ACCOUNTING FOR MANAGERS

ACCOUNTING FOR MANAGERS

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BLOCK-I

Financial Accounting Introduction

1.            Balance Sheet is a Statement of

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 2.           Balance Sheet are prepared

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 3.           The Trading and profit and loss account is also called?

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 4.           One of the detailed rules used to record business transaction is.

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 5.           Which of the following companies has to pay corporation tax?

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Basic Accounting Terms

 1.           Which of the following jobs check accounting in ledgers and financial statement?

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2.            The process of account is needed to

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 3.           Which of the following principle assumes that a business will continue for a long time?

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 4.           Which of the following user assesses the attractiveness of investing in a business?

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 5.           Accountant uses Generally Accepted Accounting Principles(GAAP) to make the financial information communicated

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Accounting Process

1.            Three key activity of the accountant function are identifying transactions, recording transactions, and communicating transactions, the proper order for these activities is considered to be which of the following?

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 2.           Which one of the following users of accounting information is considered to be an external user of accounting information rather than an internal user of accounting information?

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3.            All of the following people can properly be called managers. Which one of the following individuals is not considered an internal user of accounting information?

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 4.           If during the current accounting period the company’s assets increased by 24,000, and equity increase by 5,000,then how did liabilities change?

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 5.           If at the end of the accounting period the company’s liabilities total 19,000 and its equity totals 40,000,then what must be the total of assets?

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 Journal Entries Numerical

 1.           The following is the type of journal

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 2.           The process of entering all transactions from the journal to ledger is called

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 3.           Which of the following items are used to prepare a balance sheet?

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4.  Which of the following concepts uses the rules ‘every transactions affects two                        or more ledger accounts’ ?

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5.            A debit note is a document made out when goods are

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Subsidiary Books of Accounts

 1.           The sales income of a business during a given period is called

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2.            Any Written evidence in support of a business transaction is called

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3.            The accounting that record expenses, gain and loss are

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Real account reads?

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4.            In journal, the business transaction is recorded

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Trial Balance

 1.           After the preparation of ledgers, the next step is the preparation of ______________

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2.            After preparing the trial balance the accountant finds that’s the total of debit side is short by INR. 1,500. The difference will be_____________

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 Trial Balance – Illustration

 1.           Trial balance is prepared to check accuracy of

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 2.           ________ is the common base for preparing a trial balance.

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Bank Reconciliation Statement

 1.           A cash deposits made by business appears on the bank statement as____ balance.

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 2.           Bank reconciliation statement is the comparison of a bank statement with the________

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 3.           A check returned by bank marked “NSF” means

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 4.           Bank reconciliation statement is prepared by

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 5.           Bank charges amounting to $5000 was not entered in the cash book.

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Depreciation

 1.           The main object of providing depreciation is :

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 2.           Depreciation arises because of:

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 3.           Under the straight line method of providing depreciation it

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 4.           The amount of depreciation charged on a machinery will be debited to:

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 5.           Which of the following assets does not depreciate?

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Financial Statements and their Nature

 1.           The long term assets that have no physical existence but are right that have value is known as

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 2.           Patents, Copyright and trademark are?

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 3.           The debts, which are to be repaid within a short period are known as

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 4.           The following is a statement showing the financial status of the company at any given time?

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 5.           The following statement of revenues and expenses for a specific period of time.

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Fixed Assets

 1.           Loss on sale of machinery will be?

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2.            All personal, real and nominal account are opened in

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 3.           Stock on the date of a valuation is Rs 2,70,000.it had been undervalued by 10%. Actual value is_________

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 4.           An example of fixed assets is

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 5.           Liquid or Quick assets=

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Revenue & expenses (AS 9 )& Expenses

 1.           Sales expenditure budget is prepared by estimating the expense(s) of

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 2.           A machinery is purchased for Rs 3,00,000 and Rs 50,000 is spent on its installation. Rs 5,000 is spent on fuel . What will be the amount of capital expenditure?

