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horngrens accounting managerial

Questions and Answers of Horngrens Accounting managerial

From the following data calculate the value of inventory on 31st Jan. 1998, by (i) LIFO and (ii) FIFO method:1998 1st Jan. Opening Stock 200 Pieces @ Rs. 2 each 4thJan. Purchased 100 Pieces @ Rs.
Calculate the value of inventory using:(a) Weighted average Method, and(b) the LIFO method of Pricing issues in connection with the following transaction.April Units Values 1 Balance in hand b/f 300
Purchases of a certain Product during March, 1992 are set out below:March 1 100 units @ Rs. 10 12 100 units @ Rs. 9.80 15 50 units @ Rs. 9.60 20 100 units @ Rs. 9.40 Units sold during the month were
A Company stated in 1st January, 1995 purchased raw material during 1995 as stated below:January 2 800 kg @ Rs. 62 per Kg February 26 1,200 kg @ Rs. 57 per Kg April 13 2,500 kg @ Rs. 59 per Kg July
With the help of following particulars, prepare stores account, showing issue of materials on the basis of ‘Last in First Out’ (LIFO) method:Purchases:May 3, 2009 ... 500 kgs. @ Rs. 2.00 per
From the following particulars for the month of March, 2009, find out the cost of inventory on 31st March, 2009 under perpetual inventory system using FIFO method of pricing issue of, materials.Date
From the following data, find out the cost of goods sold, closing inventory and profit under FIFO method of inventory valuation:1 st January, 2009 Inventory 1,000 units @ Rs. 4 each 31st January,
In a factory, stores are issued and accounted for on FIFO method. If the stock of a particular material on 1st March, 2001 is 1,000 units valued at Rs. 5 per unit and the particular, of purchase and
From the following transactions, prepare Stores Ledger Account using FIFO and LIFO methods of pricing the issues.2009 January 1 Opening balance - 100 units @ Rs. 5 per unit January 5 Purchases - 500
The following receipts and issues of materials were made during the month of Jan.2009:Jan. 1 Opening Balance: 80 units @ Rs. 1.00 per unit Jan. 7 Purchases: 40 units @ Rs. 1.10 per unit Jan. 12
Prepare a statement showing the pricing of the issues, on the basis of: (i) Simple Average, and (ii) Weighted Average Methods from the following information:March 1, 2009 Purchase —100 units @ Rs.
The following Transaction took place in respect of a material item:Date Receipts Rate (Rs. ) Issue Quantity Quantity 2.3.2001 200 2.00 —10.3.2001 300 2.40 —15.3.2001 — — 250 18.3.2001 250
(ii) Balance 300 units at Rs. 726.]
With the help of the following information prepare the Stores Ledger Account on the weighted Average method of pricing issues:2009 March 1 Opening balance: 24,000 kg @ Rs. 7,500 per ton.March 1
The following are the details of a spare part unit of Sriram Mills.1.1.93 Opening stock Nil 1.1.93 Purchased 100 units @ Rs. 30 per unit 15.1.93 Issued 50 units 1.2.93 Purchased 200 units @ Rs. 40
Last in Frist Out basis.
Weighted Average basis.[Ans.: (1) 5,000 (2) 4,000 (3) 4,700]
Calculate by FIFO of inventory valuation the cost of goods sold and the value of ending inventory from the following data.Date 2009 Unit Price per unit January 1 Opening Stock 1,500 Rs. 20/- each
Find out from the following data the cost of goods sold closing inventory and grass profit under the FIFO and LIFO methods of inventory valuation.January 1, 2010 Inventory 100 units @ 3/-each January
A Company started on 1st January 2009, purchased raw material during 2009 as stated below January 2 800 kg @ Rs. 62 per kg.February 26 1,200 kg @ Rs. 57 per kg.April 13 2,500 kg @ Rs. 59 per kg.July
The prime function of accounting is to :(a) record economic data(b) provide the informational basis for action(c) classify and record business transactions (d) attain non-economic goals.
