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Wednesday, July 25, 2012

Dibrugarh University - Cost Accounting 1996

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.

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
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.