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Posted Date: 13 Apr 2009 Posted By: Sanjay Member Level: Bronze
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2009 Maharastra State Symbiosis International Education Centre Post Graduate Diploma Information Technology Management Accounting University Question paper
SCDL Management Accounting Sem-I
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
True/False
Question Balance sheet is a part of the ledger accounts maintained by the company.
Correct Answer False
Your Answer False
True/False
Question The actual hours taken by the labour are compared with the standard hours allowed for output to find out
the labour yield variance.
Correct Answer True
Your Answer True
Select The Blank
Question Preparation of direct material ________ budget is the responsibility of the Purchase manager.
Correct Answer Purchase
Your Answer Purchase
Select The Blank
Question The principle of ________ is followed while preparing the financial statements.
Correct Answer Going concern
Your Answer Going concern
True/False
Question Depreciation can be defined as a permanent, continuous and gradual reduction in the book value of a fixed
asset.
Correct Answer True
Your Answer True
True/False
Question Accounting is an art of recording, classifying & summarizing in a significant manner.
Correct Answer True
Your Answer True
Select The Blank
Question Interest receivable is a________ for the organisation.
Correct Answer Current sset
Your Answer Current sset
Multiple Choice Single Answer
Question As a part of the data presented in support of a proposal to icnrease the production of clock radios, the sales
manager of Wittman Electronics reproted the total additional cost required for the proposed increased production level.
The increase in total cost is known as :
Correct Answer Incremental cost
Your Answer Incremental cost
True/False
Question The role of the budget committee may be taken as an advisory role to the Chief Executive.
Correct Answer True
Your Answer True
True/False
Question Accounting refers to the process of analyzing & interpreting the information already recorded in the books
of accounts.
Correct Answer True
Your Answer True
True/False
Question Profitability statement indicates the amount of assets & liabilities.
Correct Answer False
Your Answer False
True/False
Question Uniform costing system is defined as a system using common concepts and standard accounting practices
by different entities in different industry to facilitate inter-firm comparison.
Correct Answer True
Your Answer True
Select The Blank
Question Budgeted profit and loss account and budgeted balance sheet are also known as ________.
Correct Answer Master budget
Your Answer Master budget
True/False
Question Balance sheet indicates the expenditure & income from the business.
Correct Answer False
Your Answer True
Multiple Choice Single Answer
Question 200 units of material were purchased from X @ Rs.5/- per unit and 300 units were purchased from Y @
Rs.6/- per unit. The organisation follows FIFO system of pricing of issues and the above purchases have been recorded
in stores ledger. 120 units have already been issued. 60 units received from X are defective and are therefore returned.
Find the value of the material returned to X.
Correct Answer Rs.300/-
Your Answer Rs.300/-
Multiple Choice Single Answer
Question Which system can assist in fixing a common selling price for the industry as a whole on the basis of cost of
production of all units belonging to that industry ?
Correct Answer Uniform costing
Your Answer Uniform costing
Select The Blank
Question Marginal costing is also known as ________.
Correct Answer Variable costing
Your Answer Variable costing
Multiple Choice Multiple Answer
Question The disadvantages of time rate system are :
Correct Answer Ignores the efficiency of workers , Higher labour cost , Lack of motivation to increase productivity
Your Answer Ignores the efficiency of workers , Higher labour cost , Lack of motivation to increase productivity
Match The Following
Question Correct Answer Your Answer
Open Tender Any supplier from the local market can fill the tender Any supplier from the local market can fill the
tender
Global Tender Any supplier from the global market can fill the tender Any supplier from the global market can fill the
tender
Single Tender Tender from only one supplier Tender from only one supplier
Limited Tender Tenders from reliable but few suppliers Tenders from reliable but few suppliers
Multiple Choice Single Answer
Question The store-keeper should initiate action for the purchase of a material, when it reaches its :
Correct Answer Re-order level
Your Answer Re-order level
Select The Blank
Question An adjustment relating to outstanding expenses will ________ the net profit.
Correct Answer Decrease
Your Answer Decrease
True/False
Question The process of accounting split into three steams i.e. financial, cost, management accounting.
Correct Answer True
Your Answer True
True/False
Question 1) Financial statements are basically in two forms i.e. profitability statement and balance sheet.
Correct Answer True
Your Answer True
Multiple Choice Multiple Answer
Question Items credited to Trading Account are …
Correct Answer Sales , Goods lost by fire , Closing stock
Your Answer Sales , Goods lost by fire , Closing stock
True/False
Question All personal expenses of the owner should be debited to the organisation's profit and loss account.
Correct Answer False
Your Answer True
True/False
Question A firm earns profit when contribution is equal to fixed costs under variable costing.
