M.Com. (Semester (CBCS) Examination Mar/Apr-2018
ADVANCED COSTING (Paper II)
Time: 2½ Hours
Max. Marks: 70
Instructions: All questions are compulsory. Figures to the right full marks. Use of calculation is allowed.
Q.1
Choose the alternatives given below.
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The workers who engaged in production operations outside the factory are workers.
Unskilled
Casual
Permanent
Out
Frank Gilbreth who is real founder of
Job study
Cost study
Motion study
CVP Analysis
system is also termed as fifty-fifty bonus plan.
Taylors plan
Halsey premium plan
Rowans plan
Gantt plan
Prime cost means
Direct materials
Direct Labour
Direct materials and Direct Labour
All factory labour and overheads
In Financial Accounting is valued at cost or market whichever is less.
Closing stock
Fixed assets
Investment
Overheads
The need of reconciliation arises in accounting system.
Financial
Cost
Integral
Non integral
Idle Time card are prepared to know the reason of
Idle time
Ideal time
Overtime
Real time
The amount of expenditure (actual or notional) incurred on or attributable to a specific thing or activity is called
Costing
Cost accounting
Cost
Elements of cost
A is location, person or item of equipment (or group these) for which cost may be ascertained and used for the purpose of cost control.
Cost unit
Cost centre
Cost sheet
Costing P L A/c
10) According to Factory Act a worker is entitled to when he works for more than nine hours in a day or more than 48 hours in a week.
Prepaid Wages
Additional Wages
Outstanding Wages
Overtime Wages
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SLR-CX-8
11) High increases the cost of production and decreases the profitability.
Labour Working
Labour production
Labour efficiency
Labour turnover
12) If time allowed to work is 40 Hours, time taken is 30 hours, rate per hour is Rs. 12, then earning of workers according to Halsey plan is Rs.
420
240
402
480
13) Income Tax, Transfer fees, Goodwill written off, Dividend income, Fines and Penalties etc. items are included in accounts only.
Cost
Management
Financial
Cost and management
14) system is composite accounting system where under all financial and cost transactions are recorded in one set of ok.
C
Non Integrated
Integrated
Cost accounting
Relevant cost accounting.
Q.2
Write short notes.
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Incentive Systems of Remuneration
Classification of cost
Q.3
From the following calculate cost of raw material consumed and prime cost for the year ended 31.12.2016.
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Stock of Raw Material on 31.12.2015
Rs. 33,280
Purchase of Raw material
Rs. 7,59,200
Productive Wages
Rs. 5,16,880
Works overheads
Rs. 78,000
Stock of raw materials on 31.12.2016
Rs. 35,360
Using Taylor's Differential piece rate system, find the earning of
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Mr. Dnyaneshwar from the following particulars.
Standard time per piece
12 minutes
Normal rate per hour (in a 8 hours day)
Rs. 20
Mr. Dnyaneshwar produced
37 units
Q.4
From the following information prepare a Cost Sheet showing Prime Cost, Factory Cost, Total Cost, Cost of Sales and Profit.
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Material consumed
4,00,000
Direct labour
1,60,000
Direct expenses
2,00,000
Factory overheads
1,60,000
Office overheads
2,40,000
Selling overheads
82,000
Opening stock of Finished Goods
800 units @85.50 per unit
Closing stock of finished goods
400 units
Finished Goods sold
16,400 units
Profit
1/6th of sales
OR
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SLR-CX-8
From the following information, determine the profit as it would be shown by cost accounts and prepare a statement reconciling it with profit shown by financial accounts.
Trading and Profit and loss account
(for the year ending 31st March 2016)
Particulars
Amount Rs.
Particulars
Amount Rs.
Material consumed
2,00,000
Sales (1,00,000 units)
4,00,000
Direct wages
1,00,000
Indirect expenses (works)
60,000
Office expenses
18,000
Selling and distribution expenses
12,000
Net Profit
10,000
Total
4,00,000
Total
4,00,000
The normal output of the factory is 1,50,000 units. Works expenses of fixed nature are Rs. 36,000. Office expenses are for all practical purpose constant. Selling and distribution expense are constant to the extent of Rs. 6,000 and balance varies directly with sales.
Q.5
Standard output per hour 5 units. Actual output in a 40 hours week is 220 units.
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Wages rate per hour is Rs. 20 per hour. Calculate total earnings under.
Straight Time Rate
Straight Piece Rate
Taylor's Differential Piece Rate
Gantt Task Bonus System
Emerson's Efficiency Bonus Plan
Halsey Premium System
Rowan Premium System
OR
From the following information prepare statement showing total cost and cost per unit of production.
Direct material consumed
Rs. 4,00,000
Direct labour
40% of direct materials
Direct expenses
50% of direct labour
Factory overheads
25% of prime cost
Office and administration expenses
Rs. 15 per unit produced
Selling and distribution expenses
Rs. 5 per unit
No of units produced
16,000 units
Selling price per unit is Rs. 75. There is no opening and closing stock of goods produced.