Answer any five questions:-
1.
Explain the relationship between cost accounting & financial accounting?
What are the differences between the two?
(10+10)
2.
Explain the importance of material control. Discuss about the measures that are
to be undertaken for effective material control. (10+10)
3.
What is ‘Labour-hour-rate’? How it is ascertained? In what respect it differs
from a machine-hour-rate? (5+7+8)
4.
What do you understand by ‘Standard costing’? Explain its advantages &
disadvantages. (4+8+8)
5.
Write short notes on: - (5x4)
a. Abnormal
wastage.
b. ABC
analysis
c. Cost
centre
d. Weighted
average price.
6.
The following particulars have been obtained from the cost records of an
industrial concern:-
Direct
labour cost Rs16000 (160% of factory overhead) cost of goods sold Rs56000.
Inventory
accounts showed these opening & closing balances:-
Jan
1, 1988 Jan
31, 1988
Raw materials 8000 8600
Work-in-progress 8000 12000
Finished goods 14000 18000
Other data:-
Selling expenses 3400
Administrative expenses 2600
Sales for the month of Jan. 75000
Prepare
a statement showing the cost of goods manufactured, cost of goods sold &
profit earned. (20)
7.
The production section of a factory working on a job order system pays their
workers under the rowan premium bonus scheme. Workers are also entitled to a
dearness allowance of Rs24 per work of 48 hours. A worker’s basic wage is Rs4
per day of 8 Hours & his work time sheet for a week are given below:-
Job No. Time allowed Time
taken
1 25
hours 20
hours
2 28
hours 20
hours
Idle time (waiting) _ 8 hours
Calculate
gross wages the worker has earned for the week. (20)
8.
From the data given below, calculate the material price variance, material
usage variance & material mixture variance. (6+7+7)
Consumption
per 100 units of product.
Raw materials Standard Actual
A 40
units @ Rs50 per unit 50
units @ Rs50 per unit.
B 60
units @ Rs40 per unit 60
units @ Rs45 per unit.