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horngrens accounting managerial

Questions and Answers of Horngrens Accounting managerial

The excess of actual sales over break-even sales is termed as..... .
The break-even point increases when fixed cost is........ .
The break-even point ........ when selling price is increased.
The intersection of ........ line and line makes the angle of incidence.
At break-even point, the contribution will be equal to ........ .
At break-even point, total cost is equal to......... .
Profit-volume ratio shows the relationship between and ......... .
Both fixed and variable costs are charged to products in case of ........ costing.
Direct costing is based on classification of costs into ........ costs.
In marginal costing stock of finished goods is valued at ........ cost.
Contribution is the difference between sales and ......... .
The technique of Marginal Costing is based on classification of costs into ........ cost.
When sales are Rs. 2 lakhs, fixed cost Rs. 30.000, P/V ratio 40% the amount of profit will be:(a) Rs. 50,000 (b) Rs. 80,000(c) Rs. 12,000.
When margin of safety is 20% and P/V ratio is 60%, the profit will be:(a) 30% (b) 33 13%(c) 12% (d) None of these.
When profit-volume ratio is 40% and sales value Rs. 10,000, the variable costs will be :(a) Rs. 4,000 (b) Rs. 6,000(c) Rs. 10,000 (d) None of these.
When fixed cost is Rs. 10,000 and P/ V, ratio is 50%, the break-even point will be:(a) Rs. 20,000 (b) Rs. 40,000(c) Rs. 50,000 (d) None of these.
Period cost means :(a) Variable Cost (b) Fixed Cost(c) Prime Cost 33 The costing method in which fixed factory overheads are added to inventory is:(a) Direct Costing (b) Marginal Costing(c)
Contribution margin is also known as: (a) Marginal Income (b) Gross Profit (c) Net Income.
Differential cost analysis can be made in the case of both absorption costing as well as marginal costing.
Profit volume ratio indicates the relationship between profit and sales.
Increase in selling price will have no effect on margin of safety.
A high margin of safety shows that the actual sales are much more than breakeven sales.
The angle formed at the intersection of the sales line and the total cost line is called as “angle of incidence”.
Break-even chart depicts cost-volume profit relationship.
Direct costing and marginal costing techniques are same in all cases.
Absorption costing is not as suitable for decision-making as marginal costing.
Semi-variable costs form a part of product cost in marginal costing.
The valuation of stock is at higher price in absorption costing as compared to marginal costing.
The fixed costs are included in the valuation of work-in-projects and finished goods stocks in case of marginal costing.
The technique of marginal costing can be used in conjunction with standard costing or budgetary control.
Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.com/Horngren.Pilchuck Company manufactures tote bags and has provided the following information
Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.com/Horngren.The US Solar Company has data for the four divisions for the year, and wants the
Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.com/Horngren. Magnolia Company produces leather shoes in three models: Medina, Ballard, and
Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.com/Horngren. Glacier Creek Textiles is planning to purchase new manufacturing equipment. The
Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.com/Horngren. The James Island Clothing Company began operations on July 1, 2018. The adjusted
Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.com/Horngren. Riverside Sweets, a retail candy store chain, reported the following
Calculate the Material Variances and Labour Variances from the following information:Material Standard Actual Qty. Price Amount Qty. Price Amount(Kg) (Rs.) (Rs.) (Kg) (Rs.) (Rs.)A 450 20 9.000 450 19
The standard labour and the actual labour engaged during the month are given below:Skilled Semi-skilled Unskilled(a) Standard no. of workers in a group 30 10 10(b) Standard Rate (in Rs.) per hour 5 3
Calculate the different labour variances from the following information:Workers Hours Rate per hour Rs. Amount Rs.Skilled 10 3.00 30 Semi-skilled 8 1.50 12 Unskilled 16 1.00 16 34 58 The actual
From the following information, calculate the different labour variances:Standard Workers No. of Rate per Hrs. Amount Rs.Workers Workers Worker 100 3 100 30,000 Women 50 5 100 25,000 Boys 40 10 100
From the following information, calculate labour variances:Actual wage paid — Rs. 6000; Standard hours — 3,200;Standard hourly rate — Rs. 1.50; Actual hours paid — 3,000 hrs Idle Time — 100
A company is engaged in producing a standard mix using 60 kg of Material X and 40 kg of Material Y. The standard loss of production is 30%. The standard price of X is Rs. 5 per kg and of Y is Rs. 10
Calculate Material Variances from the following data:Standard Actual Materials Qty. Price Qty. Price(kg) (Rs.) (kg) (Rs.)A 10 8 10 7 B 8 6 9 7 C 4 12 5 11 22 24 Loss 2 Loss 3 Standard Yield 20 Actual
From the following calculate the Material Variances; Actual production during the period 192 units.Material A Material B Actual Price per ton Rs. 277.50 Rs. 308 Standard Price per ton Rs. 240.00 Rs.
Design a ‘Material Cost Analysis Form and enter suitable figures from the details given below:Production for the period - 192 units.Material X Material Y Standard price per ton Rs. 480 Rs. 640
A company manufactures a single product. The standard mix is as under:Material A — 60% at Rs. 20 per kg Material B — 40% at Rs. 10 per kg Normal loss in production is 20% of input. Due to
The standard costing of a Cement Co. is as under:4 ton of material X at Rs. 20 per ton.6 ton of material Y at Rs. 30 per ton.The actual cost for a period is as under:4.5 tons of material X at Rs. 15
The standard mix to produce one unit of product is as follows:Material A = 60 units @ Rs. 15 per unit = Rs. 900 Material B = 80 units @ Rs. 20 per unit = Rs. 1,600 Material C = 100 units @ Rs. 25 per
The standard mix of product is as under:Material A - 60 units @ 15 paise per unit:Material B - 80 units @ 20 paise per unit Material C = 100 units @ 25 paise per unit.10 units of finished product
