management accounting consolidated(2)

8/3/2019 Management Accounting Consolidated(2)

1/351

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Multiple Choice Single Answer

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Dismissal of employee

Increased spoilage and defectives

Relationship between supervisor and worker

Transport facilities to employees


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Correct Answer

Man

List of A


2/351


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QuestionCorrect Answer

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3/351

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Accounting

Audit

Journal

Ledger

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4/351

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Accounting

Balance-sheetBook-Keeping

Financial statement

Profitability statement

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Bad debts


6/351

Bills Payable

Bills Receivable

Cash Discount

Trade Discount

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True/False

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Multiple Choice Multiple AnswerQuestion

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7/351

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9/351

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10/351

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11/351

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Multiple Choice Single AnswerQuestion

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12/351

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13/351

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14/351


15/351

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Match The Following

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Assets

Drawing

Journal

Ledger

Liabilities

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Correct Answer


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Correct Answer

True/False


16/351

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Correct Answer


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Correct Answer


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Select The Blank

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Correct Answer

True/False

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True/False

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Correct Answer

True/False

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Correct Answer

True/False

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Correct Answer

Match The Following

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Advantageously applicable in similar industries

Avoids cut throat competition

Spirit of mutual trustTreatment given to research and development costs


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17/351


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True/False

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18/351

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True/False

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19/351

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True/False

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20/351

True/False

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21/351

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True/False

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22/351

Select The Blank

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Match The Following

QuestionBudget

Budget committee

Cash budget

Purchase budget


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Correct Answer

True/False

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Correct Answer

Match The Following

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Cost Centre

Cost Control

Differential Cost

Sunk Cost


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Correct Answer

Select The Blank

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Correct Answer



23/351

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True/False

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True/False

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24/351

In tangible assets

Nominal A/C

Personal A/C

Real A/C

Tangible assets


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True/False

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True/False

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25/351

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True/False

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26/351

Correct Answer


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Match The Following

QuestionDaily Time sheets

Hand Written method

Time Recording Clock Method

Token or Disc Method

Weekly Time sheets

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Correct AnswerCorrect Answer

Select The Blank

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27/351

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True/False

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28/351

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True/False

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Advance

Application

DrawingOutstanding

Prepaid


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True/False

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True/False


29/351

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Depreciation

Discount allowed

Discount receivedInterest on capital

Outstanding expenses

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Correct Answer


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Select The Blank

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True/False

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30/351


31/351

Abnormal overheads

Administration overheads

Fixed overheads

Indirect Material

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Correct Answer

True/False

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Correct Answer

Select The Blank

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True/False


32/351

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True/False

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True/False

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33/351

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Match The Following

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Decrease in selling price will lead to

Decrease in variable cost will lead to

Increase in contribution will lead toIncrease in fixed cost will lead to

Select The Blank

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Correct Answer


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Correct Answer


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Correct Answer

True/False

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Correct Answer

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Correct Answer

Match The Following

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Compensating Error

Error of commission

Error of Omission

Error of Principle

Select The Blank

Question

Correct Answer

Select The Blank

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Correct Answer


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34/351

Correct Answer


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Correct Answer

True/False

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True/False

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True/False

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True/False

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True/False

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35/351

Match The Following

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Deferred revenue expenditure

