[5 Marks] ` M. [5 Marks] Let the Alternative 2. = ` 4 Lakhs, Debt=` 4. [5 Marks] ` 37,400 ` 34,850. Particulars To Depreciation 40,000

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Bartholomew Ward
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1 Guideline Answers for Cost Accounting and Financial Management Exam Date: Solution to Question (a): To Depreciation To Loss on Sale of Investments To Provision for Taxation To Transfer to Asset Replacement Reserve To Proposed Dividend Adjusted Profit and Loss Account M M 2,00,000 By balance in P&L at year beginning 24,00,000 3,00,000 6,00,000 2,00,000 7,00,000 By Gain on Sale of Fixed Assets By Funds from Operations (bal. fig.) 6,00,000 4,00,,000 To balance in P&L A/c at year end 4,00,000 44,00,000 44,00,,000 Note: Securities Premium collected will not affect the computation of Funds from Operations. ( Mark) Solution to Question (b): Let the EBIT at the Indifference Point level be E (amounts in ) Alternative Alternative 2 Description ESC = 6 Lakhs, and ESC = 4 Lakhs, Debt= 4 Debt= 4 Lakhs Lakhs and PSC = 2 Lakhs EBIT E E Less: Interest at 2% of 4,00,000 EBT ( Mark) ( Mark) 48,000 E 48,000 48,000 E 48,000 Less: Tax at 35% EAT ( Mark) ( Mark) 0.35E 6, E 3, E 6, E 3,200 Less: Preference Dividendd (4% of 2,00,000) Residual Earnings for Equity Shareholders Number of Equity Shares ( Mark) ( Mark) Nil 0.65E 3,200 60,000 Shares 28, E 59,200 40,000 Shares Re sidual Earnings 0.65E 3, E 59,200 EPS = ( Mark) No.of Equity Shares 60,000 Shares 40,000 Shares 0.65E 3,, E 59,200 For indifference between the above alternatives, EPS should be equal. So, = ( Mark) 60,000 40,000 On cross multiplication and simplification,.30 E 62,4000 =.95 E,,77,600. So, 0.65E =,5,200. ( Mark),5,200 So, E = =,77,23 3 ( Mark) So, for same EPS, required EBIT =,77,23.EPS = Solution to Question (c): No claim (a) Materials Escalation Claim = 20% of this difference Level of Cost Normal Cost = 00% Permissible Cost = Normal +2.5%=02.5% Actual Cost Given = 0% Materials 00 37,400 0 = 34,0000 ( Mark) 34, % = 34,850 ( Mark) Escalation Claim = 20% of (37,400 34,850) = 50 ( Mark) Materials Consumed = Purchases less Closing Stock = 39,400 2,000 = 37,4000 ( )

2 No claim ( b) Labour Escalation Claim = 40% of this difference Level of Cost Normal Cost = 00% Permissible Cost = Normal +2.5%=02.5% Actual Cost Given = 5% Labour 00 64,975 5 = 56,5000 ( Mark) 56, % = 57,92.50 ( Mark) Escalation Claim = 40% of (64,975 57,92.50) = 2,825 ( Mark) Wages incurred= Paid + P ble = 63,250 +,725 = 64,975 ( ) Solution to Question (d): Note: In this question, even if the method of Inventory Valuation is not specified, WAC Method will be applied, since Cost break up of Opening WIP is given, and degree of completion of Opening WIP is not given. Note: The question relates to preparation of accounts for Process 3, i.e. a subsequent process. Hence, Materials are categorized into two items () Material A representing Process II Material inputt into Process III, and (2) Material B representing Consumable Materials directly input into Process III. ( Mark) Statement of Equivalent Production Item Input Item Output Material A Material B % E.U. % E.U. Opg WIP Tfr from 2,000 20,000 Tfr to Pr 4 Nml Loss 7,000,800 00% 7,000 00% 7,000 Process2 Abn. Gain Closing WIP (800) 4,000 00% 00% (800) 4,000 00% 80% (800) 3,200 22,000 22,000 20,200 9,400 Labour Overhead % E.U. % E.U. 00% 7,000 00% 00% (800) 00% 60% 2,400 8,,600 40% 7,000 (800),600 7,800 Note: Normal Loss = 0% of Expected Production = 0% of [Opening WIP + Fresh Units Closing WIP] = 0% of (2, ,000 4,000) =,800 units. ( Mark) AbnormalGain = Scrapped Units Less Normal Loss =,000,800 = 800 units. ( indicated as ve) Solution to Question 2(a): Profitability Statement Company A EBIT at 30% on Assets Employed 0,000 3,000 Less: Interest at 2% on Debt Funds EBT 720 2,280 Less: Tax at 40% 92 EAT,,368 EBIT 3,000 ROCE (pre tax) = = % Capital Employed 0,000 ROCE (post tax) = ROE (pre tax) = EAT + Interestt Equity + Debt EBT Equity, = 20.88% 0,000 2,280 = 57.00% 4,000 [8 Marks] Company B 3, ,880,52,728 3,000 = 30.00% 0,000, = 8.48% 0,000 2,880 = 32.00% 9,000 2

