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Sunday, May 07, 2017

Dibrugarh University Solved Question Papers - Cost Accounting (2011 - Old Course)

Cost Accounting 2011 (Old Course)
  1. (a) Enumerate the main objectives of introduction of a cost accounting system.
Ans: Introduction to Cost Accounting
Cost: The term ‘cost’ has to be studied in relation to its purpose and conditions. As per the definition by the Chartered Institute of Management Accountants (C.I.M.A.), London ‘cost’ is the amount of actual expenditure incurred on a given thing.
Costing: The C.I.M.A., London has defined costing as the ascertainment of costs. “It refers to the techniques and processes of ascertaining costs and studies the principles and rules concerning the determination of cost of products and services”.
Cost Accounting: It is the method of accounting for cost. The process of recording and accounting for all the elements of cost is called cost accounting. I.C.M.A. has defined cost accounting as follows: “The process of accounting for cost from the point at which expenditure is incurred or committed to the establishment of its ultimate relationship with cost centers and cost units. In its widest usage it embraces the preparation of statistical data, the application of cost control methods and the ascertainment of the profitability of activities carried out or planned”.
Cost Accountancy: The term ‘Cost Accountancy’ includes Costing and Cost accounting. Its purposes are Cost-control and Profitability – ascertainment. It serves as an essential tool of the management for decision-making.

I.C.M.A., has defined cost accountancy as follows: “The application of costing and cost accounting principles, methods and techniques to the science, art and practice of cost control and the ascertainment of profitability. It includes the presentation of information derived there from for the purpose of managerial decision making”.
Objectives of Cost Accounting
  1. To serve as a guide to price fixing of products.
  2. To disclose sources to wastage in various operations of manufacture.
  3. To reveal sources of economy in production process.
  4. To provide for an effective system of stores and material.
  5. To measure the degree of efficiency of the various departments or units of production.
  6. To provide suitable means and information to the top management to control and guide the operations of the business organisation.
  7. To exercise effective control on the costs, time and efforts of labour, machines and other factors of production.
  8. To compare actual costs with the standard costs and analyse the causes of variation.
  9. To provide necessary information to develop cost standards and to introduce the system of budgetary control.
  10. It enables the management to know where to economize on costs, how to fix prices, how to maximize profit and so on.
Or
(b) “Cost Accounting has come to be an essential tool of the management.” Comment.
Ans:  Introduction to Cost Accounting
Cost: The term ‘cost’ has to be studied in relation to its purpose and conditions. As per the definition by the Chartered Institute of Management Accountants (C.I.M.A.), London ‘cost’ is the amount of actual expenditure incurred on a given thing.
Costing: The C.I.M.A., London has defined costing as the ascertainment of costs. “It refers to the techniques and processes of ascertaining costs and studies the principles and rules concerning the determination of cost of products and services”.
Cost Accounting: It is the method of accounting for cost. The process of recording and accounting for all the elements of cost is called cost accounting. I.C.M.A. has defined cost accounting as follows: “The process of accounting for cost from the point at which expenditure is incurred or committed to the establishment of its ultimate relationship with cost centers and cost units. In its widest usage it embraces the preparation of statistical data, the application of cost control methods and the ascertainment of the profitability of activities carried out or planned”.
Cost Accountancy: The term ‘Cost Accountancy’ includes Costing and Cost accounting. Its purposes are Cost-control and Profitability – ascertainment. It serves as an essential tool of the management for decision-making.
I.C.M.A., has defined cost accountancy as follows: “The application of costing and cost accounting principles, methods and techniques to the science, art and practice of cost control and the ascertainment of profitability. It includes the presentation of information derived there from for the purpose of managerial decision making”.
Advantages of Cost Accounting (Aid to Management)
  1. Helps in Decision Making: Cost accounting helps in decision making. It provides vital information necessary for decision making. For instance, cost accounting helps in deciding:
    1. Whether to make a product buy a product?
    2. Whether to accept or reject an export order?
    3. How to utilize the scarce materials profitably?
  2. Helps in fixing prices: Cost accounting helps in fixing prices. It provides detailed cost data of each product (both on the aggregate and unit basis) which enables fixation of selling price. Cost accounting provides basis information for the preparation of tenders, estimates and quotations.
  3. Formulation of future plans: Cost accounting is not a post-mortem examination. It is a system of foresight. On the basis of past experience, it helps in the formulation of definite future plans in quantitative terms. Budgets are prepared and they give direction to the enterprise.
  4. Avoidance of wastage: Cost accounting reveals the sources of losses or inefficiencies such as spoilage, leakage, pilferage, inadequate utilization of plant etc. By appropriate control measures, these wastages can be avoided or minimized.
  5. Highlights causes: The exact cause of an increase or decrease in profit or loss can be found with the aid of cost accounting. For instance, it is possible for the management to know whether the profits have decreased due to an increase in labour cost or material cost or both.
  6. Reward to efficiency: Cost accounting introduces bonus plans and incentive wage systems to suit the needs of the organization. These plans and systems reward efficient workers and improve productivity as well improve the morale of the work -force.
  7. Prevention of frauds: Cost accounting envisages sound systems of inventory control, budgetary control and standard costing. Scope for manipulation and fraud is minimized.
  8. Improvement in profitability: Cost accounting reveals unprofitable products and activities. Management can drop those products and eliminate unprofitable activities. The resources released from unprofitable products can be used to improve the profitability of the business.
  9. Preparation of final accounts: Cost accounting provides for perpetual inventory system. It helps in the preparation of interim profit and loss account and balance sheet without physical stock verification.
  10. Facilitates control: Cost accounting includes effective tools such as inventory control, budgetary control and variance analysis. By adopting them, the management can notice the deviation from the plans. Remedial action can be taken quickly.