Deferred revenue expenditure written off

Drawings

LoanSelect The Blank

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Correct Answer


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Correct Answer

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True/False

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36/351

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37/351

Correct Answer

True/False

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Contribution - Fixed cost

Fixed cost + Variable cost

Total cost - Fixed cost

Total cost + Profit


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Correct Answer

True/False

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Select The Blank

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38/351

Correct Answer


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True/False

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True/False

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True/False

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39/351

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True/False

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True/False

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True/False

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Select The Blank


40/351

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True/False

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True/False

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Select The Blank


41/351

Question

Correct Answer

Match The Following

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Cash DiscountReal A/C

Rs.1 Personal A/C

Trade Discount


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Correct Answer

True/False

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Correct Answer


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Correct Answer

Select The Blank

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Correct Answer

Select The Blank

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Correct Answer


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Correct Answer


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42/351

Correct Answer


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Question

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True/False

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True/False

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Select The Blank

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Select The Blank

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43/351

Correct Answer

True/False

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Select The Blank

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Question

Daily Time sheets

Time booking department

Time Keeping Department

Time Recording Clock Method

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Correct Answer


Question

Correct Answer


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Correct Answer

True/FalseQuestion

Correct Answer

Select The Blank

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44/351


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True/False

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True/False

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Select The Blank


45/351

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True/False

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True/False

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46/351

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48/351

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49/351

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True/False

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True/False

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50/351

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True/False

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51/351

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True/False

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Administration budgetCash budget

