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Cost & Management Accounting
April 2023 Examination
Q1. X Ltd. made sales of ₹1,00,000
during a certain period. The net profit for the same period was ₹10,000 and the
fixed overheads were ₹15,000.
Find out:
a) Profit volume (P/V) ratio;
b) Break-even point (B/E) sales;
c) Volume of sales to earn a profit
of ₹15,000;
d) Net profit from the sales of
₹1,50,000.
Ans 1.
Introduction
Most know that an organization runs its
activities only to earn earnings. Profits aid the business to solution in the market
for an extensive duration and help them purchase their own business or some
other firms to grow their e to ensure that they can use that worsened money in
other service tasks. Companies concentrate on increasing and expanding their
organizations to raise sales, eventually increasing their earnings.
As an example- ABC is a follower manufacturing
company. In the current financial year, it sold followers worth ten crore
Q2. Describe the
various steps involved
in adopting standard
costing system in an
organization. (10 Marks)
Ans 2.
Introduction
In
accounting, a typical costing system can be specified as a device for handling
and regulating costs, planning budgets, and evaluating cost administration
performance.
A
primary or general costing system approximates a production process's
called-for costs. Before the initiation of the accounting duration, determine
the standards and set concerning the cost and number of direct products needed
for the production process and the pay price and quantity of direct work needed
for the production process. These standards assist us in framing a spending
Q.3a. Explain
integrated accounting system and state its advantages. (5 Marks)
Ans 3a.
Introduction
Integrated accounts can be declarations in
which the cost accounting and monetary deals are combined. When the monetary
accounts and the cost are incorporated and taped in the same collection of
books, it is called incorporated
3.
b. M/s ABC Private Limited allotted a standard time of 40 hours for a job and
the rate per hour is ₹75. The actual time taken by a worker is 30 hours. You
are required to calculate the total earnings under either of the following
plans: (i) Halsey Premium Plan (Rate 50%) (ii) Rowan Plan. (5 Marks)
Ans 3b.
Introduction
I) Halsey costs- Halsey premium plan technique
entails standard time for doing each procedure, the job is taken care of, and
the worker is given salary and income for the real-time he functioned to finish
the job or operation at the concurred price per hour plus extra money as perk
equal to one-half of the incomes of the time saved. In truth, the costs are
between 33 cents to 66 percent
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fully solved assignments by professionals
Do
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call us at :08263069601
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