Question Bank of Financial and Management Accounting - 4 Mark

Financial and Management Accounting
Unit1 - 4 Mark Quiz Questions

1.Capital Interchange of Goods on a w ide Spread level
Commerce Mechanism to keep information on Permanent basis
Private property Change of ow ner Ship form one to another.
Money A medium of Exchange
Writing Wealth that creates
2.Book keeping and accounting seem to be synonymous. But they are different in certain
respects. Basing on the differences, match the following.
Book-Keeping Accounting
1.Process a. Final accounts e.Book keeping
2.Purpose b. Transactions f.Analytical
3.Basis c. Repetitive g.Reporting
h.Interpreting &
4. Nature of
d. Recording presenting the final
work
accounts
a. 1 – a, h; 2 – b, f; 3 – c, e;
4 – d, g
b. 1 – d, h ; 2 – a, g ; 3 – b, e
; 4 – c, f
c. 1 - b, f ; 2 - c ; h; 3 - d, g;
4 - a, e
d. 1 - c, g ; 2 - b, f ; 3 - a, h;
4 – d, e
1.The firm has certain stock, which is in high demand and
has high market value. The firm followed cost method of Consistency concept
valuation.
A business makes a loss in an year, but the business shall Materiality concept
continue for long time
Accountant of a firm is worried with the total amount of
drawings, the partner made. He need not worry hoiw did he Going concern concept
spend it because of "
If a firm believes that some of the debtors are likely to Prudence concept
become bad for which some reserve is to be provided
2."Moolchand, a businessman in sweets has been in this business for more than
10 years. He did not bother to maintain any accounts all along, even though he was
getting sizeable amount of profit every year. His son, who has completed B.Com told him
that mai"
Answer for 'a' What concept of Accounting is missing??
a. C. Money measurement concept

b. Accrual concept
c. Concept of periodicity
d. Concept of income recognition
that mai"
Answer for 'b' How much expenses should be considered for 2005?
a. Rs. 1,00,000 on an average after deducting the cost of shop

b. Rs. 3,00,000
c. Rs. 1,50,000
d. Rs. 1,05,000 because Rs.10,50,000 is divided by 10 years
that mai"
Answer for 'c' How do you treat expenses on shop construction?
a. The expenses belong to the past.

b. The expenses are business expenses
c. The expenses are part and parcel of revenue expenses
d. The expenses are capital in nature and should be excluded from total.
that mai"
Answer for 'd' What is approximate profit or loss for 2005?
a. Rs. 4,00,000
b. Rs. 3,00,000
c. Rs. 5,00,000
d. Rs. 2.95,000
6.Mr. Murthy is the Managing Director of Sole Divine Company, purchased a big truck
for Rs. 15,00,000 on cash for publicity and delivery from Tata Mohan Co. The Sole
Divine company is organised as a company with Mr. Ekanth Ram as the sole shareholder.
Accor
a. Ekanth Ram and Tata Mohan Company

b. Mr. Murthy and Sole Divine Company
c. Mr. Murthy and Ekanth Ram
d. Sole Divine Company and Tata Mohan Company

7.New Horizon Company has capital of 1,00,000 shares of Rs.100 each. Mr. Mahendra
holds 2000 shares fully paid. The company proposed an annual dividend of 10%. Based
on this back ground, the accountant of Mr. Mahendra recognised Rs.20,000 as dividend
for the
a. Consider the dividend of Rs. 20,000 for 2004-05 and the balance Rs.10,000
received in June 2005, is consdered for 2005-06.
b. Dividend of Rs. 30,000 should be taken for the year 2005-06 but not for the year
2004-05 since dividend is recognised when there is a right to receive.

c. C.Whatever dividend recognised in 2004-05 may be cancelled and Rs. 30,000
paid in 2005-06 may be freshly considered
d. Since income is recognised when it is received, consider the dividend of Rs.
30,000 for the year 2004-05, even though it is actually received in 2005-06
8.The Directors of Chintan Ltd., decided on 31st March, 2006, to increase the sale of its
products by 10%, on sales taking place from June 30, 2006 on wards. The intimation
regarding the same was sent to all the customers by June15th, 2006. From which date
a. Income is recognised only when it is received. So even if the customers were to
accept the hike in 2007-08, then it will be recognised
b. The revenue as a result of increase in sale price can be recognised from June 15th
2006 itself because ultimate collection of money is also certain

c. The revenue as a result of increase in sale price is recognised in 2006-07 when
the sale price at increased rate begins to flow in
d. The revenue as a result of increase in sale price can be recognised, only if
customers accept the decision.

