MK0013-Marketing Research

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ASSIGNMENT

 

DRIVE SUMMER  2016
PROGRAM MBADS (SEM 3/SEM 5),MBAFLEX/ MBA (SEM 3)
SUBJECT CODE & NAME MK0013-Marketing Research
BK ID B 1711
CREDIT & MARKS 4 Credits, 60 marks

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

Question.1. What do you mean by research? State some of its characteristics.

 

Answer:Research comprises “creative work undertaken on a systematic basis in order to increase the stock of knowledge, including knowledge of humans, culture and society, and the use of this stock of knowledge to devise new applications.” It is used to establish or confirm facts, reaffirm the results of previous work, solve new or existing problems, support theorems, or develop new theories. A research project may also be an expansion on past work in the field. To test the validity of instruments, procedures, or experiments, research may

 

 

 

 

Question. 2.Why you must plan before you start researching on a topic?

 

Answer:A dissertation is a particular kind of academic task. You will usually be asked to generate a topic for yourself; to plan and execute a project investigating that topic; and to write-up what you did and what your findings were. Important stages in the dissertation process include:

 

  • Choosing a topic;
  • Developing a research question;
  • Effective planning of the research;
  • Being organised and methodical while conducting

 

 

Question. 3.Write short notes on:

 

  1. a) Exploratory research design

 

Answer:Exploratory research is research conducted for a problem that has not been clearly defined. It often occurs before we know enough to make conceptual distinctions or posit an explanatory relationship. Exploratory research helps determine the best research design, data collection method and selection of subjects. It should draw definitive conclusions only with extreme caution. Given its fundamental nature, exploratory research often concludes that a perceived problem does not actually exist.

 

 

 

 

  1. b) Conclusive research design

 

Answer:Conclusive research design, as the name implies, is applied to generate findings that are practically useful in reaching conclusions or decision-making. Conclusive research design usually involves the application of quantitative methods of data collection and data analysis. Moreover, conclusive studies tend to be deductive in nature and research objectives in these types of studies are achieved via testing hypotheses.

 

 

 

Question.4.Define the term ‘sampling’ and explain the importance of sampling in marketing research.

 

Answer:Brooke is a psychologist who is interested in studying how much stress college students face during finals. She works at a university, so she is planning to send out a survey around finals time and ask some students to rank on a scale of 1 to 5 how stressed out they are.

 

But which students should she survey? All of the students at the university?Only the students in the psychology department?Only freshmen? There are a

 

 

 

 

Question.5. Analyse the steps involved in hypothesis testing.

 

 

Answer:A hypothesis test is a statistical test that is used to determine whether there is enough evidence in a sample of data to infer that a certain condition is true for the entire population.

 

A hypothesis test examines two opposing hypotheses about a population: the null hypothesis and the alternative hypothesis. The null hypothesis is the

 

 

 

 

Question.6.What are the characteristics of a report?

 

Answer:When you write a business report, focus on the subject at hand. Information included in the document should be accurate, relevant and informative to its readers. When reading a report to gain a deeper understanding of an issue, a businessperson shouldn’t have to sift through paragraphs of filler content. A good report speaks to the reader in terms she can understand.

 

Clearly Defined Purpose: The purpose of a report should be clear to the reader from the beginning. The purpose should be stated in the title of the report if possible and included in the introduction. Identify whether the intent is to persuade the reader to do

 

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MK0012 –Retail Marketing

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ASSIGNMENT

 

 

DRIVE SPRING 2016
PROGRAM Master of Business Administration- MBA
SEMESTER Semester 3
SUBJECT CODE & NAME MK0012 –Retail Marketing
BK ID B1723
CREDIT & MARKS 4 Credits, 60 marks

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

 

Question. 1. How Retail formats can be classified? Elucidate your answer with example.

 

Answer:Retailers are the last link in the distribution channel and they perform various important functions, which are as follows:

 

(a)  Uninterrupted Supply – A retailer ensures continuous supply of products to consumers. He purchase goods in large quantity, breaks the bulk and sell in small segments to final users.

(b)  Large Variety – Retailers buy merchandise from different sources and provide a wide variety to consumers.

(c)  Financing – Some retailers provide credit facility to consumers.

(d)  Transportation – Retailers carry goods from

 

 

 

 

 

Question. 2. Define target marketing & what can be different types of target markets for retailers?

