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Auditing & Cost Accounting
Time : 3 Hours
April - 1999
Marks : 100
 
Section I
(AUDITING)
Q.1. a)

What steps should be taken by the auditor before commencement of audit work?

10

  b)

What are the advantages and disadvantages of continuous audit?

8

     
Q.2. a)

What are the special considerations which auditor should keep in mind during the course of vouching?

8

  b)

How would you vouch the following (any two):

8

   

I) Cash Purchases 2) Traveling Allowance 3) Dividend Income.

     
Q.3 a)

What are the rights of an auditor of a limited Company?

  b)

What are different types of Frauds ? What are the duties of an auditor in respect of Fraud?

8

     
Q.4 a)

What is meant by capital expenditure? What are the duties of an auditor as regards the capital expenditure?

8

  b)

What is internal check? What points should be considered while framing a system of internal check?

8

     
Q.5

Write short notes on any four :-

16

   

a) Principles of Auditing b) Objectives of Stock Valuation

c) Appointment of an Auditor by Central Government d) Test Checking

e) Audit Note-Book f) Interim Audit.

   
SECTION II
(Costing)
Q.6

The Trading profit & loss Account of Vijaya Manufacturing Company for the year ending 31-12-1998 was as follows :-

20

 

Trading Profit & Loss Account
For the year ended 31-12-1998

Dr.

Cr.

   
Rs
 
To Raw Material Purchased
80,000
By Sales - (2500 units)
2,50,000
To Direct Wages
30,000
By Closing Stock of Raw Material
5,000
To Direct Expenses
25,000
 
2,55,000
To Factory Expenses
40,000
To Gross Profit C/d
80,000
   
 
2,55,000
   
       
To Office Salaries
25,000
By Gross Profit B/d
80,000
To Office Rent
12,000
By Dividend Received
10,000
To Selling Expenses
12,500
By Discount Received
7,500
To Preliminary Expenses Written-off
2,500
   
To Goodwill Written-off
5,500
   
To Net Profit C/d
40,000
   
 
97,500
 
97,500
     
Q.7

The Maharashtra Construction Company undertook the construction of a building at a contract price of Rs. 12,00,000/- The date of commencement of contract was 1st April, 1998.

The following cost information is given for the year ended 31st March, 1999.

Particulars Rs.    
Material sent to the Site 3,00,000    
Wages 4,40,000    
Architect Fees 55,000    
Office and Administration Overheads 1,51,000    
Uncertified Work 55,000    
Materials at the site at the end of the year 10,000    

Cash received from the contractee (Being 90% of the Work certified)

9,45,000    
Material destroyed by Fire

5,000    

Plant & Machinery at cost
(Date of purchase - 1st July 1998. The estimated working life of the plant - 10 years and its estimated scrap value at the end Rs. 20,000)
2,00,000    

Supervisor’s Salary

60,000    

15

     
Q.8

Product ‘’A" is obtained after it is processed through process x, y and z.

The following cost information is available for the month ended 31st March, 1999.

Particulars
Processes
 

x

y

z

Number of Units introduced in the process

Rate per unit of units introduced (Rs.)

Cost of Material

Direct Wages

Production Overheads

Normal Loss (% on units introduced in each process i.e. input)

Value of Scrap per unit

Output in units

500

04

2600

2250

2250

10%

02

450

--

--

2000

3680

3680

20%

04

340

--

--

1025

1400

1400

25%

05

270

There is no stock in any process.
You are required to prepare -
1) The Process Accounts
2) The Abnormal Loss and Abnormal Gain Account.

15

     
Q.9

Write Short notes on (any three):-

15

   

a) Over Absorption and Under Absorption of Overheads
b) Objectives of Cost Accounting
c) Marginal Costing
d) Budgetary Control.

Or

   
Q.10

‘’Variable cost per unit is fixed while fixed cost per unit increase when there is decrease in production.’’ comment.

15

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