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    Bachelor'S Degree Programme Term-End Examination December, 2017 C'R) CD Elective Course: Commerce Eco-010: Elements of Costing

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    Ujjval Trivedi
    This document is a 7 page exam for the Elective Course ECO-010 Elements of Costing. It contains two sections with multiple choice questions. Section A includes questions about distinguishing between cost and financial accounting, advantages of centralized purchasing, and ABC analysis. Section B includes questions requiring calculation of contract accounts, work-in-progress for a balance sheet, a stores ledger using LIFO, earnings under a piece rate system, and economic order quantity. The document provides relevant accounting terms, concepts, and numerical values to solve the questions.

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    © All Rights Reserved
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    Bachelor'S Degree Programme Term-End Examination December, 2017 C'R) CD Elective Course: Commerce Eco-010: Elements of Costing

    Uploaded by

    Ujjval Trivedi
    26 views7 pages
    This document is a 7 page exam for the Elective Course ECO-010 Elements of Costing. It contains two sections with multiple choice questions. Section A includes questions about distinguishing between cost and financial accounting, advantages of centralized purchasing, and ABC analysis. Section B includes questions requiring calculation of contract accounts, work-in-progress for a balance sheet, a stores ledger using LIFO, earnings under a piece rate system, and economic order quantity. The document provides relevant accounting terms, concepts, and numerical values to solve the questions.

    Original Title

    ECO-10 (2)

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    This document is a 7 page exam for the Elective Course ECO-010 Elements of Costing. It contains two sections with multiple choice questions. Section A includes questions about distinguishing between cost and financial accounting, advantages of centralized purchasing, and ABC analysis. Section B includes questions requiring calculation of contract accounts, work-in-progress for a balance sheet, a stores ledger using LIFO, earnings under a piece rate system, and economic order quantity. The document provides relevant accounting terms, concepts, and numerical values to solve the questions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    26 views7 pages

    Bachelor'S Degree Programme Term-End Examination December, 2017 C'R) CD Elective Course: Commerce Eco-010: Elements of Costing

    Uploaded by

    Ujjval Trivedi
    This document is a 7 page exam for the Elective Course ECO-010 Elements of Costing. It contains two sections with multiple choice questions. Section A includes questions about distinguishing between cost and financial accounting, advantages of centralized purchasing, and ABC analysis. Section B includes questions requiring calculation of contract accounts, work-in-progress for a balance sheet, a stores ledger using LIFO, earnings under a piece rate system, and economic order quantity. The document provides relevant accounting terms, concepts, and numerical values to solve the questions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 7

    No.

    of Printed Pages : 7 ECO-010

    BACHELOR'S DEGREE PROGRAMME


    Term-End Examination
    CJ December, 2017
    c`r)
    CY)
    CD ELECTIVE COURSE : COMMERCE
    ECO-010 : ELEMENTS OF COSTING

    Time : 2 hours Maximum Marks : 50


    (Weightage 70%)

    Note : Attempt any two questions from Section - A and


    any two questions from Section - B.

    SECTION - A

    1. Distinguish between the Cost Accounting and 10


    Financial Accounting.

    2. (a) State the advantages of centralised .


    5, 5
    purchasing.
    (b) What is ABC analysis ? How is the control
    of store items effected through ABC
    analysis ?

    3. Write short notes on any two of the following : 5, 5


    (a) Idle time
    (b) Abnormal loss
    (c) Piece wage system
    (d) Job costing

    1 P.T.O.
    ECO-010
    SECTION - B

    4. Z Co.Ltd., commenced its business on 1-1-2015.


    The following data has been extracted from its
    books in relation to a contract. 15 (12+3)

    Particulars

    Contract price 3,00,000

    Materials 40,000

    Direct Labour 55,000

    Plant and Machinery (at cost) 30,000

    Cash received from contractee 1,20,000

    Expenses at site 2,000

    Fuel and power 2,500

    Work certified 1,50,000

    Work un-certified 1,000

    Used machinery costing 2,000 was returned to


    stores. Stock of materials at site on 31-12-2015
    was worth i 5,000 and wages outstanding were
    200. Depreciation on machinery to be charged
    at 10%.

    Prepare (a) contract account and (b) Show how the


    work-in-progress will appear in the Balance Sheet
    as on 31-12-2015.

    ECO-010 2
    5. The following is the record of receipts and issues 15
    of a certain material in the factory during the first
    week of Jan., 2015 :
    Jan. 1 Opening Balance 50 Tons Z 10 per ton
    Jan. 1 Issued 30 Tons
    Jan. 2 Received 60 Tons @ Z 10.20 per ton
    Jan. 3 Issued 25 Tons
    Jan. 3 (Stock verification revealed a loss of 1 Ton)
    Jan. 4 Received back 10 Tons (previously issued at
    from production Z 9.15 per ton)
    Dept.
    Jan. 5 Issued 40 Tons
    Jan. 6 Received 22 Tons @' 10.30 per ton
    Jan. 7 Issued 36 Tons
    Prepare a stores Ledger Account using LIFO
    (Last-in-First-out) method.

