MCA MAGADH UNIVERSITY QUESTION (2014-2017) (second semester) Principles of Accounting
MCA MAGADH UNIVERSITY QUESTION (2014-2017) (second semester) Principles of Accounting
2014-2017
Full marks: 80
Time: 4 hours
Candidates are required to give their answers in
Their own words as far as practicable.
The questions are of equal value.
Answer any five questions.
1. What do you mean by Profit and Loss Account? Why is it prepares?
2. Explain the errors which are disclosed by the trial balance.
3. Explain the various elements of cost.
4. Differential between direct and indirect costs.
5. Find out break- even point From the following:
Fixed cost Rs 20,000 , variable cost Rs 2 per unit, selling price Rs 4 per unit.
6. Explain the following terms:
(a) Contributions
(b) P/V Ratio
(c) Margin of Safety
7. Discuss the advantages of Limitation of budgetry control.
8. What is depreciation? Explain any two methods of calculating depreciation.
9. A manufacturing concern which has adoped standards costing furnished the following information
standard:
Material for 70 kg finished products 100 kg
Price of material Rs 1 per kg
Actual:
Output 210,000 kg
Material used 280,000 kg
Cost of materials Rs 2, 52, 000
Calculate:
(a) material usages variance
(b) material Price variance
(c) material Cost Variance
10. What are the main sources and uses of funds?
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