenials
- Packing charges are selling and distribution cost.
- Prime cost includes factory overheads.
- Carriage on material increascs cost of materials.
- Labour Tumover may be caused due to low wages.
- Time Rate Plan motivates the efficient workers.
- Factory cost includes Prime cost-plus office overheads.
- Inventory valuation is done at market value.
- Carriage outwards should be considered selling overheads.
- Cost of rectification of defectives is a part of administration overheads.
- Interest received on Bank Deposit is purcly financial in nature.
- Time wage is guaranteed under Rowan premium plan.
Q.1 B) Select the most appropriate option and rewrite the full sentence. (10 Marks)
1) The costing which determines cost after it has been actually incurred is _________.
i) estimated
ii) standard
iii) historical
iv) marginal
2) Interest on capital is
i) imputed cost
ii) sunk cost
iii) direct cost
iv) indirect cost
3) Overheads which are incurred in connection with factory are
i) factory overheads
i) office overheads
iii) selling overhcads
iv) prime cost
4) The cost which is directly chargeable the product is
i) indirect cost
i) direct cost
i) overheads
iv) period cost
5) Royalti paid on use of patents is called as:
i) Direct expenses
ii) Indirect expenses
i) Production expanses
iv) Distribution expenses
6) If production increases Variable cost per unit remains
i) constant
ii) flexible
iii) Increase
iv) Decrease
7) Cost which is unaffected by the change in outputs is called as
i) Fixed cost
i) Variable Cost
iii) Period cost
iv) Production cost
8) Bin Card is
i) a inspection note
ii) a continuous record of stock stored
iii) a statement of delivery of material
iv) a statement of issue of material
9) A store ledger is
i) Evidence of delivery of materials
ii) a ledger of the supplier
iii) a ledger which shows movement of each item of materials
iv) a ledger of the Distributer
10) The process of re-distribution of overheads of support department to production department is called as:
i) Secondary distribution
ii) Primary distribution
iii) Repeat distribution
iv) Selling and Distribution overheads
11) Drawing office salaries is a:
i) Factory overheads
ii) Office overheads
iii) Selling overheads
iv) Distribution overheads
12) In reconciliation statement depreciation under charged in cost account is
i) Deducted in financial profit
ii) Deducted in costing profit
iii) Added in costing profit
iv) Added to assets
Q.2 A) SSR Ltd. fumnishes to you the following information for the year ended 31st March, 2023 : (20 marks)
| Production and Sales | 20,000 units |
| Sales | Rs. 80,00,000 |
| Direct Materials | Rs. 30,00,000 |
| Direct Wages | Rs. 10,00,000 |
| Direct Expenses | Rs. 5,00,000 |
| Factory Overheads | Rs. 7,50,000 |
| Administrative Overheads | Rs. 12,50,000 |
| Sales Overheads | Rs. 10,00,000 |
Following changes are estimated in the subsequent year:
- Production and sales activity will be increased by 25%.
- Material rate will be increase by 20% .
- Direct wages rate would be reduced by 10% due to automation.
- Direct Expenses per unit will increase by 10%.
- Factory Expenses will increase by 20% in total.
- Total administrative overheads will be lower by 20%
- Sales overheads per unit would remain the same
- Sale would be 110% of cost.
Prepare a statement of cost for both the years ending 31st March, 2023 and 315t March, 2024 showing maximum possible details of cost.
OR
Q.2 B) M/s. Naina Manufacturing Company manufactures two types of products viz. S and T The information for the year ended on 31st March, 2024 is as under: (20 marks)
| Particulars | S (Rs.) | T (Rs.) |
|---|---|---|
| Direct material per unit | 150 | 160 |
| Direct labour per unit | 80 | 70 |
| Direct expenses per unit | 50 | 90 |
Additional Information:
- Factory expenses arce charged at 25% of prime cost.
- Office expenses are charged at 30% of works cost.
- 3,000 units of product S were produced of which 2,500 units were sold and 6,000 units of product T were produced of which 5,400 units were sold.
- Selling expenses are Rs.12 per unit for product S and Rs.20 per unit for product T.
- Company charges a profit at 20% on sales for Product S & 25% on sales for Product T.
Prepare a cost sheet showing the cost and profit in total as well as in per unit.
