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Q. Describe the accounting information system that is being followed
by your organization. Also point out the flaws in the prevailing system,
if any, and give suggestions to overcome the same.
Answer. Accounting Information Systems (AISs) combine the study and practice of accounting with the design, implementation, and monitoring of information systems. Such systems use modern information technology resources together with traditional . ........NOT AVAILABLE IN SAMPLE
A simple accounting information system is shown in below figure: ....................
In my company, we use ....................
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Q. You are required to prepare Funds Flow Statement and Cash Flow
Statement for the year ending March 31 2007, based on the information
given below.
Profit from operations after providing Rs.10,000 as depreciation on building and Rs.10,000 on machinery and Rs.5,000 as amortization on Patents for the year ‘April 06 - March 07’ was Rs.35,000. Other revenues for the year were Rs.40,000. An old machine with original cost of Rs.15,000 was sold at a loss of Rs.5,000.
Answer. FUND FLOW STATEMENT
For the Year ending
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Q. Arazon Ltd. Operates a standard costing system. Following information
is supplied by the company.
| Actual Materials Consumed (3,600 units @ Rs.52.50 each) | 1,89,000 |
| Direct Wages | 22,000 |
| Fixed Expenses | 1,88,000 |
| Variable Expenses | 62,000 |
Output during the period was 3,500 units of finished goods.
For the above period, the standard production capacity was 4,800 units
and the break-up of standard cost per unit was as follows:
| Material Cost (one unit @ Rs.50 each) | 50 |
| Direct wages | 6 |
| Fixed Expenses | 40 |
| Variable Expenses | 20 |
| Total | 116 |
The standard wages per unit is based on 9,600 hours for the above period at a Rate of Rs.3 per hour. 6,400 hours were actually worked during the above period and in addition, wages for 400 hours were paid to compensate for idle time due to breakdown of a machine and overall wages rate was Rs.3.25 per hour.
You are required to calculate the following variances:
a) Direct material cost variances
b) Material price variance
c) Material usage variance
d) Direct labour cost variance
e) Labour rate variance
f) Labour efficiency variance
g) Variable expenses variance
h) Fixed expenses expenditure variance
i) Fixed expenditure volume variance
j) Fixed expenses efficiency variance
Answer. Direct Material Variances .......NOT AVAILABLE IN SAMPLE..................
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Q. How do you envisage your role as a Finance Manager in
matters related to dividend policy. What are the alternatives and
factors that you may consider before finalizing your views on dividend
policy?
Answer. A financial manager is a person who is responsible in a significant way to carry out the finance functions. In a modern organization a financial manager ...............................
Dividend Decisions
The size and frequency of dividend payments are critical issues in
company policy. Dividend policy affects the financial structure, the
flow of funds, corporate ....
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