3 ROE (post tax) = EAT Equity Relationship between ROCE (i.e. ROA) and ROE (a) Pre Tax: ROE = Debt ROCE + (ROCE Interest Rate) Eq uity (b) Post Tax: ROE = Debt ROCE ( T)+ [ROCE ( T) Interest ( T)] Equity Company A Company B,368,728 = 34.20% = 9.20% 4,000 9, % + (30% 2%) 4 30% + (30% 2%) 9 = 57.00% = 32.00% See Note below = 34.20% Seee Note below = =9.20% Note: ( T) = 00% Tax Rate, where T = Tax Rate, i.e. 40% in this case. Hence, ( T) = 0.6 or 60%. 6 For Company A: 30% (00% 40%) + [30 0% (00% 40%) 2% (00% 40%)] = 34.20% [ 4 For Company B: 30% (00% 40%) + [30 0% (00% 40%) 2% (00% 40%)] = 9.20% [ 9 Observation: Both Companies have the same pre tax ROCE 30%. However, Company A is able to maximize the gains to Equity Shareholders (i.e. higher ROE), on account of use of low cost Debt Funds at 2% (ROCE > Interest Rate). Company B does not use much low cost Debt, and is not able to maximize the gains to Equity Shareholders. Solution to Question 2(b): [8 Marks] Operating Cost Statement for alternatives modes of conveyance (amounts in ) Item New Nano Car Old Innova Car Taxi Fixed Costs per annum,35,000 25,000,60, ,000 Depreciation 5 years = 22,000 5 years = 24,000 Repairs and Servicing Taxes and Insurance (A) 2,000 3,200 37,200 8,000 2,400 44,400 Variable Costs per annum: Petrol / Diesel per km = Kms 5 Kms = 2.80 Given 0.00 For 0,800 Kms(B) 0,800 km 0,,800 km 0, =36, =30,240 km 0= =,08,000 For 8,000 km (C) 8,000 km 8,,000 km 8, =6, =50,400 km 0= =,80,000 Cost for 0,800 km (A+B) Cost for 8,000 km (A+C) Conclusion: Mark Mark 73,920 98,400 Mark Mark 74,640 94,800 Mark Mark,08,000,80,000 For the present official travel of 0,8000 km pa, the Cost for the New Nano Car Option is most [ preferablee as the Least Cost Option. When official travel increases to 8,000 km pa, the Old Innova Car Option is most preferable as the Least Cost [ Option. BEP of the two Options represent Cost Break Even Point, i.e. Indifference Point, which is computed as under Difference in Fixed Costs between Innova and Nano 44,,400-37,200 Indifference Point = = = 2,000 km Diffe erence in Variable Cost per Km of Innova andnano At 2,000 Km per year, the Costs of operation of the two cars will break even (i.e. the same), as shown below: Cost = Fixed Cost + Variable Cost at 2,000 km For Nano Car: Cost = 37,200 + (2,000 km 3.40) = 37, ,8000 = 78,000 For Innova Car: Cost = 44,,400 + (2,0000 km 2.80) = 44, ,600 = 78,000 3

