Solapur University Question Paper
M.Com. – I (Sem. – I) (New) Examination, 2014
ADVANCED COSTING (Gr. b) (Paper – II)
Day and Date : Monday, 21-4-2014 Max. Marks : 50
Time : 3.00 p.m. to 5.00 p.m.
N. B. : 1) All questions are compulsory.
2) Figures to the right indicate full marks.
3) Use of calculator is allowed.
1. Choose correct alternatives : 10
1) Under _____________ system of accounting there is no need of reconciliation
of cost and financial accounts.
A) Costing B) Financial
C) Reconciliation D) Integral
2) Time not spent on productive work is known as _____________
A) Time taken B) Standard time
C) Actual time D) Idle time
3) __________ system of wage payment is also called as fifty fifty bonus plan.
A) Emersons efficiency
B) Differential plan
C) Rowan premium
D) Halsey premium plan
4) _____________ is location, person or item of equipment for a group of these
for which cost may be ascertained.
A) Cost unit B) Cost control
C) Cost reduction D) Cost centre
5) _____________ workers are those who are not on the pay roll of the factory
but are engaged casually whenever there is extra load in the factory.
A) Outside B) Out
C) Pay roll D) Casual
6) _____________ wages are paid at double the normal wage rate.
A) Over time B) Time rate
C) Piece rate D) Incentive
SLR-NN – 20 -2-
7) According to elements of cost, total _____________ is classified in to
materials, labour and expenses.
A) Cost B) Profit
C) Sales D) Price
8) Under Gantt’s task and bonus plan, no bonus is payable to workers if his
efficiency is less than _____________
A) 100% B) 50%
C) 331/
3% D) 662/
3%
9) Which of the following method of wage payment is most suitable, where
quality and accuracy of work is of primary importance ?
A) Piece rate system
B) Time rate system
C) Differential piece rate system
D) Halsey premium system
10) _____________ statement is a statement which reconciles the profit or loss
as per cost accounts with the profit or loss as per financial accounts.
A) Reconciliation B) Balance sheet
C) Financial D) Cost
2. Write short notes on : 10
1) Elements of cost.
2) Methods of remunerating labour.
3. A) From the books of accounts of M/S Mittal Enterprises for the year ending
31 March 2013. Calculate cost of materials consumed. 5
Opening stock of materials Rs. 1,88,000
Closing stock of materials Rs. 2,00,000
Materials purchased during the year Rs. 8,32,000
Freights inwards Rs. 32,000
B) From the following particulars calculate earning of workers A and B. Under
time rate system and piece rate system. 5
Normal rate per hour Rs. 5
Standard time per unit 12 minutes
In 40 hrs. week the output was as follows :
Worker A B
Output 66 units 166 units
-3- SLR-NN – 20
4. From the following information, prepare a statement showing the cost and profit. 10
1) Cost of materials @ Rs. 13 per unit.
2) Labour cost @ Rs. 7.50 per unit.
3) Factory overheads are absorbed @ 60% of labour cost.
4) Administration overheads are absorbed @ 20% of factory cost.
5) Selling overheads are charged @ Rs. 2.50 per unit sold.
6) Opening stock of finished goods – 500 units @ Rs. 19.75.
7) Closing stock of finished goods – 250 units.
8) Sales – 10250 units at profit of 20% on sales.
OR
4. The standard hours of job X is 100 hours. The job has been completed by Amar
in 60 hrs., Akbar in 70 hrs. and Anthony in 95 hrs. The bonus system applicable
to the job is as follows : 10
Percentage of time saved to time allowed Bonus
Saving up to 10% 10% of time saved
From 11% to 20% 15% of time saved
From 21% to 40% 20% of time saved
From 41% to 100% 25% of time saved
The rate of pay is Rs. 10 per hour. Calculate the total earnings of each worker
and also the rate of earnings per hour.
5. The Vardhaman Ltd. manufactures one product. A summary of its activities for
the year 2012 is given below. Prepare statement of Cost and profit. 10
Particulars Units Amt. (Rs.)
Sales 80,000 8,00,000
Material inventory on 1-1-2012 40,000
Material inventory on 31-12-2012 32,000
WIP on 1-1-2012 55,000
WIP on 31-12-2012 72,000
Finished goods stock on 1-1-2012 16,000 64,000
Finished goods stock on 31-12-2012 34,000
Material purchased 1,52,000
Direct labour 1,45,000
Manufacturing overheads 1,08,000
Selling expenses 50,000
General expenses 40,000
OR
5. From the following information prepare Reconciliation Statement for the year
ending 31-3-2013. 10
P & L A/c for the year ending 31-3-2013
To Materials 2,00,000 By Sales 4,00,000
To Wages 1,00,000 (1,00,000 units)
To D. exp. 60,000
To Office exp. 18,000
To Selling exp. 12,000
To N.P. 10,000
4,00,000 4,00,000
Normal output of the factory is 1,50,000 units. Works expenses of the fixed
nature are Rs. 36,000. Office expenses are for all practical purpose constant.
Selling expenses are constant to the extent of Rs. 6,000 and balance varies
directly with sales.
