Amity solved assignment for Accounting for Manager MBA Assignment 3

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Accounting for Managers (EDL 105) - Semester I Assignment 3

 

Section A

QUESTION 1

State the uses of cash flow statement. Prepare a format of cash flow from operating activities under indirect method.

 

Section B

CASE STUDY                                 

 

The following Trading and Profit and Loss Account of XYZ Ltd. for the year 31‐3‐2000 is given below:

 

Particular	Rs.	Particular	Rs.
To  Opening Stock                                   Purchases Carriage and Freight                                     Wages To  Gross Profit b/d	76,250 3,15,250      2,000      5,000 2,00,000 5,98,500	By Sales “ Closing stock By Gross Profit b/d	5,00,000             98,500            5,98,500
Administration expenses                              “ Selling and Dist. expenses                 “ Non‐operating expenses                       “ Financial Expenses Net Profit c/d	1,01,000          12,000            2,000            7,000 84,000 2,06,000	Non‐operating incomes:--- “ Interest on Securities “ Dividend on shares “ Profit on sale of shares	1,500 3,750 750 2,06,000

 

 

QUESTION 1

Calculate: Gross Profit Ratio & Operating Ratio

 

QUESTION 2

Calculate: Net Profit Ratio

 

QUESTION 3

Calculate:  Stock Turnover Ratio.

 

Section C

QUESTION 1

 

Labor which is related to manufacturing of product is classified as

                       

1. direct manufacturing labor costs
2. indirect manufacturing labor costs
3. work in process cost
4. finished costs

 

QUESTION 2

 

Direct material costs are added into direct manufacturing costs for calculating are

                       

1. discuss costs
2. prime costs
3. resale cost
4. merchandise costs

 

QUESTION 3

 

Difference between budgeted amounts and actual results are classified as

                       

1. standard deviation
2. variances
3. mean average
4. weighted average

 

QUESTION 4

 

A manager who is responsible for both cost and revenues is called

                       

1. cost center
2. revenue center
3. profit center
4. investment center

 

QUESTION 5

 

An assignment of task for managers who are accountable for their actions in controlling and budgeting of resources is classified as

                       

1. coordinating company effort
2. action plan
3. action accountability
4. project accountability

 

QUESTION 6

 

Cost of goods sold is INR 8000 and gross margin is INR 5000 then revenue will be

                       

1. "INR 13,000"
2. ?INR 13000
3. "INR 3,000"
4. ?INR 3000

 

QUESTION 7

 

Best measurement of competitiveness is classified as

                       

1. gross margin
2. income margin
3. sales margin
4. cost margin

 

QUESTION 8

 

Fixed cost is divided by break even revenues to calculate

                       

1. cost margin
2. fixed margin
3. revenue margin
4. contribution margin

 

QUESTION 9

 

Total manufacturing cost is INR 60000 and total units manufactured is 3000 units then per unit cost will be

                       

1. INR 40
2. INR 20
3. INR 60
4. INR 80

 

QUESTION 10

 

Companies that buy raw materials and convert them into finished goods for customers are included in

                       

1. manufacturing sector companies
2. merchandising sector companies
3. service sector companies
4. raw material companies

 

QUESTION 11

 

An actual result is INR 25000 and flexible budget amount is INR 11000 then flexible budget amount is

                       

1. "INR 36,000"
2. "INR 46,000"
3. "INR 56,000"
4. "INR 14,000"

 

QUESTION 12

 

"In an activity based cost system, an activity, unit of work or task with differentiated purposes is classified as"

                       

1. different task
2. purpose cost
3. an activity
4. an allocation cost

 

QUESTION 13

 

"We can say that the business is in profit, when"

                       

1. Assets exceed Expenditure
2. Income exceeds Liabilities
3. Income exceeds Expenditure
4. Income exceeds Liabilities

 

QUESTION 14

 

"According to the double entry system of accounting, an account that obtains benefit is"

                       

1. Credit
2. Debit 
3. Income
4. No need to show as accounting record

 

QUESTION 15

 

"When a Liability is reduced or decreased, it is recorded on the:"

                       

1. Left or credit side of the account 
2. Right or debit side of the account
3. Right or credit side of the account
4. Left or debit side of the account

 

 

 

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