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    Intro To Cost Accounting

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    shrikant
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    Intro To Cost Accounting

    Uploaded by

    shrikant
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    intro to cost accounting notes upload

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    Intro to Cost Accounting

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    intro to cost accounting notes upload

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    23 views3 pages

    Intro To Cost Accounting

    Uploaded by

    shrikant
    intro to cost accounting notes upload

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Download as pdf
    of 3
    IMLA-201G (— ! ctl nnaia QU Answer any 2 out of 3 1. Explain the term Cost accounting. What are 5A’s of Cost Accounting ? 8 marks 2. What are the advantages of Cost Accounting ? 7 marks 3. What are the methods and techniques employed in Cost Accounting ? Explain the concept of Cost Centre and Cost Unit and give examples 7 marks. QUI Answer any 2 out of 3 1 8 marks The following details are provided of Ganesh Ltd, for the month of January 2016. You are required to find out the value of closing inventory on 31% January by adopting the Weighted Average method. Date for the month of Receipt/ Issues (units) Rate per unit in Rs. January 2016 53.01.2016 Balance 200 100 10.01.2016 Receipt 400 120 18.01.2016 Tssue 500 == 27.01.2016 Receipt 200 130 31.01.2016 [sue 200 = De T marks According to the Factory Job Cost Ledger of Geeta Ltd. Job No. 900 has incurred the following costs Particulars Rs. Direct Materials Rs. 5,00,000 Direct Wages : Department P 1000 hours @ Rs. 50 per hour Department Q 500 hours @ Rs. 60 per hour Yearly budgeted Variable Overheads Department P Rs. 1,00,000 for 1,00,000 direct labour hours Department Q Rs. 15,00,000 for 3,00,000 direct labour hours Total budgeted Fixed Overheads for Rs. 20,00,000 Whole factory Budgeted Direct labour Hours 10,00,000 You are required to calculate the sales price of Job no. 900 that gives a profit of 20 % on sales price by preparing a Cost Sheet. 3. What are the Objectives and Prerequisites of Material Control System ? 7 marks QI Answer any 2 out of 3 ie 8 marks Sun Ltd.‘s Trading and Profit and Loss Account for the year ended 31" December 2015 is given below Trading and Profit and Loss Account For the year ended 31% December 2015 Particulars Rs. | Particulars Rs. To Purchases 75,630 By Sales (1,50,000 units | 2,25,000 @Rs. 1.50 each) To Direct Wages 31,500 By profit on sale on 7,800 Machinery To Factory Overheads | 36,390 By Closing stock 12,240 To Administration 16,020 Overheads 4 To Selling and 21,300 Distribution Overheads ‘To Depreciation 3,300 To Net Profit 60,900 Total_Rs. 2,45,040 2,45,040 Adjustments The profit as per Cost Accounting was Rs. 59,310 after considering the adjustments given below (i) Closing stock was valued at Rs. 12,840. (ii) Factory Overheads taken at 100 % of Direct wages. (iii) Selling and Distribution Overheads charged at 10 % of Sales. (iv) Administration Overheads charged at 10 paise per unit sold. (v) Depreciation taken at Rs. 2400. You are required to prepare Reconciliation Statement to reconcile the profit as per Cost Accounting with that of Financial Accounting . 2, Define the term Overheads. Explain the Functional Classification of Overheads with respect to (4) Manufacturing Overheads (iii) Selling and Distribution Overheads 7 marks 3. What is ‘ Reconciliation between Cost Accounting and Financial Records’ ? Explain the causes for difference between Costing profit and Financial profit. 7 marks QIV Answer any 2 out of 3 1. Explain the following : 8 marks (i) Contribution (ii) P/V Ratio 2. Define the term Marginal Costing and explain the uses of Marginal Costing ? 7 marks 3. Explain the following : 7 marks 1. Objectives of Budgetary Control 2. Advantages of Budgetary Control Qv 15 marks Following information is given in respect of Kaya Ltd. for the year ended 31° December 2015 1 Output 60,000 units 2. Selling Price per unit Rs. 100. 3. Variable Price per unit Rs. 80. 4, Total Fixed Cost Rs. 10,00,000 . You are required to calculate the following : 1. Breakeven Point (units). 2. Breakeven Point Sales in Rs. 3. P/V Ratio 4. Margin of Safety in units and Rs. 5. Sales value to earn a profit of Rs. 5,00,000. 6. Profit when units sold are 65,000.

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