 

Answer:A target market is a group of customers a business has decided to aim its marketing efforts and ultimately its merchandise towards. A well-defined target market is the first element of a marketing strategy. Product, price, promotion, and place are the four elements of a marketing mix strategy that determine the success of a product or

 

 

 

 

 

Question. 3. Briefly discuss different types of retail store locations? What are their advantages & disadvantages?

 

Answer:A multiple shop system is a network of branch shops, situated at different localities in the city or in different parts of the country, under a centralised management and dealing in similar lines of goods. Such multiple shops are very common and popular in the West and are known as CHAIN STORES. According to J.L. Fri, “Chain stores are a group of stores handling similar lines of merchandise with single ownership and centralised location.”

 

The Federal Trade Commission defines a chain store as “an organisation owing a controlling interest in two or more establishments which sell

 

 

 

Question. 4. Explain the concept of merchandise management?

 

Answer: In the fierce competition of retail, it is very crucial to attract new customers and to keep the existing customers happy by offering them excellent service. Merchandising helps in achieving far more than just sales can achieve.

 

Merchandising is critical for a retail business. The retail managers must employ their skills and tools to streamline the merchandising process as smooth as possible.

 

What is Merchandising?

 

 

 

 

Question. 5. Describe Integrated Marketing Communication (IMC).Discuss the reasons for implementing IMC.

 

Answer:Integrated Marketing Communications (IMC) is an expansion of modern and traditional marketing strategies, to optimise the communication of a consistent message conveying the company’s brands to stakeholders. Coupling various methods together is added value in creating successful communication as it harnesses the individual benefits of each channel, which when combined together builds a clearer and vaster impact than if used individually. Achieving synergy and clarity amongst the elements is then able to

 

 

 

 

Question. 6. Write short notes on:

 

  1. a) Market entry method

 

Answer:A market entry strategy is the planned method of delivering goods or services to a new target market and distributing them there. When importing or exporting services, it refers to establishing and managing contracts in a foreign country.

 

Many companies successfully operate

 

 

 

  1. b) E-tailing

 

Answer:E-tailing began to work for some major corporations and smaller entrepreneurs as early as 1997 when Dell Computer reported multimillion dollar orders taken at its Web site. The success of Amazon.com hastened the arrival of Barnes and Noble’s e-tail site. Concerns about secure order-taking receded. 1997 was also the year in which Auto-by-Tel reported that they had sold their millionth car over the Web, and CommerceNet/Nielsen Media reported that 10 million people had made purchases on the Web. Jupiter research predicted that e-tailing would grow to $37 billion by 2002.

 

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MK0011 –Consumer Behaviour

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ASSIGNMENT

 

DRIVE SUMMER 2016
PROGRAM Master of Business Administration- MBA
SEMESTER 3
SUBJECT CODE & NAME MK0011 –Consumer Behaviour
BK ID B1722
CREDITS &MARKS 4 Credits, 60 marks

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

Question.1. Briefly discuss the concept of positioning & how does it benefit a brand ?

 

Answer: Positioning is a marketing concept that outlines what a business should do to market its product or service to its customers. In positioning, the marketing department creates an image for the product based on its intended audience. This is created through the use of promotion, price, place and product. The more intense a positioning strategy, typically the more effective the marketing strategy is for a company. A good positioning strategy elevates the marketing efforts and helps a buyer move from knowledge of a product or service to its purchase.

 

 

 

 

 

Question.2. Discuss the importance of injecting emotions into advertisements. Give suitableexamples.

 

Answer: Advertisers talk a lot about the importance of generating an emotional response from people. However, they rarely stop to specify exactly what characterizes such a response or why they believe it is important.

 

Granted, this definition is not a simple task, and the lack of clarity surrounding terms such as “emotional,” “rational,” “subconscious,” etc., is a further complication. However, a review of current learning on the way emotion guides our

 

 

 

 

Question.3. Discuss the concept of brand equity & how does it benefit the company?

 

Answer: Brand equity is a critical part of building a business, and companies that successfully build one understand just how important it is to the bottom line. However, it takes time, patience, and a great deal of effort to build positive brand equity as you’ll learn in my new series, Brand Equity Basics.