Materials budget

Selling and distribution budget



52/351

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True/False

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True/False

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53/351

Correct Answer


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Correct Answer

Match The Following

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Balance Sheet

Manufacturing account

Profit and loss account

Trading accountTrue/False

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Correct Answer


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Correct Answer

True/False

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Select The Blank

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Correct Answer

True/False

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54/351

Correct Answer

True/False

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Select The Blank

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Match The Following

QuestionFactory overheads

Non operating income

Selling and distribution overheads

Total cost



55/351

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True/False

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56/351

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57/351

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True/False

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58/351

Correct Answer


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True/False

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59/351

True/False

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Match The Following

QuestionLabour hour method of absorption of overheads

Percentage of direct labour cost methods of

absorption of overheads

Percentage of direct material cost methods of

absorption of overheads

Percentage of prime cost methods of absorption of

overheads


Question

Correct Answer

Select The Blank

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Correct Answer

Select The Blank

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Correct Answer


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Correct Answer

Select The Blank

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Correct Answer


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Correct Answer


60/351

Select The Blank

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Correct Answer


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Correct Answer

Match The Following

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Dividend paid

Freight inwards

Freight outwards

Sales

Select The Blank

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Correct Answer

Select The Blank

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Correct Answer


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Correct Answer


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Select The Blank

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Correct Answer

Select The Blank

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61/351

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Correct Answer

True/False

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62/351

Correct Answer


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63/351

Match The Following

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Factory Cost

Non-operating Expense

Non-operating Income

Selling & DistributionTotal Cost


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Correct Answer

True/False

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True/False

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True/False

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True/False

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True/False

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64/351


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Match The Following

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Danger level

Fixation of inventory levelMaximum level

Minimum level

Re-order level

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Question

Correct Answer

Correct Answer

Select The Blank

Question

Correct Answer

Correct Answer

Select The Blank

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Correct Answer

Correct Answer

Select The Blank

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Correct Answer

Correct Answer

True/False

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65/351

Select The Blank

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True/False

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66/351

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67/351


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68/351

Correct Answer


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69/351

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True/FalseQuestion

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70/351


Question

Correct Answer

Match The Following

QuestionDiemer system

Differential Time rate

Payment by Result

Straight Piece rate system

Time rate System


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Correct Answer

True/False

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Correct Answer


Question

Correct Answer


Question

Correct Answer


Question

Correct Answer

Match The Following

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contribution fixed cost

Fixed cost + variable cost

sales- variable cost

Total cost fixed cost

Total cost + profitMultiple Choice Multiple Answer

Question

Correct Answer


Question


71/351

Correct Answer


Question

Correct Answer

Select The Blank

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Correct Answer

Correct Answer


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Correct Answer


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Correct Answer


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Correct Answer

Select The Blank

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Correct Answer

Correct Answer


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Correct Answer

True/False

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Correct Answer

True/False

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Correct Answer

True/False

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72/351


73/351

Correct Answer


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Correct Answer


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Correct Answer


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Correct Answer


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Correct Answer


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Correct Answer

Match The Following

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Compensating Error

Difference in trial balance

Error of commission

Error of Omission

Error of Principle

True/False

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Correct Answer

Match The Following

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Controllable Cost

Differential Cost

Opportunity CostSunk Cost

Uncontrollable Cost

True/False

Question

Correct Answer



74/351

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Correct Answer


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Correct Answer


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Correct Answer


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True/False

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75/351

Select The Blank

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Correct Answer


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True/False

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76/351

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True/False

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Select The Blank

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77/351


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Correct Answer

Select The Blank

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Correct Answer

Select The Blank

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Correct Answer


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Correct Answer

True/False

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Correct Answer


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Correct Answer


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Correct Answer


78/351

Match The Following

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Compensating Error

Error of Principle

Error of Omission

Error of commissionMultiple Choice Multiple Answer

Question

Correct Answer


Question

Correct Answer


Question

Correct Answer


Question

Correct Answer

Match The Following

Question

Purchase budget

Budget committee

Cash budget

Budget

True/False

Question


Question

Correct Answer

Select The Blank

Question


79/351

Correct Answer


Question

Correct Answer

Select The Blank

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Correct Answer


Question

Correct Answer

True/False

Question

Correct Answer


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Correct Answer


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Correct Answer

Select The Blank

Question

Correct Answer

True/False

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Correct Answer


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Correct Answer


80/351


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Correct Answer


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Correct Answer


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Correct Answer


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Advantageously applicable in similar industries

Avoids cut throat competition

Spirit of mutual trust

Treatment given to research and development costs


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True/False

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Deferred revenue expenditure

Deferred revenue expenditure written off

Drawings

Loan


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Dividend paid

Freight inwards

Freight outwards

Sales

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Match The Following

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Non-Operating income

Operating income

Plan for surplus/shortage of cash

Plan of investment in fixed assets


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The components of the selling and distribution cost budget are :

Distribution expenses , Publicity expenditure , Salary of sales-office workers

In India, where public undertakings operate along with the private sector

undertakings, ________ enables a comparative assessment to be made of the

two sectors.

uniform costing

Re-order quantity may be measured as :

Maximum stock level - re-order level + (minimum usage X minimum re-order

period)

Features of money measurement concept are . . .n y ose ransac ons an ac s are nc u e expresse n erms o money

are considered , Imposes severe restrictions on the kind of information

available from financial statements , Works as a major drawback of financial

The various areas in which uniform costing can be adopted are . .

Valuation of inventories , Charging of depreciation , Apportionment of

overheads

Accounting is an art of recording, classifying & summarizing in a significant

manner.

True

The ________ ledger carries the individual accounts, whereas the general

ledger records the consolidated effect of the individual transactions.

Control

Correct Answer

Unavoidable cause of labour turnover

Replacement cost of labour turnover

Avoidable cause of labour turnover

Preventive cost of labour turnover

Which of the following is a valid classification of the salary paid to the

foreman in charge of the packing department?

Direct product cost

agement Accounting

ttempted Questions and Answers


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Special aspects of co-partnership include:

Workers are granted ownership rights , Indirect monetary remuneration , The

morale of the workers is increased

The handloom industry will have ________ fixed cost and high variable cost.Low

The sales forecast (quantity) should be compared with the ________ to find

out whether it is possible for the firm to handle this level of sales.

Production capacity

Pre-requisites of Uniform Costing are . . .

Spirit of mutual trust , Free Exchange of ideas , No rivalry

Causes for adverse material price variance are:Uneconomical size of purchase orders , Failure to avail discounts allowed by

suppliers. , Excessive freight charges

Cool-wind Ltd., manufactures fans, which at sold at Rs.400 pre piece. The cost

of sales is composed of 40% of direct material, 30% wages and 30% overheads.

