CS Executive Cost and Management Accounting PYQ December 2020: Question Paper and Available Answers
CS Executive
Cost and Management Accounting
PYQS Series
December 2020
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 2020). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.
Indexed questions
- From the following information of XYZ Ltd., in respect of semi-variable costs, the variable cost per unit will be : Month | Production (in units) | Semi-variable costs (₹) January
- You are given the following information : Per unit Selling Price | ₹30 Direct Material Cost | ₹10 Direct Labour Cost | ₹6 Variable overhead 65% on direct labour cost, trade discoun
- Which of the followings is not true ?
- Which of the followings is not an application of Marginal Costing?
- Statement I: Although the Law of supply and demand to a great extent determine the price of an article, cost to the producer plays an important role. Statement II: Adequate costing
- These costs are incurred to maintain certain facilities and cannot be quickly eliminated. The management has little or no discretion in these costs. These costs are termed as:
- __________ is not included in tools and techniques of Management Accounting.
- 'Cost which can be influenced by its budget holder' is known as:
- For paper manufacturing industry which method of costing shall be used:
- Match the following Cost Accounting Standards with titles: CAS | Title (a) CAS 6 | (1) Direct Expenses (b) CAS 10 | (2) Manufacturing Cost (c) CAS 19 | (3) Material Cost (d) CAS 22
- Cost Accounting is mostly __________ in its approach.
- What will be the total wages of A, a worker, as per Barth's scheme for the following data ? Time Allowed : 9 Hours Time Taken : 6.25 Hours Time Saved : 2.75 Hours Hourly Rate : ₹25
- In which of the following situations, 'Time Rate System' is most suitable ?
- Cost of training is an example for:
- Which of the followings is not a characteristic of Taylor's differential piece rate system ?
- A worker in PQR Ltd., is paid a guaranteed wages of ₹60 per hour. The standard time per unit for a particular product is 4 hours. X, a machine man, has been paid wages under the Ro
- Which of the followings is not an idle time arising due to administrative causes ?
- Which Premium Bonus Plan has the following features ? (a) Time wages are guaranteed (b) The standard time is set in terms of standard man minutes called 'manits' (c) Bonus is given
- The following data are given : Direct Material | ₹40,000 Indirect Material | ₹20,000 Direct Labour | ₹24,000 Indirect Labour | ₹18,000 Direct Expenses | ₹14,000 Indirect Expenses |
- Which of the following items is not included in cost sheet ?
- You are given the following data related to Job No. 555 : Direct Materials ₹3,600 Direct Wages for 90 hours @ ₹4 Variable overhead incurred for all jobs ₹9,000 for 4,500 hours. If
- Assertion (A): Batch costing is used for calculating total cost of each batch. Reason (R): It is used in industries where output is done for a batch of customers. Codes:
- You are given the following information : Contract Price ₹75,00,000 Cumulative figures: (i) To end of previous period — profit recognized ₹12,25,000 (ii) To end of current period —
- Which are not the features of Process Costing? (i) The production is continuous (ii) The product is not homogeneous (iii) The process is standardized (iv) The output of each proces
- The following information is available in respect of Process Z: Units introduced 5,000 units Material received from store | ₹50,000 Direct Labour | ₹24,000 Overheads | ₹16,000 Outp
- Gasoline, diesel, paraffin and asphalt which are obtained from Crude Oil are:
- __________ is also known as De nova budgeting.
