Answer any five questions:-
1. What do you understand by cost
accounting? In what ways are they useful to the management of industrial
concerns? (5+15)
2. What is labour-hour-rate? How
is it ascertained? In what respect it differs from a machine-hour-rate? (5+7+8)
3. What do you mean by
administration overheads? Give four examples. How are administration overhead
allocated to the products? (5+2+13)
4. Give specimen of a Bin card
& a Stores ledger? What are the differences between the two? (8+12)
5. What do you mean by standard
costing? Explain its advantages & disadvantages. (6+14)
6. a) Mention the essential
characteristics of a good system of wage payment. (10)
b) During the first week of Jan
92’, the workmen Sri Mahendra Tanti manufactured 300 articles. He receives
wages for a
guaranteed 48 hours per week at
the rate of Rs4 per hour. The estimated time to produce one articles is 10
minute & under
incentive scheme the time allowed
is increased by 20%.
Calculate his gross wages &
effective hourly rate according to:-
a.
Price work with a guaranteed weekly wage.
b.
Rowan Premium Plan.
c.
Halsey Premium Bonus, 50% to workmen. (10)
7. A statement of material
received & issued in March 92 is given below:-
March 1 Opening stock of materials 4000 units @ Rs4 per unit.
March 5 Purchased 500 units @ Rs5 per unit.
March 8 Issued 2000 units.
March 10 Purchased 6000 units @ Rs6 per unit.
March 16 Issued 4000 units.
March 20 Issued 1000 units.
March 23 Issued 2000 units.
March 27 Purchased 4500 units @ Rs5.50 per unit.
March 31 Issued 3000 units.
From the above statement prepare
two separate stores ledger accounts by applying the following two methods: - (10+10)
a)
First in First Out (FIFO)
b)
Last in First Out (LIFO)
8. What do you mean by Standard
costing? What are its advantages & disadvantages? (20)