SCDL-PGDBA - I Semester Management Accounting - Paper Code-103

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SCDL- PGDBA- I Semester Management Accounting- Paper Code-103 _____________________________________________________________________
LIST OF ATTEMPTED QUESTIONS AND ANSWERS 1 True/False Question Accounting is an art of recording, classifying & summarizing in a significant manner. Correct Answer True Your Answer False True/False Question Profitability statement indicates the amount of assets & liabilities. Correct Answer False Your Answer False Select The Blank Question Income Tax Act, recognise only one method of depreciation namely ________. Correct Answer Written down value method Your Answer Straight line method Multiple Choice Multiple Answer Question For the given transaction find the wrong entry that has been passed in the books of accounts, the correct entry that should have been passed and the rectification entry required to rectify the mistake. "On 1st September, 2004 the total of the previous month's wages was debited to 'Manufacturing Wages Account". During the previous month, a new machine was installed, and the firm's own employees had spent time thereon; the previous month's wages for all such employees amounted to Correct Answer Machinery A/c. . . Dr. Rs.14,100/- To Manufacturing Wages A/c Rs.14,100/- , Machinery A/c . . . Dr. Rs.14,100/- To Cash A/c Rs.14,100/- , Rs.14,100/- To Cash A/c Rs.14,100/Your Answer Manufacturing Wages A/c. . . Dr. Rs.14,100/- To Machinery A/c Rs.14,100/- , Machinery A/c. . . Dr. Rs.14,100/- To Manufacturing Wages A/c Rs.14,100/- , Machinery A/c . . . Dr. Rs.14,100/- To Cash A/c Rs.14,100/True/False Question Error of commission refer to calculation errors, totaling errors, errors in carrying forward etc. Correct Answer True Your Answer True True/False Question Error of commission refer to a situation where a transaction is not recorded in the books of account. Correct Answer False Your Answer False Select The Blank Question The term ________ indicates expenditure incurred on or attributable to a given thing. Correct Answer Cost Your Answer Expense
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8 Select The Blank Question Revenues are more than the differential costs, then the proposed project should be ________ Correct Answer accepted Your Answer accepted Select The Blank Question Factory cost of a product is Rs.335,000/-, if the selling overheads are charged @25% of factory cost, then the amount of selling overheads should be Rs.________/Correct Answer 83750 Your Answer 83750 Select The Blank Question Dividend received on amount invested in shares is an example of ________. Correct Answer non-operating income Your Answer non-operating income Select The Blank Question Information as to the cost and profit / loss associated with the firm's operations is provided to the ________ by Management accounting. Correct Answer Management Your Answer Management Multiple Choice Multiple Answer Question Management accounting is concerned with the following activities : Correct Answer Decision making , Safeguarding assets , Planning and controlling activities Your Answer Decision making , Safeguarding assets , Planning and controlling activities Select The Blank Question The principle of ________ is followed while preparing the financial statements. Correct Answer Going concern Your Answer Closing concern Multiple Choice Single Answer Question The overheads of a machine shop X should be apportioned using which of the following basis? Correct Answer Machine hours Your Answer Machine hours Select The Blank Question The various contents of a uniform cost manual are organisation, cost accounting system and ________. Correct Answer presentation of information Your Answer presentation of information Select The Blank Question In India the gas industry and electricity industry, and ________ industry are examples of industries using the uniform costing system. Correct Answer fertilizer
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Your Answer construction Multiple Choice Single Answer Question Which system involves adoption of same costing principles, practices and procedures by the individual firms of an industry ? Correct Answer Uniform costing Your Answer Uniform costing Multiple Choice Multiple Answer Question If you are required to enforce uniform costing system in your industry, how would you proceed ? Correct Answer Collecting data from all units of your industry , Ensuring that the data collected is complete and correct , Maintaining secrecy of the data collected Your Answer Collecting data from all units of your industry , Ensuring that the data collected is complete and correct , Allowing free access to all the units to the collected data Multiple Choice Multiple Answer Question Which of the following aspects are mainly responsible for difficulty in application of Uniform costing system. Correct Answer Capital investment , Plant size , Location Your Answer Capital investment , Plant size , Location True/False Question Price based on Uniform Costing may be taken to be reliable and representative of the whole industry. Correct Answer True Your Answer True Multiple Choice Single Answer Question Loss on account of goods lost due to earthquake should be debited to which account? Correct Answer Profit and loss account Your Answer Trading account Multiple Choice Single Answer Question If the proprietor has taken away goods worth Rs.5,500/- for personal use, find its impact on the proprietor's account in the organisatin. Correct Answer The capital will decrease by Rs.5,500/Your Answer The balance of drawings account will increase by Rs.5,500/Multiple Choice Single Answer Question Accrued income indicates: Correct Answer Current year's income not received in the current year Your Answer Current year's income not received in the current year True/False Question The actual loss incurred by a company, due to fire, is the extent of difference between the cost of goods destroyed and the amount of claim settled by the insurance company. Correct Answer True