Calculate Material variances from the following data:Material Standard Actual Std. Qty. Rate Amount Qty. Rate Amount A 10 2 20 5 3 15 B 20 3 60 10 6 60 C 20 6 120 15 5 75 50 200 30 150[Ans: MCV = Rs.
Find out Material variances.Materials Std. Qty. Std. Price Actual Qty. Actual Price(units) (Rs.) Units (Rs.)A 20 5 20 6 B 16 8 18 9 C 8 10 10 9 44 48
Find out the Material variances:Materials Std. Qty. Std. Price Actual Qty. Actual Price(Kg) (Rs.) (Kg.) (Rs.)A 50 2 60 3 B 25 5 30 4 75 90[Ans.: (i) MVC : A = Rs. 80 (Adv.), B = Rs. 5 (Fav.); (ii)
Calculate Material Mix Variance:Materials Std. Qty. Std. Price Actual Qty. Actual Price(kg) (Rs.) (kg.) (Rs.)A 20 5 25 6 8 30 3 25 5[Ans.: Material Mix Variance of Material Usage Variance Rs. 10 (A).]
From the following data calculate:(i) Material Cost Variance, (ii) Material Price Variance, (iii) Material Usage Variance.Products SQ SP AQ Actual Price(Units) (Rs.) (Units) (Rs.)A 525 2.00 550 2.25
Direct Labour Efficiency Variance is computed by multiplying the:(a) actual rate with the difference between standard time for standard output and actual time(b) standard rate with the difference
Direct Material Usage Variance is computed by multiplying the:(a) standard rate with difference between the standard quantity for actual output and the actual quantity(b) actual rate with the
Direct Material Price Variance is computed by multiplying the:(a) standard rate with the difference standard quantity and actual quantity of materials(b) actual quantity with the difference between
An organisation using ideal standards for standard costing purposes should expect that:(a) most variance will be unfavourable(b) employees will be strongly motivated to work harder and achieve the
Sales value variance is the difference between ------------- sales and -------------sales.
Calender variance arises because of extra or less number of working days than -----------.
Overheads cost variance can be classified into ------------- overheads cost variance and ------------- overhead cost variance.
Material cost variance is divided into ------------- variance and------------- variance.
Revision variance is the difference between standard costing and-------------.
Gang Composition variance is a sub-variance of ------------- variance.
Variance is the difference between standard performance and------------- performance.
Variance analysis involves ------------- and ------------- of variances.
Direct labour-rate variance is the difference between the standard direct wages specified for the activity achieved as the actual direct wages paid.
The variance on account of reasons other than mix is termed as ‘Mix Variance’.
Idle time variance is calculated by subtracting labour rate variance from labour efficiency variance.
The labour efficiency variance is the difference between standard hours for the actual output and the actual hours.
Material usage variance is that portion of material cost variance which arises due to the difference between standard quantity for the output achieved and the actual quantity.
Material mix variance is a sub-variance of material price variance.
Material yield variance is favourable if the standard output is more than the actual output.
A cost variance is said to be favourable if the standard costing is more than the actual cost.
All price variances are uncontrollable.
Variances can be classified into controllable and uncontrollable categories.
What do you understand by “Budgeting”? Mention the types of budget that management of a big industrial concern would normally prepare.
What is Budget? What is sought to be achieved by budget control?
Has “Budgetary Control” any significance for Management Accounting?
Outline a plan for Sales Budget and Purchases Budget. What considerations are necessary in the predation of such budgets?
Explain: Flexible budget and fixed budget.
Managing Director is surprised that his profit every year is quite different from what he wants or expects to achieve. Someone advised him to install a formal system of budgeting. He employed a fresh
(a) Explain the main steps in budgetary control with reference to manufacturing cum-setting enterprises.(b) Explain what is meant Flexible Budget Allowances? How is it ascertained? If Flexible budget
(a) What do you understand by Budget Control? Explain the objectives of budgetary control with spherical referable to a large manufacturing concern.(b) Explain what is meant by Flexible Budget and
(a) What do you understand by budget and budgetary control? Give example of budgets that may be prepared and employed by a manufacturing concern.(b) What is the principal budget and budgetary
“Why do responsible people in an organisation agree to accept budgetary control in theory but resist in practice?” Explain.
“If the Sales Forecast is subject to error then there is the basis of budgeting: Do you agree? Also explain how flexible budget can be used to help control cost.
What do you understand by Responsible Accounting?
Explain the procedure you would follow to prepare a projected profit and loss account and projected balance sheet. Explain also use of these statements.
“Budgetary Control improves planning, aids in coordination and helps in having comprehensive control,” Elucidate this statement.
Describe in brief the modus opernadi for the purpose of preparation of a budget. What are the principal considerations involved in budgeting?
What do you understand by budget and budgetary control? How far is a budgetary control a tool in the hands of management?
Write a note on performance budgeting or on flexible budgeting
(a) What is a flexible budget? Under what circumstances would you recommend flexible budgeting.(b) What is ‘Zero-base Budgeting’?
What is the mechanism of Master Budget? Discuss the difficulties which arise and how are they overcome in forecasting sales and preparing sales budget in a jobbing concern.
What steps are taken to develop a responsibility accounting system in a textiles mill renegade in production of woollen garments?
(a) What is a master budget ? How it is prepared?(b) Explain Zero-Based Budgeting.
Explain with suitable illustrations the process of responsibility accounting, what is the rule of management account in this area?
Write an easy Non-zero-based Budgeting and highlight its procedure, norms and superiority over fluctuant budgeting.
What is responsibility accounting? Why is it becoming popular?

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