An increase in material price by 25% and in wage rate by 10% is expected in

the forthcoming year; as a result of which the profit at current selling price

may dwindle by 39% of present gross profit. With the above information, you

are required to determine the future selling price, if the present rate of gross

profit is to be maintained.

Rs.452/-

The main object of establishing the maximum stock level for material is :

To ensure that inventory never exceeds this limit

________ authorises the production department to issue requistion for

materials.

Bill of material

An adjustment relating to outstanding expenses will ________ the net profit.

Decrease

XYZ & Co. has taken a loan of Rs.100,000/- @ 15% p.a.on 1st October, 2003.

Interest is to be paid on half yearly basis. What treatment should be given in

the books of accounts of XYZ & Co. as on 31st March, 2004?

Interest account should be debited with Rs.7,520.55 and outstanding interest

account should be credited with Rs.7,520.55


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Bank reconciliation statement is a systematic presentation of errors made by

the accountant.

False

Accounting refers to the process of analyzing & interpreting the informationalready recorded in the books of accounts.

True

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.

Rs.1,020/-

Compute fixed overheads calendar variance when fixed overhead volumevariance is Rs.250/- (Favourable); fixed overheads efficiency variance is

Rs.2,150/- (Adverse) and fixed overheads capacity variance is Rs.800/-

(Favourable).

Rs.1,600/- (Favourable)

Correct Answer

Process of analyzing & interpretation

Reviewing internal control system

Book of original entry

Maintain all types of accounts

Token or disc method is a related to the system of ________.

Time-keeping

The cost of fixed asset is Rs. 1,00,000. Rs. 17,000 is charged as depreciation.

Calculate the rate of depreciation.

0.17

Crane expenses should be apportioned on the basis of ________.

Number of hours crane worked in the department

Commission payable to General Manager is 10 % of the net profits. If the net

profit before charging commission is Rs.29,200/-, then what will be the

amount of his net profit after commission?

Rs.26,545.45


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You are using petro as one o t e raw materia s. Dai y you purc ase 1,000

litres of petrol at Rs.28.50 per ltire. 5% of it generally gets lost due to spillage

and evaporation. On a particular hot and dry day, the issue of petrol from

1,000 litres drum was as follows : To job X 200 litres; job Y 400 litres and job Z

320 litres. After these issues the drum was empty. Calculate per litre charge

for use of petrol, quantum of loss and total quantum of petrol used for jobs

X Y and Z.Loss due to spillage and evaporation - 30 litres. , Rate of charge per litre of

petrol - Rs.30/-

Depreciation is caused by use factor, obsolescence and ________.

Time factor

A good purchase system, for materials, prevents production hold-ups due to:

Lack of material

Linking overhead to a cost unit is known as overhead absorption.True

Uniform costing system is a pre-requisite to an inter-firm comparison of firms

belonging to the different industries.

False

Uniform costing system is defined as a system using common concepts and

standard accounting practices by different entities in different industry to

facilitate inter-firm comparison.

True

Features of real account are . . .

Mainly deals with items which are having physical , Consists of some

intangible assets , examples include - Lane, Building, Vehicles

A business is an activity carried out with the intention of earning the profit.

True

Select the correct statements. Ram's account.Dr. Rs.10,000 To Bank

account Rs.10,000

Ram is a creditor , Rs.10,000/- has been paid to Ram , The payment is madeby cheque

Identify the causes due to which the cost of labour may be high:

Excess staffing , Lack of experienced and efficient personnel , High labour

turnover


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________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.

Ledger

The store-keeper should initiate action for the purchase of a material, when itreaches its :

Re-order level

Uniform Costing simplifies the work of wage boards of fixing minimum

wages and fair wages.

True

Maintenance Department is a service cost centre.

True

Balance sheet indicates the financial status of the business at given period.

True

Profit = Contribution per unit X ________.

Margin of safety (units)

Identify the items which are correctly classified.

