CS Executive Cost and Management Accounting PYQ December 2014: Question Paper and Available Answers

CS Executive Cost and Management Accounting PYQS Series December 2014 100 Questions Indexed

ICSI Examination Archive & Suggested Answers: This directory contains indexed questions from the paper for CS Executive Cost and Management Accounting PYQS (December 2014). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.

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Indexed questions

The term used for 'process of ascertaining the cost' is known as —
If selling price of a product is ₹8,580 and the profit margin on cost is 10%, the amount of profit will be —
Which element of total cost is common in prime cost and conversion cost —
The cost that increases as the volume of activity decreases within the relevant range, is known as —
Which of the following is generally used as cost unit of brick works —
Relevant costs are —
Which of the following are not considered as purely financial charges —
Which of the following is not considered as a function of management accounting —
Which of the following formula cannot be used for calculating P/V ratio —
Which of the following items is to be included both in cost accounts and financial accounts —
Which type of material is classified as 'A' type in ABC analysis —
Which of the following formula cannot be used to calculate re-order level —
The set-up cost of a machine is ₹120. For execution of a certain order, 9,000 components are required to be made in the machine. Cost of production of the component is ₹40 each and
Find the current liability from the following: Current ratio 2:5 Liquid ratio 1:5 Prepaid expenses Nil Stock ₹4,000.
Which of the following is recorded by bin card —
For a given product, the sales of a company @₹200 per unit is ₹20,00,000. Variable cost is ₹12,00,000 and fixed cost is ₹6,00,000. The capacity of the factory is 15,000 units. Capa
The cost accountant of Akash Ltd. has computed labour turnover rates for the quarter ended 31st March, 2014 as 20%, 10% and 6% respectively under 'flux method', 'replacement method
The cost of selecting one course of action and forgoing the other is known as —
Companies characterised by the production of heterogeneous products will most likely use which of the following methods for the purpose of averaging costs and providing management
In a factory where piece work system is followed with guaranteed minimum wages of ₹120 for eight hours, incentive payments are made according to Rowan bonus scheme. The standard ti
In cash flow statement, interest received by company is classified as —
In a manufacturing process, the following standards apply : Standard price of raw material: A-₹1 per kg. and B-₹5 per kg. Standard mix A-75% and B 25% Standard yield: 90% In a peri
The budgeting system designed to change in relation to level of activity actually attained is known as —
For a given job, standard time allowed is 6 hours and actual time taken by a worker is 8 hours. Rate per hour is ₹10. The wages under Barth premium system is —
If the minimum stock level and average stock level of raw material 'A' are 4,000 and 9,000 units respectively, what is its reorder quantity —
Which of the following is a method of indirect monetary incentive scheme —
Expenditure on labour and materials that cannot be economically identified with a specific saleable cost unit is known as —
Which of the following is a method of segregating semi-variable costs into fixed and variable costs —
The costing method in which fixed factory overheads are added to inventory is known as —
Rent, rates and taxes paid for the building are apportioned on the basis of —
What is the machine-hour rate? Cost of machine ₹18,000; installation ₹2,000; scrap after 10 years ₹2,000; insurance ₹120 per annum; repairs ₹200 per annum; power 2 units per hour a
Which of the following formula is used to calculate the overheads to be absorbed —
If the actual expenses fall short of the amount absorbed, it is known as —
The following information is provided : Budget Actual Fixed overheads cost (₹) 1,00,000 1,20,000 Hours 10,000 11,500 The fixed overheads cost variance is —
Cost attribution to cost units on the basis of benefit received from indirect activities, such as ordering, setting-up, assuring quality is known as —
Which of the following is not included in batch level activities —
When is the following entry passed in non-integrated system — Store ledger A/c Dr. To General ledger adjustment A/c
The method of regular physical verification of material throughout the year is known as —
Which of the following is not considered as financial income —
Which of the following is to be included while preparing a cost sheet —
For a manufacturing company, which of the following is an example of period cost rather than a product cost —
If capacity variance is ₹48,000 (F) and calendar variance is ₹23,040 (A), the fixed overheads volume variance is:
In inflationary situation, which system of inventory valuation shows higher profits —
Batch costing is generally not applied in —
Cost of production plus opening stock of finished goods minus closing stock of finished goods is equal to —
The terms of contract provide that whole of the amount shown by the architect's certificate shall not be paid immediately but a percentage thereof shall be paid. The amount not pai
For a given product, selling price per unit is ₹15, variable cost per unit is ₹10, total fixed cost is ₹1,50,000 and units sold during the period are 35,000. The margin of safety i
A bus makes 3 round trips for carrying on an average 40 passengers in each trip of 20 kms. The bus operates on an average 25 days in a month. The number of passenger - km. per annu
There are 100 rooms in a hotel of which 80% are normally occupied in summer and 30% in winter. Assume that period of summer and winter is six months each and normal days in a month
Which of the following is not a type of job costing —
When the volume is 3,000 units, the average cost is ₹4 per unit. When the volume is 4,000 units, the average cost is ₹3.50 per unit. The break-even point is 5,000 units. What is th
In contract costing, if the amount of work certified is 1/4 th or more but less than 1/2 of the 'contract price', then in case of loss, the amount to be transferred to profit and l
