1. What is meant by Accounting Standard What is the legal status of accounting standards in India?

2. Discuss the utility and significance of financial statements to various parties interested in the business concern.

3. What are the different techniques of financial analysis? Explain any two of them.

4. What do you mean by the term 'Budgetary control' What are its advantages? Also explain the statement that, "A budget is a means and Budgetary control is the end result".

5. Define Responsibility Accounting. Discuss its salient features.

6. "The technique of Marginal costing is more used to provide a reasonable and sound basis for managerial decisions than to arrive at product cost". Explain this statement with examples.

7. Following is the summary of cash transactions extracted from the books of X Ltd. <img src='./qimages/11721-7.jpg'>

Balance as on 30-6-2015 Rs 2,12,000. Prepare a Cash Flow Statement of the company for the period ended 30th June 2015.

8. A manufacturing concern which has adopted standard costing furnishes the following
information:
Standard:
Materials for 70 kg of Finished 100 kg.
Products

Price of Materials Rs 1 per kg.
Actual:
Output 2,10,000 kg.
Materials used 2,80,000 kg.
Cost of materials RS 2,52,000
Calculate various variances in respect of Material Cost.

9. A manufacturing concern has the production capacity of 20,000 units per annum. The expenses budgeted for 10,000 units for a period are listed below:
Per unit
Materials 40
Wages Variable) 20
Manufacturing Expenses Fixed) 10
Administrative Expenses (All Fixed) 5
Selling