Cost Accounting Past Papers

By: Prof. Fazal Rehman Shamil

Guess Paper 1: Cost Accounting Fall – 2020 Past Papers

University Name – Confidential

Time Allowed: 3 hours

Total Marks:    70, Passing Marks (35)

Q1. Define cost accounting. Also elaborate its objectives in detail.
Q2. XYZ and company submits following data for Nov
Direct labor cost——-$31,000
CGS————————-111,000
FOH is applied @ 140% of direct labor cost
Inventory accounts showed these beginning and ending balances
Sep 1 Sep 30
Finished goods $14000 $16000
Work in process 9300 11000
Materials 6800 7400
Other data
Marketing exp— 14,300 General and administrative exp—22,100
Sales for the month—182000
You are required to prepare income statement with schedule showing CGS and manufactured.

Q3. Being a manager what kind of difficulties can you face in process cost accounting?

Q4. Rashid machine works collects its cost data by job order costing accumulation procedure. For job 646 the
following data is available.
Direct mutual direct labor
9/14 issued—$1126 week of sep 20—-180 hr@$6.50/hr
9/20 issued—664 week of Sep 26—-140 hr@$6.25/hr
9/22 issued—471
FOH is applied @ 3.50 per direct labor cost.
Q5. How would you analyse joint production cost? Discuss briefly.

Q6. Explain labor cost and its efficiency in detail.

Q7. The Imperial plant has normal capacity of 91,000 units per month. Monthly production costs are $13 variable per unit and $250000 fixed. By increasing the fixed cost $11000 amonth, the plant can produce 97000 units.
Required
a. Differential cost of the production between 80% and 90% of normal capacity.
b. Differential cost of producing 5000 units above normal capacity.
c. Per unit total production cost of 5000 units, rounded to the nearest cost.

Guess Paper 2: Cost Accounting Spring – 2020 Past Papers

Time Allowed: 3 hours

Total Marks:    70, Passing Marks (35)

Q1. Define cost accounting and its Nature in detail.
Q2. Prepare balance sheet for ABC manufacturing company for the year 2000 on the basis of following information.
Cash—-$2320,000 Land—289,000 Marketable securities—-820000
Building—-3406100 A/Recievable—–2661000 machinery equipment—-1252900
Inventories—-323800 accumulated depreciation—-8118,000
Prepaid insurance —Taxes etc—-220,000 A/Payable—-990800 accrued payroll, taxes—104,5000 estimated income tax—-190,700 due on long term debt—-200,000
Long term debt—2677,500 common stock—425,8000 retained earnings—7996,900

Q3. Discuss cost and its classifications in detail.

Q4. The Cambridge company uses job order costing. At the beginning of May, two jobs were in process:
Job 369 Job 372
Material $2000 $700
Direct labor 1000 300
Applied factory overhead 1500 450
There was no inventory of finished goods on May 1. During the month, jobs 373, 4,5,6,8 and 9 were started.
Material requisitions for May tataled $13000, direct labor cost, $10000 and actual factory overhead, $16000. FOH is applied at rate of 150% of direct labor cost.
The only job still in process at the end of Mayis No.379 with cost of $1400 for materials and $900 for direct labor.
Job 376, the only finished job on hand at the end of May, has a total cost of $2000.
Required:
1. T account for work in process, finished goods, cost of good sold, factory overhead control and applied factory overhead.
2. General journal entries to record
a. Cost of goods manufactured
b. Cost of goods sold
c. Closing of over or underapplied factory overhead to cost of goods sold.

Q5. Elaborate various difficulties in costing process. Also explain joint production cost.

Q6. Trainer, inc., whose largest selling product is track, prepares monthly production budgets for its three departments. Budgeted and its actual amount for May are as shown below.
Actual
Departments Budgeted hours Labor cost Units
Mixing 1120 6530 750
Processing 3300 18900 620
Packaging 350 2500 756
The following standards have been adopted for this product.
Standard
Department Hours per unit standard labor cost per hour
Mixing 1.5 6.10
Processing 5.0 6.50
Packaging 0.5 6.00
Prepare labor cost control report for april.

Q7. Write a note on value cost and profit analysis in detail.

Guess Paper 3: Cost Accounting Fall – 2019 Past Papers

Time Allowed: 3 hours

Total Marks:    70, Passing Marks (35)

Q1. Define cost accounting. Also elaborate various cost concepts.

