IGNOU MCO5 IMPORTANT QUESTIONS ACCOUNTING FOR MANAGERIAL DECISIONS

IMPORTANT QUESTIONS

MCO5

1.a) What are the financial statements? How far they are useful for decision making purposes? Discuss the limitations of financial statements.

b) Write short notes on:
  • Interim Dividend
  • Deferred revenue Expenditure
  • Appropriation of profit
  • Accounting a source of financial information

2. a) "Fixed costs are also variable. The more you produce, the less they become fixed". Comment on the statement with suitable examples.


b) Distinguish between:
  • Product cost and Period cost
  • Controllable cost and Uncontrollable cost
  • Fixed budget and flexible budget


3. a) What is meant by zero based budgeting? How is it different from traditional budgeting?


b) Discuss the essentials of establishing a budgeting system.


c)Explain the steps involved in making a sound budgeting system.



4. a) What is cash flow statement? How does cash flow analysis help the management in decision making?

b)What are the limitations of ratio analysis? Explain.


5. a) Explain the managerial uses of marginal costing. 


b) Discuss the essential conditions for the success of responsibility accounting. 



6.  What is meant by reporting to management ? What are the objectives of reporting? Discuss various types of reports.



7. "Management account is nothing more than the use of financial information for management purposes". Explain this statement and clearly distinguish between financial accounting and management accounting.


8. Define"Responsibility Accounting"? What are the uses of responsibility accounting? Also  discuss the essentials of success of responsibility accounting.



9. Identify the various bases of classification of costs and explain the various types of costs involved under these base.



10. " Performance budgeting requires preparation of priodic performance reports". Explain.



11. "Explain the meaning and importance of fund flow statement and state the usual sources and uses of funds.



12. a) What is a sales budget? Discuss the principle factors that should be considered in developing the sales budget.


b) Identify the three methods of preparing cash budget and explain any one of them in detail. 


13. "The effect of a price reduction is always to reduce the P/V  ratio, to raise break even point and to shorten the margin of safety." Explain and illustrate with example.



14. Write short notes on the following :
  1. Strategic Cost Management
  2. Activity Based Costing
  3. Models of reporting to Management
  4. Performance budgeting
  5. Suck costs
  6. Break Even Point
  7. Human Resource Accounting
  8. Environment Accounting
  9. Standard Costing

THANK YOU

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