IGNOU ECO 10 FEB 2021 QUESTION PAPER.FEB EXAM QUESTION PAPER

 1. Define Cost Accounting'. State its main objectives.


2. (a) What do you understand by direct material and indirect material ? Explain with examples.

(b) How can labour turnover be reduced ? 


3. Write short notes on any two of the following:

(a) Purchase order

(b) Work-in-Progress

c) Contract Costing

(d) Group Bonus Scheme


Section-B


4. In a factory, the following purchases and issues of the material were made during the month of August, 2019. Prepare the Store Ledger Account under FIFO method:

August Balance 300 units @ 7 3 each


1

4 Purchased 600 units @ 4 each

6 Issued 500 units

10 Purchased 700 units @ 6 each

15 Issued 800 units

19 Returned 50 units to store issued on August 6th and purchased on August 4th

23 Issued 100 units



5. (a) From the following information, compute wages of A and B under Taylor's differential Piece Rate System :

Standard time allowed 10 units per hour

Normal piece rate rs5

A produces 75 units in a day of 8 hours.

 B produces 100 units in a day of 8 hours.



b)Total Contract Price                                                          Rs 500000

Value of work certified                                                         Rs 300000  

Cost of work certified                                                           Rs 255000


(Total cost increased-work on certified)

Cash received                                                                        १2,40,000


You are required to determine the amount of profit to be taken to Profit & Loss Account


6. Prepare Reconciliation Statement from the information given below:

Net profit as per cost account books                                          Rs 86200

Work overhead under-recovered in cost accounts                              1560

Administrative overheads recovered in cost accounts                         850

Depreciation as per financial accounts                                                 5600

Depreciation as per cost accounts                                                         6250

Interest on investment not taken in cost accounts                                  4000

Loss due to obsolescence charges charged in financial accounts only   2850

Income tax provided in financial accounts                                              23525

Bank interest credited in financial accounts                                            375

Stores adjustments (credit in financial accounts                                       237

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