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management cost accounting
Questions and Answers of
Management Cost Accounting
Calculate the material turnover ratio for the material items mentioned in the previous problem and express in number of days the average inventory held.
Write elaborately on periodic inventory system.
Write a detailed note on perpetual inventory system.
Bring out the major duties of a storekeeper.
What are the objectives and requirements of material control?
Explain the importance of material control.
Give short notes on JIT and VED analyses?
What is ABC analysis?
What is reorder level?
Explain the concept of EOQ. What is its importance in cost accounts?
What do you mean by minimum stock level?
What do you mean by material control?
The cost of goods sold is computed by deducting(a) Opening inventory (b) Closing inventory(c) Both a and b (d) None of the above
Physical inventory is usually taken near(a) Beginning of the accounting period (b) End of the accounting period(c) Middle of the accounting period (d) None of the above
Higher cost of finished product would make the product(a) Competitive (b) Uncompetitive(c) Comparative (d) None of the above
If the quality of materials purchased is too low, the product will be of(a) Superior quality (b) Inferior quality(c) Both a and b (d) None of the above
Timely deliveries have special significance in(a) VED analysis (b) JIT analysis(c) Periodic inventory system (d) Perpetual inventory system
_____analysis is used mainly for the control of spare parts(a) VED analysis (b) JIT analysis(c) Periodic inventory system (d) Perpetual inventory system
Reorder level = safety stock +______(a) Short time consumption (b) Lead time consumption(c) Average consumption (d) None of the above
Formula for average stock level(a) Minimum + maximum level/2 (b) Minimum level + 1/2 of ROQ or EOQ(c) Both a and b
Stock verification sheets are maintained to record the results of(a) Annual consumption (b) Physical verification(c) Both a and b (d) None of the above
Under ABC analysis, A stands for(a) Low-value item (b) Minimum-value item(c) High-value item (d) None of the above
Material control covers three stages, namely, purchasing, storing and issuing.State whether the following statements are true or false:
Stock verification sheets are maintained to record the results of physical verification.State whether the following statements are true or false:
There are two aspects, namely, accounting aspect and operational aspect, of material control.State whether the following statements are true or false:
Under ABC analysis, A stands for high-value items.State whether the following statements are true or false:
Perpetual inventory system means a continuous stocktaking system.State whether the following statements are true or false:
When maximum stock level is fixed, the stock at hand should never exceed this level.State whether the following statements are true or false:
EOQ is a reorder quantity.State whether the following statements are true or false:
The terms material and inventory should not be used synonymously.State whether the following statements are true or false:
ABC analysis concentrates more on important items.State whether the following statements are true or false:
Continuous stock taking should not be resorted to since it results in the disruption of work.State whether the following statements are true or false:
From the following data, prepare a cash budget for the quarter October–December. Draft a note from the management accountant and financial controller to accompany this statement.Rs(a) Sales: from
Based on the following information, prepare a cash budget for ABC Ltd:First quarter(Rs)Second quarter(Rs)Third quarter(Rs)Fourth quarter(Rs)Opening cash balance 10,000 Collection from customers
Prepare a profit and cash budget for the first quarter, April–June, for A.B. Industries Ltd from the following information for the coming year:a. The company produces two products, and their unit
From the following budgeted figures, prepare a cash budget for the three months till 30 June:Months Sales(Rs)Materials(Rs)Wages(Rs)Overheads(Rs)January 60,000 40,000 11,000 6,200 February 56,000
Prepare a cash budget for the three months ending on 30 June from the following information:a. Month Sales(Rs)Materials(Rs)Wages(Rs)Overheads(Rs)February 14,000 9,600 3,000 1,700 March 15,000 9,000
A new plant has been ordered, which will be received and paid in May. It will cost Rs 1,20,000.
The company is to pay dividends to shareholders and bonuses to workers of Rs 15,000 and Rs 22,500, respectively, in April.
Income tax of Rs 57,500 is due to be paid on 15 June.
Delay allowed in payment of all expenses is 1 month.
20% of sales are for cash, and period of credit allowed to customers for credit is 1 month.
A company expects to have Rs 37,500 as cash in hand on 1 April and requires you to prepare an estimate of its cash position during the three months April, May and June. The following information is
A department of Company X attains sales of Rs 6,00,000 at 80% of its normal capacity; its expenses are as follows:Administration costs Office salaries Rs 90,000 General expenses 2% of sales
Prepare a manufacturing overhead budget and ascertain the manufacturing overhead rates at 50% and 70% capacities. The following particulars are given at 60% capacity:Variable overheads Indirect
Draw up a flexible budget for overhead expenses on the basis of the following data and determine the overheads rates at 70%, 80% and 90% plant capacity:At 70% capacity At 80% capacity At 90% capacity
Prepare a flexible budget for overheads on the basis of the following data. Ascertain the overhead rates at 50%, 60% and 70% capacity.At 60% capacity (Rs)Variable overheads Indirect material 6,000 At
The budgeted output of a factory specializing in the production of a single product at an optimum capacity of 6,400 units per annum amounts to Rs 1,76,048 as detailed here:Rs Rs Fixed costs —
Narayan Ltd produces two commodities, Good and Better, in one of its departments. Each unit takes 5 hours and 10 hours as production times for Good and Better, respectively. 1,000 units of Good and
A factory manufactures two types of products, X and Y. Product X takes 5 hours to make and Y requires 10 hours In a month of 25 effective days with 8 hours a day, 1,000 units of X and 600 units of Y
ABC Company Ltd gives the following particulars. You are required to prepare a cash budget for the three months ending on 31 December 1997.Months Sales(Rs)Materials(Rs)Wages(Rs)Overheads(Rs)August
A company is expecting Rs 25,000 as cash in hand on 1 April 1994, and it requires you to prepare an estimate of its cash position during the three months from April to June 1994. The following
Based on the following information, prepare a cash budget for ABC Ltd.First quarter (Rs)Second quarter (Rs)Third quarter (Rs)Fourth quarter (Rs)Opening cash balance 10,000 Collection from customer
Two articles A and B are produced in a factory. Their specifications show that 4 As or 2 Bs can be produced in 1 hour. The budgeted production for January 1998 is 800 As and 200 Bs. The actual
In a manufacturing shop, product X requires 2.5 manhours and product Y requires 6 manhours for production.In a month of 25 working days with 8 hours a day, 2,000 units of X and 1,000 units of Y were
Why is it necessary to prepare a cash budget for a firm? Discuss.
