Tiêu đề 6. PAPER-8 COSTING.pdf ✅

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Suggested Answer_Syllabus 2016_Jun2017_Paper 8 Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 INTERMEDIATE EXAMINATION GROUP -II (SYLLABUS 2016) SUGGESTED ANSWERS TO QUESTIONS JUNE- 2017 Paper- 8 : COST ACCOUNTING Time Allowed : 3 Hours Full Marks : 100 The figures on the right margin indicate full marks. All Sections are compulsory. Each section contains instructions regarding the number of questions to be answered within the section. All working notes must form part of the answer. Wherever necessary, candidates may make appropriate assumptions and clearly state them. No present value factor table or other statistical table will be provided in addition to this question paper. Section - A Section A contains Question Number 1. All parts of this question are compulsory. 1. Answer the following questions: (a) Choose the correct answer from the given alternatives (You may write only the Romannumeral and the alphabet chosen for your answer): 1×10=10 (i) In process, conversion cost means (A) Cost of direct materials, direct labour, direct expenses (B) Direct labour, direct expenses, indirect material, indirect labour,indirectexpenses (C) Prime cost plus factory overheads (D) All costs up to the product reaching the consumer, less direct material costs (ii) At the economic ordering quantity level, the following is true: (A) The ordering cost is minimum (B) The carrying cost is minimum (C) The ordering cost is equal to the carrying cost (D) The purchase price is minimum (iii) When a direct worker is paid on a monthly fixed salary basis, the following is true: (A) There is no idle time lost. (B) There is no idle time cost. (C) Idle time cost is separated and treated as overhead. (D) The salary is fully treated as factory overhead cost. (iv) The following is an example of direct expenses as per CAS-10: (A) Special raw material which is a substantial part of the prime cost. (B) Travelling expenses to site. (C) Overtime charges paid to direct worker to complete work before time. (D) Catalogue of prices of finished products. (v) The following is not treated as a manufacturing overhead: (A) Lubricants (B) Cotton waste (C) Apportioned administration overheads (D) Night shift allowance paid to a factory worker due to general work pressure.
Suggested Answer_Syllabus 2016_Jun2017_Paper 8 Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 2 (vi) When you attempt a reconciliation of profits as per Financial Accounts and Cost Accounts, the following is done: (A) Add the under absorption of overheads in Cost Accounts if you start from the profits as per Financial Accounts. (B) Add the under absorption of overheads in Cost Accounts if you start from the profits as per Cost Accounts. (C) Add the over absorption of overheads in Cost Accounts if you start from the profits as per Financial Accounts. (D) Add the over absorption of overheads in Cost Accounts if you start from the profits as per Cost Accounts. (vii)Batch Costing is applied effectively in the following situation: (A) paper manufacturing (B) drug manufacturing (C) designer clothes manufacturing (D) oil refining (viii)In the context of Contract a/c, work completed and not yet certified will beshown (A) at cost plus + 2/3rd of the notional profit under 'Completed Work'. (B) at cost plus notional profit less retention money under 'Completed Work'. (C) at cost under 'Completed Work'. (D) at cost under WIP a/c. (ix) A certain process needed standard labour of 24 skilled labour hours and 30 unskilled labour hours at ` 60 and 40 respectively as the standard labour rates. Actually, 20 and 25 labour hours were used at ` 50 and 50 respectively. Then, the labour mix variance will be (A) Adverse (B) Favourable (C) Zero (D) Favourable for skilled and unfavourable for unskilled (x) If an organization has all the resources it needs for production, then the principal budget factor is most likely to be (A) non-existing (B) sales demand (C) raw materials (D) labour supply (b) Match the following (You may opt write only the Roman numeral and the matched alphabet instead of copying contents into the answer books): 1×5=5 Column I Column II xi High inventory turnover ratio A Works Overhead xii Job evaluation B Opportunity Cost xiii Salary of product designers C Co-product xiv By product value D Sales and Production Budget xv Master Budget E Administrative Overhead F P & L Budget G Rationality in wage structure H Efficient use of stock I Purchase cost/average inventory J Evaluation of employee performance (c) State whether the following are 'True' or 'False' (You may write only the Roman numeral and whether 'True' or 'False' without copying the statements into the answer books): 1×5=5 (xvi) Uniform Costing is a unique method of costing to determine costs accurately. (xvii) When overtime wages are incurred due to the general policy of the company arising due to lack of capacity, normal wages are treated as direct labour cost and the premium on overtime wages is treated as factory overheads.
Suggested Answer_Syllabus 2016_Jun2017_Paper 8 Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 3 (xviii)In marginal and absorption costing, variable factory overhead is treated as direct cost. (xix) Operation Costing and Operating Costing are interchangeably used for the same technique of costing. (xx) Standard Costs are costs that are estimated costs that are likely in the future production period. (d) Fill in the blanks (You may write only the Roman numeral and the content filling the blank): 1×5=5 (xxi) Profit volume ratio ________________ with increase in fixed cost (indicate the nature ofchange). (xxii) In the graph showing the angle of incidence, when the quantity is zero, the total costline cuts the costs axis (y axis) at ___________. (indicate the value) (xxiii)A process account is credited with value for________________ loss when scrap value is zero(indicate the type of loss). (xxiv)When special material is purchased for direct use in a job, ____________________ account isdebited in the Integral Accounts System. (xxv) VED analysis is primarily used for control of __________(indicate type of material). Answer: 1. (a) (i) (B) (ii) (C) (iii) (B) (iv) (B) (v) (D) (vi) (A) (vii) (B) (viii) (D) (ix) (C) (x) (B) (b) (xi) (H) (xii) (G) (xiii) (A) (xiv) (B) (xv) (F) (c) (xvi) False (xvii) False (xviii) False (xix) False (xx) False (d) (xxi) is constant (xxii) Fixed Cost value (xxiii) abnormal (xxiv) WIP Control A/c (xxv) Components or spare parts Section - B Answer any five questions from question numbers 2 to 8. Each question carries fifteen marks. 2. (a) The following summarized information is available from the records of Oil Ltd. for the month of March, 2017: