CS Executive Cost and Management Accounting PYQ December 2021: Question Paper and Available Answers
CS Executive
Cost and Management Accounting
PYQS Series
December 2021
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 2021). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.
Indexed questions
- Costs are classified on the basis of time :
- Office rent as cost is an example of :
- A............is a devise for the purpose of breaking up or separating costs into smaller sub-divisions.
- Which of the following is not a method of costing?
- ............relate to two or more products from a common production process or element-material, labour and overhead or any combination thereof or so locked together that one canno
- Sum of direct labour and manufacturing overhead is termed as:
- Cost Centres are classified as: (i) Personal and impersonal cost centres (ii) Administrative and non-administrative cost centres (iii) Productive, unproductive and mixed cost centr
- Match the following Cost Accounting Standards with Titles: CAS Title (i) CAS-7 (1) Pollution Control Cost (ii) CAS-14 (2) Interest and Financing Charges (iii) CAS-21 (3) Employee C
- Which of the following is not an objective of management accounting?
- Min-Max Plan is a :
- The following information is given : Maximum usage : 200 units per day Minimum usages : 140 units per day Delivery period : 6 to 10 days Minimum stock level will be :
- A factory produces 500 units of a product per week. Consumption of raw material is 8 kg for one(1) unit of the product. Purchase price of raw material is ₹130 per kg. Cost of placi
- Monthly consumption of a material; Economic order quantity and cost per order are 6000 units; 4000 units and ₹1,500 respectively, then total annual carrying cost will be :
- The following features are given : (i) It is a quantity record (ii) It is kept inside the stores (iii) It is maintained by the store-keeper (iv) The postings are done before the tr
- Which of the following method of pricing of material issue is categorized as 'Notional Price Method' ?
- Under which of the following methods, the materials in stock are valued at the price of the latest purchases:
- The following information is related to Job No. 503: Raw materials ₹14,000 Direct wages (@₹110 per hour) ₹7,150 Production overhead incurred for all the jobs ₹24,75,000 for 55,000
- If the loss as per cost accounts is ₹13,10,000 and closing stock is overvalued in cost accounts by ₹35,000 and factory overheads are under-absorbed in cost accounts by ₹48,000, the
- ............are those materials or components which are so damaged in the manufacturing process that they cannot be repaired or reconditioned.
- The following information is given for receipts and issues of a material in the month of May, 2021: Date Particulars Quantity (kg.) Rate (₹) May, 1 Balance 600 15 May, 4 Receipt 1,
- Which of the following methods of pricing of material issues, avoids price fluctuations and reduces the number of calculations and gives an acceptable figure for stock?
- Daily Time Sheets; Weekly Time Sheets; and Job Cards are the methods used for :
- If the overtime is due to a general pressure of work to increase the output, then the overtime premium may be charged to:
- Which of the following are the methods of measurement of labour turnover ?
- Priestman Production Bonus Plan is a :
- The following information is given to you: Standard output in 12 hours is 144 units. Actual output of a worker in 10 hours is 150 units. Time wage rate ₹60 per hour. Total earnings
- Most of the firms prefer to treat the learners' wages as............as learners take more time than a trained worker.
- If the amount of work certified is 1/2 or more of the contract price:
- Value of work certified + Cost of work uncertified - Reserve for unrealised profit - Amount received from the contractee = ............
- In an activity based costing system, the allocation basis that are used for applying costs to services or procedures are called:
- Production manager's salary is an example of :
- Reconciliation of cost and financial accounts is required, if accounts are maintained as :
- Which of the following important accounts are maintained under non-integrated accounting system? (i) Stores ledger adjustment account (ii) Wages control account (iii) Depreciation
- When the production increases the fixed overhead per unit ............and the variable overhead per unit............
- Which of the following is not considered as criteria for secondary distribution of overheads ?
- Which of the following is not a reciprocal service method of re-distribution of service departments' costs ?
- If variable cost ratio is 70% of selling price and profit is ₹7,20,000, then margin of safety will be:
- If Fixed cost and Break-even sales are ₹78 lakh and ₹23.40 lakh respectively, then profit will be at a sales of ₹95 lakh :
- Given: Selling price per unit is ₹80; P/V Ratio is 40%; and BEP is 24,000 units. If selling price decrease by 10%, then new BEP will be :
- Which of the following is not included in cost accounts ?
- Single or output costing method is most suitable for:
- Which of the following costing methods is most suitable for the industries, where the production is not on continuous basis, rather it is only when order from customers is received
- The cost of sub-contracts is :
- The situation of unrealized profit in the closing stock arises in the case of :
- ............is adopted where by-products are utilised by the factory itself as input material for some other process.
- Which of the following is not used as a method for apportioning total joint cost over the Joint Products ?
- Which of the following is not an item of standing charges in transport costing?
- S - ? = F + P; The term for ? will be :
- A company which has a margin of safety of ₹4,00,000 makes a profit of ₹80,000. If its break-even sales is ₹25,00,000, then fixed cost will be :
- When the sales increase from ₹25,00,000 to ₹33,00,000 and cost of sales increases from ₹23,20,000 to ₹28,00,000, the P/V Ratio will be :
- P/V Ratio and Marginal Safety of a firm are 40% and 30% respectively. If the sales of the firm is ₹65,00,000, then break-even point and profit will be :
- Which of the following variance always shows adverse result?