Is it possible to prepare a master budget keeping in mind fluctuations in the economy?
Explain the reasons for preparing a flexible budget.
Discuss the importance of ZBB in the light of present-day financial crisis.
What are the advantages of flexible budget over fixed budget?
What is flexible budget? Explain its use.
Explain briefly the procedure of preparing a sales budget.
What are budget ratios?
Discuss the objectives and limitations of budgets.
Discuss the different types of budgets.
Define budget and describe two important budgets.
Operational efficiency is promoted by(a) Cash budget (b) Sales budget(c) Labour budget (d) ZBB
Budgets prepared mainly on past performance and actual cost is known as(a) Conventional budget (b) Long-term budget(c) Short-term budget (d) Sales budget Ans: (a)
Budgets prepared for a period of less than a year is known as(a) Long-term budget (b) Short-term budget(c) Current budget (d) Basic budget Ans: (b)
An example of long-term budget is(a) Capital expenditure budget (b) Research and development budget(c) Both (a) and (b) (d) Cash budget Ans: (b)
Shortcomings of the traditional budget is rectified by(a) Sales budget (b) Labour budget(c) Performance budget (d) Production budget Ans: (c)
Purchase budget is dependent on(a) Production budget (b) Material requirement budget(c) Both (a) and (b) (d) Sales budget Ans: (b)
The chief executive prepares(a) Production budget (b) Sales budget(c) Capital expenditure budget (d) Material budget Ans: (c)
Cash budget is prepared by(a) Sales manager (b) Finance manager(c) Accountant (d) Supervisor
A written document that guides the executive in preparing budgets is termed as(a) Budget manual (b) Cost sheet(c) Variance analysis (d) Statement of profit Ans: (a)
ZBB overcomes the weakness of(a) Cost accounting (b) Financial accounting(c) Management accounting (d) Conventional budgeting Ans: (d)
A fixed budget is useful only when the actual level of activity corresponds to the budgeted level of activity.
Estimate of the sales given in the sales budget is mere guesswork.
For control purposes, long-term budget should be prepared.
The budget relating to the key factor should be prepared last.
Limiting factor is a major constraint on all the operational activities of an organization.
Budgetary control system does not suit small businesses.
A budget manual is a summary of all the functional budgets.
Budgets are blueprints for action.
Budgets are drawn up by the chief accountant.
A budget is nothing but an estimate.
From the following budgeted and actual figures, calculate the variances on sales margin basis:Budget Sales—2,000 units at Rs 15 each Rs 30,000 Cost of sales at Rs 12 each Rs 24,000 Profit Rs 6,000
The following table shows the budgeted and actual sales for a certain period. Compute (a) price,(b) volume and (c) mix variance of sales from the following data:Product Budget Actual Units Price per
From the following data, calculate (a) sales price variance, (b) sales volume variance and (c) sales mix variance:Product Standard Actual Units Price per unit Units Price per unit A 1,500 Rs 30 2,000
From the following particulars, calculate (a) SVV, (b) SPV and (c) Sales volume variance. The budgeted and actual sales for a period in respect of two products are as follows:Product Budgeted
The sales manager of a company engaged in the manufacture and sale of three products P, Q and R gives the following information for the month of October 1994:Product Budget sales units sold Selling
Actual overhead: Rs 1,800 Budgeted overhead: Rs 2,000 Budgeted period: 4,000 labour hours Standard per unit: 10 labour hours Budgeted number of days: 20 Standard overhead per hour: Re 0.50 Actual
A manufacturer operating a standard costing system has the following data for a month:Standard Actual Number of working days 25 27 Manhours per month 5,000 5,400 Output in units 500 525 Fixed
Calculate overhead variances from the following data:Standard Actual Fixed overheads (Rs) 8,000 8,500 Variable overheads (Rs) 12,000 11,200 Output in units 4,000 3,800
From the aforementioned data, calculate overhead variances such as (i) overhead cost variance,(ii) overhead efficiency variance, (iii) overhead capacity variance and (iv) overhead calendar
A factory has estimated its overheads for a year at Rs 96,000. The factory runs for 300 days in a year; it works 8 hours a day. The total budgeted production for the year is 24,000 articles. Actual
Following data are available from a record of a factory:Standard labour rate Rs 2 per hour Standard hours 2 per unit Actual labour rate Rs 2.25 per hour Actual units produced 1,000 units Actual hours
A gang of workers normally consist of 30 men, 15 women and 10 boys. They are paid at standard hourly rates as follows:Re Men 0.80 Women 0.60 Boys 0.40 In a normal working week of 40 hours, the gang
Calculate variances from the standard for a particular month as disclosed from the following figures:Standard In a particular month Number of workers employed 600 550 Average wages per worker per
In a factory section, there are 80 workers and the average rate of wages per worker is Re 0.50 per hour.Standard working hours per week are 45 hours and the standard performance is 6 units per hour.
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