  1. (a) “The perpetual inventory system is an integral part of material control.” Discuss this statement by bringing out briefly the salient features and advantages of this system.
Ans: Inventory or Store Control
Inventory control means to monitor the stock of goods used for production, distribution and captive (self) consumption. For a specific time period, stocks of goods are placed at some particular location. Stock of goods includes raw-materials, work in progress, finished goods, packaging, spares, components, consumable items, etc. Inventory Control means maintaining the inventory at a desired level. The desired-level keeps on fluctuating as per the demand and supply of goods.
According to Gordon Carson, "Inventory control is the process where by the investment in materials and parts carried in stocks is regulated, within pre-determined limits set in accordance with the inventory policy established by the management."
Simply "Inventory control is a method to identify those stocks of goods, which can be used for the production of finished goods. It shall be supported by a schedule which gives details regarding; opening stock, receipt of raw-materials, issue of materials, closing stock, and scrap generated."
Objectives of store control: The following are the important objectives of store control
  1. to make available the right type of raw material at the right time in order to have smooth and continuous flow of production;
  2. to ensure effective utilization of material;
  3. to prevent over stocking of materials and consequent locking up of working capital;
  4. to procure appropriate quality of raw materials at reasonable price;
  5. to prevent losses during storage of materials;
  6. to supply information to the management regarding the cost of materials and the availability of stock;
Advantages of Inventory control
1. Protects from fluctuations in demand: There are always chances of fluctuations in the demand of a material. These fluctuations can be adjusted if there are sufficient items in the stock of inventory. Therefore, proper inventory control protects the company from fluctuations in demand.
2. Better services to customers: If the company maintains a proper inventory of raw-materials, then it can complete its production in time. So, it can deliver the finished goods to the customers in time. Similarly, if the company has a proper inventory of finished goods, then it can satisfy the additional demand of the customers.
3. Continuity of production operations: Proper inventory control helps to maintain continuity of production operations. This is because it maintains a smooth flow of raw materials. So, there are no shortages of raw-materials required for production process.
4. Reduces the risk of loss: Proper inventory control helps to reduce the risk of loss due to obsolescence (outdated) or deterioration of items. This is because it checks all the items regularly.
5. Minimizes the administrative workload: Proper inventory control helps to minimize the administrative work load of purchasing, inspection, warehousing, etc. This will reduce the manpower requirement and will minimize the labour cost too.
6. Protects fluctuation in output: Inventory control tries to reduce the gap between planned production and actual production. There are cases where the production schedule cannot be followed because of Sudden breakdown of machines, Problems in supply of materials, Sudden labour strikes, Loss due to failure of power supply, etc.
In such cases, the difference between planned production and actual production can be bridged by inventories held in stock.
7. Effective use of working capital: Proper inventory control helps to make effective use of working capital. Inventory control helps in maintaining the right amount of stocks of materials, components, etc. Over stocking is avoided. Therefore, the working capital will not be blocked in excess inventory.
8. Check on loss of materials: Inventory control helps to maintain a check on the loss of materials due to carelessness or pilferage. If there is no proper inventory control, then there are more chances of carelessness and pilferage by the employees, especially in the store-keeping department.
9. Facilitates cost accounting activities: Inventory control facilitates cost accounting activities. This is because, inventory control provides a means of allocating materials cost of products, departments or other operating accounts.
10. Avoids duplication in ordering: Inventory control avoids duplication in ordering of stock. This is done by maintaining a separate purchase department.
Or
(b) From the following information, prepare a cost sheet showing the cost and profit: 
Particulars
Rs
Opening raw material
29,500
Closing raw material
36,000
Opening work-in-progress :
     Material
     Wages
     Works overhead

13,600
11,000
6,600
Closing work-in-progress :
     Material
     Wages
     Works overhead

12,000
16,500
9,900
Opening finished goods – 200 units @ Rs 84
Closing finished goods – 1600 units

Purchase of raw material
1,90,000
Carriage on purchase
1,500
Sale of scrap of raw material
5,000
Wages
2,97,000
Works overhead @ 60% of direct labour cost
Administration overhead @ Rs 12 per unit produced
Selling and distribution overhead @ 20% of selling price
Sales – 7600 units at a profit of 10% on sales price.
Ans:
Statement of Cost or Cost sheet
PARTICULARS
Units
Amount
Amount
Opening Stock of Raw material
Add: Purchase of Raw material
Add: Carriage inward
Less: Sale of scrap of raw material
Less: Closing Stock of Raw material


29,500
1,90,000
1,500
5,000
36,000
(a) Raw Material consumed during the year
Add: Direct wages


1,80,000
2,97,000
Prime Cost
Add: Works overhead @ 60% of direct labour cost


4,77,000
1,78,200
Work’s Cost incurred
Add: Opening stock of work-in-progress
Material                
Wages
Works overhead
Less: Closing stock of work-in-progress
Material
Wages
Works overhead



13,600
11,000
6,600

12,000
16,500
9,900
6,55,200



31,200

38,400
Work’s cost / factory cost
Add: Administration overhead @ Rs 12 per unit produced (9,000 * 12)


6,48,000

1,08,000
(b) Cost of Production
Add: Opening Stock of finished goods (@84)
Less: Closing Stock of finished goods(756000/9000= 84)
9,000
200
1,600

7,56,000
16,800
1,34,400
(c) Cost of goods Sold
Add: Selling and Distributive overheads
7,600

