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Tuesday, July 24, 2012

Dibrugarh University - Cost Accounting 1994

Answer any five questions:-

1. How do cost accounting record helps in the planning & control of operation of a business enterprise? Discuss in detail. (20)

2. Explain the following & give examples: - (10x2)
a)      Direct material & indirect material.
b)      Direct wages & indirect wages.

3. What is ‘Overtime wages’? How overtime wages should be treated in cost accounts? How would you control the payment of
    Overtime wage? (4+8+8)

4. Explain the disadvantages of ‘Standard costing’. What are the difference between ‘Standard’ & ‘Process’ costing? (10+10)

5. Write short notes on:- (5x4)
a)   By products.
b)   Job costing.
c)    Work-in-progress.
d)   Profit centre.

6. The following particulars have been obtained from the cost records of on industrial concern:-                (10+10)

                                Particulars                                                                               Rs.
                Stock of raw materials on June 1, 92’                                       30000
                Purchase of raw materials during the month                       450000
                Wages paid                                                                                         230000
                Factory overhead                                                                            92000
                Work-in-progress June 1, 92’                                                      12000
                Stock of raw materials on June 30, 92’                                    25000
                Work in progress on June 30, 92’                                               15000
                Stock of finished goods on June 1, 92’                                    60000
                Stock of finished goods on June 30, 92’                                  55000
                Selling & distribution overhead                                                  20000
                Sales                                                                                                      900000
                Administrative overheads                                                            30000
                Interest on Bank loan                                                                     5000

From the above information, prepare the following statement:-
a)   Statement of cost of production of goods manufactured.
b)   Statement of cost of  finished goods sold.

7. Compute material cost variance, material price variance & material quantity variance from the following data. Verify the accuracy of your results:- (15+5)
Standard quantity per product                                   4 units
Standard price per unit of raw materials                Rs3
Actual quantity for the total output                         18000 units
Actual price per unit                                                       Rs4
Output                                                                                 5000 units

8. The manufactures of a certain product requires two distinct processes. Process A & Process B. The following information for a Costing period applies to Process A:-
                Direct materials                                                              15000
                Direct wages                                                                      8000
                Production overhead                                                     7000
Complete production amounted to 1700 units, but the following units were only partly complete:-

                400 units were 50% complete
                400 units were 25% complete

Prepare ‘Process A’ accounts incorporating the columns of units & amounts. Show separately the calculation of Work-in-progress (closing) in units & amount. (10+10)