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Your Answer True Match The Following Question Correct Answer Your Answer Freight inwards Manufacturing account Balance sheet Sales Trading account Trading account Freight outwards Profit and loss account Manufacturing account Dividend paid Profit and loss appropriation account Profit and loss account
Select The Blank Question The process of finding the reasons for the difference in the balance as per bank book and pass book is known as ________. Correct Answer Reconciliation Your Answer Reconciliation Multiple Choice Single Answer Question Which of the following transactions fall within the definition of the 'standing instruction' Correct Answer Club membership subscription Your Answer Bank interest Multiple Choice Single Answer Question The pass book showed a credit balance of Rs.1,000/-. This balance was after considering the dividend of Rs.25/- collected by bank and Rs.5/- charged as collection expenses: these enteries are not made in the bank book. Find the balance as per bank book. Correct Answer Rs.1,020/Your Answer Rs.1,030/Multiple Choice Multiple Answer Question The selection of the supplier may depend upon the following aspects: Correct Answer Geographical location of the supplier , Price quoted by the supplier , Goodwill of the supplier Your Answer Geographical location of the supplier , Price quoted by the supplier , Goodwill of the supplier Multiple Choice Single Answer Question Calculate inventory turnover ratio from the following : Maximum stock -7,000 units; minimum stock - 3,000 units and quantity of material issued during the year - 150,000 units. Correct Answer 30 Your Answer 15 Multiple Choice Single Answer Question Re-order quantity may be measured as :
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Correct Answer Maximum stock level - re-order level + (minimum usage X minimum reorder period) Your Answer Re-order level + minimum stock - (maximum usage X maximum re-order period) Multiple Choice Multiple Answer Question Labour turnover means : Correct Answer Influx and exit of employees , Quantitative measurement of instability of working force , Rate of change in the average working force Your Answer Influx and exit of employees , Quantitative measurement of instability of working force , Rate of change in the average working force Multiple Choice Multiple Answer Question Select the non-monetary incentives Correct Answer Health and safety services , Canteen facility , Loans at reduced rate of interest Your Answer Health and safety services , Canteen facility , Loans at reduced rate of interest True/False Question The best way to reduce labour cost is to recruit cheap labour. Correct Answer False Your Answer False True/False Question Under the accelerating premium system incentive increases at a fast rate with the decrease in output. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question Select the correct formulae for calculating break even point. Correct Answer Fixed cost / (Selling price per unit - Variable cost per unit) , [Fixed cost / Marginal contribution] X Sales , [Fixed cost / (Fixed cost + Net Profit)] X Sales Your Answer Fixed cost / (Selling price per unit - Variable cost per unit) , [Fixed cost / Marginal contribution] X Sales , [Fixed cost / Marginal contribution] X Variable cost Multiple Choice Multiple Answer Question Merits of break even point analysis are as follows: Correct Answer Useful diagnostic tool. , Used for analysing the risk implication of alternative actions. , Used to graphically represent complicated data. Your Answer Useful diagnostic tool. , Used for analysing the risk implication of alternative actions. , Used to graphically represent complicated data. True/False Question Profit = Profit volume ratio X Margin of safety Correct Answer True Your Answer True True/False
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Question Marginal costing is a technique of cost control. Correct Answer True Your Answer False Multiple Choice Multiple Answer Question Identify the budgets for which the production manager sould be held responsible : Correct Answer Production budget , Production overheads budget , Plant utilisation budget Your Answer Materials budget , Production budget , Production overheads budget Multiple Choice Single Answer Question The composition of selling costs is given below : 1 salaries 4% of sales, travelling expenses 1.5% of sales, and sales office 2% of sales. Find the amount of selling overheads if the sales are Rs.120,000/-. Correct Answer Rs.9,000/Your Answer Rs.9,000/Multiple Choice Single Answer Question Production costs of a factory for the year 2003-04 are as follows: direct labour cost Rs.100,000/-; direct material cost Rs.150,000/-; production overheads (fixed) Rs.50,000/- and production overheads (variable) Rs.80,000/-. The production manager projec Correct Answer Rs.426,800/Your Answer Rs.380,000/True/False Question It is very easy to measure the portion of increased sales which is due to expenditure incurred for advertisement of the product Correct Answer False Your Answer True Match The Following Question Correct Answer Your Answer Plan of investment in fixed assets Capital Expenditure Budget Capital Expenditure Budget Plan for surplus/shortage of cash Cash Budget Cash Budget Operating income Cash Sales Cash Budget Non-Operating income Issue of shares Issue of shares
Multiple Choice Multiple Answer Question Overhead capacity variance is the outcome of: Correct Answer Shortage of labour , Enforced idle time, e.g.power breakdowns , Customer demand being more or less than anticipated Your Answer Use of sub-standard quality of material , Shortage of labour , Enforced idle time, e.g.power breakdowns
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Select The Blank Question The systematic process of identifying and reporting variance is known as ________. Correct Answer Variance analysis Your Answer Standard costing True/False Question The sales mix variance highlights the fact that the actual mix of sales has been in the same ratio as budgeted. Correct Answer False Your Answer True

SCDL-PGDBA - I Semester Management Accounting - Paper Code-103

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