Carriage inward - Factory overheads , Carriage outward - Selling and

distribution overheads , Sales research expenses -Selling and distribution

overheads

Fixed overhead variances may be calculated either on the basis of units of

output or on the basis of standard hours.

True

Profitability statement indicates the amount of assets & liabilities.

False

Correct Answer

Process of analyzing & interpretation

Financial statusBooks of Accounts

Profitability statement & Balance-sheet

Indicates the amount of profit earned

Correct Answer

Amount not received from customer


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This cost indicates increased or decreased cost due to the increased or

decreased volume of operations.

Differential cost

Indirect material cost assist the manufacturing process is an integral part of

finish goods.False

The prime cost is Rs. 10,00,000 the factory cost is Rs. 13,00,000, the total

administration overheads are 14,00,000 and having selling overhead of Rs.

86000. What is the Total cost?

37,86,000

Indirect Expenses includes

Rent , Telephone expenses , Insurance

Material cost is the first and probably the most important element of cost.

True

Under stocking may have following consequences

Payment for idle time to workers , Production hold ups resulting into

disturbed delivery schedule , Eleventh hour purchase

Goods received note or goods received report is prepared in following copies

One copy to Purchase department , One copy to Accounts department , One

copy to Costing department

Valuation of material uses the following methods

FIFO and LIFO , Average price method , Market price

Under Merrick Differential Piece rate System of wage payment up to 83% of

efficiency following rate is offered.

Normal

Under the Emersons Efficiency Bonus System at following efficiency level no

bonus is payable.

Below 66.66%

If the organisation follows the policy of considering predetermined overhead

absorption rates, it may face the problem of under or over absorption of

overheads if the actual overheads to be absorbed o

True


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Fixed cost is the cost that varies in direct proportion with the level of activity

or volume of operations.

False

Limitations of marginal costing are

difficult for classification as fixed cost and variable cost. , does not provideany standard for the evaluation of performance. , it is useful technique only in

the short run.

Budgetory Control deals with

Establishment of budgets , Comparison of budgeted results with actuals ,

Computation of variance.

The analysis of overhead variances is different and the most complex task.

True

Standard costing and Marginal Costing are the best possible tools available to

the management for cost control

False

Current standards includes

Expected standards , Normal standards , Ideal standards

In case of industries where capital investment is very high, budget should be

prepared for a

Longer period

Financial Accounting protects the interest of outsiders . it considers ________

transaction and it is a ________ requirement

historical

legal

After material is received from the supplier, quantity actually received is

compared with quantity ________-and ________-if any, are taken up with the

supplier

ordered

variation

Labour Turnover indicates ________ in labour force showing a highly

increasing trend or highly ________ trend

change

decreasing


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Under Gannt Task bonus system where the output is ________ payment is

made as per minimum time rate, output is ________ payment is made as per

time wages plus some increase in wage rates

below standard

at standard

________ and ________ are non monetary incentives

Safety services

education facility

Semi ________ overheads are neither ________ nor variable in nature.

fixed

variable

Fixed overheads normally arise as a result of policy and are largely ________

in nature at the ________ level of the managementuncontrollable

lower

variable cost is the cost that tend to ________ in direct proportion with

________

vary

level of activity

________ and ________ are examples of semi- variable overheads.

Maintenance cost

electricity

Rs.5000 paid as ________ to ________ should be debited to salary account

Mahesh

salary

Over absorption of overheads may take place due to the reasons like ________

overheads being less than the ________ overheads

actual

estimated

________ Legal charges and ________ are the accounts which are shown on

the debit side of Profit & Loss Account

Like office rent,

Audit fees


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________ of Trial Balance generally ensures ________ accuracy of the process

of ledger posting .

Talling

arithmetical

While calculating the minimum level, normal lead time is not necessaryFalse

To Increase the existing production capacity, additional capital expenditure is

required.

