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business
management cost accounting

Questions and Answers of Management Cost Accounting

Profit on incomplete contract is termed as(a) notional profit (b) costing profit(c) gross profit (d) net profit.
When contract is not complete at the end of the financial year, loss on incomplete contract is(a) transferred to profit and loss (b) debited to profit and loss(c) transferred to work-in-progress (d)
When a contract is 50% complete, the amount of profit to be taken to the credit is(a) estimated profit (b) 50% of the estimated profit(c) 2/3 of estimated profit × cash ratio (d) 1/3 of estimated
Contract price is not fixed in case of(a) de-escalation clause (b) cost plus contracts(c) escalation (d) all the above.
In contract costing, contract account is prepared by(a) contractee (b) contractor(c) both a & b (d) none of these.
Escalation clause in a contract provides that the contract price is fixed.
Final contract price to be paid is certain in cost plus contracts.
In cost plus contracts, the contractor will get cost plus a stipulated profit.
When the completion stage of a contract is less than ¼, the total expenditure on the contract is transferred to work-in-progress account.
In contract costing payment of cash to the contractor is made on the basis of certified work.
Contract costing and job costing are the same.
Contract costing is suitable where the products differ.
In contract costing profit of each contract is computed when the contract is completed.
The contract, which is complete up to one fourth, one fourth of the profit can be transferred.
In cost-plus contracts, the contractor runs a risk of incurring a loss.
SV Ltd. has furnished you the following information from the financial books for the year ended 31 March 1998.Profit and loss account for the year ended 31 March 1998 Opening stock Rs Sales Rs 500
The following is the summarized version of trading and profit and loss account of Continental Enterprises Limited for the year ended 31 March 1998.Rs Rs To materials 48,000 By sales 96,000 To wages
From the following details of Small Tools Ltd, compute the profit in financial accounts as well as in cost accounts and reconcile profit between cost and financial accounts showing clearly the
From the following figures prepare a reconciliation statement:Rs Net loss as per costing records 1,72,400 Works overheads under-recovered in costing 3,120 Administrative overheads recovered in excess
During the year ended 31 March 1998 a company’s profit as per financial accounts was Rs 16,624.Prepare a reconciliation statement and arrive at the profit as per cost accounts using the additional
A company maintains separate cost and financial accounts, and the costing profit for the year 1998 differed to that revealed in the financial accounts, which was shown as Rs 50,000.The following
In the reconciliation between cost and financial accounts, one of the areas of differences is different methods of stock valuation used. State with reasons, in each of the following circumstances
Financial profit and loss account of a manufacturing Company for the year ended 31 March 1998 is as follows:Rs Rs To material consumed 50,000 By sales 1,24,000 To carriage inwards 34,000 To works
From the following profit and loss account and additional information given, prepare: (a) a cost sheet and (b) reconciliation statement Profit and loss account Particulars Rs Particulars Rs To
The profit as per cost accounts in 1987 was Rs 1,65,300. The following details are ascertained on comparison of the cost and financial accounts:Particulars Cost books Rs Financial books Rs(a) Opening
‘Native’ Co. Ltd suffered a loss of Rs 25,000 as per the financial accounts. On comparison with its costing records for the same year, the following differences were observed:Prepare a
Discuss the effect of under or over charge of depreciation in cost accounts and financial accounts.
How will you treat under or overvaluation of stocks in cost accounts while preparing reconciliation statement.
State briefly the treatment of under or over absorption of overheads while reconciling costing profits with financial profits.
Discuss the need for reconciliation of cost and financial accounts.
What is the accounting procedure when both the profits are not given?
What are the items to be deducted when cost profit is taken as the base?
What are the items to be added when cost profit is taken as the base?
State the possible reasons for difference in profits shown by financial accounts and cost accounts.
Why is the reconciliation of cost and financial accounts necessary?
Give the accounting procedure when only one of the profits is given.
At what situation reconciliation statement need not be prepared?
How do you solve the sum when both the profits are given?
State the importance of reconciliation.
What is reconciliation?