Correct Answer False
Your Answer False
Select The Blank
Question ________ Accounting is the process of analysis and interpretation of financial data collected with help of
financial accounting & cost accounting
Correct Answer Management
Your Answer Management
Multiple Choice Multiple Answer
Question Contents of Uniform Cost Manual are
Correct Answer Organization , Cost Accounting system , Presentation of information
Your Answer Cost Accounting system , Presentation of information , Financial accounting system
Multiple Choice Single Answer
Question Going concern concept is also known
Correct Answer Continuity concept
Your Answer Continuity concept
Select The Blank
Question Education facility to workers and their children, pension, superannuation fund are examples of ________
incentives.
Correct Answer Non-monetary
Your Answer Non-monetary
Multiple Choice Multiple Answer
Question Management Accounting is…
Correct Answer Designed particularly for internal use , Helpful in estimating the future along with past period ,
Useful in furnishing the necessary information to the management
Your Answer Designed particularly for internal use , Helpful in estimating the future along with past period , Useful
in furnishing the necessary information to the management
Multiple Choice Multiple Answer
Question Ram and Laxman are partners of Kush & Bros. As on 1st April, 2003 Ram's capital is Rs.50,000/- and
Laxman's capital is Rs.80,000/-. If interest on capital is to be provided @ 10% p.a., what will be amount of capital of
each of the partners as on 31st March, 2004, assuming there were no additions during this period? Also, state the
treatment of this item in the Profit and loss account.
Correct Answer Ram's capital Rs.55,000/- , Laxman's capital Rs.88,000/- , Interest on capital should be debited to the
Profit and loss account
Your Answer Ram's capital Rs.55,000/- , Laxman's capital Rs.88,000/- , Interest on capital should be debited to the
Profit and loss account
Multiple Choice Single Answer
Question The credit side of the sales book was overcast by Rs.2,000/-. As a result of this rectification, what of the
given impacts is likely to happen?
Correct Answer The liability side of the balance sheet will increase by Rs.2,000/-
Your Answer The liability side of the balance sheet will increase by Rs.2,000/-
True/False
Question A business is an activity carried out with the intention of earning the profit.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question Double entry system of accounting follows the principle of :
Correct Answer Every debit has corresponding credit
Your Answer Every debit has corresponding credit
Multiple Choice Multiple Answer
Question Identify the fixed expenses from the following.
Correct Answer Rent and taxes of the factory , Wages paid to indirect workers like cleaners, helpers,etc. , Salary paid
to factory supervisor
Your Answer Rent and taxes of the factory , Wages paid to indirect workers like cleaners, helpers,etc. , Salary paid to
factory supervisor
Select The Blank
Question Depreciation charged on office furniture on straight line basis is an example of ________.
Correct Answer Administration overheads
Your Answer Administration overheads
True/False
Question Balance sheet indicates the financial status of the business at given period.
Correct Answer True
Your Answer True
True/False
Question Long term loan borrowed from financial institution comes under the heading of long term liabilities.
Correct Answer True
Your Answer True
True/False
Question Under the Rowan plan bonus is a fixed percentage.
Correct Answer False
Your Answer False
True/False
Question The amount of income for the current period which is not received during the current period, is called
Accrued Income.
Correct Answer True
Your Answer True
Match The Following
Question Correct Answer Your Answer
Ledger Maintain all types of accounts Maintain all types of accounts
Audit Reviewing internal control system Reviewing internal control system
Accounting Process of analyzing & interpretation Process of analyzing & interpretation
Journal Book of original entry Book of original entry
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 , Planning and controlling activities
Multiple Choice Single Answer
Question Quantify the increase in profit on account of following errors : (a) Repairs of furniture amounting to
Rs.2,000/- were debited to furniture account. Furniture is depreciated @10% p.a. (b) Interest received on bank deposits
was credited to dividend received account, Rs.1,550/- (c) A television purchased for the managing director's office for
Rs.45,000/- was debited to Interior decoration expenses.
Correct Answer Rs.43,200/-
Your Answer Rs.43,200/-
Multiple Choice Single Answer
Question Trade Discount refers to the discount . . .
Correct Answer received on purchases
Your Answer received on purchases
Select The Blank
Question If the total amount on the ________ side of commission account is more than the total of its credit side, the
commission account is said to have a Debit balance.
Correct Answer Debit
Your Answer Debit
Multiple Choice Multiple Answer
Question Features of convention of materiality are . . .
Correct Answer transactions having material impact on profitability should be considered , Insignificant transactions
will be ignored
Your Answer transactions having material impact on profitability should be considered , Insignificant transactions
will be ignored
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