MCA MAGADH UNIVERSITY QUESTION (2014-2017) (second semester) Principles of Accounting

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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