Cost Accounting Question Paper 2022
 Gauhati University BCOM 4th Sem Question Paper
4 (SEM-4/CBCS) CA HC/RC
Paper: COM-HC-4016/COM-RC-4026 (Cost Accounting)
Full Marks: 80
Time: Three hours
The figures in the margin
indicate full marks for the questions.
Answer either in English or in Assamese
In this post you will get Cost Accounting Question Paper 2022Â of Gauhati University BCOM 4th Sem CBCS Pattern.
1. Answer the following as directed: (any ten) Â Â Â Â Â 1 x 10=10
(a) Costing is a technique of _______ cost. (Fill in the blank with appropriate word)
(b) Cost Accounting is based on _______ figures. (Fill in the blank with appropriate word)
(c) Variable cost per unit remains constant. (State whether the statement is true or false)
(d) Wages paid to factory supervisor is overhead. (State whether the statement is true or false)
(e) Re-ordering level = Minimum consumption ´ Minimum re-order period. (State whether the statement is true or false)
(f) Which methods of valuing materials is suitable in terms of raising prices?
(1) LIFO.
(2) FIFO.
(3) HIFO.
(4) FILO. (Select the correct answer)
(g) In which industry process costing is not used?
(1) Chemical.
(2) Textiles.
(3) Cement.
(4) Oil refinery. (Select the correct answer)
(h) An abnormal loss is
(1) due to the nature of process.
(2) due to the abnormal factors.
(3) None of the above two. Â (Select the correct answer)
(i) Costing provides all of the following information, except _______. (Fill in the blank from the following options)
(1) product costs.
(2) cash forecasts.
(3) inventory value.
(4) cost of goods sold.
(j) Define the term ‘costing’.
(k) What is idle time?
(l) What is meant by cost-plus contract?
(m) Write the meaning of ‘Imputed cost’ in Cost Accounting.
(n) What is meant by Cost Ledger Accounting?
(o) Identify the types of Specific Order Costing:
(1) Batch costing.
(2) Job costing.
(3) Process costing.
(4) Both (1) and (2) . (Select the correct answer)
2. Answer the following questions: (any five) Â Â Â Â Â Â Â Â Â Â 2 x 5=10
(a) Write any two distinguishing features of cost unit and cost centre.
(b) What is economic order quantity?
(c) State the meaning of overtime.
(d) State two features of indirect labour.
(e) State two important features of contract costing.
(f) What is meant by ‘minimum level’ in stock control?
(g) What is machine hour rate?
(h) What is meant by absorption of overheads?
3. Answer any four of the following questions: Â Â Â Â Â Â Â Â Â 5 x 4=20
(a) Write five differences between Financial Accounting and Cost Accounting.
(b) Write a short note on ABC analysis of inventory control.
(c) Black and White manufacture and sell ‘Dirt Buster’. Following details are available for the year ending on 31/03/2022:
|
Direct Materials Direct Wages |
Rs. 12,30,000 Rs. 8,00,000 |
Factory expenses at 25% of prime cost.
Administrative expenses at 20% of factory cost.
Selling and distribution expenses at Rs. 300 per unit.
Opening stock of finished goods (100) units) at Rs. 2,53,750 and Closing Stock of finished goods 80 units. Number of Dirt Busters sold during the period 1,220 units at Rs. 4,000 per unit.
Prepare Cost Statement showing cost of production per unit and profit.
(d) Following information relating to a type of raw material is available:
|
Annual demand Unit price Ordering cost per order Storage cost Interest rate Lead time |
Rs. 4,800 unit Rs. 4.80 Rs. 8.00 2% per annum 10% per annum Half month |
Calculate EOQ and Total Inventory Cost in respect of the particular material. Â Â Â Â Â Â Â 3+2=5
(e) How is profit of an incomplete contract ascertained? Explain.
(f) Explain the needs for reconciliation of cost and financial accounts.
(g) Explain the concept of perpetual inventory system as a technique of effective material control.
(h) Mention five special features of a good costing system.
4. Answer any four of the following questions: Â Â Â Â 10 x 4=40
(a) What is cost accounting? Explain the objectives of cost accounting. Â Â Â Â Â Â Â Â Â Â 3+7=10
(b) Bishal is employed in a factory. From the following information, calculate his earning per day under:-
(1) straight piece rate, and
(2) Taylor’s differential piece rate system.
Normal rate per hour Rs. 90.00. Standard time per unit 60 seconds.
Differentials:
80% of piece rate below standard,
120% of piece rate above standard,
Production achieved: 500 units per day.
(c) Briefly describe two remuneration plans together with their advantages and disadvantages. Â Â Â Â Â 5+5=10
(d) A product process through two processes. The details are as below:
|
|
Process (I) |
Process (II) |
|
Units produced Cost per unit (in Rs.) Other materials (in Rs.) Labour (in Rs.) Overheads (in Rs.) Normal loss (% in input) Scrap value (Rs. per unit) Actual output (in units) |
9,300 12 30,000 80,000 40,000 8 10 8,700 |
– – 20,000 90,000 30,000 10 15 7,800 |
Prepare Process I and Process II accounts. Also ascertain cost per unit.
(e) What is material control? Explain the purchase procedure to be maintained under material control system. 2+8=10
(f) What is labour turnover? What are various causes of labour turnover? Explain in brief. Â Â 3+7=10
(g) Discuss various bases for apportionment of overheads to cost centres.
(h) What is job costing? What are the source documents used in job-costing? Explain the procedure of job costing. 3+7=10
(i) What is abnormal loss? State the causes of abnormal loss. Also explain the procedure of calculating abnormal loss in process costing. Â Â Â Â Â 2+2+6=10
(j) The following are the summary of transactions obtained from the costing records of Champa Company.
|
|
Rs. |
|
Direct wages (cash) Indirect wages (cash) Purchases (cash) Purchases (credit) Shares issued against production order Works expenses (cash) Works expenses allocated to jobs Administrative expenses Administrative expenses allocated to jobs Goods transferred to warehouse |
30,000 20,000 40,000 2,00,000 1,70,000 40,000 70,000 50,000 34,000 4,00,000 |
You are required to journalise the above transactions under integral accounting system. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1 x 10=10
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