- Rajesh Ltd., produces and sells a single product. Sales budget for the current year (quarterwise) is as follows: Quarter | Units to be Sold I | 24,000 II | 30,000 III | 33,000 IV |
- A retail store makes 30% of its sales for cash and the remainder on credit. Due to faulty credit collection practice, there have been losses from bad debts to the extent of 2% cred
- You are given the following semi-variable overheads of a company at 60% level of activity: | ₹ Electricity (40% Fixed) | 40,000 Repairs (80% Variable) | 6,000 Total | 46,000 The to
- From the following data, Raw Materials Purchase Budget for January 2020 will be: Estimated Stock on Jan. 1 | 46,000 units Estimated Stock on Jan. 31 | 50,000 units Estimated Consum
- Material Y is used to produce a toy. It is budgeted that each toy will require 4 kgs of material @ ₹9 per kg. During a month 1,000 pieces of toys were produced using 4,200 kgs of m
- You are given the following data: | Standard | Actual Material P | 7 kg @ ₹3 | 880 kg @ ₹3.10 Material Q | 3 kg @ ₹5 | 320 kg @ ₹4.90 The material mix variance would be :
- Following data are given : (i) Gross Direct Wages ₹15,000 (ii) Standard hours produced = 7600 (iii) Standard Rate per hour = ₹2.10 (iv) Actual hours paid @ ₹2.40 are 7500, out of w
- The records of a manufacturing company reveals the following information : Budgeted production for Dec. : 400 units Budgeted variable overhead : ₹8,000 Standard time for one unit :
- You are given the following data: Standard fixed overhead rate per hour ₹5 Actual fixed cost ₹1,00,000 Standard production 19,000 units Actual production 20,000 units What will be
- Which of the followings is not a cause of 'Material Usage Variance'?
- You are given the following information of a company regarding material S: Material | % in total units | % in total cost S | 5% | 40% This material will be classified in ABC analys
- Raja manufacturing company requires 2000 units of raw material per month. The ordering cost is ₹25 per order. The carrying cost, in addition to ₹3 per unit, also estimated to be 10
- You are given the following information in respect of Material Y: Re-order Quantity : 360 units Re-order Period : 3 to 5 weeks Maximum Consumption : 90 units per week Normal Consum
- Which of the following is not an objective of store-keeping ?
- 'Standard Price Method' of pricing material issues is :
- Statement 1: Financial statements are always expressed in monetary terms. Statement 2: Financial statements are exact final reports of the financial gain or loss and those can neve
- You are given the following information by P Company : | ₹ Cash | 12,00,000 Debtors | 3,00,000 Stock | 4,00,000 Prepaid Expenses | 50,000 Creditors | 2,00,000 Bills Payable | 50,00
- Vertical analysis of financial statements is also known as:
- The analysis of financial statements by a shareholder is an example for:
- Raman company has issued 13% debentures for ₹10,00,000 in cash at par. The impact of this item:
- RST company produces a single product M which passes through three production departments: manufacturing, grinding and finishing. Following details are given : | Direct Wages (₹) |
- There are two machines X and Y in production department. The combined insurance and depreciation of these machines is ₹40,000. Following details are further given : | X | Y Capital
- Which is not a method for secondary distribution of overheads ?
- Match the following : (P) Maintenance | (1) Area department (Q) Welfare | (2) Value of department Materials (R) Stores-keeping | (3) Number of department Employees (S) Building ser
- If cost of machine is ₹1,00,000, installation charges ₹5,000, scrap ₹3,000 and life of machine is 50,000 hours, then depreciation per hour would be :
- You are given the following data : Cost of machine ₹8,40,000 Estimated scrap value ₹40,000 Effective working hours 40,000 Hours worked during 4 weeks 300 Weekly repairs payment ₹50
- Which section of the Companies Act, 2013, deals with audit of 'Cost Accounting Records'?
- Which of the following is not the purpose of Cost Audit ?
- The requirement of Cost Audit is applicable to which of the following category of companies :
- The filling of a casual vacancy in the office of a cost auditor shall be informed by the company to the Central Government in:
- Match the following in the light of cost audit techniques : (P) Accounting | (1) Exponential Technique Smoothing (Q) Scientific | (2) Ergonomic Technique (R) Statistical | (3) Comp
- Under activity based costing, which activity is considered as 'Product level activity'?
- The following entry is recorded under Non-integrated system : Work in Progress Control A/c Dr. To General Ledger Adjustment A/c The transaction is :
- Which of the following statements is not true with regard to 'Integrated Accounting System'?
- Which of the following items is not an appropriation of profits ?
- Depreciation charged in cost books is ₹15,000 and in financial books ₹10,000. What will be the profit as per financial books when profit as per cost books is ₹18,500?