 

 

Loyal Customers

 

 

 

 

Question.4. Discuss three component model of Attitudes. What is the relevance of this model toadvertising objectives?

 

Answer:Attitudes can be defined as evaluations of ideas, events, objects, or people. Attitudes are generally positive or negative, but they can also be uncertain at times. For example, sometimes we have mixed feelings about a particular issue or person. Regardless, attitudes are an important topic of study for social psychologists because they help determine what we do – what we eat, how we vote, what we do with our free time, and so on.

 

Affective Component

 

 

 

 

 

Question.5. Discuss the nature of family decision making.

 

 

Answer: The Family Life Cycle. Individuals and families tend to go through a “life cycle:” The simple life cycle goes from

 

 

 

For purposes of this discussion, a “couple” may either be married or merely involve living together. The breakup of a non-marital relationship involving

 

 

 

 

 

 

Question.6. Write short notes on:

 

  1. a) Approaches to ascertain consumer’s needs

 

 

Answer:A need is a consumer’s desire for a product’s or service’s specific benefit, whether that be functional or emotional. The emotional benefit tends to be a stronger driver for consumers, as functional benefits can be easily copied by competitors. On the other hand, a consumer want is the desire for products or services that are not

 

 

 

 

  1. b) Store image

 

 

Answer:“Store image is the image or impression of a store in the minds of customers. Good overall impression of this nature in terms of products available in the store, the store itself and the experience they expect when shopping at the store. So it can be said that the store image is actually a reflection of the overall customer to store environment.

 

“Store environment is an important

 

 

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MK0010 –Sales, Distribution & Supply Chain Management

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ASSIGNMENT

 

DRIVE SSUMMER  2016
PROGRAM Master of Business Administration- MBA
SEMESTER 3
SUBJECT CODE & NAME MK0010 –Sales, Distribution & Supply Chain Management
BK ID B1721
CREDITS &MARKS 4Credits, 60 marks

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

Question.1. Briefly discuss the importance of Time and Territory management.

 

Answer:It is rightly said “Time and Tide wait for none”. An individual should understand the value of time for him to succeed in all aspects of life. People who waste time are the ones who fail to create an identity of their own.

 

What is Time Management ?

 

  • Time Management refers to managing

 

 

 

 

Question.2. Why relationship marketing is being used in present business scenario?

 

Answer:The essence of relationship marketing is a personal or emotional connection to a brand.  This connection is centered on trust that is created through the consistent delivery of a product or service that meets or exceeds customer expectations.

 

Corporate Culture Impacts Relationship Marketing: This trust is difficult to achieve and even harder to sustain.  Brands must recognize there are cultural implications to a successful relationship marketing strategy.  There must be

 

 

 

 

Question.3. What are the functions of a wholesaler?

 

 

Answer:Wholesaling is the buying/handling of products and services and their subsequent resale to institutional users and in some cases to final consumers. Wholesaling assumes many functions in a distribution channel, particularly those in the sorting process. Manufacturers and service providers sometimes act as their own wholesalers.

 

Wholesaling is a significant aspect of distribution because of its impact on the economy, its functions in the distribution channel and its relationship with suppliers and customers. In USA, wholesalers generate almost one-fifth of their total revenues from foreign markets.

 

 

 

 

Question.4. Explain the demand management model.

 

 

Answer:Demand Management is a planning methodology used to forecast [predict], plan for and manage the demand for products and services. This can be at macro levels as in economics and at micro levels within individual organizations. For example, at macro levels, a government may influence interest rates in order to regulate financial demand. At micro levels, a cellular service provider may provide free night and weekend use in order to reduce demand during peak hours.

 

Demand management has a defined set of processes, capabilities and recommended behaviors for companies that produce all manner of goods and services. Consumer electronics and goods companies often lead in the application of demand

 

 

 

 

 

Question.5. Briefly describe the different processes involved in the purchase cycle.

 

Answer:Management in any company must understand the art of obtaining products and services. The procurement cycle follows specific steps for identifying a requirement or need of the company through the final step of the award of the product or contract. Responsible management of public and corporate funds is vital when handling this necessary process, whether in strong or weak economic markets. Following a proven step-by-step technique will help management successfully achieve its goals.