The following information is relating to Process I: Input of raw material : 1,000 units @ ₹20 per unit, Other material : ₹4,200 Direct wages : ₹6,000 Production overheads : ₹6,000
During a given period, 1,50,000 units were completed and transferred to next process: Opening stock : 50,000 units Closing stock : 1,00,000 units Degree of completion for both open
Two or more products emerged from a common process, each having a sufficiently high saleable value, are known as —
If material price variance is ₹400 (A) and material cost variance is ₹600 (F), the material usage variance is:
Which of the following methods is not used for apportioning total process costs upto the point of separation over the joint products —
In case of goods transport, which of the following is suitable cost unit to be used for cost ascertainment —
Which of the following is an example of standing charges in transport costing —
Which of the following is known as full costing —
Which of the following formula cannot be used for calculating contribution —
Under which of the following inventory control technique, maximum and minimum level of each stock is laid down —
A product is sold at a price of ₹120 per unit and its variable cost is ₹80 per unit. The fixed expenses of the business are ₹8,000 per year. Break-even point is —
The total profit on a contract of ₹3,00,000 is ₹60,000 when the contract is 60% complete and has been certified. If the retention money is 20% of the certified value, the amount of
From the following, which one is a functional budget —
In activity based costing, the allocation basis used for applying costs to services or products is called —
The following information relates to a product : Direct materials : 10 kg @ ₹0.50 per kg. Direct labour : 1 hour 30 minutes @ ₹4 per hour Variable overheads : 1 hour 30 minutes @ ₹
A worker who does not work in the factory premises, but works from his home or at site of the factory is called —
The budgeted fixed overheads amounted to ₹84,000. The budgeted and actual production amounted to 20,000 units and 24,000 units respectively. This means that there will be an —
In contract costing, if the amount of work certified is 1/4 th or more but less than 1/2 of the 'contract price', profit to be transferred to the profit and loss account can be cal
A company sells its product at ₹15 per unit. In a period, if it produces and sells 8,000 units, it incurs a loss of ₹5 per unit. If the volume is raised to 20,000 units, it earns a
A company which has a margin of safety of ₹4,00,000 makes a profit of ₹1,00,000. If its fixed cost is ₹5,00,000, then break-even sales is —
Which of the following is not true ? Fixed costs remain fixed —
The control technique which compares standard costs and revenues with actual results to obtain variances is known as —
Any saleable or usable value incidentally produced in addition to the main product is known as —
If material mix variance is ₹500 (F) and material yield variance is ₹800 (A), the material usage variance is:
The profit as per financial accounts are ₹84,700. The values of opening and closing stock as shown in cost accounts and financial accounts are as under : Details Financial Accounts
Find the labour efficiency variance from the following information : Actual hours worked : 5,600 Actual wages paid : ₹7,840 Standard rate @ ₹2 per hour Standard hours produced : 4,
Which of the following costs are treated as product cost under variable costing —
Labour efficiency variance is sub-divided into —
Which of the following method is not used to account for the under-absorption and over-absorption of overheads —
The rate used in addition to the original rate of ascertaining the profit for adjusting the under or over absorption is known as —
From the following data, calculate variable overheads expenditure variance: Budgeted production : 300 units Budgeted variable overheads : ₹7,800 Standard time for one unit : 20 hou
Computation of overheads absorption rate should be based on —
Service costing is also known as —
The following information is available : Wages for January : ₹20,000 Wages for February : ₹22,000 Delay in payment of wages : 1/2 month The amount of wages paid during the month of
In an organisation, cash sales is 25% and credit sales is 75%. Sales for October, 2013 is ₹12,00,000, November, 2013 ₹14,00,000, December, 2013 ₹16,00,000, January, 2014 ₹6,00,000
The net profit of A Ltd. amounted to ₹40,000. Particulars Amount (₹) Provision of income-tax 33,000 Depreciation 6,500 Preliminary expenses written-off 1,500 Bad debts 500 Loss on
ABC Ltd. produces and sells a single product. Sales budget to the calendar year 2015 for each quarter is as under : No. of units to be sold : Quarter-I : 12,000 Quarter-II : 15,000
In which bonus plan, the percentage of bonus to the wages earned is that, which the time saved bears to the standard time —
In cash flow statement, dividend paid in case of financing company is classified as —
Which of the following is not a method used for time booking —
Under which of the following method of budgeting, all activities are re-evaluated each time a budget is set —
From the following data, find the value of building sold during the year : Particulars 31.03.2013 (₹) 31.03.2014 (₹) Land and building 2,00,000 1,70,000 Capital reserve Nil 20,000
What is the margin of safety, if profit is equal to ₹40,000 and P/V ratio is 25% —
According to section 2(13) of the Companies Act, 2013, 'books of account' does not require maintenance of which of the following records —
In an organisation, profit after interest, tax and dividend on preference shares is ₹4,00,000. The number of equity shares is 40,000 and the dividend payout ratio is 40%. The divid
Which of the following results into decrease in working capital —
A company manufactures 5,000 units of a product per month. The cost of placing an order is ₹100. Purchase price of the raw material is ₹10 per kg. Average consumption of raw materi
From the following information find the value of closing stock — Stock velocity: 6 months Gross profit ratio: 25% Gross profit for the year ended 31st March 2014: ₹1,00,000 Closing

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