Management Accounting 1

MANAGEMENT ACCOUNTING
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LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Multiple Answer
Question Management accounting is concerned with the following activities :
Correct Answer Decision making , Safeguarding assets , Planning and controlling
activities
Your Answer Decision making , Safeguarding assets

TrueF!lse
Question Fied overhead variances ma! "e calculated either on the "asis of units of
out#ut or on the "asis of standard hours$
Correct Answer %rue
Your Answer %rue

Select The "l!n#
Question %he various contents of a uniform cost manual are organisation, cost
accounting s!stem and &&&&&&&&$
Correct Answer #resentation of information
Your Answer #resentation of information

TrueF!lse
Question %he la"our cost which can "e identified with the individual cost centre is
known as the Direct 'a"our Cost$
Correct Answer %rue
Your Answer %rue

M!tch The Followin$
Question Correct Answer Your Answer
Sunk Cost (istorical Cost (istorical Cost
Cost Centre Facilitate the fiation of res#onsi"ilit! Facilitate
the fiation of res#onsi"ilit!
Cost Control Process of controlling costs of o#erations Process
of controlling costs of o#erations
Differential Cost )ncrease or Decrease in cost )ncrease
or Decrease in cost

Multiple Choice Sin$le Answer
Question Flood occurred on *+th March, ,--. and goods worth /s$,+,---01 were
destro!ed$ %he insurance com#an! acce#ted on ,+th March, ,--. the claim for /s$*-,---01
onl!$ %he claim amount was received on ,nd A#ril, ,--.$ Find the im#act of this transaction
on net #rofit for the !ear ending 2*st March, ,--.$
Correct Answer %he net #rofit will decrease "! /s$*+,---01
Your Answer %he net #rofit will decrease "! /s$*+,---01

TrueF!lse
Question Profita"ilit! statement indicates the amount of assets 3 lia"ilities$
Correct Answer False
Your Answer False

TrueF!lse
Question %he role of the "udget committee ma! "e taken as an advisor! role to the
Chief 4ecutive$
Correct Answer %rue
Your Answer %rue

Select The "l!n#
Question )ncome %a Act, recognise onl! one method of de#reciation namel!
&&&&&&&&$
Correct Answer 5ritten down value method
Your Answer 5ritten down value method

Select The "l!n#
Question Angle formed "! the intersection of total cost line and sales line is called
angle of &&&&&&&&$
Correct Answer )ncidence
Your Answer )ncidence

Select The "l!n#
Question %he varinace that attem#ts to ascertain the effect of change in sales
volume on the difference "etween actual and "udgeted contri"ution is known as &&&&&&&&
variance$
Correct Answer Sales margin volume
Your Answer %otal sales margin

M!tch The Followin$
Question Correct Answer Your Answer
4merson6s efficienc! "onus s!stem Actual hours 7 (ourl! rate 8 9onus
#ercentage :Actual hours 7 (ourl! rate; Actual hours 7 (ourl! rate 8 9onus
#ercentage :Actual hours 7 (ourl! rate;
Piece rate s!stem <ut#ut 7 5age rate #er unit <ut#ut 7
5age rate #er unit
9arth Premium s!stem (ourl! /ate 7 :s=uare root of Standard (ours 7 Actual (ours;
(ourl! /ate 7 :s=uare root of Standard (ours 7 Actual (ours;
%ime rate s!stem Attendance time 7 (ourl! wage rate
Attendance time 7 (ourl! wage rate

Select The "l!n#
Question For successful im#lementation of uniform costing s!stem, it is ver!
essential to devise &&&&&&&&, containing recommended cost accounting #lan and
#rocedures$
Correct Answer cost manual
Your Answer cost manual

Question %he o">ectives of cost accounting are :
Correct Answer Cost control , Ascertain ment of cost of each #roduct , Assist in
managerial decision1making
Your Answer Cost control , Ascertain ment of cost of each #roduct , Assist in
managerial decision1making

Select The "l!n#
Question %he "udget that re#resents the funds investment for e#ansion,
diversification, etc$ is known as &&&&&&&&$
Correct Answer Ca#ital e#enditure "udget
Your Answer Ca#ital e#enditure "udget

Question From the given information com#ute the total cost variance$ Material cost
variance 1/s$.,.--01 :Favoura"le;? la"our cost variance 1/s$.@-01 :Adverse;? fied overhead
cost variance 1/s$,,,---01 :Adverse;? varia"le overhead cost variance 1/s$A,---01 :adverse;$
Correct Answer /s$,.,-@-01 :Adverse;
Your Answer /s$,.,-@-01 :Adverse;

TrueF!lse
Question %he #rocess of accounting s#lit into three steams i$e$ financial, cost,
management accounting$
Correct Answer %rue
Your Answer %rue

TrueF!lse
Question Accounting refers to the #rocess of anal!Bing 3 inter#reting the
information alread! recorded in the "ooks of accounts$
Correct Answer %rue
Your Answer %rue

TrueF!lse
Question Marginal costing rewards sales whereas a"sor#tion costing rewards
#roduction$
Correct Answer %rue
Your Answer %rue

Question %he cost that indicates historical cost, which is incurred in #ast, is known
as
Correct Answer Sunk cost
Your Answer Sunk cost

TrueF!lse
Question A "usiness is an activit! carried out with the intention of earning the #rofit$
Correct Answer %rue
Your Answer %rue

