Solapur University
M.Com. – I (Semester – II) Examination, 2015
ADVANCED COSTING (Paper – I) (Gr.b)
Day and Date : Saturday, 18-4-2015 Max. Marks : 50
Time : 11.00 a.m. to 1.00 p.m.
Instructions : All questions are compulsory.
Figures to the right indicates full marks.
Use of Calculator is allowed.
1. Choose correct alternative : 10
1) ___________ products having equal importance and they are produced simultaneously from same raw material.
a) By b) Joint
c) Co d) Waste
2) Standard cost is a __________ cost.
a) Direct b) Indirect
c) Predetermined d) Opportunity
3) If actual loss is less than normal loss, then it is called __________
a) Abnormal loss b) Abnormal gain
c) Excess loss d) Normal Gain
4) ____________ of first process becomes input of second process.
a) Abnormal loss b) Normal loss
c) Input d) Output
5) ___________ costing is the system of costing used to find out the cost of customers order.
a) Process b) Operating
c) Marginal d) Job
6) In Job costing each _____________ is a cost unit.
a) Batch b) Job
c) Process d) Contract
7) A process loss does not affect the cost per unit is ___________
a) Abnormal loss b) Normal loss
c) Actual loss d) Scrap
8) The total of material price variance and material usage variance is ______ variance.
a) Mix b) Volume
c) Yield d) Cost
9) ___________ variance is always adverse.
a) Overhead b) Sales
c) Abnormal idle time d) Capacity
10) ____________ contract provide for payment of actual cost plus a stipulated profit.
a) Escalation b) Cost Plus
c) Building d) Profitable
2. Write short notes
a) Comparison between job costing and process costing
b) Productivity. (5+5)
3. A) From the following information apportion marginal cost and fixed cost on suitable basis and obtain profit/loss for each of the joint product
Sales A – 100 kg. @ Rs. 60 per Kg. B – 120Kg @ Rs. 30 per Kg.
Total Cost : Marginal cost Rs. 4,400 and Fixed Costs Rs. 3,900
B) In process I 1000 units were introduced during January, 200 units 40% complete in all respects remained as closing work in progress at the end of the month. Compute the equivalent production and obtain the cost of closingwork in progress if total process cost during the period be Rs. 1760. (5+5)
4. Standard Co. Ltd. manufactures a particular product; the following information is obtained from the costing records
Material Standard Actual
A 70 Kg. @Rs.10 400 Kg. @ Rs. 11
B 30 Kg. @ Rs. 5 200 Kg. @ Rs. 6
Production 85 Kg. 510 Kg.
You are require to calculate material variances
OR
Particulars Standard Actual
Production units 4,000 3,800
Working days 20 21
Overheads Rs. 52,000 51,000
Hours per day 100 105
You are require to calculate overhead variances. 10
5. Product Z is obtained after it passes through two processes. The following information is obtained from the accounts for the week ending 17-2-2015.
Particulars Material Rs. Wages Rs.Normal Loss Value of Scrap Output units
Process I 10,400 8000 5% Rs. 2 P.u. 940
Process II 7,920 12,000 10% Rs. 4 p.u. 840
1000 units @ Rs. 3 each were introduced in Process I. Total Production overheads Rs. 10,000 to be recovered on % of direct wages. Prepare Process Cost Accounts.
OR
What do you understand by cost reduction ? Indicate the areas of cost reduction campaign. 10
M.Com. – I (Semester – II) Examination, 2015
ADVANCED COSTING (Paper – I) (Gr.b)
Day and Date : Saturday, 18-4-2015 Max. Marks : 50
Time : 11.00 a.m. to 1.00 p.m.
Instructions : All questions are compulsory.
Figures to the right indicates full marks.
Use of Calculator is allowed.
1. Choose correct alternative : 10
1) ___________ products having equal importance and they are produced simultaneously from same raw material.
a) By b) Joint
c) Co d) Waste
2) Standard cost is a __________ cost.
a) Direct b) Indirect
c) Predetermined d) Opportunity
3) If actual loss is less than normal loss, then it is called __________
a) Abnormal loss b) Abnormal gain
c) Excess loss d) Normal Gain
4) ____________ of first process becomes input of second process.
a) Abnormal loss b) Normal loss
c) Input d) Output
5) ___________ costing is the system of costing used to find out the cost of customers order.
a) Process b) Operating
c) Marginal d) Job
6) In Job costing each _____________ is a cost unit.
a) Batch b) Job
c) Process d) Contract
7) A process loss does not affect the cost per unit is ___________
a) Abnormal loss b) Normal loss
c) Actual loss d) Scrap
8) The total of material price variance and material usage variance is ______ variance.
a) Mix b) Volume
c) Yield d) Cost
9) ___________ variance is always adverse.
a) Overhead b) Sales
c) Abnormal idle time d) Capacity
10) ____________ contract provide for payment of actual cost plus a stipulated profit.
a) Escalation b) Cost Plus
c) Building d) Profitable
2. Write short notes
a) Comparison between job costing and process costing
b) Productivity. (5+5)
3. A) From the following information apportion marginal cost and fixed cost on suitable basis and obtain profit/loss for each of the joint product
Sales A – 100 kg. @ Rs. 60 per Kg. B – 120Kg @ Rs. 30 per Kg.
Total Cost : Marginal cost Rs. 4,400 and Fixed Costs Rs. 3,900
B) In process I 1000 units were introduced during January, 200 units 40% complete in all respects remained as closing work in progress at the end of the month. Compute the equivalent production and obtain the cost of closingwork in progress if total process cost during the period be Rs. 1760. (5+5)
4. Standard Co. Ltd. manufactures a particular product; the following information is obtained from the costing records
Material Standard Actual
A 70 Kg. @Rs.10 400 Kg. @ Rs. 11
B 30 Kg. @ Rs. 5 200 Kg. @ Rs. 6
Production 85 Kg. 510 Kg.
You are require to calculate material variances
OR
Particulars Standard Actual
Production units 4,000 3,800
Working days 20 21
Overheads Rs. 52,000 51,000
Hours per day 100 105
You are require to calculate overhead variances. 10
5. Product Z is obtained after it passes through two processes. The following information is obtained from the accounts for the week ending 17-2-2015.
Particulars Material Rs. Wages Rs.Normal Loss Value of Scrap Output units
Process I 10,400 8000 5% Rs. 2 P.u. 940
Process II 7,920 12,000 10% Rs. 4 p.u. 840
1000 units @ Rs. 3 each were introduced in Process I. Total Production overheads Rs. 10,000 to be recovered on % of direct wages. Prepare Process Cost Accounts.
OR
What do you understand by cost reduction ? Indicate the areas of cost reduction campaign. 10
0 comments:
Pen down your valuable important comments below