ACC305 : COST ACCOUNTING (2015)

                                   

                                           NATIONAL OPEN UNIVERSITY OF NIGERIA

                                14-16 AHMADU BELLO WAY, VICTORIA ISLAND LAGOS

                                              SCHOOL OF MANAGEMENT SCIENCES

                                                   MARCH/APRIL 2015 EXAMINATION

 

Course Code:       ACC305                                                                 Credit Unit: 3

Course Title:        COST ACCOUNTING

Time Allowed:    2 ½ HRS

Instructions:              1. Attempt question Number one (1) and any other three (3).

2. Question number 1 is compulsory and carries 25marks, while the other questions carries 15marks each
3. Present all points in a coherent and orderly manner

 

QUESTION 1

Discuss any five methods of ascertaining Actual Cost (25marks)

 

QUESTION 2

What are the Cost Accounting Techniques which may be adopted for special purposes of control and policy?                                                       (15marks)

 

QUESTION 3

(a)   What is the meaning of Cost Accounting?               (5marks)

(b)   Explain the essential elements of Effective Cost Accounting Information

(10marks)

 

QUESTION 4

Give brief discussion of the following terms with example:

1. Direct material
2. Direct wages
3. Direct Expenditure
4. Production overhead
5. Administrative overhead
6. Selling overhead
7. Distribution overhead(15marks)

 

QUESTION 5

The materials analyst has forecast the following data in respect of material MS6:

Maximum consumption of material per week: 400 units

Normal consumption of material per week: 300 units

Minimum consumption of material per week: 200 units

Reorder quantity: 2,000 units

Reorder period: 4-6 weeks

Use the above figures to calculate each of the levels:

1. a) Reorder level
2. b) Minimum stock level
3. c) Maximum stock level
4. d) Average stock level (15marks)

 

QUESTION 6

Discuss three methods of depreciation that are most frequently encountered.                                                                            (15marks)

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