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Saturday, March 19, 2016

Dibrugarh University Question Paper: Cost Accounting (May' 2015)

2015 (May)
COMMERCE
(General / Speciality)
Course: 401
Time: 3 hours
(Cost Accounting)
Full Marks: 80
Pass marks: 32

The figures in the margin indicate full marks for the questions

1.       (a) Fill in the blanks :                                                                                                               1x5=5
(i)      Fixed cost per unit _____ when volume of production increases.
(ii)    _____ is the combination of direct materials, direct labour and direct expenses.
(iii)   Cost of abnormal idle time and overtime is transferred to _____.
(iv)  Depreciation on showroom building is to be treated as _____ overheads.
(v)    In contract costing _____ clause allows adjustment of the prices of materials or rate of labour, etc., when these rises beyond a specified limit.

(b) Choose the correct answer:                                                                                         1x3=3
(i)      Rent of a factory building is a variable cost / fixed cost / semi-variable cost.
(ii)    A high labour turnover increase / decreases the cost of production.
(iii)   The basis of apportionment for canteen and staff welfare expenses is floor area occupied / number of workers / wages.

 2.       Write short notes on (any four) :                                                                                      4x4=16
(a)    Economic Order Quantity (EOQ)
(b)   LIFO
(c)    Stock control
(d)   Objectives of material control
(e)   Reorder level
(f)     Bin card

3.       (a) The Assam Company Ltd. Furnishes the summary of Trading and Profit & Loss Account for the year ended 31st December, 2014
Raw Materials Consumed
Direct Wages
Production Overheads
Administrative Overheads
Selling and Distribution Overheads
Preliminary Expenses Written off
Goodwill Written off
Income Tax
Work-in-Progress :
Materials
Wages
Production Overheads
Sales (1,200 units)
Finished Goods (200 units)
Interest on Securities
1,39,600
76,200
42,600
39,100
42,700
2,200
2,500
4,100

28,200
11,790
7,900
4,80,000
8,000
6,000

The company manufactures standard unit. Information from last year’s records shows that –
(i)      Factory overheads have been allocated to the production at 20% on prime cost;
(ii)    Administrative overheads have been charges at Rs. 3 per unit on the units produced;
(iii)   Selling and distribution overheads have been charged at Rs. 4 per unit of units sold.
Your are required to prepare a Cost Sheet showing profit or loss as per Cost Accounts.      14
Or
(b) Discuss the nature of Cost Accounting and explain different cost concepts.                   7+7=14

4.       (a) The following data is available in respect of a worker for the year, 2014 in the ABC Manufacturing Company:
(i)            Wages per month Rs. 600
(ii)          Dearness Allowance 20 paise per month per cost of living index point over 400 points; present index is 1,400 points.
(iii)         House Rent Allowance 25% of (i) and (ii).
(iv)        Annual Bonus for the year Rs. 3,000
(v)          Cost of labour welfare amenities for the year Rs. 3,20,400
(vi)        Employer’s contribution to –
(1)          Contributory Provident Fund, 10% of basic wages.
(2)          Employees State Insurance 2% of basic wages.
(vii)           Annual working days, 310 days of 8 hours
(viii)     Total leave with pay permitted in a year – 30 days.
(ix)        Normal ideal time – 240 hours
(x)          Abnormal idle time – 100 hours
(xi)        No. of workers in the factory – 150
Compute labour cost for the year per head and per hour. Also state how the cost of idle time can be treated.                                                   10+4=14
Or
(b) Distinguish between:                                                                                                              7+7=14
(i)      Idle time and overtime.
(ii)    Remuneration and incentives.

5.       (a) A machine was purchases on January, 2014 for Rs. 5 lakhs. The total cost of all machinery inclusive of the new machine was Rs. 75 lakhs. The following further particulars are available :
Expected life of the machine 10 years
Scrap value at the end of 10 years – Rs. 5,000
Repairs and maintenance for the machine during the year – Rs. 2,000
Expected number of working hours of the machine per year 4000 hours.
Insurance Premium Annually for all machines – Rs. 4,500
Electricity consumption for the machine per hour @ 75 paise per unit for 25 units.
Area occupied by the machine 100 sq. ft.
Area occupied by other machines 1500 sq. ft.
Rent per month of the department – Rs. 800
Lighting charges – Rs. 120 per months for 20 points for the whole department out of which 3 points are for the machine.
Compute the machine hour rate for the machine on the basis of the data given above.        14
Or
(b) Define overhead. What do you mean by under and over-absorption of over-heads? State the causes of over and under-absorption of the factory overheads.                            4+4+6=14

6.       (a) A product is produced through two distinct processes – Process I and Process II. On completion it is transferred to finished stock. From the following particulars during the month of December, 2014, prepare Process Accounts :                                                                                14

Process – I
Process – II
Unit introduced
Transfer to next process / finished goods
Normal loss (on inputs)
Realisable value of normal loss (per unit) (in Rs.)
Cost incurred :
Direct Material (in Rs.)
Direct Labour (in Rs.)
Direct Expenses (in Rs.)
Production overheads (100% of direct labour)
10000
9000
10%
2

40,000
20,000
12,000
9000
8250
5%
4


20,000
10,050
Assume that there was no opening or closing stock of Raw Materials and Work-in-Progress.
Or
(b) Explain the following:                                                      7+7=14
(i)      Reconciliation of Cost and Financial Accounts.
(ii)    Treatment of WIP.


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