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2003 Course Costing & Cost Control (Elective I)

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Total No. of Questions : 12] [Total No. of Pages : 4 [3764]-140 P1467 B.E. (Mech. S/W) COSTING AND COST CONTROL (2003 Course) (Elective - I) Time : 3 Hours] [Max. Marks : 100 Instructions to candidates : 1) Answer any one question from each unit. 2) Answers to the two sections should be written in separate books. 3) Neat diagrams must be drawn wherever necessary. 4) Figures to the right indicate full marks. 5) Use of electronic pocket calculator is allowed. 6) Assume suitable data, if necessary. SECTION - I Unit - I Q1) a) Distinguish between financial accounting and cost accounting? [6] b) What are the limitations of financial accounting? [4] c) Indicate whether the following statements are True or False. [6] i) Cost audit is a part of financial accounting. ii) Cost is a fact, price is a policy. iii) All costs are controllable. iv) Fixed cost per unit is always constant. v) Variable cost per unit is always constant. vi) Standard cost means what cost should be. OR Q2) a) Distinguish between direct labor and indirect labor cost? Give four examples of indirect labor that may arise in factory? [8] b) Distinguish between Balance sheet and P&L account with an example?[8] Unit - II Q3) a) Indicate whether the following statements are True or False. i) [6] Variable overheads vary with time. P.T.O. ii) The terms depreciation and obsolescence are synonymous. iii) Factory rent is a direct cost to the factory but indirect to the departments. iv) Overheads are also called chargeable expenses. v) Semi-variable and semi-fixed overheads are the same. vi) Rent is not included in cost when premises are owned by the company. b) Explain the following with examples: i) Controllable cost and Non-controllable cost. ii) [10] Direct material cost and Indirect material cost. OR Q4) a) M/s. XYZ Ltd. are the manufacturers of moon-light torches. The following data relate to manufacture of torches during the month of March 1991:[12] Raw material consumed : Rs. 20,000 Direct wages : Rs. 12,000 Machine-hour worked : 9,500 hours Machine-hour rate : Rs. 2 Office overheads : 20% of works cost. Selling overheads : Rs. 0.50 per unit. Units produced : 20,000 Units sold : 18,000 @ Rs. 5 per unit. Prepare cost sheet showing the cost and the profit per unit and the total profit earned. b) Distinguish between cost control and cost reduction. [4] Unit - III Q5) a) What do you understand by overhead cost? Explain briefly the meaning of the terms fixed, semi-fixed and variable overhead cost giving one example of each? [10] b) Distinguish between cost allocation, cost apportionment and cost absorption? [8] OR [3764]-140 2 Q6) a) b) Distinguish between standard costing system and budgetary control ? [8] Indicate whether the following statements are True or False. i) Variance is the difference between budget and actual. ii) [4] Standard costing and budgetary control systems are identical. iii) A budget manual is the summary of all functional budgets. iv) Zero base budgeting eliminates the weaknesses of functional budgets. c) What are the different types of labor variances? How are they calculated? [6] SECTION - II Unit - IV Q7) What is by-product and how is it different from joint product? What are the various methods of accounting for by-products? Explain each of the methods? [16] OR Q8) a) State whether the following statements are True or False. i) Process costing is suitable for chemical factories. ii) [4] Normal loss is absorbed in good units in process costing. iii) The main product of one industry may be the by-product in another. iv) Raw material costs are always post-separation costs. b) Discuss the distinguishing features of process costing system? [6] c) What are the two most common methods of apportioning joint costs. Explain any one in brief. [6] Unit - V Q9) a) Explain the terms Margin of Safety and Angle of incidence in break even analysis. Illustrate your answer graphically? [8] b) The profit/volume ratio of Escorts Ltd. is 50% and the margin of safety is 40%. Calculate the net profit and the break even point if sales volume is Rs. 10,00,000. [10] OR [3764]-140 3 Q10)a) b) Construction of Break Even Point depends on certain specific assumptions . What are those assumptions? [6] The following data is given: Fixed expenses = Rs. 1,00,000. Variable expenses = Rs. 10 per unit; Selling price = Rs. 15 per unit. Evaluate the number of units to be manufactured and sold. i) To Break even. ii) To earn a profit of Rs. 10,000. What additional units be necessary to increase the above profit by Rs.5,000? [12] Q11)a) b) Distinguish between standard cost and estimated cost? Explain the advantages of standard costing? [10] What is Activity Based Costing? Explain its significance? [6] OR Q12)a) Write short note on: i) b) [9] Material usage variance. ii) Overhead variance. iii) Sales variance. Explain the technique of marginal costing and state its importance in decision making? [7] Y [3764]-140 4

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