__________________
M.Com. – I (Sem. – I) (New) Examination, 2014
ADVANCED COSTING (Gr. b) (Paper – II)
Day and Date : Monday, 21-4-2014 Max. Marks : 50
Time : 3.00 p.m. to 5.00 p.m.
N. B. : 1) All questions are compulsory.
2) Figures to the right indicate full marks.
3) Use of calculator is allowed.
1. Choose correct alternatives : 10
1) Under _____________ system of accounting there is no need of reconciliation
of cost and financial accounts.
A) Costing B) Financial
C) Reconciliation D) Integral
2) Time not spent on productive work is known as _____________
A) Time taken B) Standard time
C) Actual time D) Idle time
3) __________ system of wage payment is also called as fifty fifty bonus plan.
A) Emersons efficiency
B) Differential plan
C) Rowan premium
D) Halsey premium plan
4) _____________ is location, person or item of equipment for a group of these
for which cost may be ascertained.
A) Cost unit B) Cost control
C) Cost reduction D) Cost centre
5) _____________ workers are those who are not on the pay roll of the factory
but are engaged casually whenever there is extra load in the factory.
A) Outside B) Out
C) Pay roll D) Casual
6) _____________ wages are paid at double the normal wage rate.
A) Over time B) Time rate
C) Piece rate D) Incentive
SLR-NN – 20 -2-
7) According to elements of cost, total _____________ is classified in to
materials, labour and expenses.
A) Cost B) Profit
C) Sales D) Price
8) Under Gantt’s task and bonus plan, no bonus is payable to workers if his
efficiency is less than _____________
A) 100% B) 50%
C) 331/
3% D) 662/
3%
9) Which of the following method of wage payment is most suitable, where
quality and accuracy of work is of primary importance ?
A) Piece rate system
B) Time rate system
C) Differential piece rate system
D) Halsey premium system
10) _____________ statement is a statement which reconciles the profit or loss
as per cost accounts with the profit or loss as per financial accounts.
A) Reconciliation B) Balance sheet
C) Financial D) Cost
2. Write short notes on : 10
1) Elements of cost.
2) Methods of remunerating labour.
3. A) From the books of accounts of M/S Mittal Enterprises for the year ending
31 March 2013. Calculate cost of materials consumed. 5
Opening stock of materials Rs. 1,88,000
Closing stock of materials Rs. 2,00,000
Materials purchased during the year Rs. 8,32,000
Freights inwards Rs. 32,000
B) From the following particulars calculate earning of workers A and B. Under
time rate system and piece rate system. 5
Normal rate per hour Rs. 5
Standard time per unit 12 minutes
In 40 hrs. week the output was as follows :
Worker A B
Output 66 units 166 units
-3- SLR-NN – 20
4. From the following information, prepare a statement showing the cost and profit. 10
1) Cost of materials @ Rs. 13 per unit.
2) Labour cost @ Rs. 7.50 per unit.
3) Factory overheads are absorbed @ 60% of labour cost.
4) Administration overheads are absorbed @ 20% of factory cost.
5) Selling overheads are charged @ Rs. 2.50 per unit sold.
6) Opening stock of finished goods – 500 units @ Rs. 19.75.
7) Closing stock of finished goods – 250 units.
8) Sales – 10250 units at profit of 20% on sales.
OR
4. The standard hours of job X is 100 hours. The job has been completed by Amar
in 60 hrs., Akbar in 70 hrs. and Anthony in 95 hrs. The bonus system applicable
to the job is as follows : 10
Percentage of time saved to time allowed Bonus
Saving up to 10% 10% of time saved
From 11% to 20% 15% of time saved
From 21% to 40% 20% of time saved
From 41% to 100% 25% of time saved
The rate of pay is Rs. 10 per hour. Calculate the total earnings of each worker
and also the rate of earnings per hour.
5. The Vardhaman Ltd. manufactures one product. A summary of its activities for
the year 2012 is given below. Prepare statement of Cost and profit. 10
Particulars Units Amt. (Rs.)
Sales 80,000 8,00,000
Material inventory on 1-1-2012 40,000
Material inventory on 31-12-2012 32,000
WIP on 1-1-2012 55,000
WIP on 31-12-2012 72,000
Finished goods stock on 1-1-2012 16,000 64,000
Finished goods stock on 31-12-2012 34,000
Material purchased 1,52,000
Direct labour 1,45,000
Manufacturing overheads 1,08,000
Selling expenses 50,000
General expenses 40,000
OR
5. From the following information prepare Reconciliation Statement for the year
ending 31-3-2013. 10
P & L A/c for the year ending 31-3-2013
To Materials 2,00,000 By Sales 4,00,000
To Wages 1,00,000 (1,00,000 units)
To D. exp. 60,000
To Office exp. 18,000
To Selling exp. 12,000
To N.P. 10,000
4,00,000 4,00,000
Normal output of the factory is 1,50,000 units. Works expenses of the fixed
nature are Rs. 36,000. Office expenses are for all practical purpose constant.
Selling expenses are constant to the extent of Rs. 6,000 and balance varies
directly with sales.
__________________
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