4 Solution to Question 3(a):. Maturity Value of Investment of 2,00,000 at 2%, compounded monthly, for 5 years [4 Marks] Maturity Value A = P ( + R) NK 2, where, P = 2,00,000, R = = %, NK = 5 2 = So, Maturity Value A = 2,00,000 ( + %) 60 = 2,00, = 2,80,036, 2. Present Value of above Maturity Value, for investing in Savings Institutions: Present Value = A n ( + R) n Here, A = 2,80,036, R = 8% 4 = and N = 5 4 = So, Present Value = 2,80,036 ( ) =2,80, = 4,67,02.02 So, X should sell his property for atleast 4,67,02 now. [/2 [/2 Solution to Question 3(b): [ ]. Computation of Sales Variances (Margin Approach) Col. (): BQ BM 80,000 units 0.5 pu= 40,000 Col. ( 2): AQ BM 72,000 units 0.5 pu= 36,000 Col. (3): AQ AM 72,000 uts 0.39 pu= 28,000 Sales Margin Volume Variance Sales Margin Price Variance + = 40,000 36,000 = 4,000 A = 36,000 28,000 = 8,000 A 3 Marks Sales Margin Variance = 40,000 28,000 = 2,000 A Note: SMPV = Sales Margin Price Variance is the same as Sales Price Variance (SPV). Budgeted Margin = Budgeted Price Standard Cost = , 80,000 Actual Margin = Actual Price Standard Cost = ( 72, units = 0.50 per unit. [/2 3.50) = 0.39 per unit. [/2 2. Computation of Material Cost Variances Col. (): Std Cost = SQ SP Col. (2): AQ SP (72,000 kg) = 72,000 78,400 kg = 78,400 Col. (3): Actual Cost = AQ AP (Given) 73,600 Material Usage Variance = 72,000 78,400 = 6,400 A + Material Price Variance = 78,400 73,600 = 4,800 F Material Cost Variance = 72,000 73, Computation of Labour Cost Variances Col. ( ): Std Cost = SH SR Col. (2): AH SR (72,000 hour).5 ph =,08,000 70,4000 hrs.50 =,05,600 =,600 A Col. (3): Actual Cost = AH AR (Given),04,800 Labour Efficiency Variance =,08,000,05,6000 = 2,400 F + Labour Rate Variance =,05,600,04,800 = 800 F Labour Cost Variance =,08,000,04,800 = 3,200 F 4

5 4. Computation of VOH Cost Variances Col. ( ): Std Cost = SH SR Col. (2): AH SR (72,000 hour) 0.5 ph= 36,000 70,400 hrs 0.50 = 35,200 Col. (3): Actual Cost = AVOH (Given) 37,6000 VOH Efficiency Variance = 36,000 35,200 = 800 F + VOH Expenditure Variance = 35,200 37,600 = 2,400 A VOH Cost Variance = 36, ,600 =,600 A 5. Computation of FOH Cost Variances Col. (): Std Cost = AO SR 72,000 units 0.5 p.u.= 36,000 Col.(2) : AH SR 70,400 hrs 0.5 ph = 35,,200 Col..(3): BFOH (Given) 40,000 3 Marks Col.(4): AFOH (Given) 39,200 FOH Efficiency Variance = 36, ,200 = 800 F + FOH Capacity Variance = 35,200 40,000 = 4,800 A + FOH Expenditure Variance = 40,000 39,200 = 800F FOH Volume Variance = 36,000 40,000 = 4,000 A + FOH Expenditure Variance b/fd as above = 800 F FOH Cost Variance = 36, ,200 = 3,200 A Solution to Question 4(a):. Trading and P&L Account for the year (to compute Depreciation and Net Profit) [8 Marks] To Materials Consumed To Wages To Manufacturing Exps: (Cash Expenses 2,00,000 2) To Depreciation (balancingg figure) 22,50,000 8,00,000 24,00,000 3,00,000 By Sales 90,00,000 To Gross Profit (25% on Sales) 22,50,000 90,00,000 90,00,000 To Administration Expenses To Sales Promotion Expensess 6,00,000 2,00,000 By Gross Profit b/d 22,50,000 To Net Profit (balancingg figure) 4,50,000 22,50,000 22,50, Statement of Working Capital Requirements (Cash Cost Approach) Computation A. Current Assets Raw Material Stock (based on RM Consumed) 22,,50, Finished Goods Stock (based on Cash COP) ( 22,,50, ,,00, ,,00,000) 2 3 Debtors (based on Sales Less Profit &Deprn) ( 90,00,000 4,50,000 3,00,000) 2,87,5000 0,75, ,62,5000 Marks Prepaid Sales Promotion Expenses (given) Cash and Bank balances ( given) 2,00, ,00,0000 2,50, ,75,0000 5

