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Thursday, February 07, 2019

Gauhati University Question Papers: MANAGEMENT ACCOUNTING (May-June'2017)


Gauhati University Question Papers
MANAGEMENT ACCOUNTING (May-June'2017)
(MAJOR)
Full Marks: 80
Time: 3 hours
The figures in the margin indicate full marks for the questions
1. (a) State whether the following statements are True or False:                                               1x5=5
1)         Management Accounting provides decision to the management.
2)         Marginal cost comprises prime cost plus variable overhead.
3)         A budget is a plan of action for a future period.
4)         Standard Costing is a method of cost ascertainment.
5)         Budgetary Control starts with budgeting and ends with control.
(b) Fill in the blanks with appropriate words:                                   1x5=5
1)         Management Accountant is required to submit _____ to the management on different aspects of a business.
2)         P/V ratio is also known as _____ ratio.
3)         A budget which consolidates the organisation’s overall plan is called _____.
4)         Standard Costing _____ the variations of actual costs from standard costs.
5)         Material usage variance = Material mix variance + _____.
(c) Answer the following questions:                                    2x5=10
1)         Mention two objectives of Management Accounting.
2)         Mention two features of Marginal Costing.
3)         Mention any two characteristics of good budgeting.
4)         Indicate the industries where Standard Costing system is suitably applied.
5)         Explain variance analysis.
2. Answer the following questions:                                          5x4=20
1)         Why is the Management Accounting a separate discipline other than Cost Accounting?
2)         Explain the role of computer in management decision making process.
Or
What is ment by the term ‘Cost-Volume-Profit Analysis’?
3)         What is meant by Zero-Based Budget?
Or
Define ‘fixed budget’ and ‘flexible budget’.
4)         What is material cost variance? What rate its different components?
3. Describe the uses of accounting information for managerial decision making purposes.             10
Or
“Management Accounting is an integral part of the system of management control.” Explain the various constituents of management control and point out the functions of Management Accountant in relation thereto.                           10
4. What is meant by Budgetary Control? What are the essentials for success of a Budgetary Control System?       10
Or
A company is expecting to have Rs. 25,000 cash in hand on 1st April, 2016 and it required you to prepare cash budget for three months, April to June, 2016. The following information is supplied to you:
Months
Sales
(Rs.)
Purchases
(Rs.)
Wages
(Rs.)
Expenses
(Rs.)
February
March
April
May
June
70,000
80,000
92,000
1,00,000
1,20,000
40,000
50,000
52,000
60,000
55,000
8,000
8,000
9,000
10,000
12,000
6,000
7,000
7,000
8,000
9,000
Other information:
a)         Period of credit allowed by suppliers is two months.
b)         25% of sales is for cash and the period of credit allowed to customers for credit sales is one month.
c)          Delay in payment of wages and expenses is one month.
d)         Income tax Rs. 25,000 is to be paid in June, 2016.
5. “The technique of Marginal Costing can be a valuable aid to the management.” Discuss.                           10
Or
A company sold in two successive periods 7,000 units and 9,000 units and has incurred a loss of Rs. 10,000 and earned a profit of Rs. 10,000 respectively. The selling price per unit is Rs. 100. You are required to calculate:                            10
1)         P.V. ratio.
2)         The amount of fixed cost.
3)         Sales at break-even point.
4)         Sales required to earn a profit of Rs. 40,000.
6. Explain the concept of “Standard Cost” and “Standard Costing” and outline the primary objects of Standard Costing. 10
Or
The standard cost for a product is:
Time: 10 hours per unit
Cost: Rs. 5 per hour
Actual performance was: Production = 1,000 units
Hours taken – 10,400 hours.
Idle time – 400 hours.
Payment made – Rs. 56,160 @ Rs. 5.20 per hour.
From the above particulars, you are required to calculate:
a)         Labour rate variance.
b)         Labour efficiency variance.
c)          Idle time variance.
d)         Labour cost variance.

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