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CA IPCC : Question Paper (with Answers) - COST ACCOUNTING & FINANCIAL MANAGEMENT May 2010

24 pages, 30 questions, 0 questions with responses, 0 total responses,

CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi

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PAPER 3 : COST ACCOUNTING AND FINANCIAL MANAGEMENT PART I : COST ACCOUNTING Answer all questions. Question 1 (i) What is Cost accounting? Enumerate its important objectives. (ii) Distinguish between Fixed overheads and Variable overheads. (iii) Re-order quantity of material X is 5,000 kg.; Maximum level 8,000 kg.; Minimum usage 50 kg. per hour; minimum re-order period 4 days; daily working hours in the factory is 8 hours. You are required to calculate the re-order level of material X . (iv) What do you understand by Key factor? Give two examples of it. (v) What are the main advantages of integrated accounts? ( 5 x 2 =10 Marks ) Answer (i) Cost Accounting is defined as "the process of accounting for cost which begins with the recording of income and expenditure or the bases on which they are calculated and ends with the preparation of periodical statements and reports for ascertaining and controlling costs." The main objectives of the cost accounting are as follows: (a) Ascertainment of cost: There are two methods of ascertaining costs, viz., Post Costing and Continuous Costing. Post Costing means, analysis of actual information as recorded in financial books. Continuous Costing, aims at collecting information about cost as and when the activity takes place so that as soon as a job is completed the cost of completion would be known. (b) Determination of selling price: Business enterprises run on a profit making basis. It is thus necessary that the revenue should be greater than the costs incurred. Cost accounting provides the information regarding the cost to make and sell the product or services produced. (c) Cost control and cost reduction: To exercise cost control, the following steps should be observed: (i) Determine clearly the objective. (ii) Measure the actual performance. (iii) Investigate into the causes of failure to perform according to plan; (iv) Institute corrective action. (d) Cost Reduction may be defined as the achievement of real and permanent reduction in the unit cost of goods manufactured or services rendered without impairing their suitability for the use intended or diminution in the quality of the product. The Institute of Chartered Accountants of India

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