6,38,400
1,82,400
Total cost of sales
(d) Add: Profit for the year
7,600

8,20,800
91,200
Sales
7,600

9,12,000
Production = Sales + closing stock – opening stock = 7,600+1,600 – 200 = 9,000
Working note:
Let the sales be                                                                       x
Less: Profit @ 10% on Sales                                               0.10x
Cost of sales                                                                         0.90x
Less: Selling and distribution expenses (20% on x)       0.20x
Cost of goods sold                                                               0.70x
Now,
Selling and distribution overheads = (6,38,400*0.20x)/0.70x = 1,82,400
Profit for the year = (8,20,800*0.10x)/0.90x = 79,783
  1. (a) What is reconciliation statement? Why is it prepared? State the reason for the difference between the profit shown in the cost accounts and those shown in the financial account of an industrial organization.
Ans: Reconciliation Statement: When cost accounts and financial accounts are maintained in two different sets of books, there will be prepared two profit and loss accounts - one for costing books and the other for financial books. The profit or loss shown by costing books may not agree with that shown by financial books. Such a system is termed as, ‘Non-Integral System’ whereas under the integral system of accounting, there are no separate cost and financial accounts. Consequently, the problem of reconciliation does not arise under the integral system.
However, where two sets of accounting systems, namely, financial accounting and cost accounting are being maintained, the profit shown by the two sets of accounts may not agree with each other. Although both deal with the same basic transactions like purchases consumption of materials, wages and other expenses, the difference of purpose leads to a difference in approach in a collection, analysis and presentation of data to meet the objective of the individual system.
Financial accounts are concerned with the ascertainment of profit or loss for the whole operation of the organisation for a relatively long period, usually a year, without being too much concerned with cost computation, whereas cost accounts are concerned with the ascertainment of profit or loss made by manufacturing divisions or products for cost comparison and preparation and use of a variety of cost statements. The difference in purpose and approach generally results in a different profit figure from what is disclosed by the financial accounts and thus arises the need for the reconciliation of profit figures given by the cost accounts and financial accounts.
The reconciliation of the profit figures of the two sets of books is necessary due to the following reasons
  1. It helps to identity the reasons for the difference in the profit or loss shown by cost and financial accounts.
  2. It ensures the arithmetical accuracy and reliability of cost accounts.
  3. It contributes to the standardization of policies regarding stock valuation, depreciation and overheads.
  4. Reconciliation helps the management in exercising a more effective internal control.
Reasons for disagreement between Profits as per financial accounting and Profits as per cost accounting:
The difference in the profitability of cost and financial records may be due to the following reasons.
  1. Items included in the financial accounts but not in cost accounts.
  • Purely financial income- such as interest received on bank deposits, interest and dividend on investments, rent receivables, transfer fee received, profit on the sale of assets etc.
  • Purely financial charges – such as losses due to scraping of machinery, losses on the sale of investments and assets, interest paid on the bank loans, mortgages, debentures etc., expenses of company’s transfer office, damages payable at law etc.
  • Appropriation of profit – the appropriation of profit is again a matter which concerns only financial accounts. Items like payment of income tax and dividends transfer to reserve, heavy donations, writing off of preliminary expenses, goodwill and patents appear only in profit and loss appropriation account and the costing profit and loss a/c is not affected.
  1. Items included in cost accounts only: There are certain items which are included in cost accounts but not in financial accounts. They are: Charges in lieu of rent where premises are owned, interest on capital employed in production but upon which no interest is actually paid.
  2. Under/Over absorption of overhead expenses: In cost accounts, overheads are absorbed at predetermined rates which are based on past data. In the financial accounts the actual amount incurred is taken into account. There arise a difference between the actual expenses and the predetermined overheads charged to product or job.
If overheads are not fully recovered, which means that the amount of overheads absorbed in cost accounts is less than the actual amount, the shortfall is called as under recovery or under absorption. If overhead expenses recovered in cost accounts are more than that of the actually incurred, it is called over absorption. Thus, both the over and under recovery may cause the difference in the profits of both the records.
  1. Different basis of stock valuation: In cost accounts, the stock of finished goods is valued at cost by FIFO, LIFO, average rate, etc. But, in financial accounts stocks are valued either at cost or market price, whichever is less.
The valuation of work-in-progress may also lead to variation. In financial books only prime cost may be taken into account for this purpose whereas in cost accounts, it may be valued at prime cost plus factory overhead.
  1. Different basis of depreciation adopted: The rates and methods of charging depreciation may be different in two sets of accounts.
Or
(b) What do you mean by allocation and apportionment of overhead to cost centres? What are the bases of overhead apportionment utilized in manufacturing concern?
Ans: Allocation of Overhead Expenses: Allocation is the process of identification of overheads with cost centres. An expense which is directly identifiable with a specific cost centre is allocated to that centre. So it is the allotment of whole item of cost to a cost centre or cost unit or refers to the charging of expenses which can be identified wholly with a particular department. For example, the whole of overtime wages paid to the workers relating to a particular department should be charged to that department. So, the term allocation means the allotment of the whole item without division to a particular department or cost centre.