True

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

Remuneration

During one week X makes 200 units. He receives wages for a guaranted

44hours per week at a rate of Rs. 1.50 per hour. Estimated time to produce one

unit is 15 minutes. Time allowed is increased by 2

Rs. 83.60

Office & Administration overhead includes

Salary , Rent & Taxes , Stationary & postage

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.

Rs.4500/- ( Favorable )

Cost-sheet may be prepared separately for each

Different Cost Centre

The cost of asset is Rs. 1,10,000, Estimated scrap value 10,000,estimated life 10

yrs. Calculate the depreciation according to straight line method

10000

To ascertain the ________ of all the transactions recorded in the ledger

account, the account is required to be ________

Net effect

Balanced

In fixed overhead variance, the volume variance is further analyzed as


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Variance Efficiency Variance , Capacity Variance , Calendar Variance

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

3,15,000

Accounts is a

Record of all transaction

Whatever is to be sold need not be produced.

True

Patents and Trade Marks Account is a Real Account.

True

Budget is prepared in terms of

Quantity and/or Money

Favorable variances need on investigation

False

Standard Costing may not be useful in

Small concerns , Industries having non-standardized products , Contract jobs

__________ Accounting becomes a source of information for ManagementAccounting.

Financial

The levels indicated on the Bin card enables the ________ department to keep

a watch on the balance and replace the material as soon as it reached at

________ level.

Stores

Re-order level

Standard costs are the targets to be attained by the actual performance.

Minimum

During one week X makes 200 units. He receives wages for a guaranted

44hours per week at a rate of Rs. 1.50 per hour. Estimated time to produce one

unit is 15 minutes. Time allowed is increased by 2

Rs. 75


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decisions about the future. It may consider future data as well as non-financial

True

Limitations of Management Accounting includes-------------------

Its wide scope , Possibility of intuitive decision , Requires elaborateorganizational structure

Business Entity Concept ______________.

Business is separated from the owner. , The accounting process carried out for

the business , Separate legal entity

Double Entry Accounting System__________________

Every business transactions have two elements , When business receives

something, it has to pay something , Every debit has a corresponding credit

Sundry creditors transfer to asset side.

False

Purchase Goods of Rs. 7500 on 10% cash discount. The discount amount is

_______

750

The cost of fixed asset is Rs. 1,00,000. Rs. 17,000 deducted as depreciation.

Calculate the percentage

0.17

Goods distributed as free sample amounted to Rs. 10,000. Prepare Neonboard

Rs. 5000. The total amount transfer to advertisement account is Rs.____

15000

A bank reconciliation statement is prepared on a particular date.

True

cheques issued but not presented , direct deposit by customer , wrong credits

given by bank

As soon as the suspense account balance is wiped out , it may be assumed that

all mistakes have been corrected.

False

Credit sale of Rs. 5000 to Bobby should be entered in the purchase book.


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False

This cost indicates historical cost which is incurred in past.

Sunk cost

Manufacturing process involves study ofDesigning the product , The quantity and quality , Material used

LAST IN FIRST OUT (LIFO)

The price of the latest available lot is considered first , If that lot is exhausted,

the price of the 10% prior to that is considered , Physical issue of the material

may not be made out of the said lot

The Bin card and stores ledges do not match due to the following reasons:

Arithmetical errors in calculating , Non- posting a certain document , Posting

a wrong Bin card

Flux method is important method of wage payment.

False

If production overheads to be absorbed are Rs. 50000/- and labour hours

worked are 100000 then the labour hour rate will be,

Re. 0.50 per labour hour.

Fixed cost tends to vary with time rather than with level of activity.

True

Flexible budget is an effective tool for evaluation of performance.

True

Material Mix Variance occurs where only one raw material is required

False

, , ,

production in actual hours is 21,000 units and Standard rate per unit is Rs.1.5/-

Rs.1,500/-( Favorable )

Calculate Sales Price Variance, If actual price is Rs.5.40/- per unit, Standard

price is Rs.5/- per unit and actual sales volume is 500 units.

