Current Final Term Papers Spring 2012 Date: 16-July-2012 to 27-July-2012

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3. Production component Rates Per unit Rate
Direct material 2.5 lbs @ Rs. 4.00 Rs. 10.00
Direct Labor .5 hr @ Rs. 16.00 Rs. 8.00
VOH .5 hr @ Rs. 4.00 Rs. 2.00
Fixed FOH Rs. 40,000 Rs. 2.50
Actual Output 16,000 units
Variable S&A Rs. 6.00 per unit
Fixed S&A Rs. 60,000
Selling price Rs. 40
Assume sales of 16,000 units.
Required: What is the profit under marginal costing method?

 

There are 64 QTS 56 MCQS & 8 Subjective

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3. Production component Rates Per unit Rate
Direct material 2.5 lbs @ Rs. 4.00 Rs. 10.00
Direct Labor .5 hr @ Rs. 16.00 Rs. 8.00
VOH .5 hr @ Rs. 4.00 Rs. 2.00
Fixed FOH Rs. 40,000 Rs. 2.50
Actual Output 16,000 units
Variable S&A Rs. 6.00 per unit
Fixed S&A Rs. 60,000
Selling price Rs. 40
Assume sales of 18,000 units.
Required: What is the profit under Absorption costing method?

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Meena_Rocks gud keep it up 

62 qusions

56 mcq

4 qusions 3 number k

4 qusion 5 number k

breakevn or decision making sy sara paper aya tha

Check the followings............:)My today's paper of MGT402 16-7-2012
Total 64 Questions
Mcq's 56
Short Q's 8
mcq's are mostly new and not from the past papers
Short questions which I remember are following,
1. what is the relation b/w budget and human behavior?
2. Describe the electronic methods of employee attendance.
3. Production component Rates Per unit Rate
Direct material 2.5 lbs @ Rs. 4.00 Rs. 10.00
Direct Labor .5 hr @ Rs. 16.00 Rs. 8.00
VOH .5 hr @ Rs. 4.00 Rs. 2.00
Fixed FOH Rs. 40,000 Rs. 2.50
Actual Output 16,000 units
Variable S&A Rs. 6.00 per unit
Fixed S&A Rs. 60,000
Selling price Rs. 40
Assume sales of 16,000 units.
Required: What is the profit under marginal costing method?
4. What is principle budget factor?
ek do past papers sy thy or baqi mein bhool gya.



Another paper.......................................

some of mcqs are given from past paper and mostly mcqs are new..
1 numaric question of 10 marks is given from Minimun order level , maximum order level and danger level.
2 numaric question of 10 marks is given for calculaation Profit 
2 numaric is given from break even of 5 marks

1. A cost that remains same irrespective of the outcome of decision is called as which of the following?

2. Budgeted factory overhead is Rs. 40,000 and budgeted variable factory overhead Rs. 25,000 and variable rate Rs. 2.00 per hour. 

Required: 
Identify the amount of Budgeted Fixed Factory overhead. 

3. The Original budget at normal capacity Rs. 50,000 and Flexible budget at actual capacity Rs. 83,400. Identify the Volume Variance with the help of given data. 

4. An ice factory has a contribution margin of Rs. 450,000 and fixed cost for the year amounts to Rs. 495,000. The fixed cost of Rs. 215,000 can be eliminated if the operations are to be closed during winter season. An extra sale of Rs. 25,000 is also expected during winter season. What would be the decision? 

5. Mr. Aslam is running his own personal Financial services business. He has been offered a job for a salary of Rs. 45,000 per month which he does not availed. Rs. 45,000 will be considered as:

6. A company produced a desired level of product ‘A’ in 5,500 Hours. The standard hours required to produce the same product are 5,000 Hours. What is the amount & nature of variance?

7. If estimated direct labour cost is Rs. 50,000 for producing 2,400 units then what is the amount of FOH cost if FOH cost is assumed as 50% of direct labor cost?

8. A company applied overheads on machine hours which were budgeted at 11,250 with overhead of Rs.258, 750.Actual results were 10,980 hours with overheads of Rs.254, 692. Overhead were?

9. Budgeted sales and breakeven sales are Rs. 48,000 & Rs. 35,000 respectively and the actual sales amounted to Rs. 43,000 during a particular period. What will be the margin of safety ratio?

10. During the year 60,000 units put in to process.55, 000 units were completed. Closing WIP were 25,000 units, 40% completed. How much the equivalent units of output would be produced?