1.Prepaid expenses Nominal (Income)
Larsen & Toubro A/c Intangible real
Goodwill Personal
Royalty received Nominal (Expenses)
Printing & Stionery Nominal (Expenses)
a. b
b. a
c. d
d. c
1.Mention the sequential order in which the accounting trail
takes place
Mention the sequential order in which the accounting trail takes place
a. i) Ledger posting ii) Recording and classifying iii) Trial balance iv) Balancing v)
Trading and P&L A/c v)Balance Sheet
b. "A. i) Classifying and recording ii) Trial Balance iii) Ledger Posting iv)
Balance.Sheet v)Trading and P&L A/c vi) Balancing"
c. i) Classifying and recording ii) Ledger posting iii) Balancing iv) Trial balance v)
Trading and P7L A/c vi) Balance Sheet

d. i) Balance Sheet ii) Trial Balance iii) Trading and P&LA/c iv) Balancing v)
Ledger posting vi) Classifying and recording
2.On January 1 st, 2004 Rakesh Gen Stores had assets of Rs. 1,85,000 and liabilities of
Rs. 1,00,000. On Dec,31st 2004, the business had assets of Rs. 2,40,000 and liabilities of
Rs.1,20,000. During the year 2004, Rakesh had invested additional capital of Rs. 50,000
and withdrew Rs. 30,000. Compute net prfit or net loss using accounting equation
method.
a. Rs. 50,000
b. Rs. 45,000
c. Rs.. 65,000
d. Rs. 25,000

1.Complete the following matrix by entering either debit or credit in each cell, as shown
below
owners capital, To Increase - credit To Decreases - debit
1. Assets
2. Gains
3. Losses
4. Liabilities
a. c. Credit & debit, debit & credit, credit & debit, debit & credit
b. a. Debit & credit, credt& debit , debit & credit, credit & debit
c. d. Debit & credit, debit & credit, debit & credit, debit & credit
d. b. Debit & debit , credit & credit, credit & debit, credit & debit
2.Listed below a number of transactions. Identify which account to be debited and which
account to be credited, as shown for the first transaction
Transation Debit credit

Brought capital in cash cash capital
1.Received Dividend from X co
2.Paid insurance premium
3 Furniture bought from jains
4.Used cash for personal purpose
a. Cash & Dividend Premium & cash Furniture & jains Drawing & cash
b. X co & Dividend cash & lusur Jains & cash Drawing & bank
c. Cash & X co lnsur &cash Furniture & cash cash & bank
d. Dividend & X Co his & premium Jain & Furniture Cash & drawings
3.Match the following
Transation A/C Debited& credited Narration

1.Rent received a. P& L a/c capital e. Being profit added to capital
2.Wages paid b.Creditors a/c cash f. Being cash received as rent
3.Profits added to capital c. cash & rent g.Being cash paid to creditors
4.Paid to creditors d. Wages a/c & cash h.Being wages paid in cash
a. 1- b & g, 2- c & g, 3- d & h, 4- c & e
b. 1-c & f, 2-d & h, 3-a & e, 4- b & g

c. 1- d & e, 2-a & h, 3- b & e, 4- a & f
d. 1- a & e, 2 - b & f, 3- c & g, 4- d & h
a. Accepted a bill in favour of Y for 3 months for credit purchases

1. Bills Receivable
made
2. Bills Payable b. Royolty received in cash
3. Cash book c. stamps and postage expenses recorded
4. Petty cash d. Gave us a bill for 4 months for credit sales made to him
a. 1-b,2-c,3-d,4-a
b. 1-d,2-a,3-b,4-c
c. 1-c,2-d,3-a,4-b
d. 1-a,2-b,3-c,4-d
Subsidiary Book Transaction

a. Raghavendra purchased goods from us as
1. Purchases
credit
2. Purchase Returns b. Bought goods from ration and Co
3. Sales c. Gupts returned goods to us
4. Sales Returns d. Padmanebts received goods returned by us
a. 1-c, 2-d,3-a,4-b
b. 1-a,2-b,3-c,4-d
c. 1-d,2-c,3-b,4-a
d. 1-b,2-d,3-a,4-c
1.Following is the account of Hamid Bros. Prepare journal entries
To balance b / d Rs 5,000 By Cash Rs
12,000
To Sales 26,000 By Bills receivable 6,000
To interest 1,000 By balance 14,000
c /d
32,000 32,000
A. i) Hamid Bros. A/c Dr 26,000 ii) Hamid Bros A/c Dr 1,000