Question %he advantages of (alse! #lan are :
Correct Answer 9onus goes on increasing with increase in time saved$ , Provides more
incentive to s#eed u# #roduction , Cuaranteed time rate #a!ment is made
Your Answer 9onus goes on increasing with increase in time saved$ , Provides more
incentive to s#eed u# #roduction , Cuaranteed time rate #a!ment is made

TrueF!lse
Question Management Accounting is the #rocess of anal!sis and inter#retation of
financial data collected with hel# of financial accounting and cost accounting
Correct Answer %rue
Your Answer %rue

TrueF!lse
Question %rading account is an im#ortant account which will "e used to anal!se
how successful and how efficientl! the firm runs its "usiness$
Correct Answer %rue
Your Answer %rue

TrueF!lse
Question %he sum of indirect material cost, indirect la"our cost and indirect
e#enses is termed as <verheads$
Correct Answer %rue
Your Answer %rue

TrueF!lse
Question Financial Accounting discloses the financial #erformance 3 financial
statements of the "usiness as a whole$
Correct Answer %rue
Your Answer %rue

Question Direct Cost includes
Correct Answer Direct material , Direct la"our , Direct e#enses
Your Answer Direct material , Direct la"our , Direct e#enses

TrueF!lse
Question Accounting is an art of recording, classif!ing 3 summariBing in a
significant manner$
Correct Answer %rue
Your Answer %rue

TrueF!lse
Question Due to com#ensating errors the arithmetical accurac! of the trial "alance
is affected$
Your Answer False

Select The "l!n#
Question Advance received from customers is &&&&&&&& for the organisation$
Correct Answer A lia"ilit!
Your Answer A lia"ilit!

TrueF!lse
Question 9alance sheet indicates the e#enditure 3 income from the "usiness$
Your Answer False

TrueF!lse
Question Sales estimate given in the sales "udget is a mere guess$
Your Answer False

Select The "l!n#
Question &&&&&&&& is an! documentar! evidence to >ustif! that a #articular
transaction has taken #lace$
Correct Answer Doucher
Your Answer Doucher

Question %he com#onents of the selling and distri"ution cost "udget are :
Correct Answer Distri"ution e#enses , Pu"licit! e#enditure , Salar! of sales1office
workers
Your Answer Distri"ution e#enses , Pu"licit! e#enditure , Salar! of sales1office
workers

Select The "l!n#
Question )n )ndia, where #u"lic undertakings o#erate along with the #rivate sector
undertakings, &&&&&&&& ena"les a com#arative assessment to "e made of the two sectors$
Correct Answer uniform costing
Your Answer uniform costing

Question Find the "udget which is inade=uate as a cost control techni=ue :
Correct Answer Fied "udget
Your Answer Fied "udget

Question Management Accounting isE
Correct Answer Designed #articularl! for internal use , (el#ful in estimating the future
along with #ast #eriod , Fseful in furnishing the necessar! information to the management
Your Answer Designed #articularl! for internal use , (el#ful in estimating the future
along with #ast #eriod , Fseful in furnishing the necessar! information to the management

Select The "l!n#
Question %he #rocess of finding the reasons for the difference in the "alance as #er
"ank "ook and #ass "ook is known as &&&&&&&&$
Correct Answer /econciliation
Your Answer /econciliation

TrueF!lse
Question 9alance sheet indicates the financial status of the "usiness at given
#eriod$
Correct Answer %rue
Your Answer %rue

Question )f the #ro#rietor has taken awa! goods worth /s$@,@--01 for #ersonal use,
find its im#act on the #ro#rietor6s account in the organisatin$
Correct Answer %he ca#ital will decrease "! /s$@,@--01
Your Answer %he ca#ital will decrease "! /s$@,@--01

TrueF!lse
Question %he #rocess of recording attendance time of the workers is known as time
"ooking$
Your Answer False

Question Marginal costing is useful in the following areas :
Correct Answer Plant shut down decisions , Make or "u! decisions , Profit #lanning
Your Answer Make or "u! decisions , Profit #lanning , A##ortionment of overheads

Select The "l!n#
Question Factor! cost of a #roduct is /s$22@,---01, if the selling overheads are
charged G,@H of factor! cost, then the amount of selling overheads should "e
/s$&&&&&&&&01
Correct Answer +2I@-
Your Answer +2I@-

Question 4ssentials for effective im#lementation of "udgetar! control s!stem are
Correct Answer Commitment of to# management , Clearl! defined o">ectives , Continous
"udget education
Your Answer Commitment of to# management , Clearl! defined o">ectives , Continous
"udget education

Question )n #ractical circumstances, control ledgers ma! "e maintained for the
following categories:
Correct Answer Sundr! de"tors , Sundr! creditors , Advance to Staff
Your Answer Sundr! de"tors , Sundr! creditors , Advance to Staff

TrueF!lse
Question *; Financial statements are "asicall! in two forms i$e$ #rofita"ilit!
statement and "alance sheet$
Correct Answer %rue
Your Answer %rue

TrueF!lse
Question All cash sales are recorded in the sales register$
Your Answer False

Management Accounting 1

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MANAGEMENT ACCOUNTING

GET SUBMIT SCDL ASSIGNMENT ON YOUR BEHALF AND ANY

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