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Costing & Cost Control (Elective I) (October 2009)

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Total No. of Questions : 12] [Total No. of Pages : 4 [3664] - 131 P1311 B.E. (Mechanical Engg.) COSTING AND COST CONTROL (2003 Course) (402045) (Elective - I) Time : 3 Hours] [Max. Marks : 100 Instructions to the 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. Q1) a) b) SECTION - I UNIT - I What is cost accounting? What are its objectives? How do cost accounting records help in the planning and control of operations of business enterprise? [12] Indicate whether the following statements are True or False : [4] i) Idle facility and idle time are the same. ii) Overtime premium paid to all factory workers is usually considered direct labor cost. iii) The rental of a car which includes a fixed daily rate plus an extra fee for each kilometer driven is an example of a step cost. iv) Assuming inflation, if a company wants to maximize net income, it would select FIFO as the method of pricing raw materials. OR Q2) a) b) c) Q3) a) b) Distinguish between Financial statement analysis and Funds flow analysis with an example? [5] Explain the various elements of cost with an example? [7] [4] What are the limitations of financial accounting? UNIT - II Distinguish between the following with an example for each : [8] i) Controllable cost and Non-controllable cost. ii) Direct material cost and indirect material cost. A manufacturing company has shown the following expenses as establishment expenses in its account records : P.T.O.

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Additional Info : 2003 Course
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