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Sunday, February 17, 2019

Gauhati University QuestioAn Papers:COST AND MANAGEMENT ACCOUNTING (May-June’ 2017)


Gauhati University Question Papers
COST AND MANAGEMENT ACCOUNTING (May-June’ 2017)
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:                                       1x6=6

a)      Fixed cost does not change in the same proportion in which output changes. (Write True or False)
b)      LIFO method of pricing issue is useful during period of inflation. (Write True or False)
c)       Abnormal idle time cost of factory should be charged to production overhead. (Write True or False)
d)      The rate of change in the composition of labour force in the organisation is called _____. (Fill in the blank)
e)      When the actual cost incurred is less than the standard cost, the variance is known as _____. (Fill in the blank)
f)       The most of advantages buying quantity/pattern to adopt is determined by computing the:
1)      Re-order level.
2)      Optimum stock level.
3)      EOQ.
4)      Lead time.
                (Choose the correct answer)
2. Answer the following questions:                                          2x2=4
a)      What is Cost Sheet?
b)      Write any two differences between Bin-Card and Stores Ledger.
3. Answer any two questions from the following:
a)      What are the different methods of payment of remuneration to labourers? Briefly explain any one of them.       5
b)      Write the basis of apportionment of the following overheads:                           5
1)      Factory rent.
2)      Electricity bill for light.
3)      Depreciation of machinery
4)      Electric power bill.
5)      Supervision expenses
6)      Stores overhead.
7)      Canteen expenses.
8)      Repair and maintenance.
9)      Building’s depreciation.
10)   Hospital expenses.
c)       What is Economic order quantity? Calculate EOQ from the following information:      2+3=5
Monthly consumption of raw materials
Cost of placing an ordering
Cost of material
Carrying cost
250 units
Rs. 30 per order.
Rs. 5 per unit
10% of the material cost

4. Answer the following questions:                          10x2=20
(a) Explain costing as an aid to management.
Or
Calculate the material price variance, material usage variance, material mix variance and material cost variance from the following data:
Consumption per 100 units of product
Material
Standard
Actual
A
B
40 units @ Rs. 50 per unit
60 units @ Rs. 40 per unit 
50 units @ Rs. 50 per unit
60 units @ Rs. 45 per unit

(b) Explain purchasing procedure of material.
Or
A Ltd. has four departments. The following are the expenses for a period of 3 months:

Rs.
Rent
Repairs
Depreciation
Light
Supervision
Insurance of Plant
Employees Insurance
Power
1,000
600
450
100
1,500
500
150
900

Departments
Area (sq. ft.) 75
Total wages (in Rs.)
No. of workers
Value of plants (in Rs.)
A
55
4,000
12
12,000
B
45
3,000
8
9,000
C
25
2,000
6
6,000
D

1,000
4
3,000
Prepare a statement showing the appropriation of costs to the various departments.
GROUP – B
MANAGEMENT ACCOUNTING
Marks: 40
5. Answer the following questions as directed:                                  1x6=6
a)      Management Accounting deals with the presentation of information in such a way so as to assist management. (Write True or False)
b)      A budget prepared in a manner so as to give the budgeted cost for various levels of activity is known as _____. (Fill in the blank)
c)       In an undertaking with high fixed cost, break-even point can be attained at a lower level activity. (Write True or False)
d)      Flow of funds means increase or decrease in working capital. (Write true or false)
e)      Issue of capital will mean _____ in working capital. (Fill in the blank)
f)       Two elements of current ratio are current assets and _____ (Fill in the blank)
6. Answer the following questions:                                          2x2=4
a)      What is the significance of current ratio?
b)      What are the limitations of financial statements?
7. Answer any two from the following questions:
a)      What is flexible budget?                       5
b)      What is a solvency ratio? Calculate solvency ratio if the total liabilities to outsiders are Rs. 2,00,000 and total assets are Rs. 6,00,000.                  3+2=5
c)       What are the various types of financial statements? Explain any one of them.                            5
8. Answer the following questions:                          10x2=20
a)      Explain the scope and objectives of Management Accounting in brief.
Or
                From the following data, you are required to calculate:
1)      P/V ratio.
2)      Break-even sales.
3)      Sales required to earn a profit of Rs. 4,50,000.
4)      Break-even point in units.
5)      What should be the selling price per unit, if the break-even point is reduced to 5,000 units?
Given:
Fixed cost
Variable cost per unit:
Direct material
Direct labour
Direct expenses
Selling price
Rs. 1,00,000

Rs. 6 per unit
Rs. 2 per unit
Rs. 2 per unit
Rs. 20 per unit

b)      What are the advantages and disadvantages of budgetary control?
Or
                With the following data for a 60% activity, prepare a Flexible Budget for production at 80% capacity:
Production at 60% capacity
Materials
Labour
Direct expenses
Factory overheads
Administrative expenses
6,000 units
Rs. 100 per unit
Rs. 40 per unit
Rs. 10 per unit
Rs. 40,000 (60% variable)
Rs. 30,000 (60% fixed)


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