CS Executive Cost and Management Accounting PYQ December 2018: Question Paper and Available Answers
CS Executive
Cost and Management Accounting
PYQS Series
December 2018
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 2018). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.
Indexed questions
- Product cost includes:
- Conversion cost is:
- Costs are classified as "Research and Development Costs" by the way of:
- Which one of the following industries adopts batch costing for determining the total cost?
- While allocating service departments costs to production departments which one of the following is not a method of re-distribution?
- The following data obtained from the cost records of CS Limited: Item Standard Actual Output in units 40,000 50,000 Hours worked 2,500 2,400 Fixed Overheads ₹6,00,000 ₹9,00,000 Fix
- Which of the following is an examples for Key Factor ?
- In __________ both fixed and variable costs are charged to products.
- A devise used for the purpose of breaking up or separating costs into smaller sub-divisions, is known as:
- __________ encourages managers to identify which activities are value added activities.
- Which of the following Cost Accounting Standards (CAS) is related to "Depreciation and Amortisation"?
- Cost of Idle Time due to abnormal causes should be :
- Total number of workers: 100 Idle time 10%, out of which 50% normal idle time Working days per year @ 8 hours per day: 300 days Factory overheads: ₹1,02,60,000 Direct labour hour r
- ABC emphasise on :
- The following particulars are related to Job No. 131: Direct material ₹16,000 Direct labour ₹18,000 Direct expenses ₹2,400 Factory overheads are recovered on the basis of 150 perce
- If the loss as per financial accounts is ₹1,65,000 and opening stock is overvalued in cost accounts by ₹25,000 and closing stock is undervalued in cost accounts by ₹32,000, the los
- The following are the data related to Job No. 102: Raw materials ₹21,000 Direct wages for 80 hours @ ₹150 per hour Factory overhead incurred for all jobs ₹4,80,000 for 4,000 hours.
- The monthly requirement of a component is 4,000 units. The cost per order is ₹1,000 and the carrying cost per unit per annum is ₹24. The Economic Ordering Quantity is:
- During the time of inflation, which method of pricing of material issues leads to a higher material costs for a job?
- During the 48 hour week, Shri Sonu produced 2,100 units. The standard time allowed to produce one unit is 2 minutes. If he received wages for a guaranteed 48 hours per week at the
- P/V Ratio 40%; Sales ₹65,00,000 and BEP ₹47,50,000. Profit will be :
- If standard output for 8 hours is 200 units and actual output in 10 hours is 350 units, the efficiency level will be :
- Which of the following is not an objective of Management Accounting?
- When loss as per cost accounts is ₹36,000 and factory overhead under absorbed being ₹1,15,000, the loss/profit as per financial accounts should be :
- The following information relates to a production department of Cheenu Limited : ₹ Material used 5,00,000 Direct labour 4,00,000 Factory overhead 2,25,000 In an order carried out i
- From the following data, P/V Ratio will be: Year Cost of Sales (₹) Profit (₹) 2016-17 40,00,000 5,00,000 2017-18 60,00,000 15,00,000
- Given, Sales ₹80 Lakh; Net Profit ₹8 Lakh and Fixed Cost ₹12 Lakh. On the basis of the data, if sales is ₹120 Lakh, then the profit will be :
- Which of the following is a situation in which the bonus under Halsey 50% Plan as well as under Rowan Plan will be same ?
- A factory engaged in manufacturing LED Lamps is working at 60% capacity and produces 1,20,000 LED Lamps per annum. The present cost-break-up and selling price for one LED Lamp is a
- The data given below : Standard Actual Labour Hours 5,000 6,000 Variable Overheads ₹1,00,000 ₹1,10,000 Output (Units) 10,000 8,000 Variable Overhead Efficiency Variance will be:
- In __________ technique of inventory control, quantities in hand of each item or class of stock is reviewed periodically say, 30, 45 or 60 days.
- If the Minimum Stock Level is 2,500 units, Normal Consumption is 150 units, Maximum Re-order Period is 10 days and Normal Re-order Period is 8 days, then Re-order Level will be :
- If annual total carrying cost, per unit carrying cost and cost per order are ₹15,000, ₹10 and ₹150 respectively, then Economic Order Quantity will be :
- Which of the following documents records quantity and value of the material ?
- Which one of the following methods of pricing of material issues is useful in process costing?
- __________ is a budget which, by recognising different cost behaviour patterns, is designed to change in relation to the volume of output.
- Job card is a method of :
- Time allowed for a job to Mr. W is 10 hours and time taken by him is 4 hours. Wages rate is ₹75 per hour. If he wants to get higher amount of total wages, then the incentive plan t
- The production cost of 1,000 units of an article is as follows: Cost ₹ Direct Material 4,00,000 Direct Wages 3,00,000 Fixed and Variable Overheads 2,00,000 The company produced 5,0
- Which of the following is not a method of segregating semi-variable costs into fixed and variable costs ?
- Costs which are caused by a group of things being made or processed at a single time are referred to as:
- Which of the following is not a benefit of Integrated Accounting System ?
- Suitable costing system for repair shops is :
- Given, Contract price ₹40 Lakh, Work certified ₹25 Lakh and Cash received ₹20 Lakh. If loss amounted to ₹1.5 Lakh, then amount of loss transferred to profit and loss account will b
- Contract price ₹200 Lakh, Profit recognized up to 31st March, 2017 ₹4.5 Lakh and Cost of work certified during 2017-18 ₹72 Lakh. If Estimated Profit and Estimated Total Cost respec
- The input in a process is 8,600 units and normal loss is considered at 5% of input. If the actual output is 8,200 units, then there will be :
- The input in a process is 10,000 units, Normal loss is considered as 5% of input which valued at ₹10 per unit and actual output is 9,350 units. If the total cost of the process is
- __________ is valued in terms of equivalent production units.
