University : MG University Kerala
Degree: B.Com
Question Paper Year: March 2012
Subject of Question Paper: Cost Accounting
Paper: IV
MG University
G 105 (Pages :3) Reg.
Name
B.Com. DEGREE EXAMINATION, MARCH 2012
Faculty of Commerce
Part Ill—Commerce (Main)
Paper V—COST ACCOUNTING
Time : Three Hours Maximum: 80 Marks
Use of NPC permitted.
Answers may be written either in English or in Malayalam.
Part A
Answer all the questions in not exceeding 3 or 4 sentences each.
Each question carries 2 marks.
1. Define Management accounting.
2. What is a budget?
3. Define wastage.
4. What is operating costing?
5. What is ABC analysis?
6. What is a cost centre?
7. What is a master budget?
8. Explain direct expenses.
9. Define perpetual inventory.
10.. What is marginal costing?
(10 x 2 20 marks)
Part B
Answer any six questions in not exceeding one page each.
Each question carries 5 marks.
1)/. Define job costing. State the differences between Job costing and Process costing.
12. State the differences between Marginal costing and Absorption costing.
1J Explain the classification of overheads according to nature.
14. Explain the merits and demerits of time rate system.
15. Explain the essentials for a sound system of budgetary control.
\)
Turn over
2
G 105
16. Prepare a cost sheet from the following information regarding production of 10000 units
j Direct Materials—Rs. 55O00
Direct Labour—Rs. 25,,000
Direct Expenses—Rs. 10,000
Factory overheads—60 % of Direct Labour
Administrative overheads—20 % of works cost.
Seffing and distribution overheads—lU %of work cost.
Profit—20 % of cost of goods sold. -
17. From the following information, you are required to find out contribution, breakeven point in units, margin of safety and profit :—
Total fixed cost Rs. 4,500 ; Total variable cost Rs. 7,500 ; Total sales Rs. 15,000 and Units sold 5,000.
Also calculate the volume of sales to earn a profit of Rs. 6,000.
18. Calculate the economic order quantity from the following information. Also state the number of orders to be placed in a year :—
Consumption of materials per annum—10,000 kg.
Order placing costs per order—Rs. 50
Cost per kilogram of raw material—Rs. 2
Storage costs 8 % on average in inventory.
(6 x 5 = 30 marks)
Part C
Answer any three questions in not exceeding three pages each.
Each question carries 10 marks.
19. Discuss the aspects to be considered while installing a costing system in an organisation.
20. What is reapportionment of overheads? Discuss its various methods.
21. Calculate the earnings of a worker under Halsey Premium Planand Rowan Scheme:
Time allowed—48 hours
Time taken—40 hours
Rate per hour—Re. 1
22. For the production of 10000 electric automatic irons, the following are the budgeted expenses :— ‘Rs.
Direct material per unit .. 60
Direct Labour per unit ... 30
—Variable overhead per unit ... 25
Fixed overhead per unit ... 15
(Rs. 1,50,000)
Variable expenses per unit ... 5
(direct)
Selling expenses per unit ... 15
(10 % fixed)
3 G105
Rs.
Administration expenses per unit ... 5
(Rs. 50,000 rigid for all levels of
production)
Distribution expenses per unit ... 5
(20 % fixed)
Total cost of sales per unit ... 160
Prepare a budget for the production of 7000 and 8000 irons showing distinctly the marginal cost and the total cost.
25/The financial books of a company show a net profit of Rs. 2,57,510 for the year ended 31st March 2010. The cost accounts show a net profit of Rs. 3,44,800 for the same corresponding period. The following facts are brought to light Prepare a reconciliation statement under recovery of fiiiy overheads in cost accounts —Rs. 6,240
Over recovery of overheads in cost accounts— R. ;3.10 I.:.
Depreciation in financial accounts—Rs. 22,400L
Depreciation in cost accounts—Rs. 25,000
Interest on investments not included in cost— I (0() ‘
Loss of obsolescence charged in financial ac.u ‘‘. II 10(1
Income-tax debited in financial accounts—Rs. i(.6fl)
Bank interest and dividend credited to financial account s--Es. 2,45o
Lobs in stock not charged in cost accounts—Rs. 13,51) ( (3 X 10 30 marks)
Degree: B.Com
Question Paper Year: March 2012
Subject of Question Paper: Cost Accounting
Paper: IV
MG University
G 105 (Pages :3) Reg.
