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business
management cost accounting

Questions and Answers of Management Cost Accounting

Narayan Ltd produces two commodities, Good and Better, in one of its departments. Each unit takes 5 hours and 10 hours as production times for Good and Better, respectively. 1,000 units of Good and
A factory manufactures two types of products, X and Y. Product X takes 5 hours to make and Y requires 10 hours In a month of 25 effective days with 8 hours a day, 1,000 units of X and 600 units of Y
ABC Company Ltd gives the following particulars. You are required to prepare a cash budget for the three months ending on 31 December 1997.Months Sales(Rs)Materials(Rs)Wages(Rs)Overheads(Rs)August
A company is expecting Rs 25,000 as cash in hand on 1 April 1994, and it requires you to prepare an estimate of its cash position during the three months from April to June 1994. The following
Based on the following information, prepare a cash budget for ABC Ltd.First quarter (Rs)Second quarter (Rs)Third quarter (Rs)Fourth quarter (Rs)Opening cash balance 10,000 Collection from customer
Two articles A and B are produced in a factory. Their specifications show that 4 As or 2 Bs can be produced in 1 hour. The budgeted production for January 1998 is 800 As and 200 Bs. The actual
In a manufacturing shop, product X requires 2.5 manhours and product Y requires 6 manhours for production.In a month of 25 working days with 8 hours a day, 2,000 units of X and 1,000 units of Y were
Why is it necessary to prepare a cash budget for a firm? Discuss.
Is it possible to prepare a master budget keeping in mind fluctuations in the economy?
Explain the reasons for preparing a flexible budget.
Discuss the importance of ZBB in the light of present-day financial crisis.
What are the advantages of flexible budget over fixed budget?
What is flexible budget? Explain its use.
Explain briefly the procedure of preparing a sales budget.
What are budget ratios?
Discuss the objectives and limitations of budgets.
Discuss the different types of budgets.
Define budget and describe two important budgets.
Operational efficiency is promoted by(a) Cash budget (b) Sales budget(c) Labour budget (d) ZBB
Budgets prepared mainly on past performance and actual cost is known as(a) Conventional budget (b) Long-term budget(c) Short-term budget (d) Sales budget Ans: (a)
Budgets prepared for a period of less than a year is known as(a) Long-term budget (b) Short-term budget(c) Current budget (d) Basic budget Ans: (b)
An example of long-term budget is(a) Capital expenditure budget (b) Research and development budget(c) Both (a) and (b) (d) Cash budget Ans: (b)
Shortcomings of the traditional budget is rectified by(a) Sales budget (b) Labour budget(c) Performance budget (d) Production budget Ans: (c)
Purchase budget is dependent on(a) Production budget (b) Material requirement budget(c) Both (a) and (b) (d) Sales budget Ans: (b)
The chief executive prepares(a) Production budget (b) Sales budget(c) Capital expenditure budget (d) Material budget Ans: (c)
Cash budget is prepared by(a) Sales manager (b) Finance manager(c) Accountant (d) Supervisor
A written document that guides the executive in preparing budgets is termed as(a) Budget manual (b) Cost sheet(c) Variance analysis (d) Statement of profit Ans: (a)
ZBB overcomes the weakness of(a) Cost accounting (b) Financial accounting(c) Management accounting (d) Conventional budgeting Ans: (d)
A fixed budget is useful only when the actual level of activity corresponds to the budgeted level of activity.
Estimate of the sales given in the sales budget is mere guesswork.
For control purposes, long-term budget should be prepared.
The budget relating to the key factor should be prepared last.
Limiting factor is a major constraint on all the operational activities of an organization.
Budgetary control system does not suit small businesses.
A budget manual is a summary of all the functional budgets.
Budgets are blueprints for action.
Budgets are drawn up by the chief accountant.
A budget is nothing but an estimate.
From the following budgeted and actual figures, calculate the variances on sales margin basis:Budget Sales—2,000 units at Rs 15 each Rs 30,000 Cost of sales at Rs 12 each Rs 24,000 Profit Rs 6,000
The following table shows the budgeted and actual sales for a certain period. Compute (a) price,(b) volume and (c) mix variance of sales from the following data:Product Budget Actual Units Price per
From the following data, calculate (a) sales price variance, (b) sales volume variance and (c) sales mix variance:Product Standard Actual Units Price per unit Units Price per unit A 1,500 Rs 30 2,000
From the following particulars, calculate (a) SVV, (b) SPV and (c) Sales volume variance. The budgeted and actual sales for a period in respect of two products are as follows:Product Budgeted
The sales manager of a company engaged in the manufacture and sale of three products P, Q and R gives the following information for the month of October 1994:Product Budget sales units sold Selling
Actual overhead: Rs 1,800 Budgeted overhead: Rs 2,000 Budgeted period: 4,000 labour hours Standard per unit: 10 labour hours Budgeted number of days: 20 Standard overhead per hour: Re 0.50 Actual
A manufacturer operating a standard costing system has the following data for a month:Standard Actual Number of working days 25 27 Manhours per month 5,000 5,400 Output in units 500 525 Fixed
Calculate overhead variances from the following data:Standard Actual Fixed overheads (Rs) 8,000 8,500 Variable overheads (Rs) 12,000 11,200 Output in units 4,000 3,800