In cost accounts, the stock is valued at(a) Cost (b) Market price(c) No value (d) Cost plus profit
Dividend interest on investment and discount are shown in(a) Cost accounts (b) Management accounts(c) Book keeping (d) Financial accounts
When costing loss is Rs 7,600, office overheads under absorbed being Rs 800, the loss as per financial accounts should be(a) Rs 6,800 (b) Rs 7,600(c) Rs 8,400 (d) None of these
While reconciling costing profits with financial profits, capital expenses and losses in financial accounts are(a) Doubled (b) Added(c) Not included (d) Subtracted
While reconciling costing profits with financial profits, under recovery of works overheads is(a) Deducted (b) Added(c) Not included (d) Doubled
When costing profit is Rs 13,500 and a charge in lieu of rent is Rs 2,000, then the financial profit should be(a) Rs 13,500 (b) Rs 15,500(c) Rs 11,500 (d) None of these
Which of the following items shall be added to costing profit to arrive at financial profit?(a) Income tax paid (b) Interest on debentures(c) Under absorption of overheads (d) Rent receivable
Which of the following items is not included in financial books?(a) Loss on sale of fixed assets (b) Interest on capital(c) Notional rent (d) Donations
Cost and financial accounts are reconciled under(a) Integral system (b) Cost-control accounts system(c) Both a and b (d) None of these
Which of the following items is include in cost accounts?(a) Notional profit (b) Rent receivable(c) Transfer to general reserve (d) None of these
Under absorptions are caused by clerical errors.
Capital losses shown in financial accounts are deducted while reconciling costing profits with financial profits.
Costing profit and loss account and financial profit and loss account are the same.
Over absorption = actual > estimated.
Under absorption = actual > estimated.
Under valuation of closing stock in cost accounts is added while reconciling cost profit with financial profits.
Under-absorption of production overheads is deducted while reconciling cost profit with financial profits.
Income tax is provided only in cost accounts.
Rent on owned buildings is not included in cost accounts.
Cost and financial accounts are reconciled under non-integral accounting.
The following figures have been extracted from the books of a manufacturing company. All jobs pass through the company’s two departments:Working department (Rs) Finishing department (Rs)Materials
The following annual charges are incurred in respect of a machine in a shop where manual labour is almost nil and work is done by means of five machines of exactly same type of specification.(i) Rent
Calculate the MHR for the recovery of overheads for a group of three machines from the following data:Original cost of 3 machines Rs 56,800 Depreciation at 10% per annum (straight line method)Repairs
A machine costs Rs 90,000 and is deemed to have a scrap value of 5% at the end of its effective life(19 years). Usually, the machine is expected to run 2,400 hours per annum, but it is estimated that
(A) Compute comprehensive MHR from the following data:(a) Total cost of machine to be depreciated: Rs 2,30,000(b) Life: 10 years(c) Depreciation on straight line(d) Departmental overheads
A machine shop has 8 identical drilling machines manned by 6 operators. The machines cannot be worked without an operator wholly engaged on it. The original cost of all these 8 machines works out to
A machine shop contains four newly purchased machines each occupying practically equal amount of space and costing, respectively, A: Rs 20,000; B: Rs 25,000; C: Rs 30,000 and D: Rs 40,000.The
Calculate the MHR from the following:Cost of the machine Rs 8,000 Cost of installation Rs 2,000 Scrap value after 10 years Rs 2,000 Rates and rent for a quarter for the shop Rs 300 General lighting
A machine costs Rs 90,000 and is deemed to have a scrap value of 5% at the end of its effective life of 19 years. Usually, the machine is expected to run for 2,400 hours per annum, but it is
The following particulars relate to a processing machine treating a typical material: 1. Cost of the machine Rs 10,000 2. Estimated life 10 years 3. Scrap value Rs 1,000 4. Yearly working time (50
The following particulars relate to a machine:Purchase price of machine Rs 80,000 Installation expenses Rs 20,000 Rent per quarter Rs 3,000 General lighting for the whole area Rs 200 per month
From details furnished below, compute a comprehensive MHR.(1) Original purchase price of the machine(subject to depreciation at 10% per year on original cost) Rs 21,600(2) Normal working hours for
A machine costs Rs 90,000 and is deemed to have a scrap value of 5% at the end of its effective 19 years. Usually, the machine is expected to run for 2,400 hours per annum, but it is expected that
