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Thursday, July 30, 2009

Management Accounting - 1st Sem SCDL Assignments

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Management Accounting - 1st Sem SCDL Assignments
SCDL 1st Semester Assignments on Management Accounting
Management Accounting Solved Papers


LIST OF ATTEMPTED QUESTIONS AND ANSWERS


Match The Following
Question Correct Answer Your Answer
Accounting Process of analyzing & interpretation Process of analyzing & interpretation
Profitability statement Indicates the amount of profit earned Indicates the amount of profit earned
Balance-sheet Financial status Financial status
Book-Keeping Books of Accounts Books of Accounts
Financial statement Profitability statement & Balance-sheet Profitability statement & Balance-sheet

Multiple Choice Single Answer
Question Salary paid to employee amounted Rs. 10,000, transferred to Trading A/C is an example of_______
Correct Answer Error of Commission
Your Answer Error of Commission

Multiple Choice Single Answer
Question Labour cost indicates that labour cost which cannot be identified with the individual cost centre and is incurred for those employees who are not engaged in the manufacturing process but only assist i
Correct Answer Remuneration
Your Answer Indirect

True/False
Question To take make or buy decision under the marginal costing , if purchase price of the product is less than its variable cost it is advisable to go for manufacturing proposition.
Correct Answer False
Your Answer False

Select The Blank
Question Over absorption of overheads may take place due to the reasons like ________ overheads being less than the ________ overheads
Correct Answer actual
Your Answer estimated
Correct Answer estimated
Your Answer actual

True/False
Question Income received in advance transfer to current liabilities
Correct Answer True
Your Answer True

Select The Blank
Question Bank reconciliation statement is the statement prepared to explain the ________ as to why the bank balance as per ________ and bank balance as per bank book does not match
Correct Answer reasons
Your Answer reasons
Correct Answer pass book
Your Answer pass book

Select The Blank
Question Fixed cost is the cost that tend to remain ________ irrespective of ________
Correct Answer constant
Your Answer constant
Correct Answer level of activity
Your Answer level of activity

True/False
Question A business is an activity carried out with the intention of earning the profit.
Correct Answer True
Your Answer True

Multiple Choice Single Answer
Question If wages for the month of January, February and March are Rs.4,000, Rs.4,400 and Rs.4,600 respectively and if delay in payment of wages is ½ month , payment of wages for the month of February is
Correct Answer 4,200
Your Answer 4,000

Select The Blank
Question Management Accounting has a very ________ scope and it requires ________ organizational structure
Correct Answer wide
Your Answer wide
Correct Answer elaborate
Your Answer elaborate

True/False
Question Accounting is an art of recording, classifying & summarizing in a significant manner.
Correct Answer True
Your Answer True

Multiple Choice Single Answer
Question For a unit, if opening stock of raw material is 10,000 units, closing stock of raw material is 5,000 units and consumption is 3,20,000 units, what will be the quantum of raw material to be purchased
Correct Answer 3,15,000
Your Answer 3,15,000

Multiple Choice Multiple Answer
Question Important advantages of Uniform Costing can be said to be
Correct Answer It is a useful tool for management control , It avoids cut throat competition , Weaker units can take advantage of settled systems of better managed units
Your Answer It is a useful tool for management control , It avoids cut throat competition , Weaker units can take advantage of settled systems of better managed units

Multiple Choice Multiple Answer
Question P/L A/C debit side includes
Correct Answer salary , discount allowed , postage & telegram
Your Answer postage & telegram , salary , discount allowed

Multiple Choice Multiple Answer
Question Actual costs may be affected due to inefficient functioning such as
Correct Answer Abnormal expenses , In efficient use of labour , In efficient use of material
Your Answer Abnormal expenses , In efficient use of labour , In efficient use of material

Multiple Choice Single Answer
Question Calculate Labour Efficiency Variance, If actual rate per hour is Rs.3.50/- , Standard rate is Rs.3/- per unit and standard hours are 15,000 and Actual hours are 13, 500.
Correct Answer Rs.4500/- ( Favorable )
Your Answer Rs.4500/- ( Favorable )

Multiple Choice Multiple Answer
Question Sales quantity may be forecasted after taking into consideration various factors such as
Correct Answer Analysis of past trends , Market research , Reports by salesmen
Your Answer Analysis of past trends , Market research , Reports by salesmen