The basic function of management accounting is to :(a) record all business transactions (b) interpret the financial data (c) assist the management in performing its functions effectively.
Management accounting involves:(a) preparation of financial statements (b) analysis and interpretation of data (c) recording of transactions.
Management accounting provides invaluable services to management in performing:(a) all management functions (b) coordination functions (c) controlling functions.
Accounting designed to serve parties external to the operating responsibility of the firm, is termed as...........
Accounting designed for use in the operational needs of the business is termed as..............
One of the functions of management accounting is to .............. .(iv). Management accounting is concerned with information .............. that is useful to the management.
Management accounting has a .............. scope than cost accounting.
Cost accounting and management accounting are .............. in nature.
Give a definition of Management Accounting. What is its utility for Management?Explain its limitations.
What is Management Accounting? What is its scope? Explain its advantages.
Define Management Accounting. Explain its characteristics and limitations.
Discuss the nature and scope of Management Accounting. Why is it called an essential tool of management?
What do you mean by Management Accounting? Discuss the scope of Management Accounting and distinguish it from Financial Accounting.
Explain the functions and objectives of Management Accounting. What is the difference between Management Accounting and Financial Accounting?
“Management Accounting is concerned with accounting information that is useful to Management.” Explain.
Accounting, which is a tool for management, is called Management Accounting. What are these tools? Discuss briefly the functions of Management Accounting.
What have been the main sources and applications of funds during the period?
How much funds have been generated from business operations?
Where did the profits go?
Why were dividends not larger?
How was it possible to distribute dividends in excess of current earning, or in the presence of net loss for the period?
Why are the net current assets down though the net income is up?
How is it the net current assets are up even though there is a net loss for the period?
How was the expansion in plant and equipment financed?
How was the repayment of long-term debt accomplished?
How was the increase in working capital financed?
Funds flow refers to changes in ........ capital.
Building sold on credit is ........ of funds.
Goods purchased on credit ........ in flow of funds.
Commission outstanding is ........ of funds.
Any gain on sale of non-current assets should be ........ from the net profit for determining funds from operations.
Difference between Current Assets and Current Liabilities is known as........
Depreciation is sometimes treated as ........ funds.
Purchase of stock-in-trade is an application of funds.
A decrease in current liabilities increases working capital.
Funds flow refers to change in long-term funds.
The funds flow statement shows changes in the individual items comprising working capital.
Funds flow analysis shows the position of business as on the closing date of business period.
Working capital is the difference between fixed assets and current assets.
Cash or credit sales at a profit increases the working capital.
Purchase of fixed assets is a use of funds.
Amortisation of preliminary expenses is a use of funds.
Payment of dividend is a use of funds.
For Funds Flow Statement provision for taxation will be treated as an item of internal source.
Increase in an asset due to puchase is:(a) Source of funds (b) Use of funds(c) None.
Net profit earned plus non-working capital expenses is equal to:(a) Funds provided by operations (b) Use of funds(c) Sinking fund.
Tax paid is:(a) Application of funds (b) Source of funds(c) No flow of funds.
Stock at the end results in the:(a) Application offunds (b) Source of funds(c) No flow of funds.
Stock in the beginning results in:(a) Application of funds (b) Source offunds(c) No flow offunds.
An increase in the share premium account is:(a) An application of funds (b) A source of funds(c) No flow of funds.
Sale of investments indicates:(a) Source of funds (b) Application of funds (c) Change in current assets.
What is a ‘Funds flow Statement’? Examine its managerial uses.
(a) “Funds flow analysis represents a ‘stock to flow linkage’, Justify.(b) ‘The true funds flow from depreciation is the opportunity saving of cash outflow through taxation.” Illustrate
Explain briefly the various techniques of forecasting the working capital of a concern.
What factors would you take into consideration in planning the working capital requirements of a firm? Explain them in brief.
