MGT402 Cost & Management Accounting ALL Current Mid Term Papers Fall 2015 & Past Mid Term Papers at One Place from 19 De6 2015 ~ 01 Jan 2016
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Flux Method 3
Abnormal Loss treated in Cost accounting report 3
FiFO method under Periodic System 5
Payroll Journal Entries 5
Equivalent Unit Cost 5
Share Your Current Mid Term Papers (Questions/Pattern) 19 December 2015 to 01 January 2016 to help each other. Thanks
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Herez my midterm paper dated: 20th dec 2015.
(My wordings for the question might be different)
Q:1 Pros and Cons of Group Bonus (3)
(Answer = Pg:94 of the printed handout/book)
Q:2 Why is it necessary to select an appropriate capacity level for calculating factory overhead absorption rate? (3)
(Answer = Two points on Pg: 115 of the printed handout/book)
Q:3 The company pay wages on the basis of production.
Units of 110% efficiency are paid basic piece rate
Units more than 110% efficiency get 25% above basic piece rate
Units above 130% efficiency get 50% above basic piece rate
The standard output is 1200 units. The basic piece rate is Rs. 0.40
Required : Prepare a schedule of piece rate and calculate the earnings of A,B, and C when their actual output is 1300, 1400, and 1550 respectively. (5)
Efficiency = Actual Output/Standard Output x 100
Efficiency of A = 1300/1200 x 100 =108.33% (Below 110%)
Earnings of A = Rs. 0.40 x 1300 = Rs. 520
Efficiency of B = 1400/1200 x 100 = 116.67% (Between 110% - 130%)
Earnings of B = Rs. 0.40 x 125% x 1400 = Rs. 700
Efficiency of C = 1550/1200 x 100 = 129.17% (Between 110% - 130%)
Earnings of C = Rs. 0.40 x 125% x 1550 = Rs. 775 ??
OR Earnings of C = Rs. 0.40 x 150% x 1550 = Rs. 930 ??
(Im not sure whether 25% increase or 50% increase will be applied for Earnings of C)
Q:4 The company produced 400 bulbs and incurred:
FOH (25% of DLC) xxx
Total Production Cost xxx
Some of the work was found defective. Additional cost incurred on defective work:
Required: Pass the accounting entries to record the cost incurred along with the adjusting entry for re-work cost, treating the loss as Normal. (5)
Solution: (Pg:62 Q1(a) in the printed handouts/book) Values were different in the exam.
Q:5 Factory overhead absorption rate of a pharmaceutical is Rs 2.50. Budgeted Factory overhead at two activity levels is as follows for that period.
Activity level Budgeted factory overhead
Low 20,000 Hours Rs. 45,000
High 40,000 Hours Rs. 75,000
Actual Factory overhead for that period was Rs. 42,000 and actual volume was 25,000 hours.
i. Variable factory overhead absorption rate
ii. Budgeted fixed factory overhead
Solution = (Pg: 3 = Q:37 in the file attached) Its a past paper file of subjective questions
thank you very much maham ....please koi or bhi paper share kare ...jazakaAllah
Mr. Sbn can you share your paper of MGT402
Maham cn you plz tell me that where your objection from ?? from Past Paper?
Ahmad Sir don't focus on past papers for better preparation read handouts and clear your concept ,,, mery mcq's sbi conceptual thy :( gando shy
mcqs kesy aaithy past papers sy?
Chanda is right. Even my mcqs were conceptual but preparing from past papers did help me because I didnt learn the answer, I understood the concept behind each answer. Understand the topic in each objective from the handouts thoroughly. Learn the formulas, solve questions yourself, and also read the handouts because obj r not exactly from the past papers.
Even the subjectives ques were not from past paper except the one i mentioned earlier. they were all from handouts.