- In oil refinery, during processing of crude oil, bitumen and chemical fertilizer are also obtained with the main product. These are examples of:
- Which of the following is the commonly used method for apportioning joint process costs over the joint products ?
- Standard output for 10 hours is 240 units, Actual output in 15 hours is 396 units and wages rate is ₹80 per hour. The amount of gross wages under Emerson Efficiency Plan will be :
- If prime cost is ₹3,75,000; Factory cost is ₹6,00,000 and administrative overheads are 50% of the factory overheads, then the administrative overheads will be :
- Opening stock, Production and Closing stock are 2,500 units, 32,500 units and 3,250 units respectively. If ₹15 per unit is spent on each unit sold, then total selling expenses will
- A hotel having 100 rooms of which 80% are normally occupied in summer and 40% in winter. Period of summer and winter will be taken as 6 months each and normal days in a month be as
- P/V Ratio for the firm is 60%, Total fixed costs are ₹10,40,000 and variable cost per unit is ₹720. If the sales are 20,000 units, then selling price per unit will be :
- If the P/V Ratio is 30%, Margin of Safety is 40% and BEP is ₹48 Lakh, then profit will be :
- Fixed costs ₹45 Lakh, Variable costs ₹120 Lakh and Profit ₹35 Lakh, then P/V Ratio is:
- From the following information, the total passenger kilometers for the month of May, 2018 will be : Number of Buses 4 Round trips made by each bus per day 5 Distance of route 60 km
- Which of the following techniques of costing is also known as out-of-pocket costing ?
- Sales increased from ₹750 Lakh to ₹875 Lakh. If P/V Ratio is 30%, then increase in the contribution will be :
- The standard referred to the target which can be attained under the most favourable conditions with no allowance for normal losses, waste and machine down time, is known as:
- Which of the following techniques is most suitable to measure the performance of each segment of a concern ?
- If MCV = ₹7,500 (A), MPV = ₹2,000 (F) and MMV = ₹6,200 (A), then MYV will be :
- Standard Mix Actual Mix Material-X : 60 kg Material-X : 112 kg Material-Y : 40 kg Material-Y : 68 kg Loss @ 20% Loss @ 25% Revised Standard Quantity (RSQ) will be :
- Which of the following variance is always adverse ?
- If LEV, LITV and LMV are ₹6,300 (A), ₹600 (A) and ₹1,800 (F) respectively, then LYV will be:
- __________ is an operating and financial plan of a business enterprise.
- __________ is based on the premise that every rupee of expenditure requires justification.
- Which of the following Sections of the Companies Act, 2013 deals with the audit of Cost Accounting Records ?
- Remuneration of cost auditor is to be determined in accordance with provisions of:
- Which of the following is not a commonly used method of analyzing financial statements?
- Total Assets Turnover Ratio is a :
- Common Size Statements are examples for:
- In case of financial enterprises, cash flow arising from interest and dividends should be classified as cash flow from:
- Flow of funds takes place whenever :
- If Working Capital is ₹24 Lakh, Total Debt is ₹52 Lakh and Long-term Debt is ₹40 Lakh, then current ratio will be :
- If Stock, Current Assets and Working Capital are ₹25 Lakh, ₹80 Lakh and ₹30 Lakh respectively, then liquid ratio will be :
- If current ratio is 2.5 : 1 and Working Capital is ₹120 Lakh, then current liabilities are :
- If Average Inventory is ₹125 Lakh, Inventory Turnover Ratio is 8 times and Profit is 20% on sales, then amount of sales will be :
- Current Ratio is 2.5 : 1 and Liquid Ratio is 1.5 : 1. If inventory is ₹9,60,000, then the amount of current assets will be :
- Cost of Goods Sold is ₹90 Lakh, Purchases are ₹96 Lakh and Closing Stock is ₹18 Lakh, then Stock Turnover Ratio will be :
- If Closing balance of Profit and Loss Account is ₹50 Lakh, Depreciation is ₹5 Lakh, Goodwill written off is ₹15 Lakh, Non-operating income is ₹10 Lakh and Opening balance of Profit
- Investments at the beginning and at the end of the year 2017-18 were ₹255 Lakh and ₹210 Lakh respectively. During the year 40 percent of original investments were sold at a profit
- If Market Price per share, Earning per share and Dividend per share are ₹150, ₹16.50 and ₹15 respectively, then Price Earning Ratio will be :
- Capital Gearing Ratio is categorized as:
- The Cost Accounting Standard (CAS) concerned with quality control cost is:
- The under recovery or over recovery of overheads should be :
- __________ method of pricing of material issues is not popular as it always undervalues the stock and leads to creation of secret reserve.
- Under Balance Sheet Method of preparing cash budget, budget is prepared on the basis of :
- __________ Level Activities are identified in traditional Absorption Costing.
- Cost Audit as per the direction of the Central Government shall be conducted by :
- In an organisation labour turnover rates for a period are computed under Flux method, Replacement method and Separation method as 8%, 5% and 4% respectively. If the number of worke
- __________ trace or link the cost of performing certain activities to cost objects in Activity Based Costing system.
- Under Bedauxe Point system, the standard points fixed for a job is 600. A worker while completing the job earned 720 points. If the time rate per hour is ₹30, the bonus for the wor
- Most companies use __________ standards as the standards are more realistic.
- Blanket overhead rate is used in a factory:
- Cost auditor who conducts an audit of the cost records of a company shall submit his report along with :
- Which of the following is a service department?
- In integrated system of accounting only __________ accounts are prepared.
- By-products are distinguished from __________ only in respect of degree of importance and value.
How to Prepare for CS Executive Cost and Management Accounting
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