 

Step 1: Need Recognition: The business must know it needs

 

 

 

 

 

Question.6. Write short notes on:

 

  1. a) Outsourcing Supply Chain Operations

 

 

Answer:Overseeing supply chain management (SCM) can be a demanding task and a serious time drainer. That’s why some companies choose to outsource their SCM and leave it to a third-party organization. While this isn’t for everyone, it can be suitable for many businesses. Here are some of the inherent risks and benefits of outsourcing SCM to help you decide if it’s right for you.

 

The Risks

 

Unanticipated Costs: At first glance,

 

 

 

 

  1. b) Co-Makership

 

 

Answer: Co‐makership is based on the principle that buyers and suppliers can gain more benefits by cooperating than by pursuing self‐interest at any cost to others. Profitability and market share are objectives that many buyers and suppliers have in common. This article recommends comakership as a way to a more secure environment of co‐operation and communication between companies and their suppliers.

 

Partnership  sourcing  or  co-makership  became  the  alternative  to adversarial  trading,  and  is  considered  a  more  powerful  paradigm. The

 

 

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MS – 28 – Labour Laws

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ASSIGNMENT

 

Course Code                                                      :                               MS – 28

Course Title                                                       :                               Labour Laws

Assignment Code                                            :                               MS-28/TMA/SEM – II/2016

Coverage                                                             :                               All Blocks

 

Note : Attempt all the questions and submit this assignment on or before 31st October, 2016 to the coordinator of your study centre.

 

 

Question.1. Explain the concept of social justice in relation to industrial jurisprudence. Describe the influence of ILO Conventions and Recommendations on Labour Legislation in India.

 

Answer:For the efficient functioning of a working unit an amicable environment, cooperation between the workers and the employers, reasonable remuneration and proper working condition are the prerequisites. From the laissez faire to the ‘welfare state’, the socio-economic conditions have faced drastic changes, not only in India but also across the world.

 

The industrial position that prevailed in the pre-independence era of India does not remain pristine. The industrial revolution in India brought with it certain inhumane as well as unjust aspects of the colonial era. To cope with these problems, industrial

 

 

 

 

Question.2. Describe the scope and coverage of the Mines Act, 1952. Discuss the enforcement of the Act and the provisions regarding working hours and limitation of employment under the Act.

 

Answer:Recovery of expenses.—The Central Government may direct that the expenses of any inquiry conducted by 1[a Committee constituted under section 12] shall be borne in whole or in part by the owner or agent of the mine concerned,

 

 

 

Question.3. Define object, scope and coverage of the Industrial Employment (standing orders) Act, 1946. What are the Acts or Omissions on the part of a workman which amount to misconduct under the Act?

 

Answer:What are ‘Standing Orders’ – ‘Standing Orders’ means rules of conduct for workmen employed in industrial establishments. ‘Standing orders’ means rules relating to matters set out in the schedule to the Act. [section 2(g)]. The schedule to the Act requires that following should be specified in Standing Orders –

 

 

 

 

Question.4. Distinguish between Minimum, Fair and Living wages. Explain the powers which the government can exercise under the minimum wages Act, 1948. Describe the objective of the minimum wages Act. To what extent do you think this objective has been attained?

 

Answer:The Minimum Wages Act 1948 is an Act of Parliament concerning Indian labour law that sets the minimum wages that must be paid to skilled and unskilled labours. The Indian Constitution has defined a ‘living wage’ that is the level of income for a worker which will ensure a basic standard of living including good health, dignity, comfort, education and provide for any contingency. However, to keep in mind an industry’s capacity to pay the constitution has defined a ‘fair wage’. Fair wage is that level of wage that not just maintains a level

 

 

 

 

Question.5. What is the object of the Employee provident Funds and Miscellaneous provisions Act, 1952? Explain the various modes in which the Central Provident Fund Commissioner can recover arrears of any amount due from any employer under section 8 of the Act?

 

Answer:The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, permits the Central Government, subject to specified conditions, to exempt any establishment from the operation of all or any or the provisions of the scheme if the employees of such establishments are, without making any separate contribution or payment of premium, in enjoyment of life insurance benefits which are more favourable than the benefits

 

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OM0010 – OPERATIONS MANAGEMENT

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DRIVE SUMMER 2016
PROGRAM MBA
SEMESTER III
SUBJECT CODE & NAME OM 0010 – OPERATIONS MANAGEMENT
BK ID B1934
CERDIT 4
MARKS 60

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ASSIGNMENT

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

QUESTION1. Define the Concept of Operations Research. Also Explain its framework.

