please answer according to the marks in each section
Section A Choose the correct answer. Each question carries 1 mark. 1x10 = (10 Marks) is the cost of searching new or improved products or methods. A. Variable B. Fixed C. Development D. Research 2. EOQ increases with _in inventory carrying cost. A. Increase B. Decrease C no change D. fluctuation __is the most usual form of reporting A. Oral B. Verbal C Written D. Talking 4. The ABC Analysis is sometimes also called as Always Better Control method A. TRUE B. FALSE 5. D. Accounting helps the management to move towards favorable side A. Cost . Financial C. Management Tax 6. Which is an example of functional classification of costs? A. Direct material cost B. Fixed Cost C. Admin OHDS D. indirect OHDS 7. Continuous stock taking is a part of A Annual stock taking B. Perpetual inventory C. ABC Analysis D. Bin Cards 8. Directors Remuneration form part of A. Production OHDS B. Admin OHDS C. Selling OHDS D. Distribution OHDS 9. Salary paid to supervisor is a part of A. Direct Expenses B. Factory OHDS C. Quality Control Cost D. Research and development Cost 10. The type of loss that should not be allowed to affect the cost of good units is A Abnormal loss B. Normal Loss C. Seasonal loss D. Standard loss Section B Answer any 5 questions. Each question carries 6 marks. (6x5=30 marks) 11. Explain the advantages of installing time recording clocks. 12. Explain Costing, Cost Accounting and Cost Accountancy 13. Short note on contract costing 14. Note on Ordering Cost 15. Give formulas for the contracts almost completed 16. Explain tools and techniques of Cost Reduction 17. Short note on LIFO 18. Find the EOQ from the following: Annual usage: 120000 units Cost of placing and receiving one order : Rs. 60 Annual cost of one units: 10% of inventory value Section C Answer any 3 questions. Each question carries 10 marks. (3x10=30 marks) 19. Explain the methods of Time keeping 20. Explain scope and areas of Cost Reduction 21. Explain the methods of Remuneration 22. Explain the procedure of distribution of overhead costs 23. Work out in appropriate cost sheet from the unit cost per passenger km for the year 1989-90 for a fleet 24. Two fitters, a labourer and a boy underatake a work on piece work basis for Rs. 600 The time spent by each of them is 220 ordinary working hours and the rates of pay are for the two fitters 75 paise each per hour, for the labourer 50 paise per hour and the boy 25 paise per hour Ascertain the amount of piece work premium and show the amount of it which each worker will recieve when it is divided proportionately to the wages paid and show in each case the percentage the premium bears to the wages payments at ordinary rates. To the amount paid for working up add cost of material Rs. 1200 proportion of "overhead" of Rs. 450, of selling expenses Rs. 300 and for carriage charges Rs. 200 and give the total cost. To return the manufacturer 20% on the total cost at what price must be sold and what will be the profit if reckoned on selling price