6 B. Current Liabilities Creditors (based on RM Consumed) Computation. 5 22, 50, ,8,250 Marks Wages Payable (given) 8,,00,000 2,50,0000 Manufacturing OH Payable (given) Administration OH Payable (given) Amount given in Question 6,00, ,00, ,0000 C. Net Working Capital D. Safety Margin E. Required Working Capital A B 5% on 3,93,750 C + D 6,8,250 3,93,750,59, ,53,438 Solution to Question 4(b): Actual Sales Over / (Under) North,000 (400) East, South,2000 (200). Computation of Profit Volume Ratio Profit Over / Budget Actual Budget (Under),500,300, (80) 90 (0) PV Ratio Change in Pr ofit = 00 Change in Sales = 45% = 60% = 55% 200 [8 Marks] 2. Computation of Fixed Costs and BEP Actual Sales PVR Contribution Actual Profit () = Given (2) (WN ) (3) = ( 2) (4) = Given North East South,00,450,200 3,750 45% 60% 55% 54% , Note: Contributionn 2,025 Overall PVR = 00 = 00 = 54% Sales Value 3,750 Fixed Costs,350 Overall BEP = = = 2,,500 (in 000s) Ove erall PV Ratio 54% Solution to Question 5(a): Any four points Fixed Cost BEP (5) = (3) (4) (6) = (5) (2) , ,350 2,500 [4 = 4 Marks]. Applicability: Seed Capital Assistance Scheme is designed by IDBI for professionally or technically qualified entrepreneurs and / or persons possessing relevant experience, skills and entrepreneurial traits. All the projects eligible for financial assistance from IDBI directly or indirectly through refinance are eligible under the scheme. 2. Amount of Finance: The project cost should not exceed 2 Crores. The maximumm assistance under the scheme will be (a) 50% of the required Promoter s Contribution, or (b) 5 Lakhs, whichever is lower. 3. Interest and Charges: The assistance is initially interest free, but carries a service charge of % p.a. for the first five years and at increasing rate thereafter. When the financial position and profitability is favourable, IDBI may charge interest at a suitable rate even during the currency of the loan. 4. Repayment: Repayment Schedule is based on the repaying capacity of the unit. Initial Moratorium = Upto five years. 6

7 5. Other Agencies: For projects with a Project Cost exceeding 2 Crores, Seed Capital may be obtained from the Risk Capital and Technology Corporation Limited (RCTC). For small projects costing upto 5 Lakhs, assistance under the National Equity Fund of the SIDBI may be availed. Solution to Question 5(b): [4 Marks] Resource Constraint means a situation where the required resources i.e. money, materials, men, methods and machinery are not fully available in order to meet the requirements. In Marginal Costing and decision making, such a situation is called as Key Factor or Critical Factor situation. [] Under Resource Constraint situations, the Finance Manager adopts the following strategy Any 3 points [3 =3 Marks]. Creation of database and sound MIS: This will ensure that retrieval of data is both fast and accurate. 2. Identification of key areas of decision making: This will highlight segments or business functions where the managers have to concentrate and take the correct decisions at the right time. 3. Capital Structure Decisions: The Finance Manager has to ensure that resources are made available without creating additional burden of debt. Leverage factor may work in reverse when sales are in a downward trend. 4. Working Capital Management:Working Capital Management assumes greaterr significance in a firm facing Resource Constraints. The Finance Manager has to balance liquidity and profitability aspects in this regard. Working Capital financing tools like Bills Discounting, Factoring, Commercial Paper should be judiciously used. 5. Capital Budgeting Decisions: Since funds may not be freely available, the Finance Manager has to invest in projects that maximise the return and minimise risk. Capital Rationing technique is applied when many projects are analysed. Hire Purchase or Leasing may be considered as an alternative mode of financing capital projects. Solution to Question 5(c): Batch Costing may be used in the following circumstancess [4 = 4 Marks]. When the output of a job consists of a number of units and it is not economical to ascertain cost of every unit of output independently, e.g. printing of Visiting Cards. 2. When customer s annual requirement is to be supplied in uniform quantities over the year. 3. When certain features like size, colour, taste, quality etc. are required uniformly over a collection of units, e.g. garments of the same size, pharmaceuticals, etc. 4. When an internal manufacturing orderr is made out for production of components / sub parts, e.g. component parts of automobiles, radio sets, watches, etc. Solution to Question 5(d): Any 4 points [4 = 4 Marks]. Meaning 2. Also known as 3. Measurement 4. Recording in books 5. Purposes 6.Examples Explicit Costs Costs which involve some cash payment or outflow of resources. Out of Pocket Costs. These are actually incurred,, and hence can be easily and objectively measured. Implicit Costs Cost which do not involve any cash payment at all. Economic / Notional / Imputed Costs. They are not actually incurred. They cannot be easily measured and involve subjective estimation. Recorded in books of account. Not recorded in books of account. Accounting, Reporting, Cost Control & Decision Making like asset replacement, make or Decision Making. buy, etc. Interest on own Capital, Rent of own premises, Salaries, Wages, Advertisement, etc. Salary of Proprietor, etc. whichh are not actually paid. 7

