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financial accounting for managers
Accounting For Managers 2009 Edition Rama Gopal, CA. C. - Solutions
16. True or False: Standard costing is very important in controlling the performance and achieving the planned profits.
15. True or False: When the actual cost is more than the standard, it is called adverse variance.
14. True or False: Variance is always negative.
13. True or False: Variance analysis is the foundation of standard costing.
12. True or False: Standard costing is a valuable aid in cost control.
11. True or False: In jobbing industries, standard costing can be applied in all operations.
10. True or False: Standards represent achievable targets after a conscious effort.
9. True or False: Success of standard costing depends upon the fixation of standard costs.
8. True or False: As a general rule, in standard costing, standards should be such that which are attainable, if workers put some more efforts or become more efficient.
7. True or False: Cost Accountant does not play an important role in setting the standards in standard costing.
6. True or False: Attainable standard reveals real variances for exercising control.
5. True or False: Ideal standard is useful to help forward planning in standard costing.
4. True or False: Establishment of cost centre is necessary for fixing responsibilities for unfavorable variances.
3. True or False: Standards in standard costing are arrived on the basis of past performance.
2. True or False: Standard costing is more widely applied in process and engineering industries.
1. True or False: Standard costing is not superior compared to historical costing.
2. State the items, which are included in financial accounts but not in cost accounts?
1. What purpose would be achieved by reconciliation of cost accounts with financial records?
4. State the procedure for reconciliation of accounts between cost accounts and financial accounts.
3. What is the need of reconciliation between cost accounts and financial accounts? Explain the reasons for disagreement in Profit/loss between both the records. (14.3 and 14.4)
2. Give a brief note on Cost Records. (14.2)
1. Describe the different ways of cost accounts that can be maintained. (14.1)
7. True or False: Profit/ Loss in financial records would always agree with Profit/Loss in cost records and no reconciliation between them is needed.
6. True or False: Reconciliation statement is prepared to reconcile the Profit/Loss in cost records with the Profit/ Loss shown in financial records.
5. True or False: Cost ledger in cost Accounting is similar to general ledger in the financial accounting.
4. True or False: If management is not interested in costing information, there should be no costing department.
3. True or False: Cost accounting is a branch of financial accounts.
2. True or False: Installation of a suitable system of cost accounting is restricted to manufacturing concerns only.
1. True or False: Where cost and financial transactions are kept separate, the system is called ‘Cost Ledger Accounting’.
2. What is semi-variable costs? Explain with a few examples?
1. What is the difference in behaviour between fixed costs and variable costs? How they affect profits of a firm?
5. The objective of cost accounting(a) Ascertainment of cost (b) Exercising cost control(c) Determination of selling price (d) All above
4. In a hospital, the following method of costing is applied:(a) Batch costing (b) Process costing(c) Operating costing (d) uniform costing
3. Indirect materials(a) is a prime cost (b) can be a variable cost or fixed cost(c) a overhead cost
2. The term prime costs refer to(a) direct materials and direct labour. (b) direct materials, direct labour and direct expenses.(c) None of the above
1. Fixed cost per unit increases when(a) production decreases (b) production increases(c) change of production does not have effect
12. True or False A prosperous firm does not require cost accounting.
11. True or False Both methods of costing and techniques of costing go together to achieve the basic objective of improving the profitability of the firm.
10. True or False The primary objective of cost accounting is to control costs.
9. True or False Expenses that can be identified or traced are apportioned to a particular department, cost centre, cost unit or machine
8. True or False In historical costing, costs are ascertained after they are actually incurred so their actual utility is limited.
7. True or False Marginal costing is a method of Costing.
6. True or False Methods of costing are different from techniques of costing.
5. True or False If a product passes through different stages, process costing is used to ascertain the cost of each stage or process.
4. True or False The basic methods of costing are Job Costing and Process Costing.
3. True or False Cost allocation refers to charging of direct costs fully and directly to cost centres and cost units, while cost apportionment refers to charging of indirect expenses, proportionately, to cost centres and cost units.
