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business
management cost accounting

Questions and Answers of Management Cost Accounting

The Road Transport Company, which keeps a fleet of lorries, shows the following information:Kilometres run for April 1994 30,000 Wages for April Rs 2,000 Petrol, oil, etc. for April Rs 4,000 Original
From the following data relating to two vehicles A & B, compute the cost per running mile.Vehicle A Miles Vehicle B Miles Mileage run (annual) 15,000 6,000 Estimated life of vehicles 1,00,000 75,000
Raja runs mini bus service in the town and has two vehicles. He furnishes you the following data and wants you to compute the cost per running mile.Vehicle A Rs Vehicle B Rs Cost of vehicle 25,000
From the following data you are required to ascertain the cost of running the motor lorry per tonne-mile.Total tonnage carried in a week: 30 Total mileage in a week: 600 miles Details of the above
Shriman operates a taxi. Compute cost per running km from the following details.Rs Purchase price of taxi 50,000 Insurance per annum 1,000 Rent of garage per month 100 Tyres and tubes per set (A set
The Union Transport Company supplies the following details in respect of a truck of 5 tonne capacity:Cost of truck Rs 90,000 Estimated life 10 years Diesel, Oil, grease Rs 15 per rip each way Repairs
From the following data calculate the cost per mile of a vehicle:Rs Value of vehicle 15,000 Road licence for the year 500 Insurance charges per year 100 Garage rent per year 600 Driver’s wage per
(a) Passenger kilometres From the following calculate the total passenger kilometres.Number of buses—10; number of days operated in a month—28; number of trips by each bus per day—2 trips;
(a) Running kilometres and passenger kilometres From the following information, calculate total running kilometres and total passenger kilometres.Number of buses: 5; days operated in a month: 25;
(a) Passenger kilometres A transport company is running four buses between two towns, which are 50 km apart.Seating capacity of each bus is 40 passengers. Actual passengers carried were 75% of
A cinema hall has seating capacity of 800.It runs daily 4 shows on all 30 days of a month. It is generally full to the extent of 80% of its capacity. Find out the number of man shows during the month.
A transport company is running two buses between two places 100 km apart. Seating capacity of each bus is 50 passengers. The following particulars are taken from their books for a month.Rs Wages of
A transport service company is running four buses between two towns 50 miles apart. Seating capacity of each bus is 40 passengers. The following particulars were obtained from their books:Rs Wages of
A transport company is running four buses between two towns, which are 50 km apart.Seating capacity of each bus is 40 passengers.Actual passengers carried were 75% of seating capacity.All the buses
Explain about hotel costing.
Write a detailed note on hospital costing.
Give the accounting procedure for transport costing.
Explain the important objectives of transport costing.
Illustrate the term effective kilometre run.
Explain the terms passenger kilometre and tonne-kilometre.
Write a note on(a) transport costing(b) boiler costing(c) canteen costing
In what industries operating costing is used?
What do you understand by operating costing?
The cost unit for water supplies is(a) per 1,000 gallons (b) per lorry(c) per dozen litres (d) per consumer
Garage rent is classified under(a) direct expense (b) indirect expense(c) standing charges (d) machine expenses
The cost unit in a electricity generating concerns is(a) per tube light (b) kilo watt(c) per metre (d) per main
In hospitals, the cost unit is(a) per bed (b) per tablet(c) per doctor (d) per patient
Motor costs for passengers is ascertained with reference to(a) per seat occupied (b) per distance travelled(c) per ticket sold (d) per passenger per kilometre
Canteens apply(a) contract costing (b) job costing(c) service costing (d) batch costing
Classification and accumulation of costs by fixed and variable cost is of special importance in(a) service costing (b) job costing(c) contract costing (d) batch costing
Service costing is adopted by(a) cinema houses (b) electricity companies(c) gas supply (d) all the above
Composit unit is a distinctive feature of(a) single costing (b) operating costing(c) process costing (d) job costing
The Tamil Nadu Transport Corporation must use(a) job costing (b) contract costing(c) process costing (d) operating costing
Powerhouse costing and boiler house costing are the same.
Kilometre run and effective kilometre are the same.
Drivers wages when based on distance covered is fixed in nature.
Under service costing depreciation is always fixed.
Service costing and process costing are the same.
