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CA IPCC : Question Paper (with Answers) - COST ACCOUNTING & FINANCIAL MANAGEMENT Nov 2009

22 pages, 34 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 All questions are compulsory Working notes should form part of the answer Question 1 Answer any five of the following: (i) Define the following: (a) Imputed cost (b) Capitalised cost (ii) Calculate efficiency and activity ratio from the following data: Capacity ratio = 75% Budgeted output = 6,000 units Actual output = 5,000 units Standard Time per unit = 4 hours (iii) List the Financial expenses which are not included in cost. (iv) Mention the main advantage of cost plus contracts. (v) A Company sells two products, J and K. The sales mix is 4 units of J and 3 units of K. The contribution margins per unit are Rs.40 for J and Rs.20 for K. Fixed costs are Rs.6,16,000 per month. Compute the break-even point. (vi) When is the reconciliation statement of Cost and Financial accounts not required? (5 2=10 Marks) Answer (i) (a) Imputed Cost: These costs are notional costs which do not involve any cash outlay. Interest on capital, the payment for which is not actually made, is an example of Imputed Cost. These costs are similar to opportunity costs. (b) Captialised Cost: These are costs which are initially recorded as assets and subsequently treated as expenses. (ii) Capacity Ratio 75% = Actual Hours 100 Budgeted Hours = AH 6000 Units 4 hour per unit

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