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    3 Cost Accounting Ledger System

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    Masood Ahmad Aadam
    The document summarizes past exam questions from 2000-2018 on the topic of cost accounting ledger system. It provides 3 sample exam questions asking students to: 1) Prepare T-accounts and journal entries related to job order costing for multiple jobs. 2) Calculate amounts for materials, labor, and overhead accounts based on inventory beginning and ending balances. 3) Prepare ledger accounts showing the flow of costs for materials, work-in-process, finished goods, and cost of goods sold based on inventory balances and manufacturing costs for a company.

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    3 Cost Accounting Ledger System

    Uploaded by

    Masood Ahmad Aadam
    44 views3 pages
    The document summarizes past exam questions from 2000-2018 on the topic of cost accounting ledger system. It provides 3 sample exam questions asking students to: 1) Prepare T-accounts and journal entries related to job order costing for multiple jobs. 2) Calculate amounts for materials, labor, and overhead accounts based on inventory beginning and ending balances. 3) Prepare ledger accounts showing the flow of costs for materials, work-in-process, finished goods, and cost of goods sold based on inventory balances and manufacturing costs for a company.

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    Topic - wise past papers of Accounting and Auditing for CSS examination under FPSC - Pakistan

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    The document summarizes past exam questions from 2000-2018 on the topic of cost accounting ledger system. It provides 3 sample exam questions asking students to: 1) Prepare T-accounts and journal entries related to job order costing for multiple jobs. 2) Calculate amounts for materials, labor, and overhead accounts based on inventory beginning and ending balances. 3) Prepare ledger accounts showing the flow of costs for materials, work-in-process, finished goods, and cost of goods sold based on inventory balances and manufacturing costs for a company.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    44 views3 pages

    3 Cost Accounting Ledger System

    Uploaded by

    Masood Ahmad Aadam
    The document summarizes past exam questions from 2000-2018 on the topic of cost accounting ledger system. It provides 3 sample exam questions asking students to: 1) Prepare T-accounts and journal entries related to job order costing for multiple jobs. 2) Calculate amounts for materials, labor, and overhead accounts based on inventory beginning and ending balances. 3) Prepare ledger accounts showing the flow of costs for materials, work-in-process, finished goods, and cost of goods sold based on inventory balances and manufacturing costs for a company.

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    You are on page 1of 3

     Past Papers Topic-wise Unsolved

     From 2000 – 2018


    CSS
    2019

    Examination Structure According to 2015 Revised Syllabus


     CSS Accounting and Auditing is a subject of 200 Marks covered in 2 papers
    consisting 100 Marks each, every paper has 20% weightage for MCQs and
    80% weightage for Structured Questions.
     Paper – 1 has 2 sections each has 50% Weightage ie 50 Marks for each section.
     Section – A is for Financial Accounting (50%) in which a student needs to attempt
    2 out of 3 questions of 20 marks each.
     Section – B is for Cost & Management Accounting (50%) in which a student needs
    to attempt 2 out of 4 questions of 20 marks each.

    Cost A/C Ledger System; Examination Importance


    Although this topic seems not to be very important for examiner as it is examined only
    3 times since 2001 last time it was selected in 2016 but to me it is still very important
    because of its nature and for the understanding the concept of flow of cost through
    ledger system. Its probability to be repeated in CE 2019 examination is very low

    Prof. Asif Masood [ACMA, MBA (Finance), M. Phil)] 0321 9842495


    Asif Masood is the renowned teacher of CSS Accounting & Auditing, Business
    Examination Topics Administrations and Mercantile Law. He is engaged with the profession of
    teaching since 1999 and has been a part of faculty of various reputed educational
    1. Cost Accounting Concepts institutions including GCU, UCP, Superior University and AIOU for MBA, M.Com,
    & Classifications. BBA classes. Moreover he is providing coaching to ACCA, CIMA, CPA, CMA, ICAP
    2. Cost of Goods Sold and
    Income Statement. and ICMAP students since last 20 years.
    3. Cost Accounting Ledger For CSS, Prof. Asif Masood is the most experienced and result producing teacher of the
    System. subjects of Accounting & Auditing, Business Administration and Mercantile Law. He is
    4. Material Costing. mentoring CSS Aspirants since 2005 and has hundreds of Aspirants who got coaching
    5. Labour Costing.
    6. F.O.H. Costing. from him and succeeded including the Top Position Holders in CE 2017, Mr. Awaid
    7. Job & Batch Costing. Irshad (1st), Mr. Ahmad Faisal Ch, (42nd), Seyyad Ammar Akhtar (48th) and Miss Iqra
    8. Process Costing. Shoukat (116th).
    9. Absorption & Marginal This bunch of past papers are distributed topic-wise and which includes commentary on
    Costing.
    each topic regarding its Examination Importance, is for the help and guideline of the
    10. CVP Analysis & Decision
    Making. Aspirants seeking to opt Accounting & Auditing as one of their optional subjects to
    lite
    11. Budgeting. maximize their aggregate marks in CSS. Good Luck
    12. Standard Costing &
    Variance Analysis.

