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SCDL- PGDBA- I Semester Management Accounting- Paper Code-103 _____________________________________________________________________
LIST OF ATTEMPTED QUESTIONS AND ANSWERS

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SCDL- PGDBA- I Semester Management Accounting- Paper Code-103 _____________________________________________________________________
Multiple Choice Multiple Answer Question Essentials for effective implementation of budgetary control system are Correct Answer Commitment of top management , Clearly defined objectives , Continous budget education Your Answer Commitment of top management , Clearly defined objectives , Continous budget education Multiple Choice Multiple Answer Question Features of convention of consistency are . . . Correct Answer The accounting policies and procedures should be followed consistently , Facilitates the comparison of financial statements , It facilitates comparison of financial statements on period-toperiod basis Your Answer The accounting policies and procedures should be followed consistently , It facilitates comparison of financial statements on period-to-period basis True/False Question

The bin card and stores ledger, being independent records, comparison of these two records should be avoided. Correct Answer False Your Answer False

Match The Following Question Dividend paid Freight inwards Sales Freight outwards

Correct Answer Profit and loss appropriation account Manufacturing account Trading account Profit and loss account

Your Answer Profit and loss account Manufacturing account Capital account Trading account

Select The Blank Question Large angle of incidence indicates ________ amount of profits. Correct Answer higher Your Answer True/False Question same

Error of commission refer to a situation where a transaction is not recorded in the books of account. Correct Answer False Assignment and project help visit www.oqp.in or 2 For more solved assignments,

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

True/False Question Correct Answer Your Answer True/False Question Correct Answer Your Answer True/False Question Correct Answer Your Answer True/False Question Correct Answer Your Answer True/False Question Correct Answer Your Answer True/False Question 3

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

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

Accounting refers to the process of analyzing & interpreting the information already recorded in the books of accounts. True False

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

Financial accounting may deal with the ascertainment of cost & calculation of profitability of the individual product. False False

The reports generated by financial accounting are meant for the use by management for effective decisions.

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SCDL- PGDBA- I Semester Management Accounting- Paper Code-103 _____________________________________________________________________ Correct Answer Your Answer True True

Multiple Choice Multiple Answer Question Cost Accounting ______________. Correct Answer Your Answer Concerned with specific activities. , Classified according to their nature. , It deals with both i.e. past & present. Concerned with specific activities. , Classified according to their nature. , It covers whole business

Multiple Choice Multiple Answer Question Management Accounting __________________. Correct Answer Your Answer Designed particularly for internal use only. , Looks forward in estimating the future along with past period. , This furnishes the necessary information to management. Designed particularly for internal use only. , Looks forward in estimating the future along with past period. , This furnishes the necessary information to management. , Only a, b, c.

Multiple Choice Multiple Answer Question Accounting is the art of ______________,____________ and ____________ in a significant manner and in terms of money transactions and events which are of a financial character and interpreting the res Correct Summarizing , Classifying , Recording Answer Your Answer Summarizing , Classifying , Recording Multiple Choice Multiple Answer Question The process of accounting has three streams of accounting ---------------,--------and ----------------------. Correct Financial Accounting , Cost Accounting , Management Answer Accounting Your Answer Financial Accounting , Cost Accounting , Management Accounting Match The Following Question Personal A/C 4 Correct Answer Your Answer

Debit the receiver, Credit Debit the receiver, Credit the giver the giver

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SCDL- PGDBA- I Semester Management Accounting- Paper Code-103 _____________________________________________________________________ Real A/C Nominal A/C Tangible assets In tangible assets True/False Question Correct Answer Your Answer True/False Question Correct Answer Your Answer True/False Question Correct Answer Your Answer Debit what comes in, Credit what goes out Debit all the expenses, Credit all the incomes Building, Machinery Patents, Trade marks Debit what comes in, Credit what goes out Debit all the expenses, Credit all the incomes Building, Machinery Patents, Trade marks

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

Amount invested in purchasing Fixed Asset is a revenue expenditure. False False

As per double entry system o accounting , total of all debits should be equal to all credits. True True