To Sales a/c 26,000 To interest a/c 1,000
iii) Cash a/c Dr 12,000 iv) B/R a/c Dr6,000
To Hamid Bros a/c 12,000 To Hamid Bros a/c6,000
B. i) Hamid Bros a/c Dr 12,000 ii) Hamid Bros a/c Dr 6,000
To Cash a/c 12,000 To B / R a/c 6,000
iii) Hamid Bros a/c Dr 26,000 iv) Hamid Bros a/c Dr 1,000
To Sales a/c 26,000 To interest a/c 1,000
C. i) Sales a/c Dr 26,000 ii) Inrterest a/c Dr 1,000

To Hamid Bros a/c 26,000 To Hamid Bros a/c 1000
iii) B / R a/c Dr 6,000 iv) Cash a/c Dr 12,000
To Hamid Bros a/c 6,000 To Hamid Bros a/c 12,000
D. i) Hamid Bros a/c Dr 12,000 ii) B/R a/c Dr 6,000
To cash a/c 12,000 To Hamid Bros a/c 6000
iii) Hamid Bros a/c Dr 26,000 iv) Hamid Bros a/c Dr 1,000
To Sales a/c 26,000 To Interest a/c 1,000
a. c
b. a
c. d
d. b
Transaction Nature of Entry

i).Rent received in advance deducted
a. Opening entry
from rent received account
ii) Stock at the end of the year taken
b. Rectification entry
to credit side of tranding account
iii) Sales a/c is undercast, corrected in
c. Adjusting entry
Journal proper
iv) Assets are debited, liabilities are
d. Closing entry
credited along with capital
.
a. i - c; ii - d iii - b; iv - a
b. i - a; ii - b; iii - d; iv - c
c. i - b ; ii - c iii - a; iv - d
d. i -d; ii - a; iii - c; iv - b
3.On 01-04-2006 Mr. Dhanpal started business with Rs.2,00,000 cash and opened a bank
account with Rs.1,50,000. He purchased furniture for his business for Rs.25,000. Goods
were bought from Deendayal for Rs.50,000 on credit. He sold goods for Rs.27,000 in
cash and 30,000 on credit. He paid Rs. 2,500 for business expenses during April month.
Rs. 10,000 was withdrawn for office purposes from the bank. Find out the closing
balance of cash and bank.
a. Cash balance Rs. 99,500 and bank balance Rs. 1,20,000
b. Cash balance Rs. 99,500 and bank balance Rs. 1,40,000

c. Cash balance Rs. 90,000 and bank balance Rs. 1,30,000
d. Cash balance Rs. 99,000 and bank balance Rs. 1,40,000
4.On 1-1-2004 Debtor's account showed a debit balance of Rs.45000 in the books of
Subramanyam. During the month of January, 2004, an amount of Rs20,000 was received
from debtors. A further sale of Rs.30,000 was made to the debtors. Some debtors
accepted bills for Rs.20,000 and they were allowed a discount of Rs.1,000, Prepare
debtor's account and show the closing balance.
a. Rs. 40,000
b. Rs. 34,000
c. Rs. 46,000
d. Rs. 35,000
5.The following are the transactions with respect to goods traded by Gopal. You are
required to find out the closing stock on 31 -1-2005. Also find how much is still due to
Suresh.?
i) Purchased goods worth Rs.50,000 on 1-1-2005 for cash

ii) Sold goods costing Rs.20,000 for Rs.30,000 on cash
iii) Bought goods Rs.45,000 from Suresh & Co on credit
iv) Paid Rs.30,000 to Suresh who gave us a discount of Rs1,000
v) Sold goods Rs.23,000 but their cost is Rs.12,000 for cash
vi) Sold goods to Gangadhar for Rs12,000 on credit,(cost Rs 9000)
vii) Received cash from Gangadhar Rs.11,500 in full settlement.
viii) Paid carriage charges on the goods purchased Rs.2,000.
a. Rs.30,000 ; Suresh a/c Rs. 14,000 (credit).
b. Rs. 54,000 and Suresh account Rs. 14,000( Credit)

c. Rs. 30,000 and Suresh account Rs. 15,000 (Credit)
d. Rs. 54,000 and Suresh a/c Rs. 15,000 (Credit)

