Cost Accounting Question Paper 2021 (Held in 2022),  Gauhati University B.Com 4th Sem Question Paper

 Gauhati University B.Com 4th Sem Question Paper
4 (SEM-4/CBCS) CA HC/RC
Cost Accounting Question Paper 2021 (Held in 2022)
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.

1. Answer the following as directed:        1×6=6

(a)       Indirect expenses are also known as _______. (Fill in the blanks with appropriate word/words)

(b)       FIFO method of valuing materials is suitable in times of rising prices. (State whether the statement is ‘True’ or ‘False’)

(c)       Wage sheet is prepared by the

(1)       Pay-roll Department.

(2)       Production Department.

(3)       Personnel Department.

(4)       None of the above.  (Select the most appropriate one)

(d)       Fixed cost per unit decreases with increase in output. (State whether the statement is ‘True’ or ‘False’)

(e)       Loss incurred in an incomplete contract is transferred to Contract Account. (State whether the statement is ‘True’ or ‘False’)

(f)        Which of the following is shown in Cost Accounts?

(1)       Transfer to Reserve.

(2)       Loss on sale of building.

(3)       Donations.

(4)       None of the above.  (Select the most appropriate one)

2. Answer the following questions:          2×5=10

(a)       What is meant by Bin Card?

(b)       State two objectives of Time and Motion Study.

(c)       State the meaning of Machine Hour Rate.

(d)       Mention two features of Contract Costing.

(e)       Name two items that are included in financial accounts but not in cost accounts.

3. Answer any four of the following questions:                   6×4=24

(a)       What is a “Cost Sheet”? Mention four advantages of preparation of Cost Sheet.                2+4=6

(b)       Write a short note on the role of Cost Accountant in business organisation.         6

(c)       The particulars of Materials ‘A’ and ‘B’ are given below:  6

Normal usage: 100 units per week each.

Minimum usage: 50 units per week each.

Maximum usage: 150 units per week each.

Re-ordering quantity:

‘A’ – 600 units.

‘B’ –1,000 units.

Re-ordering period:

‘A’ – 3 to 5 weeks.

‘B’ – 2 to 4 weeks.

Calculate the following:

(1)       Re-ordering level.

(2)       Minimum Stock level.

(3)       Maximum Stock level.

(4)       Average stock level.

(d)       A worker manufactured 180 articles during the last week of April 2021. Working hours during the week are 48 hours, standard rate Rs. 12 per hour and standard time to manufacture an article is 20 minutes. Calculate his total wages for the week according to Halsey Premium Bonus Plan.   6

(e)       What is overhead? Mention any four features of fixed overheads.           2+4=6

(f)        Mention any six points of distinctions between Integrated Accounting and Non-integrated Accounting.     6

4. Answer any four of the following questions:   10×4=40

(a) The following is the expenditure on a contract of Rs. 12,00,000 commenced in January 2020:   10

 

Rs.

Materials

Wages

Plant

Overhead

Sub-Contractor’s bill

2,20,000

3,28,000

40,000

17,200

20,000

Cash received on account of contract upto 31st December, 2020 was Rs. 4,80,000 being 80% of the work certified. The value of materials in hand was Rs. 20,000. Depreciation on plant was charged @ 20% per annum. Prepare Contract A/c.

(b) A company disclosed profit of Rs. 55,635 in the financial accounts and for the same period the cost accounts disclosed a profit of Rs. 13,520 only. On examination the following
differences were observed:

Particulars

Cost Accounts(Rs.)

Financial Accounts(Rs.)

Depreciation

Bad Debts

Opening Stock

Closing Stock

Profit on sale of Assets

Dividend Received

Imputed Rent Charge

49,130

1,37,550

91,090

16,250

52,600

800

1,27,500

93,750

4,250

13,175

Reconcile the Profit as per Cost Accounting records and Financial Accounting records.                     10

(c) Following are the details of stores receipts and issues of materials of an organisation:

March 1:

Opening stock of materials 4,400 units @ 8 per unit.

March 5:

Purchased 550 units @ Rs. 10 per unit.

March 8:

Issued 2,200 units.

March 10:

Purchased 6,600 units @ Rs. 12 per unit.

March 16:

Issued 4,400 units.

March 20:

Issued 1,100 units.

March 23:

Issued 2,200 units.

March 27:

Purchased 4,950 units @ Rs. 11 per unit.

March 31:

Issued 3,300 units.

Prepare Store Ledger by using:

(1)       First-in-first-out (FIFO) Method.

(2)       Last-in-first-out (LIFO) Method.                       5+5=10

(d) What is Labour Turnover? What are the costs involved in labour turnover? How can you reduce the impact of labour turnover?            2+4+4=10

(e) What do you mean by over absorption and under absorption of overheads? What are the causes of such over or under absorption?           4+6=10

(f) Mention the characteristics of Process Costing. Explain the different types of process losses and state how they are treated in Cost Accounts.              4+6=10

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