- Given: Standard time : 50 hours @ ₹60 per hour Actual wages paid : ₹3080 @ 55 per hour Actual time worked : 53 hours during the period Idle time variance will be :
- The following information is given : Standard quantity : 1200 kg. for output of 1080 kg. Standard price : ₹20 per kg. Material purchased : 1250 kg. at ₹26,250 Opening and closing s
- The following information is given : Standard quantity : 1200 kg. for output of 1080 kg. Standard price : ₹20 per kg. Material purchased : 1250 kg. at ₹26,250 Opening and closing s
- The following information is given : Standard quantity : 1200 kg. for output of 1080 kg. Standard price : ₹20 per kg. Material purchased : 1250 kg. at ₹26,250 Opening and closing s
- The following information is relating to variable overheads of a company : Budgeted production for May, 2021: 45000 units Budgeted variable overhead: ₹1,17,000 Standard time for on
- ............is prepared for the estimation of plant capacity to meet the budgeted production during the budgeted period.
- Which of the following is not a personal technique of cost audit ?
- Statement-1: Right to access at all times the books of account and vouchers of the company, whether kept at the head office of the company or elsewhere. Statement-2: Entitled to re
- Given: Month April, 2020 May, 2020 June, 2020 Total Sales (₹) 35 Lakh 38 Lakh 40 Lakh 20% of the sales are on cash basis and the remaining on credit basis. 2% of credit sales const
- The cost per unit of a product manufactured in a factory amounts to ₹210 (80% variable) when the production is 15,000 units. If production increases by 20%, the per unit cost of pr
- In 'make or buy' decision, it is profitable to buy from outside only when the supplier's price is below the :
- ............are those in which figures reported are converted into percentages to some common base.
- Generally, a liquid ratio of ............and current ratio of............are considered as ideal for a concern.
- Net fixed assets plus working capital is equal to :
- ............refers to the treatment of information contained in the financial statement in a way so as to afford a full diagnosis of the profitability and financial position of the
- The following information is given to you: Opening Receivables ₹2,35,000; Closing receivables ₹2,89,160; Average monthly sales ₹3,78,000, out of which 20% cash sales. Assuming 360
- The companies covered under the Cost audit category shall within ............days of the commencement of every financial year, appoint a cost auditor at remuneration to be determin
- If a company's current assets are ₹28,20,000; Inventory ₹9,30,000 and working capital ₹15,60,000. The liquid ratio will be:
- If the current ratio is 3: 1, Liquid ratio is 1.5: 1 and working capital is ₹38,40,000, then current assets will be :
- Given : 8,00,000 Equity shares of ₹10 each fully paid Profit after tax ₹22,80,000 (Corporate tax rate 30%) Market price of each equity share ₹40 and equity dividend paid 30%. The d
- Given: 6,00,000 Equity shares of ₹10 each fully paid. 8% 2,00,000 Preference shares of ₹10 each fully paid. Profit after tax ₹22,80,000 (Corporate tax rate 30%). Market price of ea
- Given: 6,00,000 Equity shares of ₹10 each fully paid. 8% 2,00,000 Preference shares of ₹10 each fully paid. Profit after tax ₹22,80,000 (Corporate tax rate 30%) Market price of eac
- Pina Ltd's. purchases are ₹1,155 Lakh, Sales ₹1,530 Lakh, Closing stock ₹174 Lakh and opening stock ₹158 Lakh. If the rate of gross profit is 25% on cost, then Inventory Turnover R
- Cash receipts from royalties, fees, commissions and other revenues are examples of:
- Statement-1: In the case of financial enterprises: Cash flows arising from interest paid and interest and dividends received, should be classified as cash flows from operating acti
- Given : 6,00,000 Equity shares of ₹10 each fully paid. 8% 2,00,000 Preference shares of ₹10 each fully paid. Profit after tax ₹22,80,000 (Corporate tax rate 30%). Market price of e
- A factor which will limit the activities of an undertaking and which is taken into account in preparing budgets, is termed as:
- A method of budgeting whereby all activities are re-evaluated each time a budget is set. Discrete levels of each activity are valued and a combination chosen to match funds availab
- Balance of plant and machinery account on 01/04/2020 and on 31/03/2021 were ₹51,45,000 and ₹61,85,000 respectively. Depreciation charged on the plant and machinery ₹7,71,750. If du
- Machinery purchased for ₹18,65,000 and 1,00,000 equity shares of ₹10 each issued to machinery vender at a premium of ₹5 per share. The funds flow would be :
- If standard time is 72 hours, then what would be time saved to getting same bonus under Halsey Plan and Rowan Plan ?
- Given: Rent of finished goods warehouse ₹75,000 Drawing office salary ₹72,000 Legal fees ₹10,000 Discount allowed ₹5,000 General Manager's salary ₹1,80,000 Consumable stores ₹13,50
- Which of the following is not an avoidable cause of labour turnover ?
- Most suitable basis for apportioning canteen expenses would be :
- If prime cost is ₹17,80,000 and factory cost is ₹22,25,000, then absorption rate of factory overhead on prime cost is:
- Operating costing is most suitable for:
- Costs are caused by a group of things being made, handled or processed at a single time are referred to as:
- In process costing, if an abnormal gain arises, the process account is generally :
- ............are defined as "any saleable or usable value incidentally produced in addition to the main product."
- The following information is given to you: Input of raw material is 25,000 units, output 23,950 units. If the normal loss is 5% of input, then :
- ............refers to the method of costing followed by a business wherein a large variety of articles are produced, each differing from the other both in regard to material requir
- A large angle of incidence denotes a :
- A best product-mix is determined on the basis of :
- Which of the following variance is also known as gang variance ?
- Fixed overhead volume variance-Fixed overhead efficiency variance = ?
- Methods of cash budget are :
- The following details are given to you: Raw Material Consumed ? Direct Labour Cost ? Factory Overhead ₹1,35,000 (60% of direct Labour Cost) Factory Cost ₹6,40,000 The amount of raw
- The following information is given : Input of raw material @ ₹50 per unit 10,000 units Direct Material ₹1,50,000 Direct Wages ₹90,000 Production Overhead ₹1,15,500 Actual output tr
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