ACC306 Past Questions 2018

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    campusflava
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    NATIONAL OPEN UNIVERSITY OF NIGERIA

    UNIVERSITY VILLAGE, PLOT 91, CASDASTRAL ZONE, NNAMDI AZIKIWE EXPRESS WAY, JABI, ABUJA.
    FACULTY OF SCIENCES
    JANUARY/FEBRUARY 2018 EXAMINATION

     

    COURSE CODE:   ACC 306                                             COURSE UNIT: 3

    COURSE TITLE:    Cost Accounting

    TIME ALLOWED:  2 ½ Hours     

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

    1. Question one (1) carries 25 marks, while the other      

                                    three (3) questions carry 15 marks each.

    1. Present all your points in coherent and orderly manner

     

    QUESTION 1

    1. The Department of Budgeting and Forecast in Costal Plc has the following information in respect of materials MGS:

     

    Units

    Normal month usage                                                                           44,000

    Maximum anticipated monthly usage                                                 57,000

    Minimum anticipated monthly usage                                                  9,800

    Delivery period from suppliers:

    Maximum                                                                                             5 months

    Normal 4 months Minimum                                                                2 months

    Re-order quantity (EOQ)                                                                 40,000 units

    Required:

    (a) Calculate:

    (i) Re-order level

    (ii) Minimum stock level

    (iii) Maximum stock level.

     

    1. During the year, 20,000 units of Z were produced and sold. Costs and revenues were:

    N

    Sales                                                                                 580,000

    Production costs:

    Variable                                                                           135,000

    Fixed                                                                                115,000

    Administrative + selling

    Overheads fixed                                                               125,000

     

     

    Required

    Show the net profit using both absorption and marginal costing approach.

     

    1. Outline four essential elements of effective cost accounting information.

     

     

    QUESTION 2

    Explain the following terms:

    1. Straight-line method;
    2. Reducing balance method;
    • Production unit method;
    1. Revaluation method
    2. Process costing

     

    QUESTION3

    1. State eight advantages of operating central stores.
    2. State seven duties of a store keeper.

     

    QUESTION 4

    Explain the following terms:

    1. Deterministic or mechanistic system
    2. Stochastic or probabilistic systems
    3. Adaptive or self-organizing or cybernetic systems

     

    QUESTION 5

    Describe the following costing methods:

    1. Job costing
    2. Batch costing
    3. Contract costing

     

    QUESTION 6

    Briefly explain the following measures of performance:

    1. Controllable profit
    2. Divisional profit
    3. Net profit
    4. Controllable residual profit
    5. Net residual profit

    If you need the answered version and format required by the school kindly contact 08039407882

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