IGNOU MCO-05 December 2018 Previous Year Question Paper

Q1.Discuss the functions and limitations of financial accounting.

Q2.State the nature and objectives of financial statements. How far these statements are helpful to the parties interested to know the financial position of the enterprise ?

Q3.(a) What is a Sales Budget ? Discuss the principal factors that should be considered in developing the sales budget.

(b) Identify the three methods of preparing cash budget and explain any one of these in detail.

Q4.Differentiate between standard costing and budgeting. Explain the advantages of standard costing.

Q5.Discuss various kinds of reports prepared by 20 management accountant for different levels of management.

Q6.From the following Balance Sheets of a company for the year ending 31st December, 2014 and

Q7.prepare schedule of changes in Working Capital and a statement showing sources and application of funds : 10+10 Liabilities 2014 2015 Assets 2014 2015 Z Z Z Z Share capital 3,00,000 4,00,000 Machinery 50,000 60,000 Furniture 10,000 15,000 Stock 85,000 1,05,000 Sundry creditors 1,00,000 70,000 Debtors 1,60,000 1,50,000 P & L A/C 15, 000 30,000 Cash 1,10,000 1,70,000

Q9.The following data are available from the records of a company : 10+5+5 Sales 60,000 Variable cost 30,000 Fixed cost 15,000 You are required to :

(a) Calculate the P/V ratio, Break-Even Point and Margin of Safety at this level. Calculate the effect of 10% increase in sale price.

(c) Calculate the effect of 10% decrease in sale price.

Q10.From the following information regarding a standard product, calculate the Labour Cost, Rate and Efficiency variances : 7+7+6 Labour Rate 50 paise per hour Hours per unit 10 hours Units produced 500 Hours worked 6,000 Actual labour cost 2,400

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