From the aforementioned data, calculate overhead variances such as (i) overhead cost variance,(ii) overhead efficiency variance, (iii) overhead capacity variance and (iv) overhead calendar
A factory has estimated its overheads for a year at Rs 96,000. The factory runs for 300 days in a year; it works 8 hours a day. The total budgeted production for the year is 24,000 articles. Actual
Following data are available from a record of a factory:Standard labour rate Rs 2 per hour Standard hours 2 per unit Actual labour rate Rs 2.25 per hour Actual units produced 1,000 units Actual hours
A gang of workers normally consist of 30 men, 15 women and 10 boys. They are paid at standard hourly rates as follows:Re Men 0.80 Women 0.60 Boys 0.40 In a normal working week of 40 hours, the gang
Calculate variances from the standard for a particular month as disclosed from the following figures:Standard In a particular month Number of workers employed 600 550 Average wages per worker per
In a factory section, there are 80 workers and the average rate of wages per worker is Re 0.50 per hour.Standard working hours per week are 45 hours and the standard performance is 6 units per hour.
Data relating to a job are as follows:Standard rate of wages per hour Rs 10 Standard hours 300 Actual rate of wages per hour Rs 12 Actual hours 200 You are required to calculate: (i) LCV, (ii) LRV
Calculate LCVs for the following information:Standard hours: 40 at Rs 3 per hour Actual hours: 50 at Rs 4 per hour
From the particulars given, calculate the following material variances and give their relationships:(1) MCV, (2) MUV, , (3) MPV, (4) MMV and (5) material sub-usage variance Material Standard Actual
Calculate MPV, MUV and MCV from the following information:Quantity of materials purchased 3,000 units Value of materials purchased Rs 14,000 SQ of material required per tonne of finished product 20
Gemini Industries provide the following information from their records: For making 10 kg of GEMCO, the standard requirement is as follows:Quantity (kg) Rate per kilogram (Rs)Material A 8 6.00
The cost accountant’s records, however, reveal that 16,000 kg of material costing Rs 52,000 were used for producing 3,000 units of product A. Calculate the variances.
The standard material required to manufacture one unit of product A is 5 kg and the SP per kilogram of material is Rs
From the following data, calculate MUV:Standard: 10 kg at Rs 4 per kilogram Actual: 12 kg at Rs 4.50 per kilogram
Given that the cost standard for materials consumption is 40 kg at Rs 10 per kilogram, compute the variances when actuals are 48 kg at Rs 12 per kilogram.
From the following data, calculate MPV, MUV and MMV:Raw material Standard Actual A 40 units at Rs 50 per unit 50 units at Rs 50 per units B 60 units at Rs 40 per unit 60 units at Rs 45 per unit
Explain the factors to be kept in mind while determining overhead variance.
Explain the importance of sales variance.
Discuss the possibility of always having variances as favourable.
Discuss the factors involved in setting a standard for a product.
What are the limitations of standard costing?
Distinguish between ideal standard and normal standard.
What is RSQ? When does it arise?
What is variance? When is it called favourable and when is it called unfavourable?
Variance analysis is an integral part of standard costing. Explain.
What is standard costing and how is it different from budgetary control?
Material usage variance = material mix variance +(a) Cost variance (b) Labour variance(c) MYV (d) Fixed cost
The deviation of actual cost or profit or sales from standard cost is known as(a) Labour variance (b) Variance(c) Material variance (d) Cost variance
Standard cost of labour - actual cost of labour =(a) Total cost variance (b) Total labour cost(c) Total material cost (d) Idle time variance
Management by exception is exercising control over(a) Favourable items (b) Unfavourable items(c) Standard times (d) Standard profit
Standard costing was developed because of the limitation of(a) Job costing (b) Marginal costing(c) Labour costing (d) Historical costing
LCV is the difference between standard cost of labour and(a) Variable cost (b) Fixed cost(c) Actual cost of labour (d) Marginal cost of labour
The technique of standard costing may not be applicable in the case of(a) Large concerns (b) Small concerns(c) Transport (d) Education
Standard costing is more widely applied in(a) Process industries (b) Engineering industries(c) Both (a) and (b) (d) None of the above
Idle time variance = idle time ×(a) Standard rate (b) Actual rate(c) Predetermined rate (d) Loss
Standard cost is a(a) Predetermined cost (b) Variable cost(c) Fixed cost (d) Profit
A set of standards provides yardsticks against which actual costs are compared.
Three types of standards are current, basic and normal.
Standard costing is widely applied in process industries.
Standard cost is a historical cost.
Yield variance shows the efficiency of labour.
Standards do not allow any wastage.
Variance means the difference between budget and standard costs.
Standards for material labour and overheads are interconnected.
Standards are arrived at on the basis of past performance.
Standards are fixed for each industry by trade unions.
What are the different applications of marginal costing?
What information does the break-even chart give?
How is break-even chart prepared?
Discuss the role of contribution in marginal costing.
What are the other names of marginal costing?
What do you understand by the term break-even analysis?
Discuss the following terms:(a) BEP (b) Margin of safety(c) Key factor (d) P/V ratio
What is contribution?

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