8 Solution to Question 6(a):. Computation of CFAT per annum Operating PBT after Depreciation 68, 000 Less: Tax at 45% Profit After Tax 30, , 400 Add: 3,60,000 Depreciation 5 years 72, 000 Cash Flow After Taxes,09, Determining appropriate Discount Rates For approximation purposes, we may compute Initial Investment 3,60,000 = = Since this CFAT per annum,09,400 number 3.29 lies between 3.35 and 3.27 (from the tables given in the question) we take the appropriate Discount Factors as 5% and 6%. Alternatively, NPV can be calculated for each Discount Rate given in the question. (a) Discounting Factor (b) Cumulative Factor (c) CFAT p.a. (WN ) (d) DCFAT (b c) (e) Initial Investment (given) 4% 3.43,09,400 3,75,242 3,60,000 (f) NPV (d e) 5,242 5% 3.35,09,400 3,66,490 3,60,000 6,490 6% 3.27,09,400 3,57,738 3,60,000 (2,262) 7% 3.20,09,400 3,50,080 3,60,000 (9,920) 8% 3.3,09,400 3,42,422 3,60,000 (7,578) From the above, i.e. with one +ve NPV and one ve NPV, IRR is estimated using the number line, as under 6% Change in NPV = +6,490 to 2,,262 = 8,752 for % 5% ve side +ve side NPV = 2,262 NPV = 0 (Zero) NPV= + 6,490 Rate Change for 2,262 Rate Change for 6,490 2,262 6,490 = % = 0. 26% = % = 0.74% 8,752 8,752 IRR = 6% 0.26% = 5.74% (or) IRR = 5% % = 5.74% Note: IRR may be computed using any one +ve and one ve NPV. However, the rates 5% and 6% are taken so as to bring out a better estimatee of IRR, since the closer the range of Discount Rates, the better resultss of IRR estimate will be obtained. Solution to Question 6(b): Simultaneous Equations are framed and solved as under X = 6, %Y. So, X = 6, [6 Marks] Y. Equation [ Y = 24, %X. So, Y = 24,000 + X.... Equation 2 [ 5 Substituting the value of X in Equation 2, we have, Y = 24,000 + (6 6,000 + Y) Y = 24, ,200 + Y. Y Y = 27,200 i.e. Y = 27, So, Y = 27,200 = 27, Substituting the value of Y in Equation, we have X = 6,000 + ( 27,755) = 8,,776 0 [ Statement of OH (Simultaneous Equations Method) A B C X OH as given X s OH re apportioned as (20 : 40 : 20 : : 20) Y s OH re apportioned as (0 : 60 : 20 : 0 : ) OH after re apportionmentt Budgeted Capacity Machine hours OH Recovery Rate per machine hour ( ) 62,000 3,755 2,776 68, 53 4, ,45,000 7,5 6,652,69,63 0, ,0000 3,7555 5,55 83,306 7, ,000 (8,776) 2,776 Nil Y 24,000 3,755 (27,755) Nil 3,2,000 Nil Nil 3,2,000 8