Apportionment of Overhead Expenses: Cost apportionment is the allotment of proportions of items to cost centres or cost units on an equitable basis. The term refers to the allotment of expenses which cannot identify wholly with a particular department. Such expenses require division and apportionment over two or more cost centres or units. So cost apportionment will arise in case of expenses common to more than one cost centre or unit. It is defined as the allotment to two or more cost centres of proportions of the common items of cost on the estimated basis of benefit received. Common items of overheads are rent and rates, depreciation, repairs and maintenance, lighting, works manager’s salary etc.
Bases of Apportionment: Suitable bases have to be found out for apportioning the items of overhead cost to production and service departments and then for reapportionment of service departments costs to other service and production departments. The basis adopted should be such by which the expenses being apportioned must be measurable by the basis adopted and there must be proper correlation between the expenses and the basis. Therefore, the common expenses have to be apportioned or distributed over the departments on some equitable basis. The process of distribution is usually known as ‘Primary Distribution’.
Following are the main bases of overhead apportionment utilised in manufacturing concerns: 
(i) Direct Allocation: Overheads are directly allocated to various departments on the basis of expenses for each department respectively. Examples are: overtime premium of workers engaged in a particular department, power (when separate meters are available), jobbing repairs etc.
(ii) Direct Labour/Machine Hours: Under this basis, the overhead expenses are distributed to various departments in the ratio of total number of labour or machine hours worked in each department.
(iii) Value of Materials Passing through Cost Centres: This basis is adopted for expenses associated with material such as material handling expenses.
(iv) Direct Wages: This method is used only for those items of expenses which are booked with the amounts of wages, e.g., workers’ insurance, their contribution to provident fund, workers’ compensation etc.
(v) Number of Workers: This method is used for the apportionment of certain expenses as welfare and recreation expenses, medical expenses, time keeping, supervision etc.
(vi) Floor Area of Departments: This basis is adopted for the apportionment of certain expenses like lighting and heating, rent, rates, taxes, maintenance on building, air conditioning, fire precaution services etc.
(vii) Capital Values: In this method, the capital values of certain assets like machinery and building are used as basis for the apportionment of certain expenses e.g. rates, taxes, depreciation, maintenance, insurance charges of the building etc.
(viii) Light Points: This is used for apportioning lighting expenses.
(ix) Kilowatt Hours: This basis is used for the apportionment of power expenses.
(x) Technical Estimates: This basis of apportionment is used for the apportionment of those expenses for which it is difficult, to find out any other basis of apportionment. This is used for distributing lighting, electric power, works manager’s salary, internal transport, steam, water charges etc. when these are used for processes.
4. (a) What is idle time? Discuss its causes. How is it treated in cost accounts?
Ans: Idle Time – Meaning, Types and Treatment
Idle time refers to the labour time paid for but not utilized on production. It, in fact, represents the time for which wages are paid, but during which no output is given out by the workers. This is the period during which workers remain idle.
Types of Idle Time and its treatment
a. Normal idle time is inherent in any job situation and thus it cannot be eliminated or reduced. For example: time gap between the finishing of one job and the starting of another; time lost due to fatigue etc. The cost of normal idle time should be charged to the cost of production. This may be done by inflating the labour rate. It may be transferred to factory overheads for absorption, by adopting a factory overhead absorption rate.
b. Abnormal idle time is defined as the idle time which arises on account of abnormal causes; e.g. strikes; lockouts; floods; major breakdown of machinery; fire etc. Such an idle time is uncontrollable. The cost of abnormal idle time due to any reason should be charged to Costing Profit & Loss Account.
Reasons for idle time: According to reasons, idle time can be classified into normal idle time and abnormal idle time.  Normal idle time is the time which cannot be avoided or reduced in the normal course of business.
  1. The main reasons for the occurrence of normal idle time are as follows:
  2. Time taken by workers to travel the distance between the main gate of factory and the place of their work.
  3. Time lost between the finish of one job and starting of next job.
  4. Time spent to overcome fatigue.
  5. Time spent to meet their personal needs like taking lunch, tea etc.
The main reasons for the occurrence of abnormal idle time are:
  1. Due to machine break downs, power failure, non-availability of raw materials, tools or waiting for jobs due to defective planning.
  2. Due to conscious management policy decision to stop work for some time.
  3. In the case of seasonal goods producing units, it may not be possible for them to produce evenly throughout the year. Such a factor too results in the generation of abnormal idle time.
Control of Idle Time
Following steps are suggested to control idle time:
i) Vigilance must be exercised to control and eliminate idle time.
ii) The instructions to the workers should be given in advance so that workers need not wait.
iii) Plant and machine should be maintained properly so that their breakdown can be avoided
iv) The causes of the idle time should be found out and the root cause must be removed.
v) Regular and timely supply of raw materials must be made available through a good system of storing materials.
Or
(b) From the following particulars, work out the earnings for the week of a worker under –
(i) straight piece rate system;
(ii) differential piece rate system;
(iii) Halsey premium system;
(iv) Rowan system.
Number of working hours per week – 48 hrs
Wages per hour – Rs 3.75
Rate per piece – Rs 1.50
Normal time per piece – 20 minutes
Normal output per week – 120 pieces
Actual output for the week – 150 pieces
Differential piece rate – 80% piece rate When output is below standard and 120%  When output is above standard.
Ans: (i) Straight Price Rate system = Price Produced x rate per price = 150 x 1.50 = Rs. 225

