B.COM. Part-III (HONS.) Sub. : ADVANCE COST ACCOUNTING MODAL PAPER-I. Time Allowed: 3 Hour Max. Marks: 100
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1 B.COM. Part-III (HONS.) Sub. : ADVANCE COST ACCOUNTING MODAL PAPER-I Time Allowed: 3 Hour Max. Marks: 100 Q1 (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) Answers the following questions each having 2 marks: Write short notes on abnormal effectives. Why cost and financial accounts are reconciled? Distinguish between cost Control Accounts and Integrated Accounts. Distinguish between marginal Cost and Differential Cost. What is key Factor? What do you mean by research costs? What do you understand by skimming pricing? Name the various methods of accounting for joint products. What do you mean by Inter-firm Comparison? What is the difference between Waste and scrap? Q.2 Answers the following questions each having 4 marks: (i) (ii) (iii) (iv) What journal entry is passed for accounting of abnormal wastage and abnormal effectives? Explain the main sources of differences between cost and financial accounts? What is meant by Research and Development Cost? What activities are included in it? From the following information ascertain profit as per cost books:
2 (i) Profit as per financial books 6,78,500 (ii) Items not recorded in cost accounts interim dividend and interest on investments 41,500 (iii) Under-charging of depreciation in financial accounts 11,500 (iv) Items not recorded in cost accounts loss on sale of machinery, transfer to dividend fund and discount on issue of debentures 1,61,000 Rs. (v) Pass journal entries in financial books under non-integral accounting system for the following transactions : (i) Raw material purchased Rs. 10,000 on credit. (ii) Paid cash to creditors RS. 10,000. (iii) Materials issued to production department RS. 5,000 Q.3 Write explanatory notes on relevant cost, sunk cost, shut down cost, imputed cost, out of pocket cost, controllable and non- controllable cost. The following data are available in respect of process First for the month of March, 2014 : (1) Opening W.I.P. : 800 units at a cost of 4,000. (2) Degree of completion of opening W.I.P. : Materials 100% Labour and Overheads 60%. (3) Input of materials at a cost of 36,800 for 9,200 units. (4) Direct wages incurred 16,740 and Production overheads 8,370.
3 (5) Units scrapped 1,200 units. The stage of completion of these units was : Materials : 100% Labour & Overheads 80%. (6) Closing work in progress : 900 units, the stage of completion of these units was : Material 100% Labour & Overheads 70% (7) 7,900 units were completed and transferred to the next process. (8) Normal loss is 8% of the total input (Opening stock plus units of input ) (9) Scrap value is 4 per unit. You are required to : (a) Compute Equivalent Production. (b) Calculate the cost per equivalent unit for each element. (c) Calculate the cost of abnormal loss (or gain), closing work in process and the units transferred to the next process using the FIFO method. (d) Show the Process Account for March, Q.4 The following figures are given to you : Year Sales Profit/ (Loss) Rs. Rs ,00,000 10,000 ( Loss) ,50,000 20,000 ( Profit) Calculate : (i) P/V Ratio, (ii) BEP, (iii) Variable cost of each year (iv) Sales to make a profit of Rs 40,000 and (v) Margin of safety at a profit of Rs 2,000 Describe the factors taken into consideration in fixing prices which influence price and pricing policy. Q.5 Calculate fixed overhead cost variances from the following data : Budget Actual Number of working days Fixed overheads Man hour per month Standard man hour per unit 10 - Output in units - 850
4 What is meant by Research and Development Cost? What activities are included in it? Explain methods of budget allocation of Research and Development expenses.
5 B.COM. Part-III (HONS.) Sub. : ADVANCE COST ACCOUNTING MODAL PAPER-II Time Allowed: 3 Hour Max. Marks: 100 Q.1 Answers the following questions each having 2 marks: (I) (II) (III) (IV) (V) (VI) (VII) (VIII) (IX) (X) What is difference between scrap and spoilage and when can this difference is eliminated? Explain two reasons for difference in profits as per cost books and financial books. Where is the utility of Integrated Accounting? What is differential costing? How does it differ from the marginal costing? What is Buy or make decision? Mention any two differences between research & development costs. What is the relation between cost and price? Define By-products and Joint products. What is uniform Costing? What is the difference between defective work and spoiled work? Q.2 Answers the following questions each having 4 marks: (I) (II) Differentiate between abnormal wastage and abnormal effectives. Indicate the reasons why is it usually necessary to reconcile the cost and financial accounts of an industry? (III) Mention Journal Entries for the following : (i) Normal Loss of Material 20,000 (ii) Loss of Material due to theft 1,000 (iii) Work Overheads allocated to production 10,000 Rs.
6 (iv) Works Overheads allocated to incomplete work 30,000 (IV) On the basis of profit as per financial records, What adjustment is made for over absorption and under absorption of overheads? (V) From the following information ascertain total profit as per financial books : Grade A(Rs.) Grade B(Rs.) Profit as per cost sheet 28,125 54,375 Works expenses as per cost sheet 20,000 48,000 Office overhead as per cost sheet 18,750 46,000 Works expenses as per financial books (in total) 70,000 Office Expenses as per financial books (in total) 60,000 Over-valuation of closing stock in cost accounts 4,750 Q3.. Explain the meaning of opportunity cost, sunk cost, controllable cost, and non- controllable cost with the help of example. The following data pertain to process I for march 2014 of Beta Limited : Opening work in progress 1500 units at Degree of completion : Materials 100%; labour and overheads 33 1/3% Input of material units at Direct Labour Overheads Closing work in progress 5000 units Degree of completion: materials 90% labour and overheads 30% normal process loss is 10% of input including opening WIP
7 Scrap value 2.00 per unit Units transferred to the next process units. You are required to calculate: (1) Equivalent units of production. (2) Statement of cost for each element of cost i.e. for materials labour and overheads. (3) Value of finished output and closing work in progress. (4) Prepare process account and abnormal effectives account. ASSUME : (a) FIFO method is used by the company. (b) The cost of opening work in progress is fully transferred to the next process. Q.4 Ramboo company has maximum capacity of 4,40,000 units per annum but actual capacity is 3,60,000 units per year. Variable manufacturing cost (including material and labour) is Rs 2.20 per unit. Fixed factory overhead is Rs 1,08,000 per annum. Selling and distribution cost of the fixed nature is Rs 50,400 per annum whereas variable is Rs 0.60 per unit. Sale price is Rs 4 per unit. Calculate the following : (a) P/V Ratio, BEP and Margin of Safety. (b) (c) (d) Number of units to be sold to earn a profit of Rs 12,000 per year Sales value needed to earn a profit of 10% on sales Selling price per unit to bring down BEP at 1,20,000 units. On the basis of the following information determine the product mix to give the highest profit if at least two products are produces. Products X Y Z Raw Material per unit (Kg.) Machine hours per unit (Hours) Selling Price per unit Maximum units of production 1,500 1, Only 9,200 hours are available for production at a cost of 10 per hour and maximum 50,000 Kg. of 10 per Kg. can be obtained. Q.5 A company has a normal capacity of 120 machine hour working 8 hour per day for 25 working days in a month. The fixed (overheads are budgeted at a 1,44,000 per month. The standard time
8 required to manufacture one unit of product id 4 hours. In April, 2012 the company worked 24 days of 840 machine hours per day and produced 5305 units of output. The actual fixed overheads were 1,42,000. Compute fixed overhead variance. Define uniform costing and describe fully the advantages and limitations of uniform costing.
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