PGDFS

(Semester I) Examination 2014

Financial and Cost Accounting
(2008 Pattern)
Time: 3 Hours Max Mars: 70

Instructions:
1. Attempt any five questions.
2. All questions carry equal marks.

Q.1. Distinguish between Standard Costing and Marginal Costing
Q.2. explain various decision-making tools in cost accounting with suitable examples.
Q.3. what is accountancy? Distinguish between cost accounting and financial accounting.
Q.4. explain the importance of international accounting standards.
Q.5. explain various elements of cost with suitable examples.
Q.6. from the following information you are required to prepare a cost sheet for M/S Sonal furnitures pvt.ltd the year ended
31.12.2013
Particulars Amount (Rs)
Stock of Finished goods(1.1.2013) 6,000
Stock of Raw Materials (1.1.2013) 40,000
Work in Progress (1.1.2013) 15,000
Purchase of raw material 4,75000
Carriage inward 12,500
Factory rent 7250
Other production expenses 43,000
Wages 1,75,000
Work managers salary 30,000
Factory employees salary 60,000
Power expenses 9,500
General expenses 32,500
Sale for the year 8,60,000
Stock of raw materials 50,000
Stock of goods (31.12.2013) 15,000
Work in Progress (31.12.2013) 10,000

Q.7. write short notes on:. (any three)
I. Subsidiary books
II. Trial Balance
III. Zero Base Budgeting
IV. money measurement concept

Paper 1 Solution:-
Q.1. Distinguish between Standard Costing and Marginal Costing (14 Marks)
Q.2. explain various decision-making tools in cost accounting with suitable examples.
meaning of cost accounting 4 marks
tools and example (2 marks each tool) 10 marks
Q.3. what is accountancy? (4 marks ) Distinguish between cost accounting and financial accounting. (10 marks)
Q.4. explain the importance of international accounting standards. (14 marks)
Q.5. explain various elements of cost with suitable examples.
cost meaning 4 marks
elements and example (2 marks each) 10 marks
Q.6. from the following information you are required to prepare a cost sheet for M/S Sonal furnitures pvt.ltd the year ended
31.12.2013
Particulars Amount (Rs)
Stock of Finished goods(1.1.2013) 6,000
Stock of Raw Materials (1.1.2013) 40,000
Work in Progress (1.1.2013) 15,000
Purchase of raw material 4,75000
Carriage inward 12,500
Factory rent 7250
Other production expenses 43,000
Wages 1,75,000
Work managers salary 30,000
Factory employees salary 60,000
Power expenses 9,500
General expenses 32,500
Sale for the year 8,60,000
Stock of raw materials 50,000
Stock of goods (31.12.2013) 15,000
Work in Progress (31.12.2013) 10,000
Page no; 45
Q.7. write short notes on:. (any two) (7 marks each)
I. Subsidiary books (explain 5 types with ruling)
II. Trial Balance
III. Zero Base Budgeting
IV. money measurement concept


PGDFS
(Semester I) Examination 2014
Financial and Cost Accounting
(2008 Pattern)
Time: 3 Hours Max Mars: 70

Instructions:
1. Attempt any five questions.
2. All questions carry equal marks.


Q.1. what is accountancy? Distinguish between cost accounting and financial accounting.
Q.2. what is difference between budget and budgetary control? Explain with suitable example.
Q.3. explain various concepts and conventions of financial accounting
Q.4. explain the importance of international accounting standards.
Q.5. explain various elements of cost with suitable examples.
Q.6. Sheetal industries provides you following information. on 1
st
Jan 2013, there were were 5000 units of finished goods in stock.
Work in progress Rs.57,400
Raw Materials Rs. 1,16,200
the information available from cost records for the year ended 31
st
December 2013 was as follows:
Rs.
Direct materials 9,06,900
Direct labour 3,26,400
Freight on raw materials purchased 55,700
Indirect labour 1,21,600
Other factory overheads 3,17,300
Stock of raw materials (31.12.2013) 96,400
Work in progress (31.12.2013) 78,200
Sales (15,000 units) 30,00,000
Indirect materials 2,13,900
there are 15000 units of finished stock as on 31
st
dec.2013.
prepare cost and profit assuming the opening stock of finished goods is to be valued at the same cost per unit as the finished stock at
the end of the period.