The following annual charges are incurred in respect of a machine in a shop where manual labour is almost nil and work is done by means of five machines of exactly similar type.(a) Rent and rates for
An engineering company gives you the following details about a new machine installed by them.Calculate the MHR for the machine.(1) Cost of the machine Rs 24,000,000(2) Customs duty, insurance,
From the following information, calculate the MHR. 1. Cost of asset: Rs 1,05,000 with a scrap value of Rs 15,000 at the end of its working life 2. Installation charges: Rs 10,000 3. Life of asset:
Compute the MHR from the following data:Cost of machine Rs 1,00,000 Installation charges Rs 10,000 Estimated scrap value after the expiry of life (15 years) Rs 5,000 Rent and rates for the shop per
The production department of a factory furnishes the following information for the month of August.Materials used Rs 54,000 Direct wages Rs 45,000 Labour hours worked 36,000 Hours of machine
A machine was purchased on 01 January 1990 for Rs 5 lakh. The total cost of all machinery inclusive of the new machine was Rs 75 lakh. Further particulars are available as follows:Expected life of
Compute MHR from the following data.Cost of the machine Rs 1,00,000 Installation charges Rs 10,000 Estimated scrap value after the expiry of its life (15 years) Rs 5,000 Rent and rates for the shop
Calculate the MHR from the following.Cost of the machine Rs 80,000 Cost of installation Rs 20,000 Scrap value after 10 years Rs 20,000 Rent and rates per quarter for the shop Rs 3,000 General
Calculate MHR for machine no. 7, which is one of seven machines in operation in a department of a factory.(a) Cost of the machine no. 7: Rs 1,000(b) Estimated scrap value at finish of working life
Work out the MHR for the following machine for January 1989.Cost of the machine Rs 90,000 Freight and installation Rs 10,000 Working life 10 years Working hours 2,000 per annum Repair charges 50% of
A machine was purchased on 01 January 1998. The following relate to the machine.Cost of the machine Rs 40,000 Estimated life 15 years of 1,800 hours per year Estimated scrap value Rs 2,500 Estimated
Compute the MHR from the following.Cost of the machine Rs 2,00,000 Installation charges Rs 20,000 Estimated scrap value after expiry of its life of 15 years Rs 10,000 Rent for the shop Rs 400 per
Calculate from the following data the MHR for Machine A.Cost of machine Rs 1,050 Estimated scrap value Rs 50 Effective working life 20,000 hours Running time in 4 weekly periods 150 hours Weekly
Calculate the MHR for Machine A from the following data:Cost of machine Rs 1,600 Estimated scrap value Rs 100 Effective working life 10,000 hours Running time per 4 weekly period 160 hours Average
Calculate MHR from the following data.Cost of machine Rs 58,000 Estimated scrap value Rs 3,000 Estimated working life 20,000 hours Estimated cost of maintenance during working life of machine Rs
The overhead expenses of a factory are allocated on the machine-hour method. You are required to calculate the hourly rate for a certain machine from the following information:Cost Rs 58,000
From the following particulars, calculate the MHR for a drilling machine.Cost of the drilling machine Rs 42,000 Estimated scrap value Rs 2,000 Estimated working life 10 years of 2,000 hours each
Calculate MHR from the following:(a) Cost of machine Rs 12,000(b) Average repairs and maintenance charges per month Rs 150(c) Estimated scrap value Rs 1,200(d) Standing charges allocated to machine
Calculate the MHR for Machine A from the following data:Electric power: 75 paise per hour Repairs: Rs 530 per annum Steam: 10 paise per hour Rent: Rs 270 per annum Water: 2 paise per hour Running
Work out the MHR for the following machine:Cost of machine Rs 95,000 Installation charges Rs 10,000 Scrap value after 10 years Rs 5,000 Working hours per month 200 hours Lighting Rs 150 per month
Calculate the MHR from the following:(1) Cost of the machine Rs 19,200(2) Estimated scrap value Rs 1,200(3) Average repairs and maintenance Rs 150 p.m.(4) Standing charges allocated Rs 50 p.m.(5)
Calculate the MHR for Machine A from the following data:Cost of machine Rs 16,000 Estimated scrap value Rs 1,000 Effective working life 10,000 hours Running time per 4 weekly period 160 hours Average
List out the advantages of calculating MHR
Explain blanket overhead rate and multiple overhead rate
Explain actual overhead rate and predetermined overhead rate
Explain ordinary MHR and composite MHR.
Why do underabsorption and overabsorption arise?

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