4116724, 9:59 PM Commerce ePathshala: IMPORTANT QUESTIONS WITH ANSWERS - IGNOU : MCOM : MCO 5 - ACCOUNTING FOR MANAGE. Commerce ePathshala "Exam Specific NOTES" & "Solved Assignments" FOR JUNE TEE 2024 & @ 8101065300 (Call/WhatsApp) HOME Page About CEP Commerce ePathshala BLOGS CBSECommerce—ICSECommerce. —- IGNOUBC IGNOUMCom-NEWROLD —- MBA-MBF_——AlIStudy Materials IGNOU QuickLinks CEP Membership Plan IMPORTANT QUESTIONS WITH ANSWERS - IGNOU : MCOM : MCO S - ACCOUNTING FOR MANAGERIAL DECISIONS untr 1) What are the objectives of Accounting ? N state why they want it the different parties interested in accounting information a Ans, CLICK HERE 2) Briefly explain the accounting concepts which guide the accountant at the recording stage, Ans. CLICK HERE 3) Explain the role of Management Accountant in a modern business organisation, ‘Ans, CLICK HERE 14) What are the accounting concepts to he observed at the reporting stage ? Explain any two in detail Ans, CLICK HERE '5) Explain the following : §) Accounting equation f) Account of accounting 1g standards ii) Accounting process iv) Branches ‘Ans, CLICK MERE uNtr-2 1. Distinguish among variable, fixed and semi-variable costs, Why fs this distinction important? Ans. CLICK HERE 2. Describe briefly the different methods of costing and state the particular industries to which they can be applied. Ans, CLICK HERE 5. Distinguish between the following :i) Product cost and period cost i) Controllable and uncontrollable cost if) Variable and fixed costs i) Direct and indirect costs hitps:eommercee-pathshalabogspot.con/2020I07/important-questions-wih-anewereignou_22. html 184116724, 9:59 PM Commerce ePathshala: IMPORTANT QUESTIONS WITH ANSWERS - IGNOU : MCOM : MCO 5 ACCOUNTING Ans. CLICK HERE, UNI 4 1) What are the financial statements? How far are they useful for decision-making purposes? Ans. CLICK HERE 2)Write a note on nature and limitations of financial statements. Ans. CLICK HERE, INIT 1) Compared to two principal financial statements namely, Profit and Loss Account and Balance Sheet, what is. Additional insight you get from funds flow statement? Ans. CLICK HERE. 2) Discuss a few basic differences between “cash” concept of funds flow statement and “working capital” concept of funds flow statement Ans. CLICK 3) A firm is found to have negative changes in working capital. What does it mean? Is it good for the firm in the long-run if the negative change in working capital continues for a long period? ans, CLICK HERE, 4) “Punds Flow Statement also suffers from window dressing of accounts and hence fails to give true view of {funds movement; for instance, funds from operation can be increased by recording a few dummy sales” - Do ‘you agree to this criticism? Give your views, Ans, CLICK HERE 1) How cash flow statement is different from income statement? What are the addtional benefits to different ‘users of accounting information from cash flow statement? Ans, 10K HERE 2) Mow does cash flow statement differ from funds flow statement? What are the uses of cash low statement? Ans, CLICK HERE 53) How does cash flow analysis help the management in decision making? Ans. CLICK tr 4) What is a ‘Cash Flow Statement"? Explain the techniques of preparing a cash flow statement Ans, CLICK HERE hitps:eommercee-pathshalabogspot.con/2020I07/important-questions-wih-anewereignou_22. html 2184116124, 9:59 PM Commerce ePathshal IMPORTANT QUESTIONS WITH ANSWERS - IGNOU : MCOM : MCO 5 - ACCOUNTING 1) Define budgeting and Budgetary control. State the objective of Budgeting. ‘Ans, CHICK HERE 2)What is budgeting ? What are the advantages and limitations of Budgeting ? Anns. CLICK $5) What are the essentials of an effective system of Budgeting ? Explain. Ans, CLICK HERE 4) What is @ Budget Manual ? State briefly the contents of a budget manual. Ans, CLICK HERE 5) What are the essentials of establishment of sound system of Budgeting ? Ans, CLICK HERE 6) Explain in brief different types of budgets Ans, CLICK HERE 1) “A budget is a means and budgetary control isthe end result. Explain. Ans. CLICK HERE intr ‘) What is Sales Budget ? How is it prepared ? Ans. CLICK HERE 2) Write short notes on the following, 1) Sates Budget i) Material Budget {iy Production Cost Budget i) Overhead Budget Ans. CLICK HERE 3) What isa Cash Budget ? How ist prepared ? Ans, CLICK HERE 4) What is a Master Budget ? What are its Components ? ‘Ans, CLICK MERE UNIT-10 1) What are fixed and flexible budgets? Differentiate between these two. Ans, CLICK HERE 2)What do you understand by zero base budgeting? How isi different fron Ans. CLICK HERE, 3) Why isa variable costing format useful for performance evaluation? ‘Ans, CLICK MERE hitps:eommercee-pathshalabogspot.con/2020I07/important-questions-wih-anewereignou_22. html 384116124, 9:59 PM Commerce ePathshal IMPORTANT QUESTIONS WITH ANSWERS - IGNOU : MCOM : MCO 5 - ACCOUNTING 4) What are the three important control