Friday, July 19, 2019

B.Com First Year Question Papers (Distance): Cost Accounting' 2018


2018
(July)
COMMERCE
Paper: 107
(Cost Accounting)
Full Marks: 90
Time: 3 hours
The figures in the margin indicate full marks for the questions
1. (a) Choose the correct answer:                        1x4=4

1)         Variable cost per unit remains same/increase/decrease due to increase in production.
2)         Under ABC analysis the material control, A stands for low value/moderate value/high value items.
3)         Idle time represents 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.
4)         The method of costing used in a refinery is process costing/job costing/batch costing.
(b) Fill in the blanks:                    1x3=3
1)         Fixed overhead cost is an _______ cost.
2)         Prime cost incurred due to any abnormality is debited to _______.
3)         In process costing the output of each process is the _______ of next process.
(c) Write True or False:         1x3=3
1)         Most of the items of costs are direct in contract costing.
2)         High wages need not necessarily mean high cost per unit.
3)         The practice of charging all costs to product is batch costing.
2. Answer the following:                 4x5=20
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)         State four reasons of under absorption and over absorption of overheads.
e)         Reconciliation of Cost Accounting and Financial Accounting.
3. (a) Explain elaborately the necessity of reconciliation between Cost and Financial Accounting.                             15
Or
(b) Define Cost Accounting. How do cost accounting records help in planning and control of operations of a business enterprise? Discuss in detail.            5+10=15
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
Actual production during a month
X
Y
Z
Piece work rate per unit of actual production
Dearness wages (Fixed)
House Rent Allowance (Fixed)
1,000 units

890 units
720 units
960 units
20 paisa
Rs. 50 per month
Rs. 20 per month

Additional production Bonus @ Rs. 5 for each percentage of actual production exceeding 80% of the standard                        15
Or
When do you advocate pricing the issue of materials at cost price based on “First-in-First-Out”? Give your arguments. What are the limitations of this method of pricing?         8+7=15
5. (a) Assam Engineering works has three production departments A, B, C and one service department S. From the following particulars, calculate labour hour rate for each of the production departments. Expenses for the period of 12 months:            15

Rs.
Rent
Power
Indirect Wages
Depreciation on Machinery
Electricity
Canteen Expenses
36,000
8,250
5,200
22,000
5,600
6,500

Additional Information:

A
B
C
S
Light Points
Floor space (sq. m.)
Horse Power of Machine (H.P.)
No. of workers
Direct wages (in Rs.)
Cost of Machine (in Rs.)
7
300
65
2
12,000
50,000
7
250
30
3
14,000
60,000
9
450
30
6
18,000
80,000
5
200
40
2
8,000
10,000

Working days – 200 days of 8 hours each
Service rendered by service department S to production department A, B and C are 30%, 20% and 50% respectively.
Or
(b) What is “Labour Hour Rate”? How is it ascertained? In what respect it differs from a “Machine Hour Rate”?  4+5+6=15
6. (a) From the following particulars prepare Contract Account on 31st March, 2018:         15

Rs.
Materials send to site
Wages paid
Wages Outstanding
Direct Expenses
Establishment charged
Special plant installed cost
Cost of work not certified
Value of special plant on 31-3-2018
Material at site on 31-3-2018
Total contract price
Cash received
Retention – 10% of work certified
Sale of scrap
1,90,000
1,20,000
5,500
60,000
52,000
2,00,000
25,000
1,70,000
21,000
12,00,000
5,94,000

2,000

General plant costing Rs. 1,20,000 was used for 3 months, depreciation on date is to be provided at 15% per annum.
Or
(b) What do you mean by Scrap Value and Abnormal Gain? How are these treated in process costing?               7+8=15

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