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IMT-58: Management Accounting-2014

IMT-58: Management Accounting-2014

SECTION – A

Q1: Distinguish between Management accounting and Financial Accounting.

Q2: What are the methods by which semi variable cost can be split in its fixed and variable elements?

Q3: Medical aid co. manufactures a special product “AID”. The following particulars were collected for the year 1998:

IMT SOLVED ASSIGNMENTS

Q4: What do you understand by JIT?

Q5: Explain the term administrative overheads and briefly discuss three methods of treatment thereof in cost accounts.

 

SECTION - B

Q1: How does ABC differ from the traditional costing approach?

Q2: What is service costing? Describe the type of industries in which such a system would be suitable

Q3: Calculate the cost of each process and total cost production from the data given below:

IMT SOLUTION

The indirect expenses Rs. 1,275 should be apportioned on the basis of wages.

Q4: What are the advantages of variable costing?

Q5: What do you mean by break-even analysis and explain its uses and applications?

 

SECTION - C

Q1: Explain advantages and limitations of budgeting.

Q2: What is transfer prices? What are different types of transfer prices?

Q3: Define expense centre. What is the suitability of the measure of performance in an expense centre?

Q4: Differentiate between ‘sunk’ and ‘avoidable’ costs. What is the relevance of such a distinction for short-run decisions?

Q5: The details regarding composition and the weekly wage rate of labour force engaged on a job scheduled to be completed in 30 weeks are as follows:

IMT MBA SOLVED ASSIGNMENTS

The work is actually completed in 32 weeks. Calculate the various labour cost variances.

 

CASE STUDY - 1

A Ltd. furnishes the following data relating to the year 2008.

                             1st half of the year                   2nd half of the year

Sales (Rs.)            45,000                                     50,000

Total cost (Rs.)      40,000                                     43,000

Assuming that there is no change in prices and variable cost and that the fixed expenses are incurred equally in the two half year period, calculate-

1. P/V Ratio

2. Fixed expenses

3. Break even sales

4. Percentage of margin of safety to total sales.

 

 

CASE STUDY - 2

Goodluck Ltd. is currently operating at 75% of its capacity. In the past two years, the level of operations were 5f5% and 65% respectively. Presently, the production is 75,000 units. The company is planning for 85% capacity level during 2013 – 2014. The cost details are as follows:

 

IMT CDL ASSIGNMENTS

 

Profit is estimated @ 20% on sales.

The following increases in costs are expected during the year.

IMT SOLVED ASSIGNMENTS

 

Required: Prepare flexible budget for the period 20X1 – 20X2 at 85% level of capacity. Also ascertain profit and contribution

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