- Difference between the purchase price of an asset and its salvage value is:
- The loss of interest and dividend that would be earned otherwise from an amount invested in plant and machinery is :
- The technique where standardized principles and methods of cost accounting are employed by a number of different companies and firms is:
- The use of LIFO system is suitable :
- The personnel department of Zenith Ltd., has computed its labour turnover rates for the quarter ending 31st December, 2018 as 8%, 12% and 16% respectively under 'Separation method'
- The incentive scheme is a combination of Halsey's and Gantt's scheme. A straight line increasing incentive is given in it beyond 100% efficiency. The scheme is :
- In Activity Based Costing (ABC), the item for which measurement of cost is required is termed as:
- Which of the following items is not included in Cost Accounts ?
- You are given the following data: Sales | ₹40,00,000 Variable Cost | ₹24,00,000 Net Profit | ₹4,00,000 Break-even point in this case would be :
- The following data are given : Sales ₹ 15,00,000 Fixed Cost ₹ 4,00,000 P/V Ratio 40% The Profit is:
- In a concern, sales increased from ₹4,00,000 to ₹8,00,000 and corresponding profit from ₹2,00,000 to ₹3,00,000, then P/V ratio is :
- Following data are given : Fixed Cost | ₹7,50,000 Margin of Safety | ₹10,00,000 Profit | ₹3,00,000 Break-even point would be :
- Debt Service Ratio from the following data will be : Interest charges | ₹6,50,000 Net Profit ₹15,00,000 after charging : Interest | ₹3,00,000 Salary | ₹2,40,000 Rent | ₹60,000 Taxe
- Which one of the following is not treated as cash equivalent ?
- Cash flows from sale of fixed assets is treated as:
- Opening debtors ₹1,00,000, Closing debtors ₹2,00,000 and Net profit ₹5,00,000. Then cash flow from operations would be :
- "Higher the ratio, the more favourable it is." This presumption does not apply to:
- Which of the following would not cause either an under or over absorption of overhead?
- Break-even chart is prepared by assuming that :
- If fixed cost decreases while variable cost per unit remains constant, the new B.E.P. in relation to the old B.E.P. will be :
- From the following information, determine by how much amount the sales must be increased to attain break-even : Net Sales | ₹4,00,000 Fixed Costs | ₹2,00,000 Variable Costs | ₹2,40
- In absorption costing emphasis is given on:
- In standard costing standards are established in respect of:
- __________ are more realistic standards.
- The standard material required to produce one unit of product Z is 5 kgs and the standard price per kg of material is ₹30. The Cost Accounts show that 16,000 kgs of material were u
- __________ is attainable under standard conditions.
- The attribute consistency, which should be possessed by the financial statements prepared by an enterprise, has a direct bearing upon the other attribute namely:
- In a contract for a consideration of ₹50 lakh commenced on 1-4-2017, cash received on 31-3-2018 was 18 lakhs (90% of work certified). Work completed but not certified was one lakh.
- If Orange Ltd.'s current ratio is 5.5 : 1, Quick ratio is 4 : 1 and Inventory is ₹24,000, its current liabilities are :
- Market price of a share having a face value of ₹10 is ₹40. The profits available for equity shareholders are ₹2,00,000. If the paid-up share capital of the company is ₹5,00,000, th
- Which of the following will result into flow of funds ?
- Management reporting is the instrument for:
- While apportioning total process costs upto the point of separation over the joint products, __________ is considered to be the more equitable than other methods.
- A transport service company incurred a total operating cost of ₹1,40,500 in June, 2019 to operate five buses between two places which are 50 kms apart. Each bus is having a seating
- Besides the management, __________ and __________ are also benefitted in many ways by installing a good cost accounting system in an organisation.
- In __________ the contractee has the right to conduct cost audit to ensure that he is not being cheated by the contractor.
- The Balance Sheet of a company shows an opening balance of ₹1,80,000 and ₹60,000 respectively in Plant A/c and Provision for Depreciation on Plant A/c. The closing balances of thes
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