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SESSION Sep 2023
course CODE & NAME DCM6202_Management accounting



Set – 1


  1. a) Differentiate between standard costing and budgetary control
  2. b) Calculate Labour cost variance from the information:    

 Standard production    : 100 units      

Standard Hours     : 500 hours      

Wage rate per hour    : Rs. 2     

Actual production    : 85 units     

Actual time taken    : 450 hours     

Actual wage rate paid   : Rs. 2.10 per hour.

Ans: Definition: 

Standard Costing: It is a system that establishes predetermined costs for producing goods or services. These costs serve as benchmarks against which actual costs are compared.

Budgetary Control: It is a process of planning, coordinating, and controlling an organization’s activities by establishing budgets and comparing actual performance against the budget.

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  1. Explain in detail the classification of budgets according to

(a) Time

(b) Functions and

(c) Flexibility.

Ans: Classification of Budgets:  Budgets, as financial planning tools, can be classified based on various criteria such as time, functions, and flexibility.

Let’s explore each classification in detail: 

  1. a) Classification According to Time:

Long-term Budgets: 

Time Frame: Typically


  1. The following figures of sales and profits for two periods are available in respect of a concern:
  Sales (Rs.) Profit (Rs.)
Period I 100000 15000
Period II 120000 23000

 You are required to find out:

  1. P/V Ratio
  2. Fixed cost
  3. Break-even point
  4. Profit at an estimated sale of Rs.125000
  5. Sales required to earn a profit of Rs.20000


Ans:To find the answers to the questions, we’ll use the formulas related to the Profit-Volume (P/V) Ratio, Fixed Cost, Break-Even Point, and Profit calculation.

The Profit-Volume (P/V) Ratio is calculated as the ratio of contribution to sales. The contribution is calculated as sales minus variable expenses.



Set – 2


  1. The following is the balance sheet of Heinz in Ltd. Convert these into common size Balance sheets and interpret the same.
I.                   Equity & Liabilities: 2021 2022
1.      Shareholders’ funds:    
A)    Share Capital 300000 300000
B)    Reserves & Surplus 650000 436000
2.      Non-Current Liabilities:    
A)    Long-term Borrowings 250000 200000
3.      Current Liabilities:    
A)    Trade Payables 285000 240000
B)    Short-term provisions 15000 24000
  15,00,000 12,00,000
II.                Assets    
1.      Non-Current assets:    
A)    Fixed assets 500000 500000
B)    Non-Current investments 310000 196000
2.      Current assets:    
A)    Inventories 369000 258000
B)    Trade receivables 225000 198000
C)    Cash and Cash equivalents 96000 48000
  15,00,000 12,00,000


Common Size Balance Sheets:  A common size balance sheet expresses each item as a percentage of the total assets. This helps in understanding the proportion of each component in relation to the total assets. Similarly, the liabilities and equity are expressed as a percentage of the total liabilities and equity.

Here are the



  1. “Responsibility accounting is a responsibility set-up of management accounting”. Comment on the statement by detailing on components, and types of responsibility centres. Also, state the advantages and disadvantages of responsibility accounting.



  1. The following are the ratios relating to the activities of National Traders Ltd.

Stock Velocity            : 6 Months

Creditors Velocity     : 2 Months

Debtors Velocity       : 3 Months

Gross Profit ration   : 25%

Gross Profit for the year ended 31st Dec2020 amount to Rs.400000. Closing stock of the year is Rs.10000 above the opening stock. Bills receivable amount to Rs.25000 and bills payable to Rs.10000

Find Out:

  1. Sales
  2. Purchases
  3. Sundry creditors
  4. Sundry debtors
  5. Closing stock


Ans: Responsibility Accounting:  Comment on the Statement: The statement “Responsibility accounting is a responsibility set-up of management accounting” highlights the role of responsibility accounting in allocating responsibility and accountability within an organization’s