    6. (a) Calculate the earnings of A, B and C 10, 5


    workers under Marrick's Differential Piece
    Rate System. The particulars are given
    below :
    Standard output: 150 units per
    day of 8 hrs.
    Piece Rate : Z 20 per unit
    output of A 100 units, B 135 units and C
    180 units.
    (b) From the following information, calculate
    Economic Order Quantity (EOQ)
    (i) Consumption of material : 2,000 kgs
    in 3 months
    (ii) Cost of placing one order : Z 50
    (iii) Cost per unit : Z 40
    (iv) Storage and carrying : 8% of cost
    cost per unit

    3 P.T.O.
    ECO-010
    0.1t3t-o 10
    - I
    *.-tivich Witt chi sh1-1

    thin 17114-1T
    2017

    eloat) 44 I Cktigt0-1 : ql ul‘rq


    *.at -010 (11 1 11 tg I TER WM

    tVilq :2 Diu2 37-raWd7T 3fW : 50


    (Tel WT 70%)
    VT: rgur-w w) SR-1 v ?T2IT tgus-Uf #
    3773. W-
    47/

    1. C11 1 10 C;(SlIch-1 .ffRri f491-4 (*)(g 4-1 1 10

    2. (a) t*-t-t-u Tzr T11---A-R 5, 5


    (b) 7.t. T11. rciktful WIT t? 7.t. T11
    raR qui *TTT tilt * 1:10 T1 f9-4q-ur icbqi
    w~ cn t?

    3. A. WI:Am re..-4 uteir -W-INR : 5, 5


    (a) filsigd
    (b) 31TITITIPT
    (c) chiti tr-40 Teff
    (d) 3tT4 wld fitd71 -Tea. (Job costing)

    ECO-010 4
    VITT -

    4. Z 1-1-2015 kr\ lentil


    r 3119T oticikilq
    - RT -kl:t4N 14 7:r*-1 13RWI 1-,tong" Atr
    15 (12+3)
    TT i331. I

    chi vel 3,00,000

    '} 40,000

    TIFIV TrAlt 55,000

    •IitZ .q 1:107#(C11'Id 4-1,(4) 30,000

    ad gtal
    ~ Trrca. 1,20,000

    figri7 TqF -cr{ fff 2,000

    It a fq-4A- 2,500

    '444 1,50,000

    31714Trvid cbiei 1,000

    2,000 'WIiPic1 aIM1 3747 4-R1 -t tilt

    (41 ,m t Tit I 31-12-2015 f9-rri-ur Tem TR


    z 5,000 kti1 211- I 200 TWO- t4
    4-144 IR 10% A t
    (a) e:1I 1RTT (b) fffitulTt9. 4)14
    (work-in-progress) 31-12-2015
    f•gfizIT

    5 P.T.O.
    ECO-010
    5. "R•W*Azt wiat 2015 t (1.1 Yc 15
    TrriTt Trrr7-41 a f-pfgri oqiki F-14-frofigcr t :
    wiqft wfrqw*Ef 50 "a7 (Z 10 mrcl Ti)
    7-4-4# 1 f9Iffqff •"1 1-1711" 30 z-9'
    - 9-at 2 7711t 60 79' (Z 10.20 5tf ct zr)
    7T4- 3 1971fgra. Trot 25 'a7
    7-i-4# 3 (.eict) th-e-414-1 gRI 1 Ti ( ) (-ft -A 3n1
    79-1# 4 dctilq-I fqiiM -4 10 Zi ( Z 9.15
    TEM Nrci •Z•TIT f9TfrITU# 2ft)
    7-4-q1' 5 f-pfi-gm 40 Ti
    79-4' 6 717F# 221 (210.30 m Ti)
    TT-4ft 7 ?OP:1'ff TRII• 36 Ti
    31fffr 3i9' lied (LIFO) r 311747 I .W .
    tilt c) ■TIt (sin e-IR

    6. (a) AfTW chlq Ted' t 3f-difff 10, 5


    A, B'fftTT C i 11fTlf1:1W "1* itui-ti Wri77
    (itsi •ftwur t:
    1-11-14) ac1I 1 8 Eft ctic,
    150 *argil
    cnigivit Z 20 MR
    A f dctIlq-1 100 chivir
    B •WF dc4lq-1 135
    C dc-41qi 180 *crqq1

    ECO-010 6
    (b) P1i-licifiglfwm*3TKR 3Trillw 37-Or -grr-AT
    (EOQ) TTuriT Vf-A7 :
    (i) TIR:F .iiiii-il•wr -31:14FT 2,000 'F".

    (ii) 1i 3lik7 50
    mil -Mt (Imo 40
    (iv) lz-11-T 'q• op id 31fci 1Iid

    'W• 8%

    ECO-010 7

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