A Textbook Of Financial Cost And Management Accounting 1st Edition P. Periasamy - Solutions

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Outline the history of the “search” for a conceptual framework in the US. In particular discuss the role of the Trueblood Committee in setting the agenda for conceptual framework projects in the US and elsewhere.
Compare and contrast the experiences of accounting and economics in terms of the presence or absence of a conceptual framework.
Outline what is meant by the phrase “conceptual framework” and explain what the practical impact of having such a framework might be for accounting.
Access a copy of a recent annual report and review its contents (without paying any great attention to the detail). Remember, this is the document that this text aims to familiarise you with. What are your fi rst impressions?what is meant by the term “conceptual framework”;• how the
The argument in this article is that the new regulatory regime that has been put in place in the wake of the fi nancial crisis will succeed in preventing future fi nancial “disasters”. How credible, in your view, is this claim?Five years on: the new regulators, by Laura Powell The 2008 fi
The principal regulatory bodies dealt with in this chapter have excellent websites. Access these at the following addresses and explore their contents:FASB: www.fasb.org/SEC: www.sec.gov/FRC: www.frc.org.uk/IASB: www.iasb.org/FCA: www.fca.org.uk/
Identify the attractions to some companies of a listing on AIM.
“In a free-market economy it is somewhat ironic that the form of accounting disclosures is so heavily regulated’. Discuss.
The London Stock Exchange and UKLA are playing an increasingly proactive role in the area of accounting disclosure. Identify some examples of this and assess their signifi cance in determining disclosure requirements for plcs.
Distinguish between the following:• public and private companies;• limited and unlimited companies;• small, medium and large companies.
Explain the role that legislation plays in determining the way in which accounting information is presented. In particular, identify the principal emphases of UK legislation as they relate to accounting information.
Over the course of the last two decades IASB emerged as a signifi cant “player” in the global regulatory environment. Explain how this happened and the implications for the accounting standard setting process internationally.
According to Sir David Tweedie, “Accounting, we are told, should not change behaviour. I totally disagree.” “Accounting should refl ect the economics – and that should drive behaviour.” What are the implications of this statement and do you agree with him?
Identify the principal characteristics of the US regulatory framework. Explain the role of the SEC in this system. How did the US approach infl uence other regulatory regimes?
1===+QUESTION 2“Accounting information emerges in the form that it does as a result of a process that is essentially political; i.e. it is determined by a process in which different interests lobby for their favoured practices. Those with the most infl uence, whether commercial, social or
“Accounting information, by its very nature, needs to be regulated.” Discuss.
What are the circumstances under which cost audit is ordered?
Mention the areas of activity in respect of which cost accounting records are to be maintained.
Explain the difference between Financial Audit and Cost Audit.
What do you understand by Cost Audit Programme?
What are the advantages of Cost Audit?
Explain the types of Cost Audit.
Define Cost Audit. Explain the purposes of Cost Audit.
Internal Rate of Return and --- are the same(a) Time Adjusted Rate of Return (b) Average Rate of Return(c) Accounting Rate of Return (d) Profitability Index
Profitability index is also termed as -----(a) Benefit Cost Ratio (b) Liquidity Ratio(c) Turnover Ratio (d) Solvency Ratio
Capital Investment Decisions are generally ----(a) Irreversible (b) Reversible (c) Recurring (d) Constant
Capital budgeting is also known as ----(a) Investment Decision Making (b) Planning Capital Expenditure(c) Capital Expenditure Decisions (d) All the above
is the annual average yield on a project(a) Internal Rate of Return (b) Cut-off Rate(c) Accounting Rate of Return (d) None of the above
The Minimum Rate of Return expected of a capital investment project is termed as -----(a) Single Point Rate (b) Cut-off Rate(c) Normal Rate (d) Both a and b
The technique of long-term planning for proposed capital outlays, and their financing is termed as ----(a) Capital Budgeting (b) Cash Budgeting(c) Sales Budgeting (d) Revenue Budgeting
The Cash flows on account of operations are presumed to have been reinvested at the cut-off rate in case of ----(a) Net Present Value Method (b) Pay-back Period Method(c) Internal Rate of Return Method (d) Discounted Cash Flow Method
Depreciation is included in cost in case of(a) Average Rate of Return Method (b) Accounting Rate of Return Method(c) Pay-back Period Method (d) Present Value Index Method
The return after the pay-off period is not considered in case of(a) Internal rate of Return Method (b) Net Present Value Method(c) Pay-back Period Method (d) Accounting Rate of Return Method
While evaluating capital investment proposals, the time value of money is considered in the case of(a) Pay-back method (b) Discount Cash Flow Method(c) Accounting Rate of Return Method (d) Net Present Value Method
is the relationship that exists between the present value of net cash inflows and the present values of cash outflows.(a) Profitability Index(b) Distribution of Capital(c) Discounted Benefit-Cost Ratio(d) Cut-off Point
is the rate which equates the present value of expected future cash flows with the cost of the investment.(a) Average Rate of Return(b) Discounted Rate of Return(c) Internal Rate of Return(d) Time Adjusted Rate of Return
The simplest capital budgeting technique is(a) Net Present Value Method(b) Pay-back Period Method(c) Internal Rate of Return Method(d) Average Rate of Return Method 665
Fixed Assets are those which are of a(a) Fixed (b) Current nature(c) Acid (d) Liquid
What do you understand by Net Present Value Method? State its advantages and disadvantages.
