Accounting and Financial Management Question Paper of MCA Semester 1, Download Question Paper 7

Roll No…..

Total No. of Questions: 09

Paper ID [B0103]

MCA (Sem.-1^st)

ACCOUNTING & FINANCIAL MANAGEMENT

Subject Code: MCA-103 (N2)

Time: 3 Hrs.                                                                           Max. Marks: 60

Instruction to Candidates:

1.     Attempt any One question from each Sections- A, B, C & D.

2.     Section-E is Compulsory.

3.     Use of Non-programmable Scientific Calculator is allowed.

SECTION-A

1.     Define accounting. Give a brief explanation of the various accounting concepts and conventions which form the backbone of accounting.

2.     Prepare a trading and profit and loss account and balance sheet from the following trial balance:

TRIAL BALANCE
	Dr. (in Rs.)		Cr. (in Rs.)
David’s drawing and capital	5,000		40,000
Leasehold Land	25,000
Freehold Premises	20,000
Goodwill	7,000
Trademarks	13,000
Machinery and plant	15,000
Fixtures and Fittings	2,000
Stock and commencement	18,000
Bills Receivable and Payable	4,000		6,000
Sundry Debtors and Creditors	16,000		24,000
Purchases and sales	80,000		1,50,000
Returns	1,000		2,000
Carriage ‘in’	1,500
Carriage ‘out’	500
Freight Duty etc.	1,200
Manufacturing Wages	22,000
Coal, fuel, gas etc.	800
Factory Expenses	4,500
Salaries	18,000
Rent, Taxes and Insurance	6,000
Commission	2,500
Interest		3,000
Discount	4,000	6,000
Stationary	500
Trading Expenses	1,800
Cash in hand	700
Bankers		39,000
Total	2,70,000	2,70,000

SECTION-B

3.     The following the balance sheet of X & Co. for the year ending Dec. 31, 2009.

Liabilities	Rs.	Assets	Rs.
X’s Capital	15,00,000	Goodwill	1,00,000
Long term loan from bank	3,00,000	Land and Building	6,50,000
Bills Payable	60,000	Plant	8,00,000
Sundry  Creditors	70,000	Furniture	1,50,000
Bank Overdraft	30,000	Bills Receivable	70,000
Outstanding Expenses	5,000	Sundry Debtors	90,000
		Bank Balance	45,000
		Short term investment	25,000
		Prepaid expenses	5,000
		Stock	30,000
	19,65,000		19,65,000

From the balance sheet calculate current ratio, acid test ratio, absolute liquid ratio and comment upon the liquidity position of the firm.

4.     Distinguish between fund flow statement and cash flow statement. Explain the various uses of cash flow statement.

SECTION-C

5.     What is marginal costing? What are its assumptions? Explain any three applications of marginal costing.

6.     Write notes on:

(a)  Standard costing and Variance analysis

(b) Break-even Chart.

SECTION-D

7.     Distinguish between manual accounting and computerized accounting? Explain the various advantages and disadvantages of computerized accounting system.

8.     What are the subsystems in the Computerized Accounting System? Explain.

SECTION-E

9.     (a) What is accounting equation?

(b)What is double entry system of book keeping?

(c)  Define financial management.

(d) What is Return on Investment?

(e)  What is meant by fund flow?

(f)   What is meant by cash from operating activities?

(g)  Define Contribution.

(h) What is Profit Volume ratio?

(i)    What is meant by computerized accounting?

(j)    What is break-even point?