Q.3 A) A steel manufacturing company uses steel sheets for the production and provides you the following details.
Maximum usage – 500kg per day
Normal usage – 300 kg per day
Minimum usage =200 kg per day
Maximum re-order period 15 days
Minimum re-order period = 5 days
Average reorder period = 10 days
Re-order quantity -3000 kg
Caleulate re-order level, maximum level, minimum level and average level.
Q.3 B) From the following particulars, prepare Reconciliation Statement and Ascertain Costing Profit/Loss. Net Profit as per financial P&L A/c ₹ 20,400, Opening Stock was overvalucd by ₹ 1500 in Cost Accounts as compared to financial accounts. Office overhcads charged in Financial Books ₹15,000 but recovered in Cost ₹ 20,000
Loss by fire ₹ 600.
Goodwill written off recorded in financial ₹ 5,000
Closing Stock as per financial books ₹ 4,000
Whereas in Cost books it was ₹ 5,400.
OR
Q.3 C) From the following details find the amount of closing stock under weighted average method for the month of Scptcmber 2024 (10 Marks)
| 1.9.24 Opening Stock: 250 units at 10 each | |
| Purchases | Issues |
| 5.9.24 150 units at 12 each | 10.9.24 120 units |
| 15.9.24 100 units at 14 each | 20.9.24 80 units |
| 25.9.24 200 units at 16 each | 30.9.24 150 units |
Q.3 D) From the following details find the amount of closing stock under weighted average method for
the month of September 2024
| PARTICULARS | Rs |
| Profit as per Cost Records | 1,87,000 |
| Interest on Bank loan | 1050 |
| Provision for Income Tax | 40,300 |
| Loss on sale of Asset in Financial A/c | 5,700 |
| Interest reccivcd | 8,750 |
| Depreciation in Financial A/c | 11,200 |
| Depreciation in Cost A/c | 12,500 |
Q.4 A) The following particulars apply to a particular job: (10 Marks)
Standard production per hour: 15 units
Standard working hours: 16
Normal rate per hour: Rs.30
Gcctha produccd I80 units
Vincetha produced 216 units
Rakshitha produced 264 units
Calculate the wages of these workers under Diflerential Picce Rate System 80% of lhe piece rate
when output is s below standard & 120% above standard.
Q.4 B) Calculate the machine hour rate for the following machine
| Cost of machine | Rs | 116000 |
| Estimated scrap value | Rs | 16000 |
| Estimated working life | Hours | 20000 |
| Estimated maintenance cost during working life of machine | Rs | 2400 |
| Power used per machine per hour | Rs | 1 |
| Rent and Rates per month | Rs | 3000 |
| Normal Machine running hours during a month | 180 | |
| Standing charges (other than rent and Rates) Per month | Rs | 400 |
OR
Q.4 C) Standard output per hour is 100 units. Actual output in a 40 hour weck is 5,000 units. Wag
rate is Rs.75 per hour. Calculate Total Earnings under:
i) Time Rate
ii) Piece Rate
iii) Halsey Premium System
iv) Rowan Premium System
Q.4 D) From the following particulars given below, prepare a statement showing primary distribution of overheads: (10 Marks)
| Production Departments | Service Departments | |||||
| A | B | C | X | Y | ||
| Diect Materials | Rs. | 3000 | 2500 | 2000 | 1500 | 1000 |
| Employees | Number | 100 | 150 | 150 | 50 | 50 |
| Factory Electricity | Kwh | 8000 | 6000 | 6000 | 2000 | 3000 |
| Light Points | Number | 10 | 15 | 15 | 5 | 5 |
| Assets Value | Rs. | 50000 | 30000 | 20000 | 10000 | 10000 |
Q5. Answer the following questions. (10 marks each)
A. What are the objectives of cost accounting?
B. Explain classification of overheads based on behavior of cost?
OR
Q5. Write short notes (Any four out of six). (20 marks)
a) Cost ascertainment
b) FIFO
c) Gantt’s Task
d) Distinction between cost allocation and cost apportionment
e) Prime cost
f) Reconciliation of cost and financial accounts
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TYBCOM Sem 5 Cost Accounting Question Paper Oct 2024 Pdf
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