Q2. Prepare balance sheet for XYZ manufacturing company for the year 2000 on the basis of following information.
Cash—-$2330,000 Land—290,000 Marketable securities—-810000
Building—-3407100 A/ Recievable—–2661000 machinery equipment—-1262900
Inventories—-323800 accumulated depreciation—-8118,000
Prepaid insurance —Taxes etc—-220,000 A/Payable—-990800 accrued payroll, taxes—104,5000 estimated income tax—-190,700 due on long term debt—-200,000
Long term debt—2677,500 common stock—425,8000 retained earnings—7996,900

Q3. Discuss differential cost analysis in detail.

Q4. Champion machine works collects its cost data by job order costing accumulation procedure. For job 642 the following data is available.
Direct mutual direct labor
9/14 issued—$1200 week of sep 20—-180 hr@$6.21/hr
9/20 issued—661 week of Sep 26—-140 hr@$7.25/hr
9/22 issued—483
FOH is applied @ 3.20 per direct labor cost.

Q5. Explain joint product and cost. Also discuss difficulties in costing.

Q6. Trainer, inc., whose largest selling product is track, prepares monthly production budgets for its three departments. Budgeted and its actual amount for april are as shown below.
Actual
Departments Budgeted hours Labor cost Units
Mixing 1200 6533 741
Processing 3220 19850 616
Packaging 350 2644 803
The following standards has been adopted for this product.
Standard
Department Hours per unit standard labor cost per hour
Mixing 1.6 6.11
Processing 5.1 6.51
Packaging 0.5 6.00
Prepare labor cost control report for april.

Q7. Write a note on differential cost and its quantitative techniques.

Guess Paper 4: Cost Accounting Spring – 2019 Past Papers

Time Allowed: 3 hours

Total Marks:    70, Passing Marks (35)

Q1. Define scope and nature of cost accounting in detail.
Q2. Abasyn and company submits following data for Nov
Direct labor cost——-$30,000
CGS————————-111,000
FOH is applied @ 150% of direct labor cost
Inventory accounts showed these beginning and ending balances
Sep 1 Sep 30
Finished goods $14000 $17000
Work in process 9500 12000
Materials 6900 7300
Other data
Marketing exp— 14,300 General and administrative exp—22,100
Sales for the month—182000
You are required to prepare income statement with schedule showing CGS and manufactured.

Q3. What type of difficulties management can face in process cost accounting?

Q4. ABC machine works collects its cost data by job order costing accumulation procedure. For job 642 the
following data is available.
Direct mutual direct labor
9/14 issued—$1125 week of sep 20—-180 hr@$6.25/hr
9/20 issued—662 week of Sep 26—-140 hr@$6.28/hr
9/22 issued—470
FOH is applied @ 3.60 per direct labor cost.
Q5. How would you analyse joint production cost? Discuss briefly.
Q6. Explain labor cost and its efficiency in detail.
Q7. The Sanco River plant has normal capacity of 91,000 units per month. Monthly production costs are $12 variable per unit and $250000 fixed. By increasing the fixed cost $11000 a month, the plant can produce 96000 units.

Required
a. Differential cost of the production between 80% and 90% of normal capacity.
b. Differential cost of producing 5000 units above normal capacity.
c. Per unit total production cost of 5000 units, rounded to the nearest cost.

Guess Paper 5: Cost Accounting Fall – 2018 Past Papers

Time Allowed: 3 hours

Total Marks:    70, Passing Marks (35)

Q.1  What is cost accounting? Explain its objectives in detail.

Q.2  Define various cost concepts. List some examples of indirect manufacturing cost.

Q.3  What is standard cost? Also explain relevant range in cost accounting.

Q.4  Explain differential cost analysis in detail.

Q.5  Explain briefly how would you analyse joint product cost.

Q.6  The premier plant of the union company has normal capacity of 90,000 units per month. Monthly       production costs are $10 variable per unit and $250000  fixed. By increasing the fixed cost $10000 a       month, the plant can produce 96000 units.

Required

  1. Differential cost of the production between 80% and 90% of normal capacity.
  2. Differential cost of producing 5000 units above normal capacity.
  3. Per unit total production cost of 5000 units, rounded to the nearest cost.

 

Q.7  ABC machine works collects its cost data by job order costing accumulation procedure. For job 642 the       following data is available.

Direct mutual                                      direct labor

9/14 issued—$1300                            week of sep 20—-180 hr@$6.25/hr

9/20 issued—663                                week of Sep 26—-140 hr@$7.35/hr

9/22 issued—485

FOH is applied @ 3.60 per direct labor cost.

Prof. Fazal Rehman Shamil