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IMT-58 asignment

IMT-58 asignment

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Published by jbhadana
Institute of Management Technology
Centre for Distance Learning
Subject Code: IMT-58
Subject Name : MANAGEMENT ACCOUNTING

1. Understanding Costs
2. Overhead Analysis
3. Job Cost Analysis
4. Process Cost Analysis
5. Marginal Costing and Break Even Analysis
6. Cost Volume Profit Analysis
7. Budgetary Control and Responsibility Accounting
8. Standard Costing and Variance Analysis
Institute of Management Technology
Centre for Distance Learning
Subject Code: IMT-58
Subject Name : MANAGEMENT ACCOUNTING

1. Understanding Costs
2. Overhead Analysis
3. Job Cost Analysis
4. Process Cost Analysis
5. Marginal Costing and Break Even Analysis
6. Cost Volume Profit Analysis
7. Budgetary Control and Responsibility Accounting
8. Standard Costing and Variance Analysis

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Published by: jbhadana on Mar 22, 2009
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 Management Accounting
........................................
Page 1 of 6
................................................................................
 IMT-58
 
Institute of Management Technology
Centre for Distance Learning
A16, Site 3, UPSIDC Industrial Area, Meerut Road, Ghaziabad - 201 003 
Subject Code: IMT-58
Subject Name :
MANAGEMENT ACCOUNTING
 
Objectives
This Course intends to:
1.
Develop basic understanding of cost management,
2.
Introduce budgetary control and standard costing techniques as control mechanism, and
3.
Impart analytical technique of cost estimation, cost analysis and benchmarking.
Contents
1. Understanding Costs2. Overhead Analysis3. Job Cost Analysis4. Process Cost Analysis5. Marginal Costing and Break Even Analysis6. Cost Volume Profit Analysis7. Budgetary Control and Responsibility Accounting8. Standard Costing and Variance Analysis
 References
1.
Management Accounting, Pankaj Gupta (Excel Books).
2.
Introduction to Management Accounting, Horngren, Charles T., Gary L., Sundem and William O. Stratton,Prentice Hall.
3.
Management and Cost Accounting, Drury, C., International Thompson Business Press.
a. First Set of Assignments:
Part-A : 5 Marks & Part-B : 5 Marks. Each question carries 1 marks.
 
b.
 
Second Set of Assignments:
Part-C : 5 Marks & Part-D : 5 Marks. Each question carries 1 marks.
 
c.
 
Third Set of Assignments:
20 Short Answer Questions : 10 Marks. Each question carries ½ marks.
 
Confine your answers to 150 to 200 Words.
d.
 
Forth Set of Assignments:
Two Case Studies : 10 Marks. Each case study carries 5 marks.
 
 
Notes:
a. Write answers in your own words as far as possible and refrain from copying from the text books/handouts.b. Answers of
st 
Set (Part-A & Part-B), II 
nd 
Set (Part-C, Part-D), III 
rd 
Set (Short Answer Questions) and Case Study must be sent together.c. Mail the answer sheets alongwith the copy of assignments for evaluation & return.d. Only hand written assignments shall be accepted.
 
 Management Accounting
........................................
Page 2 of 6
................................................................................
 IMT-58
 
ASSIGNMENTS
Subject Code : IMT-58Subject Name:
MANAGEMENT ACCOUNTING
 
PART– A
1. “A cost accounting system that simply records cost for the purpose of fixing sale price has accomplishedonly a small part of its mission”. Comment.2. Distinguish and define:
Direct materials and indirect materials
Direct wages and indirect wages
Direct expenses and indirect expenses
Factory overheads and office overheads3. Define and discuss:
Marginal cost.
Direct cost.
Absorption cost.
Activity based costing.4. Calculate the Prime cost, Factory cost, Total cost of production and cost of sales from the followingparticulars:
Particulars Amount (Rs.) Amount (Rs.) 
Raw material consumed 60,000Wages paid to labourers 15,000Directly chargeable expenses 3,000Oil and waste 150Wages of foreman 1500Store keeper’s wages 750Electric power 300Lighting : Factory
750 
: Office
300 
1,050Rent : Factory
3,000 
: Office
1,500 
4,500Repair and Renewal :Plant & Machinery
2,250 
Office Premises
300 
2,550Depreciation :Office Premises
750 
Plant & Machinery
300 
1,050Consumable stores 1,500Managers salary 3,000Director’s fees 750Office printing & stationery 300Telephone charges 75Postage 150Salesman commission and salary 750Travelling expenses 300Advertisement 750Warehouse charges 300Carriage outward 225
 
 Management Accounting
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Page 3 of 6
................................................................................
 IMT-58
 
5. Classify costs on the basis of elements, functions and variability.
PART– B
1. A firm has several items of inventory. The average number of each of these as well as their unit cost islisted below:
Item No.Avg. No. of units in inventory Avg. Cost per unit Item No.Avg. No. of units in inventory Avg. Cost per unit 
1 4000 1.96 11 1800 25.002 200 10.00 12 130 2.703 440 2.40 13 4400 9.504 2000 16.80 14 3200 2.605 20 165.00 15 1920 2.006 800 6.00 16 800 1.207 160 76.00 17 3400 2.208 3000 3.00 18 2400 10.009 1200 1.90 19 120 21.0010 6000 0.50 20 320 4.00The firm wishes to adopt ABC inventory system. How should the item be classified into A, B and Ccategories?2. What is the role of ordering cost and carrying cost in calculating the EOQ?3. Write short notes on:
Safety stock.
Break-even analysis.
P.V. ratio.
Flexible budgeting.
Capacity cost.4. What is stores ledger account? How is it a useful method to control movement of stocks? Explain withexample.5. What is prime cost? How is it different from conversion cost and manufacturing cost?
PART – C
1. What are overheads? Discuss in detail the principles of primary and secondary distribution.2. What is job costing? How does it differ from contract costing?3. In a contract estimates of following costs have been made:Imported raw material US$ 5,000 (Rate 1$ = Rs. 47.00)Local raw material Rs. 1,70,000/-Wages Rs. 1,25,000/-Production overheads Rs. 60,000 (1/4
th
of estimated production overhead charged to contract)Administrative overheads Rs. 50,000/- (1/4
th
of estimated administrative overhead charged to contract)
Cost escalation clauses: 
1. Actual materila cost ot be accepted.2. Wages increase to be covered up to 4% of estimated.3. Overhead increase to be restricted to 2% of estimated.

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