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Bachelor of Insurance and Risk Management 2nd year Sample Paper of Financial AccountingItsMyAcademy.com

Bachelor of Insurance and Risk Management 2nd year Sample Paper of Financial Accounting

 BACHELOR INSURANCE & RISK MANAGEMENT, SEM-IV, YEAR-2

FINANCIAL ACCOUNTING

Time: 3 hours                                                                                                  M.Marks:60

Note: – Attempt any 5 questions.

All questions carry equal marks.

  1. 1.            What is management financial accounting? Describe the objectives and functions of management accounting?
  1. 2.            Write short on the following:

a)      “Designing and compiling” as Management accounting principle.

b)     “Management by exception” as Management accounting principle.

c)      “Control at source” as Management accounting principle.

  1. 3.            “Costing-An Aid to management” Discuss. Also explain the limitations of cost accounting.
  1. 4.            Write short on:

a)      Fixed cost

b)     Variable cost

c)      Semi- variable cost

  1. 5.            (a)  Differentiate between Fixed and current assets

(b)  Differentiate between Tangible and intangible assets.

6.   A manufacturing firm supplies you the following information:

                                                                  Product P               Product Q

(Rs.)                       (Rs.)

Direct Material per unit                                   16                                14
Direct wages paid                                             5                                  4
Variable expenses                                             5                                  4

(100% of wages)

Fixed Expenses       Rs.1300
Sales price per unit                                          32                                26

 

 

Sales Mixture

a)      400 units of Product P and 400 units of Product Q

b)     500 unit of Product P and 300 units of Product Q

c)      600 units of Product P and 200 units of Product Q

 7.  The Manager of a repair and maintenance department has submitted the following details that are to be used for preparing a flexible budget to be used for coming budget year

          Details of cost (in Rs.)                   Planned at 6000 units        Planned at 9000 units

Employee salaries (fixed)                 30,000                                                 30,000

Indirect Repair Materials                 40,200                                                 60,300

Miscellaneous Cost                          13,200                                                 16,800

Prepare a Flexible budget for the department up to activity level of :

a)      10,000 units

b)     8,500 units

  1. 8.      The Following information is obtained from XYZ co. ltd.

Product

SQ

(Units)

SP

(Rs.)

AQ

(Units)

AP

 (Rs.)

A 1050 2.00 1100 2.25
B 1500 3.25 1400 3.50
C 2100 3.50 2000 3.75

 

Calculate the following of each product:

a)      Material Cost Variance (MCV)

b)     Material Price Variance (MPV)

c)      Material Usage Variance (MUV)

  1. What is budgetary control? What are the essentials of budgetary control?

NOTE: Above sample paper for B.A Hospitality and Tourism 1st year of Professional English-II has been created after reviewing various universities question papers. We are not sure whether your university has same or similar question pattern. We always suggest you to go thoroughly with text books, teachers’ notes etc. for better results.

We wish you best of luck for upcoming examinations.

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