Anwer1. Operations research, or operational research in British usage, is a discipline that deals with the application of advanced analytical methods to help make better decisions. Further, the term ‘operational analysis’ is used in the British (and some British Commonwealth) military, as an intrinsic part of capability development, management

 

 

 

QUESTION2. Explain the concept of forecasting. Also Elaborate the steps involved in the forecasting process.

Answer2. A planning tool that helps management in its attempts to cope with the uncertainty of the future, relying mainly on data from the past and present and analysis of trends. Forecasting starts with certain assumptions based on the management’s experience, knowledge, and judgment. These estimates are projected into the coming months or years using one or more techniques such as Box-Jenkins models, Delphi method, exponential smoothing, moving averages, regression analysis, and trend projection. Since any error in the

 

 

QUESTION3. An organisation has three production centres P1, P2 and P3 that supply products to four warehouses W1, W2, W3 and W4. The monthly production capacities of the three production centres are 160, 150 and 190 units, respectively. The monthly demand of warehouses is 80, 90, 110 and 160 units, respectively. The transportation cost per unit (in rupees) is shown in following Table 

Discussion questions:

  1. How many units should an organisation supply to warehouses so that the total transportation cost is minimised?
  2. Calculate Total Transportation Cost

Answer3.

  1. Here, total production capacities of three production centres = 160 + 150 + 190 = 500 units and total demand of warehouses = 80 + 90 + 110 + 160 = 440 units.

In order to minimise the total transportation cost, both should be equal. So organisation need to supply 500 – 440 = 60 units.

 

 

 

QUESTION4. Explain the following criterions that a decision maker may adopt under uncertain conditions. 

  1. Maximax Criterion

Answer4a.In decision theory, the optimistic (aggressive) decision making rule under conditions of uncertainty. It states that the decision maker should select the course of action whose best (maximum) gain is

 

  1. Maximin Criterion

Answer4b.It is a strategy which maximizes the minimum gain (or minimizes the maximum loss). A risk adverse manager using this rule will select the option with the largest payoff based on the assumption that the

 

  1. Minimax Regret Criterion

Answer4c.It is a strategy which seeks to minimize the maximum possible regret ie opportunity cost that will be incurred as a result of having made the wrong decision (e.g. contribution/profit/cost savings forgone). The

 

  1. Realism Criterion

Answer4d.The Criterion of Realism decision rule is an attempt to make a tradeoff between complete risk indifference (as in the Maximax rule), and total risk aversion (as in the Maximin rule). With this procedure, the decision maker will decisde how much emphasis to put on each extreme. Tod do this, he must choose a Coefficient of Realism, called alpha (α), which is a decimal number between 0 and 1.

 

 

  1. Insufficient Reason Criterion

Answer4e.A principle that was first enunciated by Jakob Bernoulli which states that if we are ignorant of the ways an event can occur (and therefore have no reason to believe that one way will occur preferentially compared to another), the event will occur equally likely in any way. Keynes (1921, pp. 52-53) referred to the principle as the principle of indifference, formulating it as “if there is no known reason for

 

 

.

QUESTION5. Solve the assignment problem shown in the following table:

Also determine the total assignment cost.

Answer5.

Let us solve the assignment problem:

Step 1: We have to get at least one zero in each row and each column. For that we need to take lowest element of each individual row and subtract that from every element of that row and follow the same

 

 

QUESTION6. Elaborate the replacement of equipment that deteriorates with time. What are the limitations of replacement models?

Answer6.

If any equipment or machine is used for a long period of time, due to wear and tear, the item tends toworsen. A remedial action to bring the item or equipment to the original level is desired. Then the need forreplacement becomes necessary. This need may be caused by a loss of efficiency in a situation leading toeconomic decline. By efflux of time the parts of an item are being worn out and the cost of maintenance andoperation is bound to

 

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MB0041- FINANCIAL AND MANAGEMENT ACCOUNTING

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DRIVE SUMMER 2016
PROGRAM MBA
SEMESTER I
SUBJECT CODE & NAME MB0041- FINANCIAL AND MANAGEMENT  ACCOUNTING
BK ID B1624
CERDIT 4
MARKS 60

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ASSIGNMENT

 

QUESTION1. From the following particulars prepare a summarized Balance Sheet of a firm as on 31. 03.2016 : 

Fixed Assets to Net Worth                                              0.8 : 1

Current Ratio                                              3 : 1

Reserves included in Proprietors Fund                         25 %

Acid Test Ratio                                            3: 2

 Fixed Assets                                      Rs. 8,00,000

 Cash and Bank Balance                                      Rs. 15,000

 Current Liabilities                                                           Rs. 1,50,000

The firm has no Bank Overdraft.