True/False
Question For taking make or buy decision marginal costing technique provide useful assistance.
Correct Answer True
Your Answer True

True/False
Question Profitability statement indicates the amount of assets & liabilities.
Correct Answer False
Your Answer False

Multiple Choice Single Answer
Question It is an appropriate basis of apportionment of depreciation expenditure
Correct Answer value of assets
Your Answer value of assets

True/False
Question The variable costs are controllable at the lower level.
Correct Answer True
Your Answer True

True/False
Question Balance sheet indicates the expenditure & income from the business.
Correct Answer False
Your Answer False

Match The Following
Question Correct Answer Your Answer
Journal Book of original entry Book of original entry
Ledger Maintain all types of Accounts Maintain all types of Accounts
Assets All the properties owned by the business All the properties owned by the business
Liabilities All the amount owed by the business All the amount owed by the business
Drawing Withdrawn for personal use Withdrawn for personal use

Select The Blank
Question A budget manual is a document setting out the ________ of the persons and ________ required for the budget control.
Correct Answer Responsibilities
Your Answer Responsibilities
Correct Answer Forms and procedures
Your Answer Forms and procedures

True/False
Question Credit balances in all the Personal & Real accounts appear on asset side.
Correct Answer False
Your Answer True

True/False
Question The process of accounting split into three steams i.e. financial, cost, management accounting.
Correct Answer True
Your Answer True

Multiple Choice Single Answer
Question Omission of posting an amount in the ledger
Correct Answer Error of Omission
Your Answer Error of Omission

True/False
Question Non-operating / financial expenses are added while calculating net profit.
Correct Answer False
Your Answer True

True/False
Question Balance sheet indicates the financial status of the business at given period.
Correct Answer True
Your Answer True

Multiple Choice Multiple Answer
Question A Budget Manual may contain the following particulars
Correct Answer Duties and responsibilities of various executives , Functions and duties of Budget Officer , Scope of the Budget and area to be covered
Your Answer Duties and responsibilities of various executives , Functions and duties of Budget Officer , Scope of the Budget and area to be covered

Select The Blank
Question Semi ________ overheads are neither ________ nor variable in nature.
Correct Answer fixed
Your Answer variable
Correct Answer variable
Your Answer fixed

True/False
Question Due to errors of principle the arithmetical accuracy of the trial balance does not get affected.
Correct Answer True
Your Answer True

Multiple Choice Multiple Answer
Question Direct Cost includes
Correct Answer Direct material , Direct labour , Direct expenses
Your Answer Direct material , Direct labour , Direct expenses

Select The Blank
Question Financial Accounting protects the interest of outsiders . it considers ________ transaction and it is a ________ requirement
Correct Answer historical
Your Answer historical
Correct Answer legal
Your Answer legal

True/False
Question Bin Card is having all the information of item received and issued.
Correct Answer False
Your Answer True

Select The Blank
Question Budgetary Control is useful for ________-and ________-as a powerful tool in the hands of management
Correct Answer Cost control
Your Answer Cost control
Correct Answer Maximization of profits
Your Answer Maximization of profits

True/False
Question Accounting refers to the process of analyzing & interpreting the information already recorded in the books of accounts.
Correct Answer True
Your Answer True



Management Accounting Paper No2 of 1st Sem SCDL:

True/False
Question
Credit balances in all the Personal & Real accounts appear on asset side.
Correct Answer
False
Your Answer
False

Multiple Choice Multiple Answer
Question
Contents of Uniform Cost Manual are
Correct Answer
Organization , Cost Accounting system , Presentation of information
Your Answer
Organization , Cost Accounting system , Presentation of information

Multiple Choice Multiple Answer
Question
Uniform Costing Methods may be advantageously applied to . . .
Correct Answer
Single organization having number of branches. , Number of companies in same industry , Similar Industries such as cotton, jute etc.
Your Answer
Single organization having number of branches. , Number of companies in same industry , Similar Industries such as cotton, jute etc.

