Bachelor of Insurance and Risk Management 2nd year Sample Paper of Financial Accounting
BACHELOR INSURANCE & RISK MANAGEMENT, SEM-IV, YEAR-2
Time: 3 hours M.Marks:60
Note: – Attempt any 5 questions.
All questions carry equal marks.
- 1. What is management financial accounting? Describe the objectives and functions of management accounting?
- 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.
- 3. “Costing-An Aid to management” Discuss. Also explain the limitations of cost accounting.
- 4. Write short on:
a) Fixed cost
b) Variable cost
c) Semi- variable cost
- 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
|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|
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
- 8. The Following information is obtained from XYZ co. ltd.
Calculate the following of each product:
a) Material Cost Variance (MCV)
b) Material Price Variance (MPV)
c) Material Usage Variance (MUV)
- 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.
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