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CA IPCC : Sample / Mock Test Paper (with Model Answers) - COST ACCOUNTING & FINANCIAL MANAGEMENT Oct 2014

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CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi
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Test Series: October, 2014 MOCK TEST PAPER 2 INTERMEDIATE (IPC): GROUP I PAPER 3: COST ACCOUNTING AND FINANCIAL MANAGEMENT PART I : COST ACCOUNTING Question No. 1 is compulsory. Attempt any five questions from the remaining six questions. Working notes should form part of the answer. Time Allowed 1 Hours 1. Maximum Marks 50 Answer the followings: (a) A, B and C are three industrial workers working in sports industry and are experts in making cricket pads. A, B and C are working in Mahi Sports, Virat Sports and Sikhar Sports companies respectively. Workers are paid under different incentive schemes. Company wise incentive schemes are as follows: Company Incentive scheme Mahi Sports Virat Sports Sikhar Sports Emerson s efficiency system Merrick differential piece rate system Taylor s differential piece work system The relevant information for the industry is as under: Standard working hours Standard output per hour (in units) Daily wages rate No. of working days in a week 8 hours a day 2 ` 360 6 days Actual outputs for the week are as follows: A B C 132 units 108 units 96 units You are required to calculate effective wages rate and weekly earnings of all the three workers. (b) Frontiers Ltd. has furnished the following standard cost data per unit of production: Material 10 kg @ ` 10 per kg. Labour 6 hours @ ` 5.50 per hour Variable overhead 6 hours @ ` 10 per hour. Fixed overhead ` 4,50,000 per month (Based on a normal volume of 30,000 labour hours.) The Institute of Chartered Accountants of India

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