Operating cost statement is prepared to calculate the cost in case of service costing.
Service costing is one of the basic methods of operating costing.
Motor cost for passengers is referred to per passenger kilometre.
The unit used in service costing is simple.
Service costing is applicable in canteens.
You are required to prepare a contract account for the year ending 31 December 1989 from the following particulars:Rs Materials 4,00,000 Wages 5,00,000 Expenses 1,00,000 Expenses occurred due 20,000
The expenditure on a contract till 31st March 1998 was Rs 2,00,000 and the work certified was Rs 3,00,000. The contract price is Rs 4,00,000 and the contractee paid Rs 2,50,000 till 31-3-1998. The
The following particulars are extracted from the books of a building contractor on 31-12-1991.Materials Rs Purchased 80,000 Transfer from other contracts 2,00,000 Issued from central stores 5,50,000
M/s Arun and Varun undertook a contract for Rs 2,50,000 for constructing a college building. The following is the information concerning the contract during the year 1997:Rs Materials sent to site
M/s Kishore and Company commenced work on a particular contract on 1st April 1990. They close their books of accounts for the year on 31st December each year. The following information is available
Deluxe Limited undertook a contract for Rs 5,00,000 on 1st July 1997. On 30th June 1998 when the accounts were closed, the following details about the contract were gathered:Rs Rs Materials purchased
(Ascertainment of work uncertified) M/s Kishore & Company commenced the work on a particular contract on 1st April 1997. They close their books of accounts for the year on 31st December each year.The
The following trial balance was extracted on 31st December 1997 from the books of Swastik Company Limited Contractors:Rs Rs Share capital: shares of Rs 10 each 3,51,800 Profit and loss account on 1st
Construction Limited is engaged on two contracts A and B during the year. The following particulars are obtained at the year-end (December 31):Date of commencement Contract A Contract B April I Rs
A firm of building contractors began to trade on 1st April 1997. The following was the expenditure on the contract for Rs 3,00,000: Materials issued to contract Rs 51,000; Plant used for contract Rs
A company undertook a contract for construction of a large building complex. The construction work commenced on 1st April 1997 and the following data are available for the year ended 31st March
The following was the expenditure on a contract for Rs 6,00,000 commenced in January, 1997:Material Rs 1,20,000; Wages Rs 1,64,400; Plant Rs 20,000; Business Charges Rs 8,600.Cash received on account
A company of contractors began to trade on 1st January 1994. During 1994, the company was engaged on only one contract of which the contract price was Rs 5,00,000.Of the plant and materials charged
M/s Anand Associates commenced the work on a particular contract on 1st April 1994. They close their books of accounts for the year on 31st December each year. The following information is available
On 1st January, A undertook a contract for Rs 5,00,000. He incurred the following expenses during the year:Rs Materials issued from stores 50,000 Material purchased for the contract 45,000 Plant
The following was the expenditure on a contract for Rs 12,00,000 commenced in January.Rs Materials 2,40,000 Wages 3,28,000 Plant 40,000 Overheads 17,200 Cash received on account of the contract up to
How much of profit, if any, would you allow to be considered in the following case?Rs Contract cost 2,80,000 up-to-date Contract value 5,00,000 Cash received 2,70,000 Rs Uncertified work 30,000
New Vistas Builders Limited undertook a contract on 1st January 1997 with an escalation clause. The clause provided that if material prices and wage rates increase by more than 10%, the contractor
Andal Construction Company undertook a contract on 1-1-1998 for construction of a stadium, with an escalation clause which provides that if material prices and wage rates increase by more than 12%,
From the following prepare contract account for three years 1984, 1985 and 1986.1984 Rs 1985 Rs 1986 Rs Materials issued 1,10,000 1,20,000 80,000 Other charges 10,000 8,000 20,000 Wages 2,20,000
The following information relates to a contract for Rs 7,50,000 (the contractee paying 90% of the value of work done and certified by the Architect and rest on completion of the contract) of Murugan
The following information relates to a building contract for Rs 10,00,000.1986 Rs 1987 Rs Materials issued 3,00,000 84,000 Direct wages 2,30,000 1,05,000 Direct expenses 22,000 10,000 Indirect
(Two or more Contracts)Three contracts X, Y and Z commenced on 1st January, 1st July and 1st October 1998, respectively, were undertaken by the Sampath Contractors Limited, and their accounts on 31st
(Two or more contracts)Construction Limited is engaged on two contracts A and B during the year. The following particulars are obtained at the end of December 1998.Contracts A April 1 Rs B September
