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Gauhati University QuestioAn Papers:COST AND MANAGEMENT ACCOUNTING (May-June’ 2014)


Gauhati University Question Papers
COST AND MANAGEMENT ACCOUNTING (May-June’ 2014)
Full Marks: 80
Time Allowed: 3 hours
GROUP – A
COST ACCOUNTING
Marks: 40
Answer either in English or Assamese
The figures in the margin indicate full marks for the questions
ANSWER ALL THE QUESTIONS AS DIRECTED
1. Answer the following as directed:                                       1x4=4

a)                  Cost audit report is addressed to the shareholders. (State whether the statement is true or false)
b)                  Prime cost + Factory overheads = _____. (Complete the blank space)
c)                   What is overhead rate?
d)                  What is standard hour?
2. Answer (any three) Questions of the following:            2x3=6
a)                  Give two examples of semi variable costs.
b)                  Give two causes of idle time.
c)                   Give two reasons for over and under absorption of overheads.
d)                  Give two cause of Material Usage Variance.
3. Write short notes on (any two) of the following:                          5x2=10
a)      Distinction between Cost-Audit & Financial Audit.
b)      Selling and Distribution Overhead.
c)       Incremental and decremental costs. 
4. Describe the objectives of cost accounting highlight the areas in which cost accounting can be treated as an aid to management.                                                   10
Or
“One of the major objectives of a system of material control is to ensure that there is no over-stocking and under-stocking of materials.” Discuss.
5. Explain the principles and basis of allocation and apportionment of overheads.                             10
Or
From the following information prepare a Cost Sheet for the period ended on 31st March, 2014:
Particulars
Amount in (Rs.)
Opening stock of raw material
Purchase of raw material
Closing stock of raw material
Direct wages
Direct expenses
Factory overheads
Office & administrative overhead
Selling & distribution overhead
Cost of opening stock of finished goods
Cost of closing stock of finished goods
41,000
1,59,000
35,000
44,000
20,000
50% of direct wages
25% of work cost
40,000
40,000
20,000
Also calculated the volume of sales to earn a profit of Rs. 5,00,000.
GROUP – B
MANAGEMENT ACCOUNTING
Marks: 40
The figures in the margin indicate full marks for the questions.
6. Answer the following as directed:                                       1x4=4
a)                  The term management accounting was first used in the year. (Fill in the blank)
b)                  Vertical Analysis is also known as ‘Static Analysis’. (State whether the statement is true or false)
c)                   Contribution is the difference between the sales and the total cost of sales. (State whether the statement is true or false)
d)                  How Earnings per share (E.P.S.) is calculated?
7. Write short notes on (any three) of the following:                       2x3=6
a)                  Budget Manual.
b)                  Liquidity Ratio.
c)                   Margin of Safety.
d)                  Return on capital Employed.
8. Answer (any two) of the following:                     5x2=10
a)                  Nature of management accounting.
b)                  Purposes of performance budgeting.
c)                   Limitations of financial statement.
9. Explain in detail five leading tools and techniques used for analysis of Financial Statement.                      10
Or
Discuss the significance and computation of the following ratios.                           2 ½ x 4=10
a)      Return on investment.
b)      Debt-Equity Ratio.
c)       Opening Profit Ratio.
d)      Stock Turnover Ratio.
10. From the following information find out:                                       4+4+2=10
a)      Sales at Break-Even point.
b)      P/V Ratio.
c)       Margin of Safety
Ø  Sales Rs. 2,60,000/- (at Rs. 20-per unit)
Ø  Fixed Cost Rs. 80,000/-
Ø  Variable Cost Rs. 10/-
Or
How is a Cash Flow Statement prepared as per Indian Accounting Standard? State the utility of preparing such a statement.                                         5+5=10

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