Question bank accounting for management

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Question bank accounting for management

  1. 1. SRI RAMAKRISHNA ENGINEERING COLLEGE COIMBATORE QUESTION BANK - I MBA (Batch 2010 -2012) 10DC103 - Accounting for ManagementQUESTION BANK UNIT – 1 INTRODUCTION TO ACCOUNTING PART – B ( 2 marks) 1. What is meant by accounting? (or) Define accounting. 2. What are the objectives of accounting? 3. Explain the branches of accounting? 4. Name the users of accounting records of an organization. 5. What are the functions of accounting? 6. List down the advantages of accounting. 7. What are the different types of accounts? Give examples. 8. State the accounting rules. 9. What is double entry system of book keeping? 10. What are the advantages of double entry system of book keeping? 11. What do you mean by assets? Give examples. 12. What are the different types of assets? Give examples. 13. What is meant by liability? Give examples. 14. What are the different types of liabilities? Give examples. 15. Explain the terms: 1) Capital 2) Reserves 3) Debentures 4) Drawings 5) Current asset 6) Current liability 7) Debtors 8) Accounts receivable 9) Stock 10) Creditors 11) Accounts Payable 12) Bad debts 13) Provision for bad & doubtful debts 14) Dividend 15) Outstanding expenses 16) Prepaid expenses 17) Accrued Income 18) Income received in advance 16. State the accounting cycle. 17. What is a journal ? 18. Give the ruling of a Journal. 19. What is a ledger? 20. Give the format of a ledger account. 21. What is a trial balance? What are the objectives of preparing a trial balance? 22. What is a balance sheet? What are the objectives of preparing a balance sheet? 23. Define Inflation Accounting. What are its merits? 24. What is Human Resource Accounting? What are its advantages? 25. Write short notes on IFRS. PART – C (15 marks) 1. Explain the accounting concepts and conventions. 2. Distinguish between single entry and double entry system of book-keeping. 3. Explain in detail Inflation Accounting. 4. Explain in detail Human Resource Accounting.
  2. 2. 5. Discuss in detail IFRS. PART - A (20 marks) & PART – C (15 marks) a. Problem – Journal, Ledger and Trial Balance b. Problem - Final accounts with adjustmentsUNIT – II COST ACCOUNTNG PART -B ( 2 marks) 1. Define cost accounting and state the objectives of cost accounting. 2. “Fixed costs are variable per unit and variable costs are fixed per unit.”- Comment. 3. List out the components of total cost. 4. What is a)prime cost b) Factory cost c) Office cost and d) Cost of sales. 5. Write short notes on (or) Distinguish between fixed cost semi variable and variable cost; Period cost and Product cost; Direct cost and indirect cost; shut down cost and sunk cost etc 6. What is meant by a) Direct and indirect labour b) Direct and indirect Material c) Direct expenses and overheads 7. What is meant by allocation and absorption of overheads? 8. What is a cost sheet? 9. What is meant by overheads? What are the different types of overheads? 10. List out some of the methods of issuing inventory. 11. What are the advantages of i) FIFO ii) LIFO iii) Average cost iv) Weighted Average Cost 12. Explain Process Costing. 13. What is Standard Costing? 14. What are the reasons for Material Variances? 15. State some of the major reasons for labour cost variances PART - C ( 15 marks) 1. What are the different methods of costing? 2. What are the reasons for material and labour variances PART - C ( 15 marks) & PART – A (20 marks)
  3. 3. Problems 1. Cost Sheet 2. Issue of Inventory (FIFO, LIFO, simple and weighted average method) 3. Process costing 4. Variance analysisUNIT – III FINANCIAL STATEMENTS PART – A (2 marks) 1. What is a financial statement? List out the various financial statements. 2. What is an income statement? What is the significance of an income statement. 3. What is a balance sheet? What does it reveal? 4. What is known as the statement of Retained Earnings? 5. List out the characteristics of financial statements. 6. What are the limitations of financial statements? 7. What are the limitations of financial analysis? 8. What is meant by analysis and interpretation of financial statement? 9. What is meant by comparative financial statement? 10. What is a common –size financial statement? 11. Explain Trend Percentage method of financial statement analysis. 12. What is Cost-Volume-Profit analysis? 13. What is fund flow analysis? 14. What is cash flow analysis? 15. What is Ratio analysis? 16. What is a current ratio? What is the ideal current ratio? 17. What is quick ratio? What is the ideal quick ratio? 18. What does profitability ratios indicate? 19. What does turnover ratios indicate? 20. What does solvency or financial ratios indicate? 21. What does capital gearing or leverage means? 22. What does the following ratios indicate? 1) Stock turnover 2) Fixed assets turnover 3) Working Capital Turnover 4) Debtors turnover 5) debt collection period 6) Creditors velocity 7) Debt payment period ( like this you may be asked to write the significance of any of the ratios) 23. You may be asked to give the formula for calculating any of the ratios For eg. Give the formula for calculating Debt- Equity Ratio and what is the ideal debt –equity ratio.
