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Posted By: Lenin Member Level: Diamond Posted Date: 30 May 2008
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2006 Indira Gandhi National Open University (IGNOU) Diploma Computer Applications CS54 (S) Finance & Accounting on Computers - December 2006 Question paper
1. (a) What are the purposes of accounting information ? Explain. 8
(b) What progress has been made in India regarding Standardization of Accounting Practices ? 7
2. (a) With the help of a suitable example differentiate between FIFO and LIFO rnethods of valuation. 6
(b) Explain the following : 9
(i) Realization concept
(ii) Matching concept
(iii) Business Entity concept
3. (a) What is meant by cost ? Mention its different elements. 5
(b) The standard cost card shows the following details relating to the material requirement to produce one kg. of groundnut oil.
Quantity of groundnut 3 kg
Price of groundnut Rs. 12 per kg
Actual production figures were :
Production during one month 1000 kg
Quantity used 3500 kg
Price of groundnut Rs. 11 per kg
Calculate :
(i) Material Cost Variance
(ii) Material Price Variance
(iii) Material Usage Variance
4. From the following budgeted figures, prepare a Cash Budget in respect of three months to June 30. 15
Months Sales Rs. Materials Rs. Wages Rs. Overhead Rs.
January 60,000 40,000 11,000 6,200
February 56,000 48,000 11,600 6,600
March 64,000 50,000 12,000 6,800
April 80,000 56,000 12,400 7,200
May 84,000 62,000 13,000 8,600
June 76,000 50,000 14,000 8,000
Expected Cash Balance on 1st April Rs. 20,000
Other information
(a) Materials and overheads are to be paid during the month following the month of supply.
(b) Wages are to be paid during the month in which they are incurred.
(c) Terms of Sales : The terms of credit sales are payment by the end of the month following the month of sales 1/2 of the sales are paid when due, the other half to be paid during the next month. 5% Sales Cornmission is to be paid within the month following actual sales.
(d) Prelerence dividend Rs. 30,000 is to be paid on 1st May.
(e) Share call money for Rs. 25,000 is due on 1st April and 1st June.
(f) Plant and machinery worth Rs. 10,000 is to be installed in the month of January and payment is to be made in June
5. (a) G.P. Limited has sales of Rs. 25,00,000. The fixed costs are Rs. 4,00,000 and variable costs are Rs. 17 ,00,000. The company has a debt of Rs. 10,00,000 @ 12% p.a.
From the above data calculate the operating, financial and combined leverages. 10
(b) Write short notes on the following :
(i) Funds from Operations
(ii) Cost of Capital
(iii) Forms of Dividend
(iv) PN Ratio
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