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 3.           A credit sale of goods to Mahindra should be debited to..

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4.            Profit can be fraudulently inflated by

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 5.           A withdraw of cash from business by the proprietor of the firm should be credited to

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Manufacturing part 1

 1.           Which of the following shows summary of a company’s financial position at a specific data?

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 2.           Which of the following financial statement summarizes the profitability of an organization for a particular period?

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3.            When a Liability is reduced or decreased, it is recorded on the :

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4.            Which of the following books of original entry should be used to record credit sales?

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 5.           Credit notes issued for goods returned to a supplier will be entered firstly in the

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Manufacturing part 2

 1.           Outstanding rent A/c is an example for:

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2.            The giving aspect in a transaction is called as:

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 3.           Cash Book is to record the:

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 4.           Sales book is to record the:

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 5.           When equity is subtracted from total assets the amount remaining is known as which of the following?

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Illustration 2 Trading, P&L and balance sheet Numerical

 1.           Petty Cash may be used to pay

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 2.           Immediately after purchasing a new truck 20,000 is paid to have the name of the company and other advertising material painted on the truck this Rs.20,000 is a

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 3.           Bill receivable Book is a part of the

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4.            Goodwill account is a

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5.            Bank overdraft account is a

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BLOCK-II

 Financial Ratio Analysis

 1.           In last year the current ratio was 3:1 and quick ratio was 2:1. Presently current ratio is 3:1 and quick ratio is 1:1. This indicates comparably

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 2.           The degree of solvency of two firms can be compared by measuring

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 3.           Proprietary ratio is calculated by

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 4.           Current ratio of a concern is 1, its net working capital will be

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 5.           Current ratio is 4:1. Net Working Capital is Rs 30,000. Find the amount of current Assets.

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Profitability Ratios_part_1

 1.           Quick ratio is 18:1, current ratio is 2.7:1 and current liabilities are Rs 60,,000.Determine value of stock

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 2.           Collection of debtors

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 3.           Overall Profitability ratio are based on

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 4.           Return on Proprietor’s funds is also known as:

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 5.           While calculating Earnings per share, if both equity and preference share capitals are there, then

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 Profitability Ratios_part_2

 1.           Net profit ratio is calculated by

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 2.           If sales is Rs 5,00,000 and net profit is Rs 1,20,000 Net Profit ratio is

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3.            If sales is Rs 10,00,000,sales return is Rs 50,000,Profit Before Tax is Rs 2,00,000.

Income tax is 40%,Net profit ratio is

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 4.           Operating ratio is calculated by=

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5.            Determine Operating Ratio, if operating expenses is Rs 60,000, sales is Rs 94,000, Sales Return is Rs 40,000 and cost of net goods sold is Rs 6,60,000.

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  Activity Or turnover ratio

 1.           Debt Equity Ratio is 3:1, the amount of total assets Rs 20 lacs, current ratio is 1.5:1 and owned funds Rs 3 lac. What is the amount of current assets?

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2.            In the Balance sheet of a firm, the debt equity ratio is 2:1. The amount of long term sources is Rs 12 lac. What is the amount of tangible net  worth of the firm?

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 3.           Banks generally prefer Debt Equity Ratio at:

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 4.           If a compony issues bonus shares the debt equity ratio will

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 5.           An assets is?

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Liquidity, Activity, Capital Structure

 1.           A very High current ratio indicates

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 2.           Quick Assets do not include

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 3.           Financial leverage means

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 4.           In the balance sheet of amount of total assets is Rs 10 lac, current liabilities Rs 5 Lac & capital & Reserves are 2 lac. What is the debt equity ratio?

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 5.           Which ratio is considered as safe margin of solvency?