Name
B.Com. DEGREE EXAMINATION, MARCH 2012
Faculty of Commerce
Part Ill—Commerce (Main)
Paper V—COST ACCOUNTING
Time : Three Hours Maximum: 80 Marks
Use of NPC permitted.
Answers may be written either in English or in Malayalam.
Part A
Answer all the questions in not exceeding 3 or 4 sentences each.
Each question carries 2 marks.
1. Define Management accounting.
2. What is a budget?
3. Define wastage.
4. What is operating costing?
5. What is ABC analysis?
6. What is a cost centre?
7. What is a master budget?
8. Explain direct expenses.
9. Define perpetual inventory.
10.. What is marginal costing?
(10 x 2 20 marks)
Part B
Answer any six questions in not exceeding one page each.
Each question carries 5 marks.
1)/. Define job costing. State the differences between Job costing and Process costing.
12. State the differences between Marginal costing and Absorption costing.
1J Explain the classification of overheads according to nature.
14. Explain the merits and demerits of time rate system.
15. Explain the essentials for a sound system of budgetary control.
\)
Turn over
2
G 105
16. Prepare a cost sheet from the following information regarding production of 10000 units
j Direct Materials—Rs. 55O00
Direct Labour—Rs. 25,,000
Direct Expenses—Rs. 10,000
Factory overheads—60 % of Direct Labour
Administrative overheads—20 % of works cost.
Seffing and distribution overheads—lU %of work cost.
Profit—20 % of cost of goods sold. -
17. From the following information, you are required to find out contribution, breakeven point in units, margin of safety and profit :—
Total fixed cost Rs. 4,500 ; Total variable cost Rs. 7,500 ; Total sales Rs. 15,000 and Units sold 5,000.
Also calculate the volume of sales to earn a profit of Rs. 6,000.
18. Calculate the economic order quantity from the following information. Also state the number of orders to be placed in a year :—
Consumption of materials per annum—10,000 kg.
Order placing costs per order—Rs. 50
Cost per kilogram of raw material—Rs. 2
Storage costs 8 % on average in inventory.
(6 x 5 = 30 marks)
Part C
Answer any three questions in not exceeding three pages each.
Each question carries 10 marks.
19. Discuss the aspects to be considered while installing a costing system in an organisation.
20. What is reapportionment of overheads? Discuss its various methods.
21. Calculate the earnings of a worker under Halsey Premium Planand Rowan Scheme:
Time allowed—48 hours
Time taken—40 hours
Rate per hour—Re. 1
22. For the production of 10000 electric automatic irons, the following are the budgeted expenses :— ‘Rs.
Direct material per unit .. 60
Direct Labour per unit ... 30
—Variable overhead per unit ... 25
Fixed overhead per unit ... 15
(Rs. 1,50,000)
Variable expenses per unit ... 5
(direct)
Selling expenses per unit ... 15
(10 % fixed)
3 G105
Rs.
Administration expenses per unit ... 5
(Rs. 50,000 rigid for all levels of
production)
Distribution expenses per unit ... 5
(20 % fixed)
Total cost of sales per unit ... 160
Prepare a budget for the production of 7000 and 8000 irons showing distinctly the marginal cost and the total cost.
25/The financial books of a company show a net profit of Rs. 2,57,510 for the year ended 31st March 2010. The cost accounts show a net profit of Rs. 3,44,800 for the same corresponding period. The following facts are brought to light Prepare a reconciliation statement under recovery of fiiiy overheads in cost accounts —Rs. 6,240
Over recovery of overheads in cost accounts— R. ;3.10 I.:.
Depreciation in financial accounts—Rs. 22,400L
Depreciation in cost accounts—Rs. 25,000
Interest on investments not included in cost— I (0() ‘
Loss of obsolescence charged in financial ac.u ‘‘. II 10(1
Income-tax debited in financial accounts—Rs. i(.6fl)
Bank interest and dividend credited to financial account s--Es. 2,45o
Lobs in stock not charged in cost accounts—Rs. 13,51) ( (3 X 10 30 marks)
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