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CA IPCC : Sample / Mock Test Paper - COST ACCOUNTING & FINANCIAL MANAGEMENT 2011

6 pages, 25 questions, 3 questions with responses, 3 total responses,    0    0
CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi
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Paper 3: COST ACCOUNTING & Financial Management All questions are compulsory. Working note should form part of the answer wherever appropriate, suitable assumptions should be made Question 1 (5 x 2 = 10 Marks) Answer any five of the following: (i) A ltd. Maintains margin of safety of 37.5% with an overall contribution to sales ratio of 40%. Its fixed costs amount to Rs. 5 lakhs. Calculate the following: (a) Break-even sales (b) Total variable cost (c) New margin of safety if the sales volume is increased by 7 %. (ii) Compute notional profit and profit to be taken to contracts P & L A/C on a contract (which has been 80% completed) from the following particulars: Rs. Total expenditure to date 1,70,000 Estimated further expenditure to complete the contract (including contingencies) 34,000 Contract price 3,06,000 Work certified 2,00,000 Work not certified 17,000 Cash Received 1,63,200 (iii) When material prices fluctuate widely, what is the most suitable method (from amongst the Weighted Average, LIFO or FIFO) for pricing material? (iv) Department L production overheads are abs orbed using a direct labour hour rate. Budgeted production overheads for the department were Rs. 480,000 and the actual labour hours were 100,000. Actual production overheads amounted to Rs. 516,000. Based on the above data, and assuming that the productio n overheads were over absorbed by Rs. 24,000, what was the overhead absorption rate per labour hour? (v) In Akanksha ltd raw material passes through four processes A, B,C and D and the output of each process is the input of the subsequent process. The loss in the four processes A,B,Cand D are respectively 25%, 20%, 20% and 16 % of the Input. If the end product at the end of process D is 40,000 kgs, what is the quantity of raw materials required along with its cost to be fed at the beginning of Process A when the cost of the same is Rs.5 per kg. (vi) Distinguish between 'Commi tted Fixed Costs' and 'Discretionary Fixed Costs'. 9

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Chartered Accountancy (ICAI India) : Integrated Professional Competence Course (IPCC) - Model / Mock Test Paper for Cost Accounting & Financial Management Group I Paper 3


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