 

Answer1.

FA to Net worth  =  0.8:1

Current Ratio    =  3:1

 

 

 

QUESTION2. Define and distinguish between Financial Accounting and Management Accounting.

Answer2.

Financial Accounting

Financial accounting is the process of recording, summarizing and reporting the myriad of transactions resulting from business operations over a period of time. These transactions are summarized in the preparation of financial statements, including the balance sheet, income statement and cash flow statement, that

 

 

QUESTION3. Balance Sheets of Bhaskar and Soumya Corporation are  given below :

 

During the year Bhaskar and Soumya introduced additional capital of Rs. 20,000 and drew  Rs. 60,000. Provision for Depreciation of Machinery – Opening Balance Rs. 2,00,000 and Closing Balance Rs. 2,20,000. No depreciation was provided on other assets. The value of Building was increased by Rs. 25,000 and the same was adjusted with Capital Account. 

Prepare Cash Flow Statement as per AS-3 Indirect method.

Answer3.

Bhaskar and Saumya Corporation

Cash Flow Statement 

(for the year ended 31 March 2016)

 

 

QUESTION4. a) Write a note on “Schedule of Changes in Working Capital”.

Answer4a. The information relating to the changes in current natured accounts between two periods of time presented in the form of a statement is what we call the schedule/statement of changes in working capital.

Preparing the schedule/statement of changes

 

 

  1. b) Prepare a Schedule of changes in Working Capital from the Balance Sheets given :

Answer4b.Here is the schedule of changes in working capital

Current Assets 2015 2016 Increase Decrease
Stock 77000 109000 32000  
S.Debtor 140000 170000 30000  
Bill Receivables 20000 30000 10000  
 

 

 

15000 10000   5000
         

 

QUESTION5. A   Ltd.  and  B  Ltd.  Sell  the  same  type  of  product  in  same  type  of  market.  Their  budgeted  Profit & Loss  for  the  year ending  2015 are  as  under :       A  Ltd.                         B  Ltd.        

Rs.                  Rs.                                 Rs.                 Rs.

Sales              1,50,000                                   1,50,000

Less :  Variable  Cost    1,20,000            1,00,000            

 Fixed  Cost              15,000              35,000            

1,35,000                                   1,35,000 

  Budgeted  Profit                           15,000                                      15,000  

  1. a) Calculate the  BEP   and     (b)   Margin  of   Safety    in   each  business,  (c)   State  which  business  is  likely  to  earn  greater  profits  in  conditions  of            (i)  heavy  demand  for  their  product    (ii)  low  demand  for  their  product 

 

 

Answer5. a.                                               A                                                B

B.E.P   =

or

 

 

 

QUESTION6. a) Distinguish between Budgetary Control and Standard Costing.

Answer6a.Standard Costing and Budgetary Control are the two systems of costing, which are quite similar to each other like both provides a benchmark which helps to compare the actual performance with the estimated figures. The two aims at controlling costs and measuring the performance by fixing targets. These two systems are neither alike nor interdependent. The former, forecasts, cost accounts but the later projects detail about financial accounts. Similarly, there are many differences between Standard Costing and Budgetary Control, which has been discussed below.

 

 

  1. b) Particulars given :

Opening Stock of Materials  –  NIL

Closing Stock of Materials  –  700 units

Materials purchased 4,000 units @  Rs. 2.50 each

Standard quantity of Materials required per tonne of finished product  –   20 units

Standard rate of Material  –  Rs. 2 Finished products for the period  –   100 tonnes 

Calculate :  I. Material Cost Variance II. Material Price Variance III. Material Usage Variance

Answer6b.

Basic calculations to be made as follows –

(i) Actual quantity of material used = Opening Stock+ Purchase- Closing Stock

= Nil + 4000 units – 700 units

 

 

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