IGNOU M.COM MCO 5 ,ACCOUNTING FOR MANAGERIAL DECISIONS, IMPORTANT QUESTIONS FOR DECEMBER EXAM

 

 IMPORTANT QUESTIONS

MCO 5


1. What are the financial statements? How far they are useful for decision making purpose? Discuss the limitations of financials statements.


2. 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.


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

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


4 What is meant by transfer pricing. Discuss various transfer pricing methods.

5. What are the limitations of conventional financial accounting.

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

7. "Management accounting 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. Identify the various bases of classification of costs and explain the various types of costs involved under these base.

9. "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.

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

11. a) Discuss the role of Management accountant in a corporate entity.

b) Classify costs on the basis of controllability.


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


13. Write short notes on the following:


  1. Interim dividend
  2. Deferred revenue expenditure
  3. Strategic cost management
  4. Proprietors fund
  5. Unit costing
  6. Sunk costs
  7. Break even point
  8. Human resource accounting
  9. Trend analysis
  10. Environment accounting

14. Distinguish between:
  •  product cost and period cost
  • controllable cost and uncontrollable cost
  • direct and indirect cost
  • process costing and job costing





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