Multiple Choice Multiple Answer Question Convention of Consistency Materiality ________________ Correct Answer Your Answer The accounting policies & procedures should follow consistently on period to period , It facilitates the comparison of financial statements on period to period , If any change the fact should be disclosed with its effects on profitability The accounting policies & procedures should follow consistently on period to period , It facilitates the comparison of financial statements on period to period , If any change the fact should be disclosed with its effects on profitability

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SCDL- PGDBA- I Semester Management Accounting- Paper Code-103 _____________________________________________________________________ Multiple Choice Multiple Answer Question Cash and---------------are the two systems of accounting. Correct Answer Your Answer Mercantile Mercantile

Multiple Choice Single Answer Question The opening balance of cash account is Rs. 25,000, cash received from debtors Rs. 30,000, sold goods amounted to Rs. 50,000, paid to creditors Rs. 20,000, purchase furniture Rs. 5000. What is the clos Correct 80,000 Answer Your Answer 80,000 Multiple Choice Single Answer Question Bank Reconciliation statement is required in case of Correct Answer Your Answer difference between the bank balance as per the bank book and as per pass book difference between the bank balance as per the bank book and as per pass book Correct Answer Your Answer

Match The Following Question Error of Principle Error of Omission Error of commission Compensating Error

Trial Balance does not get Wrong Posting affected The transaction is totally The transaction is totally omitted omitted Wrong Posting Wrong classification Wrong classification Trial Balance does not get affected Transferred to suspense account

Difference in trial balance Transferred to suspense account Multiple Choice Multiple Answer Question Direct Cost includes Correct Answer Your Answer 6

Direct material , Direct labour , Direct expenses Direct material , Direct labour , Direct expenses

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SCDL- PGDBA- I Semester Management Accounting- Paper Code-103 _____________________________________________________________________ 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 Remuneration Answer Your Answer Indirect Multiple Choice Multiple Answer Question The Prime Cost includes the aggregate of Correct Answer Your Answer Direct Material Cost , Direct Labour Cost , Direct Expenses Direct Material Cost , Direct Labour Cost , Direct Expenses

Multiple Choice Multiple Answer Question From the following particulars what must appear in purchase requisition Correct Material to be purchased should be cleanly specified , Material Answer should purchase whenever the market for the same is favorable , Purchase requisition should state the quantity of material required. Your Answer Material to be purchased should be cleanly specified , Purchase requisition should state the quantity of material required. Multiple Choice Multiple Answer Question Following points are taking into consideration for evaluation of receipts Correct The Price , The trade discount is to be deducted , Other Answer amounts such as sales tax, excise duty, octroi duty Your Answer The Price , The trade discount is to be deducted , Other amounts such as sales tax, excise duty, octroi duty Multiple Choice Multiple Answer Question While fixing the maximum level following factors are considered Correct Maximum usage , Storage facilities , Availability of funds Answer Your Answer Maximum usage , Rate of consumption 7
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SCDL- PGDBA- I Semester Management Accounting- Paper Code-103 _____________________________________________________________________ True/False Question Correct Answer Your Answer True/False Question Correct Answer Your Answer

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

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. False False

Multiple Choice Single Answer Question Find out the break even point and profit if sales are Rs. 50,00,000 and P/V Ratio is 50% and margin of safety is 40% Correct Rs.30,00,000 and Rs.10,00,000 Answer Your Answer Rs.30,00,000 and Rs.10,00,000 True/False Question Correct Answer Your Answer True/False Question Correct Answer Your Answer True/False Question

For better control, variances of a period may be compare with the previous period. True True

Expected standards are more realistic and useful for cost control. True True

The difference between standard cost and actual cost is termed as Variance.

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SCDL- PGDBA- I Semester Management Accounting- Paper Code-103 _____________________________________________________________________ Correct Answer Your Answer True True

Multiple Choice Multiple Answer Question For reporting of variance, following propositions should be considered Correct Responsibility of each individual should be defined , Reporting Answer should be simple, clear and quick , Analysis of variance should be accurate. Your Answer Responsibility of each individual should be defined , Reporting should be simple, clear and quick , Analysis of variance should be accurate. Multiple Choice Multiple Answer Question Basic three steps in Standard Costing are Correct Answer Your Answer Setting standards , Comparing actuals with standards , Measurement of variance Setting standards , Comparing actuals with standards , Measurement of variance