2. True or False Overheads and indirect expenses are different.
1. True or False Cost centre facilitates cost ascertainment and cost control.
10. What are the advantages you would expect from the costing system? What are its limitations?
9. ‘Costing is an aid to management and society’ – Enumerate the main points in support of this statement? (13.10)
8. What are the different techniques of costing? (13.9)
7. Write a detailed note about the different methods of costing? (13.8)
6. What is the difference between absorption and allocation? (13.7)
5. Name the different ways of classification of costs? (13.6)
4. What are the different Elements of Cost? (13.5)
3. Explain the terms ‘Cost Centre’ and ‘Cost Unit’? (13.4)
2. State the objectives of Cost Accounting? (13.2 and 13.3)
1. Distinguish between Costing and Cost Accounting? (13.1 and 13.2)
3. Do you consider Management Accounting is superior to Financial Accounting?
2. What is the need of Management Accounting to Management?
1. What is Management Accounting?
9. State the limitations of Management Accounting?
8. Detail the Role of Management Accountant and give an account of the functions performed?(12.7 and 12.8)
7. Explain briefly the objectives of Management Accounting? (12.8)
6. Describe the Role of Management Accounting in Management Process? (12.4 and 12.7)
5. What are the four basic functions of management process? How management accounting helps in this process? (12.4 and 12.7)
4. How does Management Accounting differ from Financial Accounting? (12.3, 12.4 and 12.9)
3. What is Management Accounting? How does it help the management? (12.4 to 12.7)
2. What is Management Accounting and explain its need to the management? (12.4 to 12.6)
1. What are the different divisions of Accounting and explain any two of them? (12.2 to 12.4)
7. Management Accounting relates to(a) Collection of data from different sources (b) Modification of data to meet the specific needs(c) Presentation of data (d) All of the above
6. The use of management accounting is(a) Compulsory (b) Optional(c) Mandatory as per the law
5. This function works like a policeman to ensure the performance of the employees:(a) Controlling (b) Planning(c) Organizing (d) None of these
4. Decision-making is involved in the following function/s of management(a) planning (b) organizing(c) controlling (d) All the above functions
3. The comparison of actual results with expected results is referred to as(a) feedback (b) controlling(c) none
2. Decision-making concerns the(a) past (b) future(c) past and future both
1. Planning and control are done by(a) top management (b) lowest level of management(c) all levels of management
10. True or False Like financial accounting, management accounting uses information, expressed in monetary terms only.
9. True or False The accounting information system for financial accounting and management accounting is same.
8. True or False Management Accounting is futuristic in its orientation.
7. True or False Management Accounting tailors financial information to meet the specific needs of management.
5. True or False Management Accounting reports are public documents.
4. True or False It is optional for a company to have financial accounting.
3. True or False In Management Accounting, Generally Accepted Accounting Principles and Practices of Accounting govern the preparation of reports.
2. True or False Standard formats are used in management accounting for preparation of reports.
1. True or False Any form of accounting, which enables a business to be conducted more efficiently can be regarded as Management Accounting.
5. Do you consider inventory and receivables stand on the same level in respect of realization into cash?
4. What is meant by ‘Flows’ in the context of Cash Flow Statement?
3. Is it necessary to prepare and publish Cash Flow Statement?
1. What is the purpose of Cash Flow Statement?
4. Fill in the Blanks: Net cash flow is the difference of… and ……………of Cash.
3. Fill in the Blanks: Decrease in Debtors is … of cash.
2. Fill in the Blanks: Income from long-term investments is cash flow from ……………… activities.
1. Fill in the Blanks: Cash payments to suppliers for goods and services are classified as cash flows from ………activities.
3. In the context of Cash Flow Statement, the term ‘cash’ is equivalent to(a) Physical cash on hand(b) Physical cash on hand and demand deposits in a Bank(c) Physical cash on hand and all types of deposits in a Bank
2. Cash from operations is equal to:(a) Net profit plus increase in outstanding expenses;(b) Net profit plus increase in debtors;(c) Net profit plus increase in stock.
1. In the context of Cash Flow Statement, the term “Fund” refers to(a) Working capital (b) Cash and cash equivalents(c) Total Resources (d) None
12. true or false: Cash flow statement is a substitute of a Cash Account.
11. true or false: The term “Funds” means “Current Assets” in case of a cash flow analysis.
10. true or false: Cash flow statement is based upon accrual basis of accounting.
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