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ASSIGNMENT
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DRIVE
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SPRING
2017
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PROGRAM
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BBA
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SEMESTER
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IV
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SUBJECT
CODE & NAME
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MBA104 FINANCIAL AND MANAGEMENT ACCOUNTING
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BK
ID
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B1713
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CREDITS
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4
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MARKS
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60
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Note:
Answer all questions. Kindly note that answers for 10 marks questions should be
approximately of 400 words. Each question is followed by evaluation scheme.
Assignment Set -1
Questions
Question.1. Rainbow
Ltd. sold goods for Rs. 30,00,000 in a year. In that year the variable costs
were Rs. 6,00,000 and fixed costs were Rs. 8,00,000.
Find out :
i) MCSR or P/V Ratio
ii) Break-even sales, and
iii) Break-even Sales if Selling price
was reduced by 10 % and Fixed costs were increased by Rs. 1,00,000.
Answer: i)
P/V Ratio
Question. 2. “The method of costing depends on the nature
of the product, production method and specific business conditions”. Enumerate
giving examples.
Answer: Cost control by management means a
search for better and more economical ways of completing each operation. Cost
control is simply the prevention of waste within the existing environment. This
environment is made up of agreed operating methods for which standards have
been developed.
Business firms aim at producing the
product at the minimum cost. It is necessary in order to achieve the goal of
profit maximisation. The success of
Question. 3. A
company making for stock in the first quarter of the year 2017 is assisted by
its bankers with overdraft accommodation. The following are the relevant budget
figures:
Sale (Cr.) Rs.
Purchases (Cr.) Rs.
Wages &Expenses (Cr.) Rs. November 2016 1,20,000 83,000
10,000 December 2016 1,28,000 96,000 10,000 January 2017 72,000 1,62,000 11,000
February 2017 1,16,000 1,64,000 10,000
March 2017 84,000 40,000 12,000
Given the following further
information you are required to prepare a Cash Budget for the quarter January
to March 2017, showing the budgeted amount of bank facilities required, if any,
in each month end:
a) Budgeted cash at bank on 1st
January 2017 Rs. 20,000
b) Credit terms of sales are payment
by the end of the month following the month of supply. On average one half of
sale are paid on due date, while the other half are paid during the next month.
Creditors are paid during the month following the month of supply.
c) Wages and expenses are paid twice a
month on 1st and 16th respectively.
Answer: Businesses
and professionals could soon have to pay salaries of Rs 10,000 or more to their
employees through cheque or bank transfer if they want to claim tax credit,
reported the Times of India on Friday.
Wages of people such as drivers or
office boys are often Rs 10,000 or Rs 15,000, which used to be paid in cash. We
will prefer it to go through non-cash channels. The person claiming it as
expenses should make the payment by cheque or
Assignment Set -2
Questions
Question. 1 ton
of material input yield standard output of 1,00,000 units. The standard price
of materials is Rs. 20 per kg. The actual quantity of materials used is 10 tons
and the actual price paid is Rs. 21 per kg. Actual output obtained is 9,00,000
units.
Compute Material Variances.
From the above particulars, compute :
(i) Material Cost Variance
(ii) Material Price Variance
(iii) Material Usage Variance
Answer: Basic data: Actual Output :
9,00,000 units.
Question. 2 . “There
are errors which do not affect the Trial Balance and it is difficult to locate
them”. Do you agree ? justify your agreement/ disagreement.
Answer: The location of errors of omissions,
compensations and principles are slightly difficult because of the fact that
such errors do not affect the agreement of trial balance. However, the
locations of some errors of commission are comparatively easier because they
affect the agreement of the trial balance. Thus, the errors can be classified
into two categories from the point of view of locating them:
Question. 3 . From
the following data prepare a Cost Sheet.
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Rs.
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Opening cost of Raw materials
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30,000
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Closing stock of Raw materials
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20,000
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Purchase of Raw materials
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1,90,000
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Sales
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6,50,000
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Prime Cost
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4,10,000
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Factory Overhead
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1,20,000
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Administration Overhead
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90,000
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10 % of the output remained unsold. There was no Direct Expenses
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From the above
information prepare a Cost Sheet
Answer: One Operation
(Unit or Output) Costing: One operation costing method of costing by units
of production and is adopted where production is uniform and a continuous
affair, units of output are identical and the cost units are physical and
natural. The cost per unit is determined by dividing the total cost during a
given period by the number of units produced during that period.
Dear
students get fully solved assignments
Send
your semester & Specialization name to our mail id :
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or
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