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 Ratio Analysis( Practical Illustrations)

 1.           Current ratio is 2.5. Current liabilities is Rs.30000. The net working capital is

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 2.           The ideal quick ratio is

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 3.           The ideal level of current ratio is

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 4.           Liquid ratio is also known as

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5.            The ideal level of liquid ratio is

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Cash Flow Statement (AS 3)

1.            As per Accounting Standard-3, cash Flow is classified into

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 2.           Cash Flow Statement is also known as

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 3.           Cash Flow Statement is based upon

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4.            Statement of changes in working capital is prepared separately in

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 5.           The Objectives of cash Flow Statements are

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Cash Flow Statement Illustration-1

1.            Cash flow statement is based upon ________while Funds Flow Statement recognise_____.

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2.            Statement of changes in working capital is prepared by

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 3.           ___reconciles the opening cash balance with the closing cash balance of a given period on the basis of net decrease or increase in cash during that period?

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4.            Cash outflow on purchases is calculated by

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 5.           The amount of operating expenses which are actually been paid in case are shown under:

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Cash Flow Statement Illustration-2

1.            Cash Flow Statement is prepared from

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 2.           Matches the column

                Taxes paid ________i) Cash flow investing activities

                Repayment of loans _________ii) Cash flow from operating activities

                Sale of fixed assets__________ iii) Cash Flow from financing activities

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 3.           For the calculation of cash flow from operating activities, payment and receipt shown in Profit & Loss account are converted into payments and receipts actually in cash by eliminating

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 4.           While preparing Cash Flow Statement, non-Cash items and non-operating items are not required to be adjusted under ___________________

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 5.           Cash Flow from sales is calculated by

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 Comparative income & balance sheet Statement

 1.           The analysis and interpretations of the financial statement will reveal

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 2.           Which of the following is the main objectives of a financial statement

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Common Size Statement- Illustration (case)

 1.           The process of explaining the meaning, significance and relationship between two financial factors is called_________

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2.            Which technique used for figure of Two or more periods are placed side by side to facilitate easy and meaningful comparison?

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Trend Ratio Analysis

 1.           Comparision of financial statement highlight the trend of the __________ of the business.

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 2.           Trend percentages and trend ratio are used in

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BLOCK-III

 Cost accounting

 1.           Cost Accounting is an integral part of

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 2.           Cost accounting involves_

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3.            One of the following is NOT an objective of cost accounting

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 4.           Material cost do Not includes cost of

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 5.           Which one of the following is a direct expense?

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Classification of cost

 1.           Cost which is related to specific cost object and economically traceable is classified as:

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2.            Costs are classified as fixed or variable on basis of

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3.            Process of tracing direct costs and allocation of indirect cost is classified as

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 4.           In accounting, cost which is predicted to be incurred or future cost is classified as:

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5.            Cost which is related to specific cost object and cannot be economically traceable is classified as

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Elements of Cost

 1.           Cost accounting provides all of the information except

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2.            Which of the following is cost behaviour oriented approach to product costing

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3.            The total of all direct expense is known as ________cost

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4.            ____________________costs are partly fixed and partly variable In relation to Output

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5.            Depreciation is ______ Expenditure

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 cost sheet

 1.           Process of assigning indirect costs to any specific cost object is classified as

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 2.           Direct cost assignment for specific cost object is classified as

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3.            In accounting, cost incurred in past or in historical financial statement is classified as:

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 4.           Collection of cost data according system in an organized way is classified as

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5.            Cost accounting mainly helps the management in

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 Inventory

 1.           Which type of inventory system is updated inventory System?

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 2.           Which type of inventory system requires updating the inventory balance at the end of the accounting period?

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 Methods of Inventory Valuation (AS 2)

1.            What does FIFO mean?

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 2.           Which one of the following methods for inventory valuation may be misleading when the units are identical?