(Two or more contracts)During 1997, Indian Contractors Limited undertook two contracts, the first on 1st July 1997 and the second on 30th September 1997. On 31st December when accounts were made up,
(Two or more contracts)Mr Ram undertook two contracts that commenced on 1st January 1998 and 1st July 1998, respectively.The accounts on 31st December 1998 showed the following position.Contract I,
On 1st January, ‘A’ undertook a contract for Rs 5,00,000. He incurred the following expenses during the year.Rs Materials issued from stores 50,000 Materials purchased for the contract 45,000
A building contractor having undertaken construction work at a contract price of Rs 5,00,000 began the execution of the work on 1st January 1981. The following are the particulars of the contract up
(Valuation of work uncertified)Meenakshi Company Limited undertook a contract for construction of a bridge on 1-1-1997. The contract is expected to be completed by 30-6-1998. The contract price is Rs
(Valuation of work uncertified)Contractors Limited undertook a special contract for a total value of Rs 12,00,000. It was expected that the contract would be completed by 31st January 1992. You are
Work certified is less than half of the value of contract. The Kedar accepted a contract for the construction of a building for Rs 10,00,000, the contractee agreeing to pay 90% of work certified as
M/s Anil & Company, a firm of building contractors undertook a contract for construction of a commercial complex on 1st January 1997. The following was the expenditure on the contract for Rs
A undertook several large contracts, and his ledger, therefore, contained a separate account for each contract on 30th June. The account of contract number 51 showed the following as expended
A firm of large contractors kept separate accounts for each contract. On 31.12.1992 the following were shown as being the expenditure in connection with contract number 101:Rs Materials issued from
The contract ledger of a company showed the following expenditure on account of a contract on 31st December Rs Materials 60,000 Plant 10,000 Wages 82,200 Establishment charges 4,300 1,56,500 The
Ashok Builders undertook several large contracts and their ledger therefore, contained a separate account for each contract. On June 30th 1994, the account of contract number 75 showed the following
M/s Pari & Company obtained a contract for building a factory for Rs 10,00,000. Building operations started on 1st April 1984 and at the end of March 1985, they received from the contractee a sum of
A firm of builders, carrying on large contracts, kept in a contract ledger separate accounts for each contract. On 30th June 1994, the following was shown as being the expenditure in connection with
‘A’ undertook several large contracts and his ledger contained therefore a separate account for each contract. On 31-12-1991, the account of contract number 22 showed the following amounts as
A building contractor took a contract for the construction of a certain building on 1st January 1994. The contract price was agreed at Rs 4,00,000. The contractor had made the following expenditure
The following information relates to contract no.123. You are required to prepare the contract account and contractee’s account assuming that the amount due from the contract was fully received.Rs
The following is the summary of transactions as on 31st December 1991, relating to a special contract completed during the year.Rs Materials bought from the market 1,500 Materials issued from the
Senthil Construction Company undertook a contract for constructing a building from 1st January 1998.The contract price was Rs 1,00,000. He incurred the following expenses.Rs Materials issued 6,000
Write a note on the following:(a) work certified (b) retention money(c) percentage of work completed
How do you fix up the amount of profit to be transferred to profit and loss account?
What do you mean by profit on incomplete contracts?
What is escalation clause?
What are the main features of cost-plus contract?
What is work uncertified?
What is work-in-progress?
How are accounts prepared when contract lasts for more than a year?
What do you mean by notional profit?
The escalation clause in contracts are often provided as safeguards against any likely changes in(a) price of material (b) price of labour(c) both a & b (d) none of these.
A contact that guarantees a certain percentage of profit is known as(a) incomplete contract (b) cost plus contracts(c) work-in-progress (d) finished goods.
In contract costing the cost unit is(a) job (b) batch(c) unit produced (d) contract.
Contract costing is a basic method of(a) financial costing (b) job costing(c) specific order costing (d) batch costing.
Work-in-progress in contract account consists of(a) work certified and profit carried forward (b) work certified(c) work certified and work uncertified (d) work certified, work uncertified and profit

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