(a) What parties are interested in the statement of sources and applications of funds and why?(b) What do you mean by funds from operations? How is it determined?(c) Distinguish between Funds Flow
What type of transaction will not be reflected in the statement of sources and applications of funds? Give examples.
What do you understand by funds generated within a company and funds available from outside a company ?
Distinguish between Funds Flow Statement and Balance Sheet.
What is Funds Flow Statement? Explain its importance and point out its limitations.
Why do companies prepare Fund Flow Statement in addition to Income statement and Balance Sheet? How does it differ from a schedule of changes in working Capital?
Distinguish clearly between a Balance Sheet and a Funds Flow Statement. How can a general balance sheet be looked upon as a statement of sources and uses of funds?
What is Funds Flow Statement? How does it differ from Balance Sheet? Explain the significance of Flow Statement to financial management.
Is depreciation a source of funds? Discuss.
Distinguish between:(i) Funds Flow Statement and Schedule of Changes in working capital.(ii) Net profit and Funds from operations.
What do you mean by Funds and Flow in relation to a Funds Flow Statements? How is it prepared?
From the following balance sheets of X Ltd., prepare a statement of changes in working capital on 31st December, 2008:Liabilities 2007 2008 Assets 2007 2008 Rs. Rs. Rs. Rs.B/P 12,000 18,000 Goodwill
From the following profit and Loss Account of a trader, determine the amount of funds from business operations:Profit and Loss Account Rs. Rs.To Salaries 47,000 By Gross Profit b/d 3,00,000 To Cash
Calculate ‘Funds from operations’ from the following income statement:Income Statement Rs. Rs.To Rent Paid 25,000 By Gross Income 4,80,000 To Salaries 1,00,000 By Discount received from To
Following information is available:Balance of P and L Appropriation A/c on 1st April 1999 3,20,000 Balance of P and L Appropriation A/c on 1st March 2000 7,20,000 You are further informed that
The fixed assets and equities of Castern Manufacturing Co. Ltd. is supplied to you both at the beginning and at the end of the year 2004-05 as follow.Particulars 1.04.04 31.03.05 Amount (Rs.) Amount
From the following Balance Sheets of a company you are required to prepare: (i)Schedule of changes in the working capital, and (ii) a statement of sources and applications of funds.January, 2004
The summarised balance sheet of XYZ limited as at 31st Dec. 2004 and 31st Dec. 2005 are given below:Liabilities 31.12.04 31.12.05 Assets 31.12.04 31.12.05 Amount (Rs.) Amount (Rs.) Amount (Rs.)
The Balance sheets of A Ltd. as at March 31, 2004 and 2005 are given below:31-3-04 31-3-05 Rs. Rs.Share Capital 6,00,000 7,00,000 Capital Reserves — 20,000 General Reserves 2,80,000 3,10,000 Profit
The Summarised Balance Sheets of a company which has a good records of expansion are as under:(Rs. in Lakhs)Particulars 2007 2008 Assets (Rs.) (Rs.)Land 33.60 36.00 Building 294.40 234.40 Machinery
X Ltd. provides you the following information:Rs.Plan & Machinery on 1.1.1998 at cost 8,50,000 Plant & Machinery on 31.12.1998 at cost 9,32,000 Accumulated Depreciation on 1.1.1998 4,25,000
From the following balance sheets of Mohit Industries, make out schedule of changes in Working Capital and Funds Flow statement for the year ending 1998:Liabilities 2007 2008 Assets 2007 2008 Rs. Rs.
From the following balance sheet of Sony Ltd., prepare Schedule of Changes in Working Capital and Funds Flow statement showing the working clearly Liabilities 2007 2008 Assets 2007 2008 Rs. Rs. Rs.
From the Balance Sheets of A Ltd., make out:(a) a Statement of Changes in the Working Capital.(b) a Funds Flow Statement.Balance Sheets Liabilities 31st 31st Assets 31st 31st March March March March

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