Cost accounting commerce previous year 2013 question paper with answer
Full Mark – 100 Time – 3 hours
The figures in the right-hand margin indicate marks. Carefully follow the instructions given in each group.
Group – A
Question – 1. From the following alternatives given below in each bit, write serially the correct answer along with its serial number.
(A) Contract coasting is a variant of ______
(i) Process Costing
(ii) Multiple Costing
(iv) Unit Costing
(v) Job Costing
(B) Telephone expenses is an examples of ____
(i) Variable Cost
(ii) Period Cost
(iii) Fixed Cost
(iv) Semi-variable Cost
(C) Stores Ledger is maintained in _____
(i) Stores Department
(ii) Accounts Department
(iii) Cost Accounting Department
(iv) Personal Department
(D) The methods of pricing the material issue showing low profit in times of rising prices is ____
(i) FIFO
(ii) LIFO
(iii) HIFO
(iv) Standard Price
(E) The time for which wages are paid but no production is obtained, is known as ____
(i) Over Time
(ii) Abnormal Idle Time
(iii) Normal Idle Time
(iv) Idle Time
(F) The material loss in the finished product stage is known as_____
(i) Spoilage
(ii) Wastage
(iii) Defective
(iv) Scrap
(G) The incentive plan in which bonus is calculated as proportion of time wages is ____
(i) Rowan Plan
(ii) Halsey Plan
(iii) Halsey-Weir Plan
(iv) Profit Sharing Scheme
(H) Depreciation on office equipment is an example of ______
(i) Factory Overhead
(ii) Selling Overhead
(iii) Manufacturing Overhead
(iv) Administrative Overhead
(I) Wage Abstract is prepared by ___
(i) Pay –roll Department
(ii) Cost Accounting Department
(iii) Time Keeping Department
(iv) Production Department
(J) When research work does not yield any result its cost is treated as ___
(i) A direct charge to a job
(ii) An item of general overhead
(iii) A deferred revenue expenditure
(iv) Written off to costing Profit and Loss Account
(K) Indirect material, indirect labour and indirect expenses are the result of
(i) Function-wise classification
(ii) Element-wise classification
(iii) Behaviour-wise classification
(iv) Industry-wise classification
(L) Advertising is a ____
(i) Manufacturing Cost
(ii) Administration Cost
(iii) Selling Cost
(iv) Distribution Cost
(M) Two types of idle times are ___
(i) Direct and Indirect
(ii) Fixed and Variable
(iii) Normal and Abnormal
(iv) Controllable and Uncontrollable
(N) The other name of marginal cost ___
(i) Fixed Cost
(ii) Variable Cost
(iii) Replacement Cost
(iv) Standard Cost
(O) Time rate in wage payment is suitable where ___
(i) Production is standardised and repetitive
(ii) Output is the worker can be measured
(iii) Aim is to maximise production
(iv) Quality of goods produced is extremely important
Question 2 (A) Answer the following questions within one word / term.
(i) Give an example of the industry to which contract costing is applicable.
(ii) What do direct material, direct labour and direct expense constitute ?
(iii) Name the method of costing which is most appropriate for Printing Press.
(iv) Where is bin card maintained ?
(B) Answer the following questions within one sentence each.
(i) Give an example of selling overhead.
(ii) Who is a causal worker ?
(iii) What is the full form of E.O.Q ?
(iv) When is LIFO method of pricing of issue material most suitable ?
(C) Fill in the blanks.
(i) Costing is a technique of _____ and control of cost.
(ii) Indirect costs are also known as _______.
(iii) Works overhead added to prime cost makes _____.
(D) Correct the underlined portion of the following sentences.
(i) Contract costing is most suitable to flour mill.
(ii) Bin Card is used to control labour cost.
(iii) Motion study is made to fix standard time.
(iv) Material cost is a fixed cost.
Group – B
Question 3. Answer any eleven of the following questions serially is not more than three sentences each.
(a) What is minimum stock level ?
(b) How do you classify material losses ?
(c) Define Opportunity Cost.
(d) What is meant by labour Turn Over ?
(e) Define Over-absorption
(f) Where is Machine Hour Rate more suitable ?
(g) What are the two basic methods of costing ?
(h) What purposes are served by Job Card ?
(i) What is Double Bin System ?
(j) What is meant by Bill of materials ?
(k) Give two examples of office overhead.
(l) Define Differential Piece rate System.
(m) What are the objects of time study ?
(n) How do you identify direct material cost ?
Question 4. Answer any six of the following questions in not more than six sentences each.
(a) What are the advantages of centralised purchasing of materials ?
(b) State the features of process costing.
(c) Write any three importance of Cost Accounting.
(d) Explain the meaning of carrying cost with example.
(e) What is re-ordering quantity ?
(f) Why are incentives given to workers ?
(g) Mention any three needs for material control.
(h) What do you mean by allocation of overhead ?
Group – C
Answer any four of the following questions.
Question 5. Explain the nature and objectives of cost accounting.
Question 6. What do you mean by over-absorption and under-absorption of overheads ? Explain their causes.
Question 7. Discuss the characteristics of an ideal system of wage payment.
Question 8. A worker produced 200 units in a week time. The guaranteed weekly wage payment for 45 hours in Rs. 81. The expected time to produce one unit is 15 minutes which is raised further by 20% under the incentive scheme. What will be the earnings per hour of that worker under Halsey (50% sharing) and Rowan bonus schemes ?
Question 9. The annual demand for a product is 6400 units. The unit cost is Rs 6 and inventory carrying cost per unit per annum is 25% of the average inventory cost. If the cost of procurement is Rs 75, determine (a) Economic Order Quantity (EOQ) (b) Number of order per annum and (c) Time between two consecutive order.
Question 10. After inviting tenders, two quotations are received as under
Supplier A = Rs. 2. 20 per unit
Supplier B = Rs. 2. 10 per unit + Rs. 2,000 fixed charge irrespective of units ordered.
(i) Calculate the order quantity for which the purchase price per unit will be the same.
(ii) Select the supplier if the purchase officer wants to place on order for 1, 500 units.
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