9 Solution to Question 6(c): Gurukripa s Guideline Answers for Cost Accounting and Financial Management Memorandum Reconciliation Account M To Overvaluation of Opg Stock in Cost Books To SOH overabsorbed in Cost Records To Incomes not considered in Cost A/cs Interest earned Rent received To Net Profit as per Cost Records (given) 5,000 9,500 3,750 27,000,45,500 By Net Profit as per Financial Books (bal.fig) By Expenses not considered in Cost Records Bad Debts Preliminary Expenses written off By POH underabsorbed in Cost Books By AOH underabsorbed in Cost Books By Overvaluation of Clg Stock in Cost Books 2,0,750,44,000 9,000 8,000 9,500 22,750 7,500 2,0,750 M Solution to Question 7(a): Any 4 points [4 = 4 Marks] The following are the methods of apportionment of joint costs over Joint Products Method Brief Description. Physical Quantities Method Based on Output Weight or Physical Measure, Kgs, Litres, etc. 2. Average Unit Cost Method Based on Number of Units Produced 3. Survey / Technical Evaluation / Points Method Based on (a) Importance X Output Weight or Physical Measure, or (b) Importance X Number of Units Produced 4. Contribution Margin Method Variable Costs are apportioned using any of the earlier 3 methods. Fixed Costs are apportioned in the Ratio of Contribution. 5. Market Value Methods Under Market Value Methods,there are options as to Market Value, viz. (a) Market Value at Split off, (b) Market Value after Further processing, Net Realisable Value at Split Off where NRV = Final Sales Value Less Profit Margin Lesss S&D OH Lesss Further Processing Costs. Solution to Question 7(b): Explain the significance of (i) Capital Gearing Ratio, (ii) Dividend Yield Ratio. [4 Marks] Solution: Ratio (i) Capital Gearing Ratio (ii) Dividend Yield (%) Formula Pr eference Capital + Debt Equity Shareholders Funds Dividend Market Pr ice per Share Significance Shows proportion of Fixed Charge (Dividend or Interest) Bearing Capital to Equity Funds, and the extent of advantage or leverage enjoyed by Equity Shareholders. [] True Return on Investment, based on Market Value of Shares. [] Solution to Question 7(c): [4 Marks] Meaning [] Night Shift Allowance: Workers in Factories operating during night time are paid some extra amount known as Night Shift Allowance. This is generally incurred due to the pressure of work beyond normal capacity level. Note: If Night Shift Allowance is treated as part of Direct Wages, then jobs carried out at night will be costlier than jobs performed during the day, leading to a cost anomaly. Treatment [3 Marks] (a) General: Generally Night Shift Allowance is treated as POH and recovered as such. (b) Specific Order: If additional expenditure on night shift is incurred to meet some specificc customer order, it should be charged directly to the order concerned. (c) Abnormal: If night shifts are run due to abnormal circumstances, such expense should be charged to Costing P&L A/c. 9

10 Solution to Question 7(d): Any 4 Points [4 = 4 Marks] In the following special situations, EOQ and ROQ may not be equal. Seasonal availability of Raw Materials (Bulk purchasess higher than EOQ are made during the availability season.) 2. Peak Production Season (in case of seasonal industries / product with high demand during peak season, etc.) 3. Substantial lead time is involved (Higher quantities may be purchased every time to avoid stock out situations..) 4. Availing of quantity based discounts (Higher quantities may be purchased to avail discounts in price of Materials.) 5. When Supplier s minimum supply quantity exceeds the EOQ, e.g. if the Supplier is willing to supply only in minimum lots of 5,000 kgs or more, and EOQ is 3,000 kgs, the re order quantity will be 5,000 kgs. 6. When certain purchases have to be compulsorily made to fulfil quota requirements, ROQ will be higher than EOQ. Solution to Question 7(e): Any one of the formula maybe given Give the formula for computing (i) Efficiency Ratio, (ii) Capacity Ratio, (iii) Calendar Ratio, and (iv) Activity Ratio. [4 Marks] Solution: Ratio Time Based Formula Output Based Formula Marks (i) Efficiency Ratio S tan dard Hours Actual Hours Actual Output S tan dard Output (ii) Actual Capacity Utilisation Ratio Actual Hours (a) Budgeted Hours Actual Hours (b) Possible Hours (or) S tan dard Output (a) (or) Budgeted Output S tan dard Output (b) Possible Output (iii) Calendar Ratio Actual Days Budgeted Days Possible (or) Bud dgeted Hours Hours Possible Budgeted Output Output (iv) Volume or Level of Activity Ratio S tan dard Hours Budgeted Hours Actual Output Budgeted Output 0

Gurukripa s Guideline Answers to May 2012 Exam Questions IPCC Cost Accounting and Financial Management

Gurukripa s Guideline Answers to May 2012 Exam Questions IPCC Cost Accounting and Financial Management Question No.1 is compulsory (4 5 20 Marks). Answer any five questions from the remaining six questions