Course: Cost and Management Accounting

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NMIMS Global Access

School for Continuing Education (NGA-SCE)

Course: Cost and Management Accounting

Internal Assignment Applicable for December 2016 Examination

Assignment Marks: 30

Instructions:

·       All Questions carry equal marks.

·       All Questions are compulsory

·       All answers to be explained in not more than 1000 words for question 1 and 2 and for question 3in not more than 500 words for each subsection. Use relevant examples, illustrations as far aspossible.

·       All answers to be written individually. Discussion and group work is not advisable.

·       Students are free to refer to any books/reference material/website/internet for attempting theirassignments, but are not allowed to copy the matter as it is from the source of reference.

·       Students should write the assignment in their own words. Copying of assignments from otherstudents is not allowed.

Question. 1. The board of directors of your company asked you to prepare certain projections, reports and present certain information so that they can take decision regarding whether to continue a particular venture or not. Discuss the tools you will be using to extract and present the necessary accounting information to the management. (10 Marks)

Answer: Management is one of the most complicated tasks and when it is the matter of stats and analysis process of accounting then you need to be extra careful. In the present time, there are several tools that can be highly assistive for you in this task. Using tools is the most efficient way to get perfect results of your analysis and it will require less effort as well. In short, tools will be best option for you when your board of directors asked you to prepare professionalized projections, reports and then present certain information professionally so that they can easily take necessary decision regarding the topic of continuing a particular venture or not.

Question.2. M Ltd introduces 5000 units in a process at a cost of Rs 20000. The wages and overhead incurred are Rs 12000 and Rs15000 respectively. In normal course 10 % of the units introduced are defective. Actual output of goods is 4400 units. The rectification cost of defective units is Rs 5 per unit.

Calculate

The cost per unit

Value of abnormal loss

Process Account

(10 Marks)

Answer:

Answer:

Cost per unit      = (Cost – Abnormal loss) / Output units

= (20000+12000+15000-5*100) / 4400

                             = 46500 / 4400

                             = 10.57 Rs

Value of abnormal loss = 100 units * 5 Rs per unit

                                           = 500 Rs

Question.3. a) It is very necessary for an organization to analyses the cost drivers in order to control cost and to maximize overall value. You are the cost accountant in Cipla Ltd, suggest the major components for analysis, so that the company can lower its costs and also create strategic competitive advantages. (5 Marks)

Answer: Cost driver analysis is necessary so that the company can ensure that the costs are controlled and the overall value reaches to the maximum level. When you are a cost accountant in Cipla Ltd then you have the responsibility to do the necessary cost analysis with proper accuracy and professionalism. You will need to give your consideration to the major analysiscomponents so that you can make sure that you are doing everything perfectly without any error.

Cipla Ltd cost analysis will require proper strategy

b) As this is the season of festivals employees of Mumbai Rayon fashion ltd are getting the overtime premium because they are working beyond the working hours in order to meet the market demand. You are the cost accountant of the company, the management wants to discuss with you the effects of overtime on productivity and how the same will be treated in cost accounting. Discuss at least five points. (5 Marks)

Answer:Working hours is always fixed in reputed companies.Mumbai Rayon fashion ltd has working hours for its employees and when there is extra work requirement then employees are requested to stay for a longer time so that they can contribute more and they get working hour wage in return of their hard work. This is the simple procedure that every company follows.

In this case, Mumbai Rayon fashion ltd needs extra manpower on the festive season when most of the employees are not interested in more work load. So, in order to allow employees to get comfortable with extra working hours, company is offering

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