Explain the different types of Capital Budgeting Proposals.
Explain the process of Capital Budgeting.
State the objectives of Capital Budgeting.
What is the importance of Capital Budgeting?
What is Pay-back Method? State its advantages and limitations.Write Short Notes on :(a) Net Present Value Method(b) Profitability Index(c) Internal Rate of Return(d) Discounted Pay-back Period Method(e) Average Rate of Return(f) Reciprocal Pay-back Period Method
What do you mean by Average Rate of Return?
State the different techniques of selecting capital budgeting proposals.
Discuss briefly the principles and characteristics of capital budgeting.
What do you understand by Capital Budgeting?
What are the important uses of Variance Analysis?
Explain the different types of Material Cost Variance.
Explain the different types of variances used in Standard Costing.I I. Write short notes on :(a) Material Cost Variance. (b) Labour Mix Variance. (c) Fixed Overhead Cost Variance. (d) Fixed Overhead Calendar Variance. (e) Sales Margin Volume Variance.
What do you understand by Variance Analysis?
Explain the different types of Standards.
Explain the limitations of Standard Costing.
Discuss the prelimary steps for determination of Standard Cost.
Briefly explain and compare and contrast between Standard Costing and Budgetary Control.
What are the differences between Standard Costing and Estimated Costing?
What do you understand by Standard Cost and Standard Costing?
Define Standard Costing.
Describe the different methods of preparing Flexible Budget.
What are the differences between fixed budget and flexible budget?
What do you understand by Fixed Budget and Flexible Budget? Whiit are the advantages of Flexible Budget?
What do you understand by Master Budget?
What do you understand by Cash Budget? Discuss the procedure for preparing the cost budget.
Write short notes on :(a) Production Budget. (b) Cost of Production Budget. (c) Materials Budget.
What is sales budget? What are the factors considered in developing the sales budget?
What you understand by control ratios?
Briefly explain the different types of budgets.
What are the limitations of budgetary control?
Write short notes on :593(a) Budget Centre. (b) Budget Officer. (c) Budget Committee. (d) Budget Manual. (e) Budget Period. (f) Key Factor.(g) Performance of Budgeting.to. What are the advantages of budgetary control?
What do you understand by organization for budgetary control?
Describe essential requisites for effective budgetary control.
What are the scope and techniques of Standard Costing and Budgetary control?
What are the objectives of Budgetary Control?
What do you understand by budgetary control?Explain briefly the characteristics of a good budget.
What are the differences between budgets and forecasts?
What are the essentials of a budget?
What do you mean by a budget?
Briefly explain the relationship between Angle of Incidence, Break-Even Sales and Margin of Safety.
Briefly explain the advantages .md limitations of Break-Even Chart
Write short notes on :(a) Profit Volume ratio. (b) Margin of Safety. (c) Break-Even chart. (d) Angle of Incidence.
What do you understand by Break-Even Analysis?
What is Contribution? How it is computed?
Explain Marginal cost equation.
Briefly explain the objectives of cost volume profit analysis.
What do you understand by Cost Volume Profit Analysis?
Briefly explain the advantages and limitations of Marginal costing.
What are the important decision making areas of Marginal costing?
Compare and contrast Marginal costing and Differential costing.
What is meant by Differential costing?
What are the differences between Absorption costing and Marginal costing?
Define Marginal Costing Briefly explain the features of marginal costing.
List out the different items of incomes and expenses which are included in financial account but ignored in cost account.
Explain briefly the methods of preparation of reconciliation statement of cost and financial profit.
What are the important Reconciliation Statements?
Briefly explain the reasons for the difference between profit or loss as per cost accounts and financial accounts.
What do you understand by Reconciliation of Cost and Financial Accounts?
What are the factors to be considered while adopting ABC?
What are the classification of activities? Explain it briefly.
What are the advantages of Activity-Based Costing?

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