Wednesday, August 31, 2016
Total No. of Questions : 07
COST AND MANAGEMENT ACCOUNTING
Subject Code : BB-303
Paper ID : [C0215]
Time : 3 Hrs.
INSTRUCTION TO CANDIDATES :
1. Section –A, is Compulsory.
2. Attempt any four questions from Section-B.
a) Explain the meaning of material price variances.
b) Briefly discuss the scope of cost accounting.
c) What is flexible budget?
d) What is re-order level?
e) Explain the term quotation price.
f)What do you understand by rc-conciliation?
g) Give the formula for calculating P/V ratio.
h) Distinguish between direct and indirect cost.
i) Explain briefly uses of fund flow statement.
j)Distinguish between marginal cost and marginal costing
Section - B
Q2) Explain the objective and advantages of cost accounting.
Q3) What do you understand by fund flow statement? Distinguish between cash
flow statement and fund flow statement.
Q4) Define He overhead costs. Distinguish between fixed, semi fixed, and variable overhead cost
giving an example of each.
Q5) 'I'he following data relate to the produce of a standard during the month of
Raw Material Consumed Rs.80.000
Direct wages Rs.4g,000
Machine hours worked Rs. 9,000
Machine hour rate Rs. 4
Office overheads 10% of works cost
Selling overheads Rs. 1.50 per unit sold
units produced 4,000
units sold 3600 @ R, 50 each
You are required to prepare a cost sheet in respect of the above showing:
(a) Cost per unit
(b) Profit for the period
Q6) What do you understand by budgetary control? Explain the various types of
Q7) The net profit of a business house according to financial accounts was Rs.
84,317 while profits shown by costs accounts was Rs. I,06,200 for the same years. Prepare reconciliation statement reconcile both the profits from the profits from the following information.
(a) Depreciation changed in financial accounts Rs. 5600 while recovered in
cost account Rs. 6250.
(b) Works over heads under absorbed in cost accounts Rs 1560 while office overheads over recovered in cost accounts Rs. g50.
(c) Interest on loan not includes in costs Rs. 4000.
(d) Loss due to obsolescence charged in financial accounts Rs. 2850.
(e) Bank interest and divided received Rs. 375.
(f) Income the paid lts. 20,150.
(g) Loss due to depreciation in inventories charged in financial accounts
(h) Stores adjustment (credited in financial accounts) Rs. 237.
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