M.Com (Semester III) (CBCS) Examination Mar/Apr-2018
ADVANCED ACCOUNTANCY (Paper III)
Time: 2½ Hours
Max. Marks: 70
Instructions: All questions are compulsory. Figures to the right indicate full marks.
Q.1
Choose the alternatives given below.
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Prime cost includes
Direct Material Direct Labour Direct Wages
Direct Material Direct Labour
Indirect Material Indirect Labour
None of the above
Which of the following document is used for time keeping?
Daily time sheet
Time card
Job card
All of the above
Direct material is a
Manufacturing cost
Administrative cost
Selling distribution cost
None of the above
Administrative overheads are recorded as a percentage of
Direct material
Direct wages
Prime cost
Works cost
Bad debt is an example of
Production overheads
Administrative overheads
Selling overheads
Distribution overheads
Time not spent on productive work is known as
Idle time
Saved time
Time taken
All of these
is also termed as fifty fifty plan.
Halsey premium plan
Rowan premium plan
Halsey weir scheme
Gantt's task bonus system.
is only quantitative record of stores receipt, issue and balance, it is kept in storekeeper.
Bin card
Stores ledger
Material requisition note
Material return note
According to variability, overheads are classified into groups.
Two
Three
Four
Five
10) The wages of clerical staff is the example of
Office salary
Indirect wages
Direct expenses
Chargeable expenses
11) The separation method is useful for measurement of
Material Turnover
Labour Turnover
Issue of Material
Valuation of Wastage
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12) Storekeeper should initiate a purchase requisition when stock reaches
Minimum level
Maximum level
Re-order level
Average level
13) Which of the following methods of wage payment is most suitable, where quality and accuracy of work is of primary importance?
Piece rate system
Time rate system
Differential piece work system
Halsey premium system
14) are engaged in production operation outside the factory.
Outworkers
Casual workers
Outsider
Outer
Q.2
Answer the following.
A company purchases its raw materials in lot of 1000 units. Average rate of usage is 250 units per week, procurement time is 2 weeks and the minimum inventory is to be 100 units. Find the re-ordering level, maximum inventory and average inventory.
07
Classification of cost.
07
Q.3
Answer the following.
Labour force was at the beginning 900 and at the end 1,100 during the period 15 persons quit and 25 persons are discharged. 150 workers were engaged out of them 20 persons were appointed in the vacancy caused. Calculate labour turnover during the period.
07
Bin card.
07
Q.4
On 1st January 2017 stock of component in stores was 645 units at Rs. 35 each. Subsequently the receipts and issues were as follows.
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2017
Purchased
Issued
Jan
444@ 37.50 each
400 units
Feb
500 40 each
600 units
March
750 42 each
940 units
When the stock was taken on 31st March a discrepancy of 49 units was detected. Show how you would price the issues by weighted average method and how you would deal with the discrepancy for the inventory purpose.
OR
The following data relate to the manufacture of a standard product during the four weeks ending on 31st October 2016.
Raw material consumed
20,000
Direct wages
12,000
Machine hours worked
1000 hours
Machine hour rate
2.00
Office overhead 15% on works cost
Selling overhead
37 paise p/u
Units produced
20,000
Units sold Rs. 2.50 each
18,000
Prepare a statement showing:
The cost of production per unit
The profit earned
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Q.5
From the following particulars work out the earnings of a worker for the week under.
14
Straight piece rate
Differential piece rate
Halsey premium plan
Rowan plan
Weekly working hours
48
Hourly wage rate
Rs. 3.75
Piece rate per unit
Rs. 1.50
Normal time per piece
20 minutes
Normal output per week
120 pieces
Actual output for the week
150 pieces
Differential piece rate
80% of piece rate
When output is below standard and 120% of piece rate output above standard.
OR
The following information relates to milling machine.
Cost
Rs. 11,000
Estimated scrap value
1,000
Effective working life
10,000 Hours
Repairs maintenance cost estimated over the whole life of machine
Rs. 1,500
Hours worked in a month
200
Standing charges of the shop for a month
Rs.1,250
Number of machines in the shop each of which bears equal charge
25
Power used by each machine 5 units per hour 6 paise per unit
You are required to compute machine hour rate in respect of milling machine.