Q.7. write short notes on:. (any two)
I. Subsidiary books
II. Trial Balance
III. golden rules of accounting
IV. Zero Base Budgeting
V. matching concept

Paper 2 Solution:-

Q.1. what is accountancy? (4 marks ) Distinguish between cost accounting and financial accounting. (10 marks)
Q.2. what is difference between budget and budgetary control? Explain with suitable example.
budget meaning 4 marks
difference 10 marks (5 points)
Q.3. explain various concepts and conventions of financial accounting
concept 7marks
conventions 7marks
Q.4. explain the importance of international accounting standards.
introduction 2 marks,
meaning 4 marks,
importance 8 marks
Q.5. explain various elements of cost with suitable examples.
meaning of cost 4 marks
elements 10 marks (2 marks each)
Q.6. Sheetal industries provides you following information. on 1
st
Jan 2013, there were were 5000 units of finished goods in stock.
Work in progress Rs.57,400
Raw Materials Rs. 1,16,200
the information available from cost records for the year ended 31
st
December 2013 was as follows:
Rs.
Direct materials 9,06,900
Direct labour 3,26,400
Freight on raw materials purchased 55,700
Indirect labour 1,21,600
Other factory overheads 3,17,300
Stock of raw materials (31.12.2013) 96,400
Work in progress (31.12.2013) 78,200
Sales (15,000 units) 30,00,000
Indirect materials 2,13,900
there are 15000 units of finished stock as on 31
st
dec.2013.
prepare cost and profit assuming the opening stock of finished goods is to be valued at the same cost per unit as the finished stock at
the end of the period.
Solution:- 47
Q.7. write short notes on:. (any two) 7 marks each
I. Subsidiary books (explain 5 types with ruling)
II. Trial Balance
III. golden rules of accounting
IV. matching concept

PGDFS
(Semester I) Examination 2014
Financial and Cost Accounting
(2008 Pattern)
Time: 3 Hours Max Mars: 70

Instructions:
1. Attempt any five questions.
2. All questions carry equal marks.


Q.1. explain various concepts and conventions of financial accounting
Q.2. what is difference between standard cost and estimated cost? Give advantages of standard costing.
Q.3. what is accountancy? Distinguish between cost accounting and financial accounting.
Q.4. explain the importance of international accounting standards.
Q.5. what do you mean by marginal costing? Explain applications and limitations of marginal costing.
Q.6. from the following information you are required to prepare a cost sheet for M/S Sonal furnitures pvt.ltd the year ended
31.12.2013
Particulars Amount (Rs)
Stock of Finished goods(1.1.2013) 6,000
Stock of Raw Materials (1.1.2013) 40,000
Work in Progress (1.1.2013) 15,000
Purchase of raw material 4,75000
Carriage inward 12,500
Factory rent 7250
Other production expenses 43,000
Wages 1,75,000
Work managers salary 30,000
Factory employees salary 60,000
Power expenses 9,500
General expenses 32,500
Sale for the year 8,60,000
Stock of raw materials 50,000
Stock of goods (31.12.2013) 15,000
Work in Progress (31.12.2013) 10,000
Page no; 45
Q.7. write short notes on:. (any two)
I. idle time
II. types of overheads
III. golden rules of accounting
IV. budgetary control
V. matching concept


paper 3 solution
Q.1. explain various concepts and conventions of financial accounting
concept 7marks
conventions 7marks

Q.2. what is difference between standard cost and estimated cost? Give advantages of standard costing.
meaning of standard cost 4 marks
meaning of estimated cost 4 marks
advantages of standard costing 6 marks
Q.3. what is accountancy? (4 marks ) Distinguish between cost accounting and financial accounting. (10 marks).
Q.4. explain the importance of international accounting standards.
introduction 2 marks,
meaning 4 marks,
importance 8 marks
Q.5. what do you mean by marginal costing? (4 marks ) Explain applications (5 marks ) and limitations (5 marks ) of marginal
costing.
Q.6. from the following information you are required to prepare a cost sheet for M/S Sonal furnitures pvt.ltd the year ended
31.12.2013
Particulars Amount (Rs)
Stock of Finished goods(1.1.2013) 6,000
Stock of Raw Materials (1.1.2013) 40,000
Work in Progress (1.1.2013) 15,000
Purchase of raw material 4,75000
Carriage inward 12,500
Factory rent 7250
Other production expenses 43,000
Wages 1,75,000
Work managers salary 30,000
Factory employees salary 60,000
Power expenses 9,500
General expenses 32,500
Sale for the year 8,60,000
Stock of raw materials 50,000
Stock of goods (31.12.2013) 15,000
Work in Progress (31.12.2013) 10,000
Page no; 45
Q.7. write short notes on:. (any three) 7 marks each
I. idle time
II. golden rules of accounting
III. budgetary control
IV. matching concept