BCom Third Year (Sem 5 & 6) Management Accounting – Daily Revision MCQ (English Medium)
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Management accounting mainly provides accounting information to whom?
Chapter 1: Nature and Scope of Management Accounting
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Answer: C. The management, for planning, control and decision-making
Management accounting is internal: it presents accounting data to managers to help them plan, control and take decisions.In a common-size income statement, every item is expressed as a percentage of what?
Chapter 2: Analysis of Financial Statements
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Answer: B. Revenue from operations (net sales)
In a common-size income statement, net sales are taken as 100 and every other item is shown as a percentage of it.Current assets are ₹3,00,000, of which inventory is ₹1,00,000 (there are no prepaid expenses). Current liabilities are ₹1,00,000. What is the quick (liquid) ratio?
Chapter 3: Ratio Analysis
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Answer: B. 2 : 1
Quick assets = 3,00,000 − 1,00,000 = 2,00,000; quick ratio = 2,00,000 ÷ 1,00,000 = 2 : 1.Net sales are ₹5,00,000 and gross profit is ₹1,25,000. What is the gross profit ratio?
Chapter 3: Ratio Analysis
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Answer: D. 25%
Gross profit ratio = Gross profit ÷ Net sales × 100 = 1,25,000 ÷ 5,00,000 × 100 = 25%.In a cash flow statement, purchase of machinery is shown under which activity?
Chapter 4: Cash Flow Statement
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Answer: A. Investing activities
Buying or selling long-term assets such as machinery is an investing activity under AS 3 / Ind AS 7.In a fund flow statement, the word 'fund' usually means what?
Chapter 5: Fund Flow Statement
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Answer: C. Working capital
In fund flow analysis, 'fund' means working capital, i.e. current assets minus current liabilities.Fixed costs are ₹1,00,000, selling price is ₹50 per unit and variable cost is ₹30 per unit. What is the break-even point in units?
Chapter 6: Marginal Costing and Cost-Volume-Profit Analysis
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Answer: C. 5,000 units
Contribution per unit = 50 − 30 = ₹20; BEP = Fixed cost ÷ Contribution per unit = 1,00,000 ÷ 20 = 5,000 units.Sales are ₹2,00,000 and variable costs are ₹1,20,000. What is the P/V ratio?
Chapter 6: Marginal Costing and Cost-Volume-Profit Analysis
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Answer: B. 40%
Contribution = 2,00,000 − 1,20,000 = 80,000; P/V ratio = Contribution ÷ Sales × 100 = 40%.A budget that is designed to change according to the level of activity actually attained is called what?
Chapter 7: Budgets and Budgetary Control
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Answer: D. Flexible budget
A flexible budget shows costs for different activity levels, so actual results can be compared with the budget for the level actually reached.Standard price of material is ₹10 per kg, actual price is ₹12 per kg and actual quantity used is 500 kg. What is the material price variance?
Chapter 8: Standard Costing and Variance Analysis
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Answer: A. ₹1,000 adverse
Material price variance = (SP − AP) × AQ = (10 − 12) × 500 = −₹1,000, i.e. ₹1,000 adverse because more was paid than the standard.
BCom Third Year (Sem 5 & 6): MCQ in other subjects
All questions are written by PadhaiNotes in our own words from the common syllabus of Maharashtra universities (NEP). Your own university's syllabus may differ a little.