Multiple Choice Single Answer Question Find out Labour Efficiency Variance, if Standard Rate is Rs.1.50/- per hour, Standard hours are 12,000 and Actual hours are 12,600. Correct Rs.900/- ( Adverse ) Answer Your Answer Rs.900/- ( Adverse ) Multiple Choice Single Answer Question Standard costs are the targets to be attained by the actual performance. Correct Minimum Answer Your Answer Minimum Multiple Choice Single Answer Question Standard Costs are used as tool for Correct Answer 9 Cost Control

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SCDL- PGDBA- I Semester Management Accounting- Paper Code-103 _____________________________________________________________________ Your Answer Cost Control

Select The Blank Question Accounting to the matching principles of accounting, the ________ incurred during an accounting period are required to be match with ________ during that period Correct cost Answer Your Answer cost Correct Answer Your Answer revenues revenues

Select The Blank Question Along with financial accounting, ________ and ________ are the other streams of accounting Correct Cost Accounting Answer Your Answer Management Accounting Correct Answer Your Answer Management Accounting Cost Accounting

Select The Blank Question If the revenue expenditure is treated as ________ expenditure , it will not affect the agreement of ________ balance Correct capital Answer Your Answer capital Correct Answer Your Answer trial trial

Select The Blank Question While selecting source of supply ________ epartment may call for the ________ from the prospective suppliers Correct purchase Answer 10
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SCDL- PGDBA- I Semester Management Accounting- Paper Code-103 _____________________________________________________________________ Your Answer Correct Answer Your Answer purchase quotation quotation

Select The Blank Question After material is received from the supplier, quantity actually received is compared with quantity ________-and ________-if any, are taken up with the supplier Correct ordered Answer Your Answer ordered Correct Answer Your Answer variation variation

Select The Blank Question Under the daily ________ sheets method, each worker is provided with a daily time sheet on which time ________ by him on various jobs is expected to be mentioned Correct time Answer Your Answer work Correct Answer Your Answer spent spent

Select The Blank Question 4.Under the differential time rate method the wages are paid at Rs. 1.50 per hour between ________ efficiency and Rs.1.25 per hour between ________ efficiency Correct 101% to 125 % Answer Your Answer 90-100 Correct Answer Your Answer 80% to90% 101% to 125 %

Select The Blank 11

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SCDL- PGDBA- I Semester Management Accounting- Paper Code-103 _____________________________________________________________________ Question 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 below standard at standard at standard

Correct Answer Your Answer Correct Answer Your Answer

Select The Blank Question ________ and ________ are examples of element wise classification ofoverhead costs Correct Idirect material Answer Your Answer Idirect material Correct Answer Your Answer indirect labour selling overheads

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

Select The Blank Question The process of Allocation & apportionment can followed to decide the ________ of overheads to each budget center Correct Allocation & apportionment Answer Your Answer Distribution Correct Answer 12 Loading

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SCDL- PGDBA- I Semester Management Accounting- Paper Code-103 _____________________________________________________________________ Your Answer

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

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SCDL- PGDBA- I Semester Management Accounting- Paper Code-103 _____________________________________________________________________
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 Net book value of loose tools as on 1st April, 2003 was Rs.45,000/-. As on 31st March, 2004 the management felt that the real worth of these loose tools is only Rs.30,000/-. What can be done to achieve the desired reduction in the net book value of loose tools? Correct Answer By providing depreciation to the extent of Rs.15,000/Your Answer By providing depreciation to the extent of Rs.15,000/-

True/False Question

Overhead absorption rate will be different at different capacity levels.

Correct Answer True Your Answer True

Select The Blank Question The budget that represents the funds investment for expansion, diversification, etc. is known as ________. Correct Answer Capital expenditure budget Your Answer Capital expenditure budget

Select The Blank Question The ________ variance is the difference between the actual variable overhead incurred and the standard variable overhead charged to production. Correct Answer Total variable overhead Your Answer Total variable overhead

Multiple Choice Single Answer Question The cost that indicates historical cost, which is incurred in past, is known as Correct Answer Sunk cost Your Answer Sunk cost

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Select The Blank Question Information as to the cost and profit / loss associated with the firm's
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SCDL- PGDBA- I Semester Management Accounting- Paper Code-103 _____________________________________________________________________

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