IGNOU| ELEMENTS OF COSTING (ECO - 10)| QUESTION PAPER – (DEC - 2023)| (BDP)| ENGLISH MEDIUM
BACHELOR'S DEGREE PROGRAMME
Term-End Examination
December - 2023
ELECTIVE COURSE: COMMERCE
ECO-10
ELEMENTS OF COSTING
Time: 2 hours
Maximum Marks: 50
Note: Attempt any two questions from Section A and any two questions
from Section B.
हिंदी माध्यम: यहां क्लिक करें
Section—A
1. What are the advantages of cost accounting? 10
2. Discuss the advantages and disadvantages of centralised
purchasing. 7+3
3. Write short notes on any two of the following: 5+5
(a) Idle
time
(b)
Contract costing
(c)
Payroll accounting
(d)
Machine Hour Rate
Section—B
4. In a factory, the following is the record of receipts
and issues were made during the first week of November 2022: 15
Date
Nov. Details
1 - 500
units received @ Rs. 5.00 per unit
2 - 300
units received @ Rs. 5.10 per unit
3 - 600
units issued
4 - 400
units received @ Rs. 5.20 per unit
5 - 300
units issued
6 - 500
units received @ Rs. 5.10 per unit
7 - 200
units issued
Prepare a Stores Ledger Account using LIFO (Last-in-First-out)
method for issuing the material.
5. From the following figures, prepare a Reconciliation statement
of cost and financial accounts to find out the profit or loss as per the cost
account: 15
(i) Net
loss as per financial records - Rs. 57,320
(ii) Director's
fees not charged in cost a/cs - Rs. 1,300
(iii) A provision
for Bad and Doubtful Debts made in financial accounts - Rs.1,140
(iv) Bank
interest credited in Financial a/cs - Rs. 60
(v) Obsolescence
loss charged in financial a/cs - Rs.16,600
(iv) Overheads in
cost account were estimated at Rs. 17,000, but the charges shown by the
financial accounts was Rs.16,640.
(vii)
Depreciation charged in financial accounts was Rs. 9,600 whereas it was
recorded in cost accounts as Rs. 8,000.
6. (a) Prepare a cost sheet from the following
information: 10
Raw material
consumed - Rs.15,000
Direct labour
charges - Rs. 9,000
Production
overheads - Rs. 4,500
Office overheads
- 20% on works cost
Units produced -
17100 units
Units sold -
16000 units @ Rs. 4.00 per unit
Selling
overheads - 0.50 paise per unit
(b) What do you
mean by normal loss and abnormal loss in process costing? 5
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