True/False
Question
1) Financial statements are basically in two forms i.e. profitability statement and balance sheet.
Correct Answer
True
Your Answer
True

Multiple Choice Multiple Answer
Question
The process of accounting has three streams of accounting ---------------,--------and ----------------------.
Correct Answer
Financial Accounting , Cost Accounting , Management Accounting
Your Answer
Financial Accounting , Cost Accounting , Management Accounting

True/False
Question
Long term loan borrowed from financial institution comes under the heading of long term liabilities.
Correct Answer
True
Your Answer
True

Match The Following
Question
Correct Answer
Your Answer
Book-Keeping
Books of Accounts
Books of Accounts
Financial statement
Profitability statement & Balance-sheet
Profitability statement & Balance-sheet
Accounting
Process of analyzing & interpretation
Process of analyzing & interpretation
Profitability statement
Indicates the amount of profit earned
Indicates the amount of profit earned
Balance-sheet
Financial status
Financial status

Multiple Choice Single Answer
Question
Judge the statement according to the criteria given : ' The accounting period for XYZ Ltd. ends on 31st December, 2003. It is noted that office rent for the month of December, 2003 is paid on 15th January, 2004. "According to concept of matching expenses with the revenues, this expenditure should be recorded in the books of accounts in January,
Correct Answer
The statement and its reason are both incorrect
Your Answer
The statement is correct but its reason is incorrect

Multiple Choice Multiple Answer
Question
Features of money measurement concept are . . .
Correct Answer
Only those transactions and facts are included expressed in terms of money are considered , Imposes severe restrictions on the kind of information available from financial statements , Works as a major drawback of financial accounting
Your Answer
Only those transactions and facts are included expressed in terms of money are considered , Imposes severe restrictions on the kind of information available from financial statements , Works as a major drawback of financial accounting

Multiple Choice Single Answer
Question
The installation and operation of ___________ accounting requires a very elaborate organizational structure and large number of rules & regulations
Correct Answer
Management
Your Answer
Management

Select The Blank
Question
________account can be defined as the record of all the transactions pertaining to a person, asset, liability income or expenditure which have taken place in a specified period.
Correct Answer
Ledger
Your Answer
Trading

Match The Following
Question
Correct Answer
Your Answer
Sunk Cost
Historical Cost
Historical Cost
Cost Centre
Facilitate the fixation of responsibility
Facilitate the fixation of responsibility
Cost Control
Process of controlling costs of operations
Process of controlling costs of operations
Differential Cost
Increase or Decrease in cost
Increase or Decrease in cost

Multiple Choice Multiple Answer
Question
Which of the following transactions should be excluded while preparing a cost sheet ?
Correct Answer
Interest on loan , Bad debts , Expenses on criminal law suit
Your Answer
Sale of scrap material , Interest on loan , Bad debts

True/False
Question
In a Balance-Sheet right hand side is referred as assets side and left hand side is referred as liabilities.
Correct Answer
True
Your Answer
True

True/False
Question
Credit note is an intimation send to person dealing with the business that his account being debited for the purpose indicated therein.
Correct Answer
False
Your Answer
False

True/False
Question
Primary distribution is effected on the basis of service rendered to the service departments by the production departments.
Correct Answer
False
Your Answer
True

Multiple Choice Multiple Answer
Question
Marginal costing is found to be unsuccessful in the following situations :-
Correct Answer
Impossible to distinguish costs into fixed and variable component. , With respect to capital intensive industries where fixed costs are very large and hence cannot be ignored , With respect to service industries where employee costs are very large and almost fixed in nature
Your Answer
Impossible to distinguish costs into fixed and variable component. , With respect to capital intensive industries where fixed costs are very large and hence cannot be ignored , With respect to service industries where employee costs are very large and almost fixed in nature

True/False
Question
Debit Note is an intimation sent to person dealing with the business that his account is being credited for the purpose indicated therein.
Correct Answer
False
Your Answer
True

Multiple Choice Multiple Answer
Question
Labour efficiency variance arises due to:
Correct Answer
Inefficient supervisor , Poor working conditions , Use of sub-standard quality of material
Your Answer
Inefficient supervisor , Poor working conditions , Use of sub-standard quality of material

True/False
Question
Financial Accounting discloses the financial performance & financial statements of the business as a whole.
Correct Answer
True
Your Answer
True