ratios? Explain them in brief ‘Ans, CLICK HERE NtT=tt 1.What is Estimating Costing and how does it differ from Standard Costing? Ans, CLICK HERE 2. What is Standard Costing? State the objectives of standard costing. Ans, CLICK HERE 3. Give a comparative account of standard costing and budgeting, Ans, CLICK HERE 4. Write a detailed note explaining the advantages and limitat ms of standard costing, Ans, CLICK HERE 5. Explain the meaning of Standard Hour. Ans. CLICK HERE 6. Write a note on Revision of Standards. Ans, CLICK HERE 1) Define Variance. What is variance analysis? ‘Ans, CLICK HERE 2)What are the methods of classification of variances? Ans, CLICK HERE, 3) Write a detailed note on the uses of variance analysis? Ans, CLICK HERE 4) *Caleulation of Variances in standard costing is not an end itself, but a means to an end” Discuss. ‘Ans, CLICK HERE 5) Discuss material variance in detail. ‘Ans, CLICK HERE 6) Discuss labour variances in detail Ans. CLICK HERE 7) Write notes on the following: |) Material Price Variance i) Material Mix Variance il) Material Usage Variance {y) Labour Rate Variance v) Labour lle Time Var ‘Ans, CLICK MERE hitps:eommercee-pathshalabogspot.con/2020I07/important-questions-wih-anewereignou_22. html 484116124, 9:59 PM Commerce ePathshal IMPORTANT QUESTIONS WITH ANSWERS - IGNOU : MCOM : MCO 5 - ACCOUNTING UNIT-13 1) Explain now the variance analysis relating to overheads differ from that relating to materfal and labour Ans, Ick 2) In what ways can we analyse sales variances. Explain in deta Ans. CLICK HE cE 5) Write short notes as the following: 1) Variable overhead exper ture van 1ce i) Fixed overhead volume variance il Fixed overhead calendar variance Wy) Variable overhead efficiency variance ‘Sales margin variance vi) Sales price variance (based on turnover) vil) Sales vohime variance Ans. CLICK HERE UNIT 14 1) "Responsi ty accounting is a responsibility set-up of management accounting”: Comment, Ans, CLICK HERE, 2) Define Responsibility Accounting, How does it differ from conventional cost accounting? Ans, CLICK HERE +3) Explain clearly the terms cost center, revenue center, profit center, and investment center, and their u vanagement Ans, CLICK HERE, 44) Explain ‘how the choice’ of the responsibility center type (cost revenue, profit or investment) affects budgeting and performance reporting Ans. CLICK HERE, UNIT =15, 1), What are the limitations of marginal costing techniques? Ans, ICK HERE, 2) Explain the application of marginal costing in managerial decision making Ans, CLICK HERE, UNIT=16 1) Cost-volume profit analysis and break even point analysis are same’ Comment? Ans, CLICK HERE 2) What are different methods of computing break even point? Ans, CLICK HERE hitps:eommercee-pathshalabogspot.con/2020I07/important-questions-wih-anewereignou_22. html 584116124, 9:59 PM Commerce ePathshal IMPORTANT QUESTIONS WITH ANSWERS - IGNOU : MCOM : MCO 5 - ACCOUNTING '5)“The break even chart is an excellent planning device” Comment ‘Ans, CHICK HERE 4) Explain the significance of Profit-Volume ratio, Margin of Safety and Angle of Incidence? Ans. Ick '5) What is Contribution ? How does it helps the management in taking managerial decisions? Ans. CLICK HE cE 6) Describe three ways to lower down the break even point? Ans. CLICK HERE, 7) What are various ways to Improve the margin of safety and P/V ratio? Ans, CLICK HERE 1) What do you understand by differential costing ? How does it dfer from managerial costing? Ans. CLICK Hl E UNIT=18 1) What do you mean by accounting reports? What are the different types of reports for internal use? Discuss each of them, Ans, CLICK HERE 2) What are the special reports? What matters may be covered by the special reports? Ans. CLICK HERE 53) Describe the reporting needs of diferent levels of management and how a system of reporting can satisfy it? Ans, ICK HERE 4) What are the essentials ofa good report? Describe Ans. CLICK HERE 5) “Accounting Reports are a matter of necessity for the management and nat a matter of convenience” Discuss. Ans, CLICK HERE UNIT 19 1) What isthe benefit of companies being socially responsible? ‘Ans, CLICK HERE 2) Mow does activity based costing differ from traditional costing approach? Ans. CLICK HERE 3) What is the role of cost accounting/cost data in strategic management? hitps:eommercee-pathshalabogspot.con/2020I07/important-questions-wih-anewereignou_22. html 684116724, 9:59 PM ‘Commerce ePathshal ‘Ans, CLICK HERE 4) List down some of the major benefits to a company on account of computerised accounting system. ‘Ans, CLICK HERE 5) How implementation of ERP is different from computerisation of accounting function? Ans, CLICK HERE at uly. 22.2020 Labels: MCOM No comments: Post a Comment Toleeve a comment, click the button below to signin with Google. Newer Post. Wome Subscribe to: Post Comments (Atom) Posts 3. 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