𝘾𝙖𝙡𝙘𝙪𝙩𝙩𝙖 𝙐𝙣𝙞𝙫𝙚𝙧𝙨𝙞𝙩𝙮 (𝙎𝙚𝙢- 1st, 3rd, 5𝙩𝙝)

Hons Ans-8

General Ans-7

Hons Ans-8

Hons Ans-9

General Ans-4

General

General

General Ans- 5(a)

Hons Ans-6

(GENERAL) GROUP-A Ans- 4 A. Direct Expenses B. Direct Expenses C. Direct Expenses D. Indirect Expenses E. Direct Expenses

Hons Ans-5(a)

Hons Group -B Ans- 7(b)

Hons Ans-3

GEN GROUP-A QUESTION NO.3(a) Prime cost refers to the direct costs associated with the production of goods or the provision of services. It typically includes the cost of raw materials, labor directly involved in production, and any other direct production expenses. Prime cost does not include indirect costs such as overhead and administrative expenses. It is a fundamental concept in cost accounting and helps businesses calculate their total production cost accurately.

GEN GROUP-A QUESTION NO.3(b) Variable cost refers to expenses that change in direct proportion to changes in the level of production or sales within a business. These costs vary as the volume of production or sales fluctuates. Variable costs typically include items such as raw materials, direct labor (wages for workers directly involved in production), and variable manufacturing overhead. In summary, variable costs are those costs that go up or down as a company produces more or fewer goods or services. They are contrasted with fixed costs, which remain constant regardless of the production or sales level.

Hons Ans- 6 An overtime premium refers to the additional amount of money that employees are paid for the hours worked beyond their standard work hours. It's essentially the “extra” portion of overtime pay that employees receive on top of their regular hourly wage. The efficiency of workers during overtime work may fall and hence output may be reduced. To earn more, workers may not concentrate on work during normal hours and thus the output during normal hours may fall. Reduced output and overtime premium will increase the cost of production. Treatment of Overtime Premium in Cost Accounting a) If overtime is resorted to at the desire of the customer, then overtime premium may be charged to the job directly. b) If overtime is required to cope with general production programme or for meeting urgent orders, the overtime premium should be treated as overhead cost of the particular department or cost center, which works overtime. c) If overtime is worked in a department, due to the fault of another department, the overtime premium should be charged to the latter department. d) Overtime worked on account of abnormal conditions such as flood, earthquake etc., should not be charged to cost but to costing P/L A/C.

Hons Ans- 7 (a) The non-integral system is a system of accounting under which two separate sets of account books are maintained—one for cost accounts and the other for financial accounts. (a) Cost Ledger –This is the principle ledger of the cost department in which impersonal accounts are recorded and made self-balancing by maintaining therein a Control Account for each subsidiary ledger. (b) Stores Ledger – It contains an account for each item of stores entries for which are made from the invoice, goods received note, material requisitions, material received note etc. Accounts in respect of each item of stores show receipt, issue and balance in physical as well as in monetary terms. (c) Work-in-Process Ledger – This ledger is also known as job ledger, it contains accounts of unfinished jobs and processes. All material costs, wages and overheads for each job in process are posted to the respective job account in this ledger. The balance in a job account represents total balance of job/work-in-process. (d) Finished Goods Ledger – It contains an account for each item of finished product manufactured or the completed job. If the finished product is transferred to stores, a credit entry is made in the work-in-process ledger and a corresponding debit entry is made in this ledger.