1.Prepare a suspense a/c after rectifying the following errors and show the balance
i) Equipment purchased from Dell Rs.74,587 has been posted to Purchases

account as Rs. 74,857.
ii) Rajesh account instead of being debited, has been credited to Rajewari account Rs.
3,800
iii) Rent paid to land lord has been debited to land lord account Rs.12,000
iv) Sales returns book has been over cast by Rs. 120.
a. Rs. Debit balance of Rs. 7,110
b. Rs. Credit balance of Rs. 7,210

c. Rs. Debit balance of Rs. 7,200
d. Rs. Credit balance of Rs. 7,100
1. Cost of goods sold+Gross

a. opening stock
profit
2. Operating profit+operating
b. cost of goods available for sale
expenses
3. Cost of goods availabe for
c. Net sales
sale - cost of purchases
4. Closing stock + cost of goods
sold
d. Total operating incomes
a. 1 - b; 2 - c; 3 -
d; 4 - b
b. 1 - a; 2 - b; 3 -
c; 4 - d
c. 1 - c; 2 - d; 3 -
a; 4 - b
d. 1 - d; 2 - a; 3 -
b; 4 - c
1.Shobha Company had the following data for the year 2005.
Gross credit sales at catalogue price Rs. 85,000; trade
discount allowed Rs.13,500; cash received from customers on account Rs. 65,000; sales
returns and allowances amounted to Rs.4,600; sales discounts Rs. 6,000 and cash sales ,
Rs.14,000. Find out sales that would appear on the trading account for the year.
a. Rs. 80,900
b. Rs. 74,900
c. Rs. 79,800
d. Rs. 80,000
1.Accounting principles are man-made unlike the principles of natural science,
accounting principles were not deducted from axioms, nor is their validity verificable by
observation and experiment. They have been evolved on “necessity is the mother of
invention”. Based on this the, special features of management accounting can be drawn
match the correct answer.
Features Characteristics
1. Selective in nature a. Encourages all employees for contribution
2. Provides data b. Planning for future decision
3. Future oriented c. Picks up relevant data
4. Goal congruence d. Supply of information
a. 1-c, 2-d, 3-b, 4-a
b. 1-a, 2-b, 3-c, 4-d
c. 1-b, 2-c, 3-a, 4-b
d. 1-d, 2-a, 3-b, 4-c
1. BEP belong to a. Standard costing

2. Budgeting belongs to b. Marginal costing
3. Ratio analysis c. Budgetary costing
4. Variance analysis d. Financial statements
a. 2-d, 3-b, 4-c, 1-d
b. 1-d, 2-a, 3-c, 4-b
c. 4-a, 3-c, 2-d, 1-b
d. 1-b, 2-b, 3-d, 4-a

1. Cause and effect

a. Guide future plan and decision making
relationship
2. Non-adherence of
b. Emphasis on system theory.
Rules
3. Economic reality c. Utility of information
d. Differentiate variable on the profits and
4. Information system
Profitably
a. 1-b, 2-a, 3-c, 4-d
b. 1-a, 2-d, 3-b, 4-c
c. 1-d, 2-c, 3-a, 4-b
d. 1-e, 2-b, 3-a, 4-d
1. Management accounting
a. External use
deals with
2. Financial accounting deals
b. Internal use
with
3 Cost accounting deals with c. Employees.
4. Human Resource
d. Production
Accounting deals with
a. 1-c, 2-a, 3-b, 4-d
b. 1-d,2-c, 3-c, 4-a
c. 1-b, 2-a, 3-d, 4-c
d. 2-d, 3-a, 2-c, 1-b

1.Current ratio is 5.5 :1 quick ratio is 4 to 1 inventory is Rs 30,000, find the current
liabilities
a. 21,000
b. 19,000
c. 22,000
d. 20,000
2.Given current ratio is 1.75, liquid ratio is 1.25, net net working capital is Rs 1,50,000
the current assets is. Calculate the following current asset is
a. 3,50,000
b. 3,53,000
c. 3,45,000
d. 3,52,000
3.Given current ratio is 2.5 and working capital is Rs 1,80,000. the current asset is
a. 3,15,000
b. 3,05,000
c. 3,00,000
d. 3,10,000
4.The current liability is

a. 2,10,000
b. 2,20,000
c. 2,00,000
d. 2,05,000
5.The liquid asset are
a. 2,10,000
b. 2,50,000
c. 2,49,000
d. 2,51,00,000
6.The working capital is Rs 80,000 and current ratio is 5, the current liability is
a. 21,000
b. 22,000
c. 20,000
d. 23,000

