SKR Engineering College 2007 M.C.A Accounting & FINANCIAL Management - Question Paper

sub/code: Accounting & FINANCIAL Management/MC1605
year/sem : I / I class : MCA
max marks: 100 marks duration: 180 min

Part a 10*2= 20
What do you mean by
1) Errors in Trial Balance 2) Overhead variance 3) Angle of incidence
4) Budget center
describe the subsequent terms
5) Zero base budgeting 6) Master budget 7) Pay back Period & Internal Rate of return
8) Capital budgeting, Dividend & Working Capital
Differentiate
9) Cost Sheet & Elements of Cost 10) Sundry debtors & Sundry creditors

Part b Answer all 5 X 16 = 80
11) a) What do you mean by GAAP? discuss the Accounting Principles i.e. Accounting Concepts and Accounting Conventions Elaborately. (or)
b) From the subsequent particulars of gavaskar & co prepare final account.
Cash – 1400 Bank – 2600 Debtors – 86,000
Stock (op) – 62000 Furniture - 21400 Plant- 16000
Buildings – 60000 Motorcar – 20000 Creditors – 43000
Loan – 30000 Commission (cr) – 3000 Purchases – 140000
Purchase returns–2,600 Sales – 230000 Sale returns – 4200
Salaries 11000 Rent – 11000 Interest – 2700
Rates & taxes – 2100 Discount allowed – 2100 Discount Cr– 1600
Freight – 1200 Carriage o/w – 2000 Drawings – 12000
Printings – 1800 Electric charges – 2200 Insurance – 5500
General expenses – 3000 Bad debts – 2000 Interest received–3600
Motor repair – 3600 Capital – 162,000
Adjustments
The closing stock is valued as 1,00,000.
give depreciation: buildings @10%, plant @ 8% & motorcar @ 3%.
Outstanding expenses: salaries – 525, rent – 175, interest – 300.
Prepaid expenses: printings – 150, insurance – 1/3rd & general expenses – 125.
Accrued income: commission – 125
give further bad debts – 2000, doubtful debts – 10% & discount on debtors – 2%.
give interest on capital 10%
12) a) I) discuss the elements of Cost. (8 Marks) ii) Differentiate cost accounting and financial accounting.(8 Marks) (OR)
b) compute Material, Labour, and Overhead Variance.

Material Standard Input Standard Rs/Kg Actual Input Actual
Rs/ Kg
X 400 50 420 45
Y 200 20 240 25

Normal Loss is 15% but the true Loss incurred is 17%.

Labour Standard Standard Rs/Hr Actual Actual Rs/Hr
Men 100 hrs 2 120 2.50
Women 200 hrs 1.50 240 1.60
Normal loss is 25 hrs and the true loss is 85 hrs.

Particulars Budget Actual
Output units 30000 32500
Hours 30000 33000
Fixed O/H 45000 50000
Variable O/H 60000 68000

13) a) describe Zero Base Budgeting. elaborate the steps involved in Zero Base Budgeting? discuss the advantages and disadvantages of Zero base Budgeting. (or)

Earning:   Approval pending.