True/False
Question
Balance sheet indicates the expenditure & income from the business.
Correct Answer
False
Your Answer
True

Select The Blank
Question
The indirect material cost, indirect labour cost and indirect expenses cost, collectively are termed as ________.
Correct Answer
Overhead
Your Answer
Overhead

Select The Blank
Question
A person in charge of a ________ may be held responsible for its proper functioning and cost control.
Correct Answer
Cost centre
Your Answer
Cost centre

Multiple Choice Multiple Answer
Question
The organization chart shows the following aspects :
Correct Answer
Functional responsibility of different functional managers , Delegation of authority to various managers , Inter-functional relationships of these managers
Your Answer
Functional responsibility of different functional managers , Delegation of authority to various managers , Inter-functional relationships of these managers

True/False
Question
Uniform costing system is a pre-requisite to an inter-firm comparison of firms belonging to the different industries.
Correct Answer
False
Your Answer
False

True/False
Question
P&L statement which is a period statement & relates to a certain period tells about results of operations.
Correct Answer
True
Your Answer
False

Select The Blank
Question
Depreciation charged on office furniture on straight line basis is an example of ________.
Correct Answer
Administration overheads
Your Answer
Administration overheads

True/False
Question
Under time rate system a worker is paid on the basis of production achieved by him in a given time.
Correct Answer
False
Your Answer
False

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

True/False
Question
Danger level for inventory of materials means the safety stock of inventory.
Correct Answer
False
Your Answer
True

True/False
Question
The role of the budget committee may be taken as an advisory role to the Chief Executive.
Correct Answer
True
Your Answer
True

Multiple Choice Multiple Answer
Question
The main advantages of profit sharing are :
Correct Answer
Employees try to increase productivity , Incentives are shared by all the employees , Augments emplyees' efficiency
Your Answer
Employees try to increase productivity , Incentives are shared by all the employees , Augments emplyees' efficiency

Select The Blank
Question
________ Accounting assists the management in establishing the plans to attain the economic objectives and take proper decisions for the attainment of its objectives.
Correct Answer
Management
Your Answer
Management

Multiple Choice Multiple Answer
Question
Which of the following is likely to be a contributory factor to the incidence of excess expenditure on material cost?
Correct Answer
The level of control of the used of material in the production cycle , The incorrect choice of purchase order quantity , Failure to control the issue of materials from stores
Your Answer
An increase in the maximum material inventory level , The incorrect choice of purchase order quantity , Failure to control the issue of materials from stores

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

Multiple Choice Multiple Answer
Question
Features of double entry accounting system are . . .
Correct Answer
Every business transaction has two elements , When business receives something, it has to pay something , Every debit has a corresponding credit
Your Answer
Every business transaction has two elements , When business receives something, it has to pay something , Every debit has a corresponding credit

Select The Blank
Question
Under Differential Time Rate method payment is made at Rs. 1.40 per hour when the level of efficiency is between________.
Correct Answer
90% to 100%
Your Answer
90% to 100%

True/False
Question
Maintenance Department is a service cost centre.
Correct Answer
True
Your Answer
True

True/False
Question
The process of accounting split into three steams i.e. financial, cost, management accounting.
Correct Answer
True
Your Answer
True

Select The Blank
Question
The difference between sales and cost of sales is termed as ________.
Correct Answer
Net Profit
Your Answer
Net Profit

Select The Blank
Question
The final result disclosed by trading account is the ________profit earned by the organization.
Correct Answer
Gross
Your Answer
Gross

Multiple Choice Multiple Answer
Question
Select the accounts to be disclosed on the liability side of the Balance sheet.
Correct Answer
Loan , Outstanding expenses , Creditors
Your Answer
Loan , Outstanding expenses , Creditors

True/False
Question
Penalty paid for delay in payment to creditors represents uncontrollable cost.
Correct Answer
False
Your Answer
False

Multiple Choice Single Answer
Question
Which document facilitates estimating material cost of a particular job, before completion of that job?
Correct Answer
Bill of material
Your Answer
Material requisition note

Multiple Choice Single Answer
Question
Purchases returns of Rs.18,000/- were wrongly transferred to the sales returns account. Calculate its impact on net profit.
Correct Answer
The net profit will not be affected
Your Answer
The net profit will not be affected
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