1.The opening and closing of share capital is Rs 6,00,000 and Rs 9,50,000. The
preference share capital included in opening balance is Rs 1,00,000, Rs 75,000 worth of
preference shares were redeemed at 8% premium. Bonus shares at Rs 1 for every five
shares held. furchier, a business was purchased by issue of Rs 90,000 shares at a premium
of 10%. The opening and closing balance in premium account is Rs 8,00,000 and
14,00,000 respectively
If preference shares are considered in openning balance the flows from equity is
a. 4,50,000
b. 4,05,000
c. 4,50,000
d. 3,50,000
Premium on redemption at 8% is
a. Rs 6000
b. Rs 8000
c. Rs 2000
d. Rs 4000
Redemption of Rs 75,000 on preference shares result in

a. cash adjustment with equility
b. cash inflow
c. cash outflow
d. cash deduction from equility
The cash inflows before are adjustment are
a. 3,00,000
b. 3,50,000
c. 3,05,000
d. 15,50,000
14,00,000 respectively Bonus shares on equity without preference shares is
a. Rs 1,00,000
b. Rs 1,40,000
c. Rs 1, 41,000
d. Rs 1,04,000
14,00,000 respectively Bonus shares after taking preference shares
a. Rs 1,02,000
b. Rs 1,00,000
c. None
d. Rs 1,05,000
14,00,000 respectively Bonus shares are _____________ to equility share capital
a. Deducted
b. Added
c. Decided
d. Deleted
14,00,000 respectively Bonus shares bring in
a. No cash
b. None
c. Cash outflow
d. Cash inflow
14,00,000 respectively Bonus shares are calculated on
a. Called-up
b. Authorised capital
c. Paid up
d. Issued
14,00,000 respectively Issue of the 90,000 shares towards purchase consideration results
in
a. Reduction
b. Recession
c. Rejection
d. Remission

1."Given net profit is Rs 45,000.loss on sale of machinery is Rs 2000. Depreciation is Rs
18,000. Funds from operation are."
a. 56,000
b. 20,000
c. 65,000
d. 47,000
2."Operating loss is 10,000 Decrease in debtors Rs 12,000 increase in prepaid 4,000.
decrease in current liabilities Rs 30,000 net cash used in operating activities"
a. 23,000
b. 25,000
c. 24,000
d. 32,000
3."The opening and closing value of land is Rs 12,000 and Rs 10,800. A piece of land has
been sold for Rs2,400 at a profit of 100% the operating gain is "
a. 2,000
b. 2,600
c. 1,200
d. 2,400
4.Cash and cash equivalent of cash in hand is Rs 1200 and bank OD is Rs 12,500 is
a. 11,300
b. 17,300
c. 13,700
d. 11,300
5.Cash in hand is Rs 10,000, cash at bank is Rs 5,000, the cash and cash equident is
a. 18,000
b. 2,000
c. 2,000
d. 18,000
6.Investment costing Rs 20,000 were sold at a profit of Rs 5,000 the cash flow is
a. 25,000
b. 20,000
c. 30,000
d. 15,000
7.Net loss is Rs 45,000 Decrease in provision for bad and doubtful debt is Rs 1000, the
operating loss is
a. 46,000
b. 48,000
c. 45,000
d. 44,000
8.Net profit is Rs 40,000; tax paid is Rs 9,000, the profit before tax is
a. 30,000
b. 40,000
c. 31,000
d. 49,000
9.Opening and closing capital is Rs 7,00,000 and Rs 5,80,000, the net loss is
a. 12,80,600
b. 1,21,000
c. Nil
d. 1,20,000
10.Purchase of asset Rs 3,00,000 sale of building Rs 2,90,000 net cash under investing is
a. 5,80,000
b. 5,60,000
c. 5,90,000
d. 10,000
1.Cost of production - administration overheads is
a. Factory cost
b. Prime cost
c. Factory overheads
d. All
2.Direct labor + factory overhead is