11. For a retail outlet chain with multiple stores, which of the following statements would be correct?

12. In the decision to replace an old equipment with a new equipment, which of the following would be considered as relevant cost? 

13. When using a flexible budget, what will occur to variable costs (on a per unit basis) as production increases? 

14. Extent Incorporated estimates its direct labor costs at 2 hours per unit at an average cost of Rs. 12 per hour. The budgeted direct labor cost to produce 27,000 units of product is: 

15. Which of the following factor would determine the importance of direct labor cost budget in human resource department?

16. In which of the following way the last month closing inventory figure will be treated?

17. Keller Co. sells a single product for Rs. 28 per unit. If variable costs are 65% of sales and fixed costs total Rs. 9,800, the break-even point will be:

18. Company A's fixed costs were Rs. 45,000, its variable costs were Rs. 24,000 and its sales were Rs. 80,000. What is the company's break-even point in sales Rs?

19. Which of the following represents the calculation of contribution margin ratio? 

20. ABC Company reported sales of Rs. 150,000 (20,000 units). Fixed costs amounted to Rs. 20,000 and income for the period was Rs. 90,000. Determine the per-unit variable cost.

21. When production is equal to sales, which of the following is TRUE? 

22. According to marginal costing concept, all fixed costs are considered as:

23. All variable product costs, including direct materials, direct labor, and variable manufacturing overhead

24. Which of the following method of accounting for joint product cost will produce the same gross profit rate for all products?



25. Materials are added at the start of the process in Gruden Company's forming department. The following information is available for the month of June: 

Units
Work in process June 01 (40% complete to conversion) 30,000
Units started in process 220,000
Units completed and transferred out 160,000
Lost in process 35,000
Work in process June 30 (60% complete to conversion) 55,000

Under Gruden's cost accounting system, the costs incurred on the lost units are absorbed by the remaining good units. 

Required: Using the average cost method, what are the equivalent units for the materials? 

26. A company is considering publishing a limited edition book bound in special leather. It has in stock the leather bought some years ago for Rs. 1,000. To buy an equivalent quantity now would cost Rs. 2,000. The company has no plans to use the leather for other purposes, although it has considered the possibilities: 

• Of using it to cover desk furnishings, in replacement for other material which could cost Rs. 900
• Of selling it if a buyer could be found (the proceeds are unlikely to exceed Rs. 800).

What should be the opportunity costs?

27. A company’s breakeven point is 6,000 units per annum. The selling price is Rs. 100 per unit and the variable cost is Rs. 60 per unit. 

Required: You are required to calculate annual fixed cost. 

28. Following information is available for preparing the Direct Labor Cost Budget:

• No. of workers required = 15 workers
• Work performance is based on piece rate
• Rate = Rs. 0.80 per piece

Required: Calculate the estimated amount of direct labor cost to produce 2,000 units based on the above information.

29. A textile company anticipates the following unit sales during the four months of 2008.

Months April May June July
Sales units 20,000 30,000 25,000 40,000

• The company maintains its ending finished goods inventory at 60% of the following month’s sale. The April1st, finished goods inventory will be 12,000 units.

Required: Prepare a production budget for second quarter of year.

30. Being a cost accountant of a company, what problems or limitations can you face while designing a traditional budget?


Production component Rates Per unit Rate 
Direct material 2.5 lbs @ Rs. 4.00 Rs. 10.00
Direct Labor .5 hr @ Rs. 16.00 Rs. 8.00
VOH .5 hr @ Rs. 4.00 Rs. 2.00
Fixed FOH Rs. 40,000 Rs. 2.50
Actual Output 16,000 units
Variable S&A Rs. 6.00 per unit
Fixed S&A Rs. 60,000
Selling price Rs. 40


Required: What do the income statements look like under Absorption costing approaches if actual sales equal 16,000 units?

31. Suppose a trader of an industrial product has one million to invest. Different avenues of investment are available to him are as under:
Alternative # 1
Investment in the purchase of leather sheets, expected return is Rs. 250,000. 
Alternative # 2
Investment in stitching units, expected return is Rs. 200,000
Alternative # 3
Lend out money to fellow trader, expected return is Rs. 100,000

Required:
Keep in view the given data calculate/identify the following: 
1. Opportunity cost 
2. Opportunity loss 



Note: 1-25 MCQs 26-31 Long Questions Dated 20-7-2012

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