1 A statistical survey is a scientific process of collection and analysis of numerical data. Explain the stages of statistical survey. Describe the various methods for collecting data in a statistical survey.
Answer:- Definition of Statistical Survey
A Statistical Survey is a scientific process of collection and analysis of numerical data. Statistical surveys are used to collect information about units in a population and it involves asking questions to individuals. Surveys of human populations are common in government, health, social science and marketing sectors.
Stages of Statistical Survey: Statistical surveys involve two stages namely — Planning and Execution. Figure 2.1 shows the two broad stages of Statistical Survey Read the rest of this entry →
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The following data are related to the manufacture of a standard product during the month of July 2009. Raw materials consumed Rs.15,000 Direct wages Rs. 9,000 Machine hours worked 900 hours Machine hours rate Rs.5 Administrative overheads 20% of works cost Selling overheads Re.0.50 per unit Units produced 17,100 Units Sold 16,000 @ Rs.4 per unit Prepare a cost sheet from the above to show: a. The cost per unit b. The profit per unit sold and profit for the period Hint: Profit = 24000
Answer :
Sales 64,000
Raw materials 15,000
Direct wages 6,000
Variable and fixed OH 10,000
Administrative overheads 9000
Profit 24,000
Q6. Write the differences between absorption costing and management costing.
Answer : What is Absorption Costing?
A management cost accounting method of expensing all the costs related with the production of a particular product is known as absorption costing. Absorption costing utilizes the total overhead costs and total direct costs related with producing a product as the cost base. The GAAP need absorption costing for external reporting. Generally accepted accounting principles (GAAP) require the absorption costing for the external reporting.
ABSORPTION COSTING VS MARGINAL COSTING
| 1) Both fixed and variable cost are considered for product costing and inventory valuation. | 1) Only variable cost is considered for product costing and inventory valuation. |
| 2) The fixed cost is charged to cost of production.
Each product is to bear a reasonable share of fixed cost and profitability of product is thus influenced by subjective apportionment of fixed cost. |
2) Treatment of fixed overhead is different. Fixed cost is considered as a period cost. And profitability of different product is judged by P/V ratio. |
| 3) Presentation of cost is on conventional pattern. Net profit of each product is determined after deducting fixed overheads. | 3) Production of data is oriented to highlight the total contribution and contribution from each product. |
| 4) The difference in the magnitude of opening stock and closing stock affects the unit cost of production due to the impact of related fixed overheads. | 4) The difference in the magnitude of opening stock and closing stock does not affect the unit cost of production. |
Limitations of Absorption Costing–
1) In practice, this method employs highly arbitrary method of apportionment of overhead. This reduces the practical utility of cost data for control purposes.
2) Under absorption costing, fixed cost relating to closing stock is carried forward to the next year. Similarly, fixed cost relating to opening stock is charged to current year instead of previous year. Thus under this method, all the fixed cost is not charged against the revenue of the year in which they are incurred. It is an unsound practice.
3) Under the absorption costing collection of cost data is not very useful fir decision making., because the process of assigning product cost a reasonable share of fixed overhead obscures cost-volume-profit relationship.
4) Under the absorption costing, behavior pattern of cost is not highlighted and thus many s\situations which can be utilized under the marginal costing are likely to go unnoticed under the absorption costing.
Following is the balance sheet for the period ending 31st March 2006 and 2007. If the current year’s net loss is Rs.38,000, calculate the cash flow from operating activities. 31st MARCH 2006 2007 Short-term loan to employees 15,000 18,000 Creditors 30,000 8,000 Provision for doubtful debts 1,200 – Bills payable 18,000 20,000 Stock in trade 15,000 13,000 Bills receivable 10,000 22,000 Prepaid expenses 800 600 Outstanding expenses 300 500 Hint: Net cash lost in operating activities (69800)
Answer : In financial accounting, operating cash flow (OCF), cash flow provided by operations or cash flow from operating activities (CFO), refers to the amount of cash a company generates from the revenues it brings in, excluding costs associated with long-term investment on capital items or investment in securities. The International Financial Reporting Standards defines operating cash flow as cash generated from operations less taxation and interest paid, investment income received and less dividends paid gives rise to operating cash flows. To calculate cash generated from operations, one must calculate cash generated from customers and cash paid to suppliers. The difference between the two reflects cash generated from operations.