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ABC Analysis

 1.           ABC analysis is used in______

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 2.           ABC analysis is used in

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Maximum and Minimum Level

 1.           Activities related to coordinating, controlling and planning flow of inventory are classified as:

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2.            ‘Buffer-Stock’ is the level of stock

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Job and Contract Costing

 1.           In case product produced or jobs undertaken are of diverse nature, the system of costing to be used should be

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 2.           Job costing is similar to that under batch costing except with the difference that a

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 Process Costing-II

 1.           Spoilage that occurs under inefficient operating condition and is ordinarily controllable is called

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2.            An abnormal gain in a process occurs in which of the following situation

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BLOCK -IV

 Budgeting

 1.           Difference b/w budgeted amount and actual results are classified as:

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 2.           Flexible budgeted variance for revenue of company is classified as

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3.            A manager who is responsible for only cost of company is classified as:

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 4.           In budgeted fixed overhead rate, number of machine hours is considered as

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5.            An actual quantity of cost allocation base in INR 56000 and budgeted quantity of cost allocation base in inr 17000 then variable overhead

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Classification of Budget

 1.           The classification of fixed and variable cost is useful for the preparation of

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 2.           Budget manual is a document

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 BUDGET RATIO

 1.           Efficiency Ratio is

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2.            Activity ratio depicts

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STANDARD COST

1.            Standard costing committee is responsible for

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 2.           The units standard costs?

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 3.           In setting price standards, the purchasing manager must consider

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 4.           When standard costs are used, the amount of detailed record keeping will normally?

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 5.           Which of the following statements are true about standard labour time?

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Standard Costing

 1.           Under standard cost system the cost of the product determined at the beginning of production is its?

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 2.           The deviation between actual and standard cost is known as:

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Variance Analysis

 1.           Variances indicates

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2.            When actual price is higher or lower than the standard price, then it is

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 3.           Volume variance arises when

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 4.           The corrective actions after the analysis of variances has to be taken by

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 5.           When actual price is higher or lower than the standard price, then it is

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Variance Analysis-Material

 1.           Which of the following variance arises when more than one material is used in the manufacture of a product

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 2.           Basic Stand are

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Labour Cost Variance

 1.           If standard hours for 100 units of output are 400@ Rs. 2 per hour and actual hours take are 380 @ Rs.2.25 per, then the labour rate variance is

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 2.           Idle time variance is obtain by multiplying

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Material and labour cost Variance- illustration

 1.           If standard hours for 100 units of output are 400@ Rs. 2 per hour and actual hours take are 380 @ Rs.2.25 per, then the labour rate variance is

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 2.           Which of the following variance arises when more than one material is used in the manufacture of a product

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 Sales Variance and overhead variances- illustration

 1.           Standard quantity of material for one unit of output is 10 kgs. @INR 8 per kg. Actual output during a given period is 800 units . The standards quantity of raw material

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2.            Cost variance is difference b/w

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Marginal Costing

 1.           Marginal cots is taken as equal to

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2.            If the cost of 100 units is Rs 5000 and those of 101 units is Rs 5030 then increase of Rs 30 in total cost is

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 3.           Marginal cost is computed as

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4.            Marginal costing is also known as

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 5.           Which of the following statements are true?

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Application of Marginal Costing in Decision Making ?1

 1.           Under marginal costing the cost of product includes

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 2.           The main difference b/w marginal costing and absorption costing is regarding the treatment of

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BLOCK-V

 Cost Volume Profit Analysis

 1.           Under profit volume ratio, the term profit

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 2.           Factor Which can change the break-even point

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 Emergence of Management Accounting

 1.           Planning and control are done by

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 2.           Describe making concern the

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 3.           Decision making is involved in the following function/s of management

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4.            This function works like a policeman to ensure the performance of the employees.

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 5.           Purpose of management accounting is to

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Activity Base Costing

 1.           A cost driver is:

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 2.           In activity based costing, costs are accumulated by activity using:

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Stages in Activity Base Costing

 1.           Steps in ABC includes:

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 2.           Which of the following is not a benefit of ABC?

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Practical Problem-1 PV ratio, BEP and Margin of safety

 1.           The term gross margin refers to…

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 2.           Sales of Rs. 100000, variable cost Rs. 50000 and net profit ratio is 10% on sales, find out fixed cost.

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