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Notes:
a. b. c. d. Write answers in your own words as far as possible and refrain from copying from the text books/handouts. Answers of Ist Set (Part-A), IInd Set (Part-B), IIIrd Set (Part C) and Set-IV (Case Study) must be sent together. Mail the answer sheets alongwith the copy of assignments for evaluation & return. Only hand written assignments shall be accepted. 5 Questions, each question carries 1 marks. 5 Questions, each question carries 1 marks. 5 Questions, each question carries 1 marks. Confine your answers to 150 to 200 Words. Two Case Studies : 5 Marks. Each case study carries 2.5 marks.
A. First Set of Assignments: B. Second Set of Assignments: C. Third Set of Assignments: D. Forth Set of Assignments:
ASSIGNMENTS
FIRST SET OF ASSIGNMENTS Marks Assignment-I = 5
PART A
1. State three points of similarities between financial accounting and cost accounting. 2. Prepare a chart showing the different elements of cost. 3. What is cost centre and does it related to cost units. 4. What is the difference between allocation and apportionment of overheads? 5. Discuss the importance of machine hour rate as a basis for the absorption of factory overheads.
Assignment-II = 5 Marks
PART B
1. Give four points essential of job costing. 2. Describe briefly the main features of process costing. Name the industries where process costing can be applied. Also compare process costing with job costing. 3. What is absorption costing? Give the main limitations of absorption costing. 4. Define cost-volume profit analysis and explain its main features. 5. From the following particulars, calculate all material variances. Standard Qty. Kgs. 10 8 4 Actual Qty. Kgs. 10 9 5
A B C
Price 8 6 12
PART C
1. Distinguish between a. Budgetary control and standard costing b. Standard cost and standard costing Management Accounting. ........................................ Page 2 of 4 ............................................................................... IMT-58
c.
d. Basic standard and current standard 2. Compare and contrast differential cost analysis and marginal costing. 3. A product passes through three processes. During March, 2011, 1,000 finished units are produced with the following expenditure: Process A (Rs.) 1,500 5,000 Process B (Rs.) 2,600 4,000 Process C (Rs.) 2,000 3,000
Overhead expenses amounted in all to Rs. 6000. They are to be apportioned on the basis of direct wages. Main raw materials issued to Process A (besides above) were worth Rs. 6,000. Ignoring the question of stock prepare the Process Accounts concerned. 4. From the following particulars calculate (i) Contribution (ii) P/V Ratio (iii) Break even point in units and in rupees. (iv) What will be the selling price per unit if the break even point is brought down to 25, 000 units? Fixed expenses Variable cost per unit Selling price per unit Rs.2,50,000 Rs. 12 Rs.18
5. Define the term budget as used in cost accounting, and explain what is meant by budgeting control. FOURTH SET OF ASSIGNMENTS Assignment-IV = 2.5 Each Case Study
CASE STUDY - I
Two manufacturing companies which have the following operating details decided to merge: Company No. 1 Capacity utilization (%) Sales (Rs. lakhs) Variable costs (Rs. lakhs) Fixed costs (Rs. Lakhs) 90 540 396 80 Company No.2 60 300 225 50
Assume that the proposal is implemented, calculate: a. Break even sales of the merged plant and the capacity at that stage. b. Profitability of the merged plant at 80% capacity utilization. c. Sales turnover of the merged plant to earn profit of Rs. 75 lakhs.
d. When the merged plant is woking at a capacity t earn a profit of Rs. 75 lakhs what percentage increase in selling price is required to sustain an increase of 5% in fixed overheads. Management Accounting. ........................................ Page 3 of 4 ............................................................................... IMT-58
CASE STUDY-II
The cost sheet of a product is given as follows: Rs. Direct Materials Direct Wages Factory overheads Fixed Variable Administration expenses Selling & Distribution Overheads Fixed Variable 0.5 1 21 1 2 1.5 10 5
The selling price per unit is Rs. 25. The above figures are for an output of 50,000 units whereas the capacity of the firm is 60,000 units. A foreign customer is desirous of buying 10,000 units at a price of Rs. 19 per unit. The extra cost of exporting the product is Re. 0.5 per unit. Advise the manufacturer as to whether the order should be accepted.