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16

Attempt any five of the following questions:

(a) Define cost accounting

(b) What is the difference between traditional costing and activity based costing?

(c) List out the steps involved in labour cost control. . .

(d) What do you mean by over absorption of overheads?

(e) Briefly explain the method of calculating profit on cost price and selling price

(f) How work in progress is shown in contract account and balance sheet?

(g) Give five expenditures items which are not shown in cost accounts.

(h) Differentiate between joint products and By-products with examples. 


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8

Calculate the wages of a worker under Halsey Premium Plan and Rowan Premium Plan.

Standard time                    50 Hours

Actual time                        40 Hours

Wages rate                         Rs. 5 per hour

Bonus                                 50% for time saved

Dearness Allowance         Re. 1 per day for 8 hours

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6

(a) A worker completes a job in a certain number of hours. The standard time allowed for      the job is 12 hours and the hourly rate of wages is Rs. 5 per hour. The worker earns, at the rate of 50%, a bonus of Rs. 7.5 under Halsey Plan.

Ascertain the total earnings of the worker under Rowan Premium Plan. Also calculate the effective rate of earning per hour.

(b) Calculate Machine Hour Rate from the following:

Cost of Machine                             Rs. 1,30,000

Installation Charges                      Rs 20,000

WorkingLife                                     10 years

Working Hours                                1,500 per year

Repairing Charges 40% of Depreciation

Power 10 units per hour @ Rs. 0.10 per unit

Lubricating oil Rs. 6 per day of 8 hours.

Consumable store Rs. 10 per day of 8 hours

Wages of Operator Rs. 4 per day.

Machine Insurance 40% of Depreciation. 

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6

Prepare the process account form the following information: 

The output during the period is 2,000 units, the overheads are Rs. 7,800

Allocate the overheads on the basis as given below: In process X 150% of Y and in Process Z 50% of Process X. 

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4

"Cost may be classified in a variety of ways according to their nature and the information needs of management." Explain and discuss this statement giving examples of classifications required for different purposes.

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3

From the data given below, answer the following:-

(a) What is the simple average price of the four weeks' receipts of material A?

b) What is the weighted average price of the four weeks' receipts of material B?

(c) What is the value of the balance of material A, in stock at the close of the fourth week if issues are priced on a LIFO basis?

(d) What is the value of the fourth weeks' issue of material B, if they are  priced on a FIFO basis?

Opening Stocks:

A-400 Kg at Rs. 1,440

B-4,000 Kg at Rs. 5,800 

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2

Prepare a cost sheet with imaginary figures.

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2

What do you understand by normal and abnormal wastage of materials during the process of manufacture? Explain how each should be treated in cost accounts. 

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2

Write short notes on any two of the following: -

(a) Memorandum Reconciliation Statement

(b) Transport Costing.

(c) Power House Costing 

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2

(a) A worker completes a job in a certain number of hours. The standard time allowed for      the job is 12 hours and the hourly rate of wages is Rs. 5 per hour. The worker earns, at the rate of 50%, a bonus of Rs. 7.5 under Halsey Plan.

Ascertain the total earnings of the worker under Rowan Premium Plan. Also calculate the effective rate of earning per hour.

(b) Calculate Machine Hour Rate from the following:

Cost of Machine                             Rs. 1,30,000

Installation Charges                      Rs 20,000

WorkingLife                                     10 years

Working Hours                                1,500 per year

Repairing Charges 40% of Depreciation

Power 10 units per hour @ Rs. 0.10 per unit

Lubricating oil Rs. 6 per day of 8 hours.

Consumable store Rs. 10 per day of 8 hours

Wages of Operator Rs. 4 per day.

Machine Insurance 40% of Depreciation. 

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2

A manufacturer finds that an increase in the cost of production has taken place. Formerly his cost-Raw Materials 30%; Wages 20%; Rent rates etc. 5%; Fuel 10%; General Expenses 15%;. Now there has been increase of 50% in fuel; 30% in materials; 25% in wages and 20% in rent and rates etc.

He consults you as to what percentage he must add to the selling price in order to obtain the same profit? What would be the result of your calculations and how would you prove to him that they were correct?


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2

What is meant by operating cost and operating costing? In which industries it is used? Prepare operating cost sheet with imaginary figures 

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1

A good system of costing serves as a means of control over expenditure and helps to secure economy in manufacturing." Discuss. . 


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1

What are the objectives of material control? Discuss the methods of pricing the issues of material and their suitability.

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1

What is contract costing? Is it desirable to take profit on incomplete contract? If so, to what extent and why? 

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0

What do you mean by absorbed overhead? Under what circumstance will a difference arise between absorbed overhead and actual overhead? How will you dispose of the balance? 


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0

Write up a Contract Account form the following


The contract was completed in 26 weeks at the end of which plant was returned subject to a depreciation of 20% on the original cost. The value of loose tools and stores returned were Rs. 500 and Rs. 1,00 respectively. The value of the tractor was Rs. 1,20,000 and thedepreciation is to charged to this contract @20% per year. Provided office overheads @10% on works cost. The contract was agreed to be performed 50 total cost 

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