a. Concession cost
b. Contradiction cost
c. Confusion cost
d. Converation cost
3.Prime cost + factory + admin overheads is
a. Cost of sales
b. Sales
c. All
d. Cost of production
4.Prime cost + factory overhead is

a. Sales
b. Total cost
c. Factory cost
d. Totality cost
5.Prime cost + over heads is

a. All
b. Cost of sales
c. Cost of goods sold
d. Cost of production
6.Sales-profit is
a. Retail cost
b. All
c. Removal cost
d. Total cost
7.Total cost + profit is

a. Prime cost
b. Factory cost
c. Cost of production
d. Sales
8.Total cost - selling overhads is

a. Sales
b. Cost of product
c. None
d. Cost of sales

1.BEP is 1000 units CPU is Rs 5 the fixed cost is
a. 5200
b. None
c. 5100
d. 5000
2.BEP is Rs 10,000, CPU Rs 2 ,Total fixed cost is

a. 1500
b. 1000
c. 1800
d. 1200
3.BEP is Rs 30,000, MOS is Rs 50,000 actual sales is
a. 82000
b. 81000
c. 80000
d. 83000
4.FC is Rs 10,000, CPU is Rs 5 ,BEP in units are

a. 2100
b. 2500
c. 2200
d. 2000
5.FC is Rs 10,000, VC per unit is Rs 8, SP is Rs 10 per unit, the BEP in units is

a. 5100
b. 5200
c. 5000
d. 5300
6.FC is Rs 7,000 profit is Rs 3,000 sales are Rs 50,000, the MCSR is
a. 0.25
b. none
c. 0.1
d. 0.2
7.MCSR is 30 % , marginal sales ratio is 40% ,the profit percentage on sale is
a. 12
b. 21
c. 30
d. 25
8.MCSR is 40% sales value is Rs 10,000, the variable cost is
a. 6000
b. 8000
c. 5000
d. 4000
9.Net profit is 10% , MCSR is 50% the MOS is

a. 0.1
b. 0.25
c. None
d. 0.2
10.When MCSR is 50%, MOS is 40 % ,profit on sales is

a. 0.25
b. 0.2
c. 33.3333333333333
d. All

1."Wages paid July Rs 32,000, Aug Rs 32,000, Sept Rs 32,000, Oct Rs 40,000 Nov
32,000. Lag in payment for wages 1/8 month. The amount of budget is for Sept, Oct, Nov
is
a. 33,000, 33,000, 39,000
b. 32,000, 33,000, 39,000
c. 39,000, 32,000, 33,000
d. 32,000, 39,000, 33,000

2.Cash balance at close of April Rs 27,200 Receipts of may Rs 1,14,200 and payments Rs
78,500 the closing balance of may is
a. 53700
b. 35070
c. 35700
d. 37500
3.Closing balance of June is Rs 48,700, payments are Rs 69,000 receipts are Rs 1,17,700
the opening balance is
a. 87400
b. 47800
c. 78400
d. 48700
4.Factory expenses from July to Nov is Rs 5,000 each . Lag in payments is 1/2 month.
The expenses from Sept to Nov are
a. 5,000, 6,000, 4,000
b. 5,000 , 5,000 , 5,000

c. 5,000, 6,000
d. none
5.Opening and closing balance of cash in April are Rs 15,000 and Rs 27,200. The
expenses use Rs 71,800, the receipts are
a. 1,52,600
b. 1,25,000
c. 1,56,200
d. 99000
1.Actual material cost is 900 units.Unit price is Rs 9, standard cost is 1000 units at Rs 6
per unit Material cost variance is Rs 550(A) and material price variance is Rs 150(F),
material usage variance is
a. 700(A)
b. 400(F)
c. 700(F)
d. 400(A)
per unit Material price variance is
a. 1200(A)
b. 1800(A)
c. 2400(F)
d. 600(F)
per unit Material usage variance is
a. 1000 (A)
b. 2000 (A)
c. 1800 (F)
d. 600 (F)
per unit Materials cost variance is
a. 1200 (A)
b. 2400 (F)
c. 2400 (F)
d. 1200 (F)
per unit MMV is Rs 19,000(a) MYV Rs 34,000(a) MPV is Rs 13,000(a), material quanty
variance is
a. 53,000(A)
b. 47,000(A)
c. 66,000(A)
d. 32,000(A)
per unit MPV is Rs 300(A) MMV 150(A), Material quantity variance is
a. 500(A)
b. 100(A)
c. 400(A)
d. 100(F)
7.Material requirement 80 Kgs cost per Kg Rs 1.50 Material consumed 75 Kgs cost per
Kg 1.75 Material Price Variance to
a. 81.75(F)
b. 18.75(F)
c. 81.75(A)
d. 18.75(A)
Kg 1.75 Material Usage Variance is
a. 7.50(F)
b. 7.00(A)
c. 7.8
d. 7.50(A)
Kg 1.75 Materuak Cost Variance is
a. 11.25(A)
b. 11.25(F)
c. 12.51(F)
d. 12.51(A)
Kg 1.75 Production of certain unit is assumed fo require 18 hours labor at a rate of Rs
1.25 per hour Time taken was 16 hours with a rate of Rs 1.50 per hours The price
variance is
a. 4(F)
b. 4.10(A)
c. 4.10(F)
d. 4(A)