    Email:[email protected] Prof. Asif Masood


    Facebook/adamslearningcentre ALC, Lahore
    whatsapp: 0321 9842495 0333 4169258
    CSS Accounting & Auditing Cost Accounting Ledger System

    Adam’s Learning Centre, Lahore


    CSS Accounting & Auditing
    Topic-wise Past Papers (Unsolved)
    Cost Accounting Ledger System
    Q. 1 (CSS – 2016, Paper # 1, Section – B, Q. # 6(b)) (10 Marks)

    The Cambridge Company uses job order costing. At the beginning of December two jobs were in process:
    Job 369 Job 372
    Material Rs 20,000 Rs. 7,000
    Direct labour 10,000 3,000
    Applied factory overhead 15,000 4,500
    There was no inventory of finished goods on December 1. During the month, Jobs 373, 374, 375, 376, 378 and
    379 were started.
    Material requisitions for December totaled Rs. 130,000, direct labour cost, Rs.100,000 and actual factory
    overhead , Rs. 160,000. Factory overhead is applied at a rate of 150% of direct labour cost.
    The only job still in process at the end of December is No. 379, with cost of Rs. 14,000 for material and total Rs.
    9,000 for direct labour and applied overhead.
    Job No. 376, the only finished job on hand at the end of December, has a total cost of Rs. 20,000.
    Required:
    (1) T-accounts for Work in Process, Finished Goods, Cost of Goods sold, Factory overhead Control and
    Applied Factory Overhead. (4)
    (2). General journal entries to record:
    (a). Cost of goods manufactured (2)
    (b). Cost of goods sold (2)
    (c). Closing of over-or-under applied overhead to Cost of Goods Sold. (2)

    Q. 2 (CSS – 2011, Paper # 2, Section – A, Q. # 2) (20 Marks)

    The Balances in the perpetual inventory accounts of Sonny Manufacturing Co. at the beginning and end of the
    current year are as follows:
    End of Year Beginning of year
    Inventory accounts:
    Materials Rs. 25,800 Rs. 22,000
    Work in Process 8,000 5,000
    Finished goods 24,000 38,000
    The total amounts debited and credited during the year to the accounts used in recording manufacturing activities
    are summarized below:
    Account: Debit Entries Credit Entries
    Materials Inventory Rs. 410,000 Rs. ?
    Direct Labour 189,000 192,000
    Manufacturing 393,600 393,600
    Overhead
    Work in Process ? ?
    Inventory
    Finished Goods ? ?
    Inventory
    INSTRUCTIONS
    a. Using this data, state or compute for the year the amounts of: (10)
    1. Direct materials purchased
    2. Direct materials used
    3. Payments of direct labour payrolls
    2|Page By: Asif Masood Ahmad Adam’s Learning Centre, Lahore
    0321 9842495 0333 4169258
    CSS Accounting & Auditing Cost Accounting Ledger System
    4. Direct labour cost assigned to production
    5. The overhead application rate used during the year, assuming that overhead was applied as a percentage
    of direct labour costs
    6. Total manufacturing costs charged to the work in process inventory account during the year
    7. The cost of finished goods manufactured
    8. Cost of goods sold
    b. Prepare a schedule of the cost of finished goods manufactured. (10)

    Q. 3 (CSS – 2010, Paper # 2, Section - A, Q. # 2) (20 Marks)

    The Constant Company had the following inventories of the beginning and end of January.
    January 1 January 31
    Material Rs.10000 Rs.38000
    Work-in-process ? 110000
    Finished goods 50000 150000
    During January the cost of material purchased was Rs.138000 and the factory overhead of Rs. 90000 was applied
    the rate of 50% of Direct Labour Cost. In January cost of goods sold was Rs.200000.
    Required: Prepare ledger accounts showing the flow of the cost of goods manufactured and sold.

    3|Page By: Asif Masood Ahmad Adam’s Learning Centre, Lahore


    0321 9842495 0333 4169258

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