(ii) Taylor’s differential price rate
Normal output = 120
Actual output = 150 (Above Standard)
i.e. 20% of price rate is applicable
120% of price rate = 1.50 x 120% = 1.80
Now, Wages under differential Price rate
= 150 x 1.80 = 270
(iii) Time Taken = 48 hours
Time allowed = 150 x 120 = 3,000 minutes or 50 hours
(based on actual output)
Time Saved = 50 – 48 = 2 hours
Now, Wages under Halsey Premium Plan:
(iv) Wages under Rowan system:
  1. (a) What are the fundamental principles of process costing? Distinguish between job costing and process costing. Point out the advantages of process costing.
Ans: Fundamental Principles of Process Costing:
The following are the fundamental principles of process costing:
  1. Cost of material, wages and overheads expenses are collected for each process or operation in a period.
  2. Adequate records in respect of output and scrap of each processes or operation during the period are kept.
  3. The cost per unit of each process is obtained by dividing the total cost incurred during a period by the number of units produced during that period after taking into consideration the losses and amount realized from sale of scrap.
  4. The finished product of one process is transferred as a raw material to the next process.
Difference between Job costing and Process Costing
Basis of distinction
Job Costing
Process Costing
Basic
Job costing is used when the cost object is an individual (or a lot/batch) unit or a distinct product or service.
Process Costing is generally used for a mass of identical product or service.
Accumulation of Cost
Costs can be accumulated by each individual product or service.
The Costs are accumulated in a period. The total costs in a period are divided over the number of units to get an average unit cost.
Cost Determination
Job costing is done against a specific order being produced.
Costs are compiled for each process over a period of time.
Cost Calculation
Costs are calculated when a job is over.
Costs are calculated at the end of a cost period like an accounting year.
Transfer
There are usually no transfers of costs from one job to another.
Transfer of costs from one process to another is made as the product moves from one process to the other.
Forms and Details
There is more paper work.
It has lesser paper work.
Inventory
There is little or no inventory.
There is regular and significant inventory.
Mechanization
It is less amenable to mechanization & automation.
It is more amenable to mechanization & automation.
Advantages of Process Costing:
The following are the main advantages of Process Costing:
  1. It is possible to determine process costs periodically at short intervals. Average unit cost can be computed weekly or even daily.
  2. It is simple and less expensive to find out the process costs.
  3. It is possible to have managerial control by evaluating the performance of each process.
  4. It is easy to allocate the expenses to processes in order to have accurate costs.
  5. It is easy to quote the prices with standardization of process. Standard costing can be established easily in process type of manufacture.
Or
(b) The following was the expenditure on a contract for Rs 6,00,000 commenced on 1st  April, 2009 :
Rs
Material     1,20,000
Wages     1,64,400
Plant        20,000
Business charges          8,600
Cash received on account to 31st March, 2010 Rs 2,40,000 , being 80% of work certified; the value of material in hand on 31.3.2010 was Rs 10,000. Prepare contract account for the year showing profit to be credited to the  year’s profit and loss account. Plant is to be depreciated at 10%.

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