Rs.200/- ( Favorable )

Standard may not be necessarily useful for this purpose.

Forecasting


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In Cash budget , Non operating cash inflow includes

Receipt of loan/borrowings , Issue of shares , Sale of fixed assets

In Cash budget , Non-Operating cash outflow includesVarious kinds of over

headsLoan instalments , Taxes , Purchase of fixed assets.

During a month opening stock is 5,000 kg, closing stock is 6,000 kg and

production is 21,000 kg , what is the quantity of sales

20,000 kg

Correct Answer

Cost of holding the inventory

Economic Ordering Quantity

Maintain the inventory of any kindAssociated with administrative efforts

Ordering cost + carrying cost

Generally accounts of the assets will have ________ balance and liabilities will

have ________ balance

debits

credits

Interest on overdraft charged by the bank is ________ to the pass book and

________ to the cash book

debited

credited

While selecting source of supply ________ epartment may call for the

________ from the prospective suppliers

purchase

quotation

Administration overheads are ________ in nature and can be controlled

mainly at ________ level of the management

fixedtop

Planning lays down the course of action to be taken in future. In case

budgetary control, it is in the form of the ________ and in case of ________

costing, it is in the form of the standard cost

budgets


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standard

Fixed cost is the cost that tend to remain ________ irrespective of ________

constant

level of activity

The process of Allocation & apportionment can followed to decide the

________ of overheads to each budget center

Allocation & apportionment

Loading

The ideal standards are generally ________ in nature and the variances

always shows ________ trends

theoretical

unfavorable

Bin card is maintained by ________ department whereas ________ is

maintained by costing department.

Stores

Store ledger

Advance received from customers is ________ for the organisation.

A liability

The features of multiplicity of key factors are as follows :

More than one key factors , Refers to a complex situation , Can be resolved by

using linear programming technique

Correct Answer

All the properties owned by the business

Withdrawn for personal use

Book of original entry

Maintain all types of Accounts

All the amount owed by the business

The ________ adjustment is necessary to relfect the cost for the use of fixed

asset during the year.Depreciation

Identify the budgets for which the production manager sould be held

responsible :

Production budget , Production overheads budget , Plant utilisation budget


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Financial statements are basically in two forms i.e. profitability statement and

balance sheet.

True

The data for XYZ Ltd. is as follows : Fixed assets Rs.60,000/-; total cost

Rs.105,000/-; working capital is equal to 25% of the sales value. The companyexpects 25% return on capital employed. Capital employed is equal to fixed

assets plus working capital. Select the correct answers:

Sales Rs.128,000/- , Return on capital employed , Working capital Rs.32,000/-

Select the cost that indicates increased or decreased total cost due to the

increased or decreased volume of operations.

Differential cost

If the owner brings in personal calculator for office use, ________ account

should be credited.Capital

The process of accounting split into three steams i.e. financial, cost,

management accounting.

True

Financial Accounting discloses the financial performance & financial

statements of the business as a whole.

True

Variable cost + Profit = Sales

False

P&L statement which is a period statement & relates to a certain period tells

about results of operations.

True

Correct Answer

Scope of uniform costing

Advantage of uniform costing

Requisite for uniform costingFields covered by uniform costing

A firm employs ten workers at an hourly rate of Rs.20/-. They worked for 40

hours each and completed the job for which standard time was 48 hours for

each worker. Calculate labour cost for the job under the Rowan Plan.

Rs.9,333.33


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Features of material usage variance are :

Measures the difference between the quantity of materials actually used and

that should have been used. , Considers standard price X actual quantity ,

Considers standard price X standard quantity

Treating capital receipt as revenue income is an example of errors of

commission.

False

Two competing companies Hero Ltd. and Zero Ltd. sell the same type of

product in the market. Their forecasted profit and loss accounts

management accounting consolidated(2)

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