CFO = -38,000 – 8,000 -1,200 – 22,000 – 600 = -69,800
So, we get net cash lost in operating activities of -69,800.
Draw the Balance Sheet for the following information provided by Sarawath Ltd.. a. Current Ratio : 2.50 b. Liquidity Ratio : 1.50 c. Net Working Capital : Rs.300000 d. Stock Turnover Ratio : 6 times e. Ratio of Gross Profit to Sales : 20% f. Fixed Asset Turnover Ratio : 2 times g. Average Debt collection period : 2 months h. Fixed Assets to Net Worth : 0.80 i. Reserve and Surplus to Capital : 0.50
Answer :
Here we can see the table with some formulas.
Current Ratio current assets/current liabilities 2,5
(current assets – inventory)/current
Liquidity Ratio Liabilities 1,5
Net Working Capital current assets – current liabilities 300000
Stock Turnover Ratio net sales/inventory 6
Ratio of Gross Profit to Sales (revenue – cost of goods)/net sales 0,2
Fixed Asset Turnover Ratio
Average net sales/fixed assets 2
Debt collection period (Average Debtors / Credit Sales) x 365 2
Fixed Assets to Net Worth fixed assets/(total assets – total
Liabilities) 0,8
Reserve and Surplus to Capital Reserve and Surplus to Capital 0,5
B/S Balance 1100000
Using these formulas we can calculate:
Current assets 500000
Inventory 200000
Current liabilities 200000
Net sales 1200000
Gross profit 240000
Fixed assets 600000
So, we can build the balance sheet.
Balance
Fixed assets 600000
Current assets and inventory 500000
Total Assets: 1100000
Current liabilities 200000
Capital 480000
Long-term liabilities and other 420000
Total Liabilities: 1100000
An accountant finds that the trial balance of his client did not tally and it showed an excess credit of Rs. 69.74. He transferred it to a suspense account and later discovered the following errors. a) b) A purchase of Rs. 145.50 has been posted as Rs. 154.50 to the purchases account. c) An expenditure of Rs. 158 on repairs has been debited to the buildings account. d) Rs. 80 was allowed by B as discount which has not been entered in the books. e) A sum of Rs. 125.05 realised on the sale of old furniture has been posted to the sales account. Give journal entries to rectify the errors and show the suspense account as it would appear after adjustments Hint: Total of suspense a/c = 78.74
When an error is discovered in the accounting records, it should be corrected immediately to prevent wrong data which will result to unreliable financial statements. This is done through a correcting entry.
A correcting entry is a journal entry whose purpose is to rectify the effect of an incorrect entry previously made.
The correcting entries will be:
a) Accounts Payable 10
Cash 10
b) Accounts Payable 9
c) Buildings 158
Repairs 158
d) Accounts Payable 80
Purchases 80
e) Sales 125.05
f) Cash 125.05
Total of suspense a/c = 78.74
Q1.Discuss the role of entrepreneurs in economic development. Why should the government help the entrepreneurs and in what way the Government can help?
Answer:- Role of entrepreneurs – Entrepreneurs occupy a central position in a market economy. For it’s the entrepreneurs who serve as the spark plug in the economy’s engine, activating and stimulating all economic activity. The economic success of nations worldwide is the result of encouraging and rewarding the entrepreneurial instinct.A society is prosperous only to the degree to which it rewards and encourages entrepreneurial activity because it is the entrepreneurs and their activities that are the critical determinant of the level of success, prosperity, growth and opportunity in any economy. The most dynamic societies in the world are the ones that have the most entrepreneurs, plus the economic and legal structure to encourage and motivate entrepreneurs to greater activities. Read the rest of this entry →
