Management Accounting - Question Paper

Management Accounting(Code-530153) 1) What do you me by Management Accounting? 2) Main purpose of Management Accounting---Planning, controlling and Decision Making 3) Financial Accounting Vs Management Accounting 4) Historical Cost---Original cost of acquisition 5) Direct cost Vs Indirect Cost 6) Prime Cost -Total Direct cost 7) Fixed Cost 8) Variable Cost-Direct materials, Direct labor, variable overhead(Gas, electricity, telephone) 9) Opportunity cost 10) Marginal Cost(Incremental cost) 11) Absorption cost( Full cost of product---say portion of direct material, direct labor, or overhead) 12) Budgeting ( Types-Balance , Surplus and Deficit budget 13) What is CVP analysis? (Impact of cost and volume on Overall Profits) 14) Breakeven point 15) Gross profit --is the remaining amount when all direct costs, such as labor and raw materials, have been deducted from the income derived from selling the company's goods and services.-- Gross Profit: Revenue - Cost of Goods Sold 16) Net Profit----(Amount of money your business earns after deducting all operating, interest, and tax expenses over a given period of time) 17) A flexible budget----- is a budget that adjusts to a company's activity or volume levels. Financial Management(Code-530149) 1) Goals of Financial Manager 2) Why Cash flows Statement( Cash flows from Operating Activities= NI+Non Cash