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Q1.“Management accounting is a mid-way between financial and cost accounting.” Elucidate.
Q2.What is the major revenue recognition criterion?
Q3.What is a trading account? What are its major constituents? What is its major outcome?
Q4.The cash flow statement is as useful to shareholders and lenders as to management. Explain.
(b) “Fixed costs are really variable. The more you produce the less they become.” Do you agree? Explain.
Q6.In connection with inventory ordering and control, certain terms are basic. Explain the meaning of each of the following:
Q8.A manufacturing company operating a system of budgetary control finds that their production capacity during the year varies between 75 per cent and 90 per cent as against the budgeted capacity of 80 per cent for the year. It has been suggested that a system budgets should be introduced to effectively control costs. Outline the steps you would take to implement this suggestion keeping in mind that the management would still require periodic comparison with their overall budget during the year.
Q9.“Transfer prices must always be equal to externally determined market of comparative products or services.” Comment fully.
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