Answer any five questions:-
1. Define cost accounting. Discuss
in details about the significance of cost accounting. (5+15)
2. Explain the following &
give examples: - (5x4)
a)
Cost centre.
b)
Cost unit.
c)
ABC analysis.
d)
Overhead.
3. What is unit costing? What are
its features? State the names of six industries in which it is applicable. (5+12+3)
4. What do you mean by abnormal
wastage & normal wastage? How are these treated in process costing? (8+12)
5. Write short notes on the
following: - (5x4)
a)
Tender price
b)
Factory overhead
c)
Administration overhead
d)
Cost sheet
6. a) How the amount of bonus is
determined according to the Rowan Premium plan? (10)
b) An employee working under bonus scheme saves 10 hours in a job for
which standard time is 50 hours. Calculate the rate per hour worked and wage
payable for time taken under the following alternative schemes. (The award rate
is Rs2)
Scheme-I:
The employer receives an increase in the hourly rate based on the percentage
that the time saved bears to the Time set.
Scheme-II:
The bonus of 20% on award rate is payable when time (namely, 100% efficiency)
is achieved plus a further
Bonus of 2% on award rate for each
1% in excess of that 100% efficiency. (5+5)
7. The following are the data
regarding the manufacture of 20000 units.
STANDARD
Direct
material: 2 kg of input at Rs4 per kg or Rs8 per unit of output.
Direct
labour: ½ hour of input at Rs10 per hour or Rs5 per unit of output.
The following are the data
regarding actual performance:-
Output
produced 20000
units
Input
purchased and used 37000
kg
Price
per kg Rs4.10
Direct
labour cost Rs88200
Actual
hours of input 9000
Labour
rate per hour Rs9.80
From the aforesaid data, ascertain
the following: - (4x5)
a)
Material yield variance.
b)
Material usage variance.
c)
Labour Rate variance.
d)
Labour efficiency variance
e)
Labour cost variance.
8. The following are the data
taken from the cost accounts of a manufacturer in respect of the month of March
1995:
Stock
in hand on 1/3/1995. Rs.
Raw material 25000
Work in progress 8220
Finished goods 17360
Purchase
of raw material 21900
Sale
of finished goods 72310
Direct
wages 17150
Stock
in hand on 31/3/1995.
Raw material 26250
Work in progress 9100
Finished goods 15750
Non-productive
wages 830
Work
expenses 8430
Office
& administrative exp. 3160
Selling
expenses 4210
Prepare statement showing the
following: - (5x4)
a)
Cost of materials consumed
b)
Cost of production
c)
Cost of goods sold
d)
Profit for the month.