B.Sc. I (Entrepreneurship) (Semester II) (CBCS) Examination, 2018
Cost Accounting and Project Management
entrepreneurship science (Paper II)
Day and Date Monday, 16-04-2018 Max. Marks 70
Time 10.30 a.m. to 1.00 p.m.
1. Choose the correct answer from given alternatives 14
Direct Material Direct Labour Direct Expenses
Factory cost Cost of goods sold
Prime cost Selling price
is the process of determining and accumulating the cost
of product or activity.
Cost Accounting
Financial Accounting
Management Accounting
All the above
means ascertaining costs of an individual job, work
order or project separately.
Process costing Operating costing
Uniform costing Job costing
Salary paid to factory manager is an item of
Factory overhead
Selling and distribution overhead
Office and administrative overhead
None of the above
Delivery van expenses is an item of
Prime cost
Factory cost
Office and administrative overheads
Selling and distribution overheads
Some units are not completed in process, they are known as
Raw material
Work in process
Finished goods
None of the above
Which of the following is not a method of costing
Contract costing Marginal costing
Batch costing Process costing
method is mainly applied in biscuits manufactures,
garment manufactures, spare parts manufactures, pharmaceutical
enterprises etc.
Contract costing Process costing
Batch costing Service costing
method is used in transport services.
Process costing Job costing
Unit costing Service costing
10) Small Scale Industry is a manufacturing enterprise in which investment in
plant and machineries does not exceed Rs. only.
1 crores 5 crores 10 crores 20 crores
11) Projects are in nature.
Permanent Temporary
Flexible None of the above
12) SSIS denotes for
Services Sector Industry
Secondary Service Industry
Small Scale Industry
None of the above
13) is a document that describes a business project and steps
a team should take to complete it.
Budget Project plan Project report All the above
14) First stage of project life cycle is
Planning stage Initiation stage
Execution stage Closure stage
2. Solve any seven from the following 14
What is cost
What is financial accounting
Define job costing.
What is cost sheet
Define batch costing.
What is project management
Define micro industry.
What is project identification
Sources of working capital.
3. Write note on any two from the following 10
Objectives of cost accounting.
Advantages and disadvantages of job cost sheet.
Contents of projects report.
Briefly explain objectives of small scale industries. 4
4. Solve any two from the following 14
Define project. Explain types of projects.
Problems of Small Scale Industries.
Following information is available for job no. 1234, which is being produced
at the request of a customer.
Dept. A Dept. B Dept. C
Material consumed 4,000 1,000 1,500
Direct labour
Wages rate per hour 3 4 5
Direct labour hours 300 200 400
In accordance with the company policy the following are chargeable to jobs
Fixed factory overheads Rs. 5 per direct labour hour
Fixed administrative overheads 80% of works cost.
Profit mark up 20% margin on selling price.
You are required to calculate the total cost and selling price of job no. 1234.
5. Solve any two from the following 14
Explain types of cost.
Explain role of small entrepreneurship in economic development.
From the following particulars calculate
Prime cost
Factory cost
Cost of goods sold
Cost of sale
Profit
Sourabh Industries manufacture a product, the information available from
cost records for the year ended 31st December 2017 was as follows
Rs.
Direct Materials 8,00,000
Direct Wages 3,00,000
Stock of finished goods 50,000
Stock of Raw Material 1,00,000
Stock of Work in progress 40,000
Stock of finished goods (31-12-2017) 60,000
Stock of Raw Material (31-12-2017) 80,000
Stock of Work in progress (31-12-2017) 70,000
Carriage Inward 40,000
Indirect Wages 90,000
Power and Fuel 1,75,000
Factory Rent 1,00,000
Indirect Material 1,75,000
Office and Administrative overheads 80,000
Selling and Distribution overheads 1,00,000
Sales 20,00,000