  4. 4. UNIT- III ANALYSIS OF FINANCIAL STATEMENTS (12) PART – B (15 marks) 1.Define Management Accounting. What are its uses? 2.What tools are used to analyse the financial statements? Discuss the utility and effectiveness of these tools. 3. Problems in (i) Comparative financial statement (ii) Common – size financial statement (iii) Trend percentage method (iv) Ratios 3. Discuss the application of ratio analysis in the analysis and interpretation of financial statements and in financial analysis. What are its limitations? 4. “Accounting ratios are mere guides and complete reliance on them for decision making is suicidal.” Elucidate 5. How would you analyse the financial position of a company from the view point of (a) an investor (b) a creditor (c) financial executive of a company. 6. What is profitability? How it is measured? Which of the accounting ratios serve as an indication of profitability and how are they computed? 7. You have been asked to make a financial analysis of a company to which a client of yours ( a finance company) is considering making a substantial advance: (a) Indicate the headings under which your examination will be conducted (b) The use of ratios which might reveal the trends or weakness in financial structure. 8. What is meant by funds and flow of funds? 9. What are the uses of fund flow statement? 10. What are the limitations of fund flow statement? 11. Differentiate between fund flow statement and income statement. 12. Who are the parties involved in fund flow statement? 13. List down the sources of funds. 14. List down the applications of funds. 15. “A fund flow statement is a better substitute for an income statement.”- Discuss. 16. Distinguish between fund flow statement and balance sheet. 17. Explain the significance of a fund flow statement. 18. What do you mean by funds from operations? How it is determined? 19. “ Fund flow statement presents a decision view of business” - Comment 20. What is meant by cash flow analysis? 21. Explain the utility of cash flow analysis. 21. What are the limitations of cash flow analysis?
  5. 5. PART – A (20 marks) & Part – C (15 marks) 1. Trading, profit & loss a/c and balance sheet may be given, and you may be asked to calculate any ratio. 2. Cash Flow/ Fund Flow Statement 3. Financial Statement Analysis UNIT - IV MARGINAL COSTING PART - B ( 2 marks) 1. What is marginal costing technique? 2. What is the difference between marginal costing and absorption costing? 3. What is CVP analysis? 4. What is contribution? 5. What is break even point? 6. What is Margin of Safety? 7. What is meant by the key factor or limiting factor? 8. What is Angle of Incidence and what does it indicate? PART – A (20 marks) & PART – C ( 15 marks) 1. Explain in detail the applications of marginal costing technique in managerial decision making. 2. Problems - calculating BEP , Margin of safety, contribution, profit/loss and sales to earn the desired profit. Preparation of break-even chart.UNIT - V BUDGETARY CONTROL PART - B ( 2 marks) 1. What is a budget? 2. Distinguish budget, budgeting and budgetary control. 3. What is flexible budget and under what circumstances flexible budget is considered preferable? 4. What is a rolling budget? 5. What is current budget? 6. What are the factors to be considered while preparing a) Sale budget b. Purchase budget c) production budget etc 7. What is ZBB? What are its merits? 8. What is a cash budget and what are the objectives of a cash budget? 9. List out the various functional budgets any explain its objectives. PART – A (20 marks) & PART - C ( 15 marks)
  6. 6. 1. Explain in detail the advantages and disadvantages of budgetary control system.2. Explain the concept of ZBB. Also discuss its advantages and disadvantages.3. problems in a) Sales budget b) Production budget c) Purchase budget d) overheads budget e) labour budget f) Cash budget g) flexible budget h) Master budget etc. *****************

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