Question Bank of Financial and Management Accounting - 4 Mark

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Question Bank of Financial and Management Accounting - 4 Mark

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Financial and Management Accounting

Unit1 - 4 Mark Quiz Questions

Commerce Mechanism to keep information on Permanent basis

Private property Change of ow ner Ship form one to another.

Money A medium of Exchange

Writing Wealth that creates

a. C. Money measurement concept

a. Rs. 1,00,000 on an average after deducting the cost of shop

Answer for 'c' How do you treat expenses on shop construction?

a. The expenses belong to the past.

Answer for 'd' What is approximate profit or loss for 2005?

a. Ekanth Ram and Tata Mohan Company

d. Sole Divine Company and Tata Mohan Company

2004-05 since dividend is recognised when there is a right to receive.

2006 itself because ultimate collection of money is also certain

Unit3 - 4 Mark Quiz Questions

Larsen & Toubro A/c Intangible real

Royalty received Nominal (Expenses)

Printing & Stionery Nominal (Expenses)

Trading and P7L A/c vi) Balance Sheet

Unit4 - 4 Mark Quiz Questions

Transation Debit credit

3.Match the following

Transation A/C Debited& credited Narration

a. 1- b & g, 2- c & g, 3- d & h, 4- c & e

b. 1-c & f, 2-d & h, 3-a & e, 4- b & g

a. Accepted a bill in favour of Y for 3 months for credit purchases

5.Match the following

Subsidiary Book Transaction

To balance b / d Rs 5,000 By Cash Rs

A. i) Hamid Bros. A/c Dr 26,000 ii) Hamid Bros A/c Dr 1,000

C. i) Sales a/c Dr 26,000 ii) Inrterest a/c Dr 1,000

Transaction Nature of Entry

b. Cash balance Rs. 99,500 and bank balance Rs. 1,40,000

i) Purchased goods worth Rs.50,000 on 1-1-2005 for cash

a. Rs.30,000 ; Suresh a/c Rs. 14,000 (credit).

b. Rs. 54,000 and Suresh account Rs. 14,000( Credit)

Unit6 - 4 Mark Quiz Questions

i) Equipment purchased from Dell Rs.74,587 has been posted to Purchases

a. Rs. Debit balance of Rs. 7,110

b. Rs. Credit balance of Rs. 7,210

1. Cost of goods sold+Gross

Unit7 - 4 Mark Quiz Questions

a. 1-c, 2-d, 3-b, 4-a

b. 1-a, 2-b, 3-c, 4-d

c. 1-b, 2-c, 3-a, 4-b

d. 1-d, 2-a, 3-b, 4-c

2.Match the following

1. BEP belong to a. Standard costing

a. 2-d, 3-b, 4-c, 1-d

b. 1-d, 2-a, 3-c, 4-b

c. 4-a, 3-c, 2-d, 1-b

d. 1-b, 2-b, 3-d, 4-a

1. Cause and effect

a. 1-b, 2-a, 3-c, 4-d

b. 1-a, 2-d, 3-b, 4-c

c. 1-d, 2-c, 3-a, 4-b

d. 1-e, 2-b, 3-a, 4-d

4.Match the following

a. 1-c, 2-a, 3-b, 4-d

b. 1-d,2-c, 3-c, 4-a

c. 1-b, 2-a, 3-d, 4-c