Name of the University : IGNOU The People’s University
Department : Footwear Technology
Degree : M.Sc
Subject Code/Name : MFW-028/Managerial Economics And Fundamentals Of Accounts And Finance
Year : December, 2011
Website : ignou.ac.in
Document Type : Question Paper
Download Model/Sample Question Paper : https://www.pdfquestion.in/uploads/ignou.ac.in/6269-MFW-028.pdf
Managerial Economics & Fundamentals Of Accounts And Finance Paper :
M.Sc. In Footwear Technology :
(MSCFW’T)
Term-End Examination :
MFW-028 :
Time : 3 hours
Maximum Marks : 70
Note : Attempt any seven questions and each question carries equal marks.
Related : IGNOU The People’s University BFW045 Basic Accounting B.Sc Question Paper : www.pdfquestion.in/6268.html
1. Calculate :
(a) Current Ratio
(b) Acid-test Ratio
(c) Operating Ratio
(d) Gross-Profit Ratio
From the following information :
Current Assets Rs.70,000, creditors Rs.5,000, other current liabilities Rs.30,000, Stock 30,000, sales Rs.1,20,000, operating expenses Rs.40,000 cost of goods sold Rs.60,000 and carriage inward Rs.1000.
2. Show the accounting equation on the basis of the following informations :
(a)Ram started business with cash of Rs.90,000.
(b)Purchase good’s on credit of Rs.50,000.
(c)Purchase furniture for cash Rs.10,000.
(d)Sold good’s costing Rs.20,000 for Rs.40,000.
(e)Sold good’s costing Rs.20,000 on credit for Rs.42,000.
(f)Drawn for personal use Rs.5000.
(g)Received interest’on Investment of Rs.1000.
3. Rectify the following errors :
(a)A sale of Rs.60 posted to the credit of customer A/C.
(b)An item of Rs.27 is Return inward not posted to the customers A/C.
(c)Sale of old machine for Rs.500 was entered in the sale’s book.
(d)Salary of Rs.500 paid to Ram, the partner was debited to his drawings.
(e)Rs.5,400 received from M.Mehta were posted to the debit of his A/C.
(f)Rs.1,000 being purchase return was posted to the purchase A/C.
(g)The sale day book was under cost by Rs.1,000.
4. Pass the Journal Entries :
(a)Paid Rs. 1,000 as wages on installation of machinery A/C.
(b)Interest charged -on drawings @ 5% when total drawing’s were Rs. 1,00,000.
(c)Introduced additional capital of Rs. 50,000.
(d)Rs.800 received from Ram as last year Bad debts.
(e)Sold old newspaper of Rs. 300.
(f)Charged interest on capital Rs. 1,00,000.
(g)Dividend received of Rs. 1,000.
5. What is deflation ? When the deflationary gap arises in an economy ? How can an economy overcome and control the situation of deflation ?
6. What is monopolistic market ? How it is different from oligopoly market ? How the price of the commodity is determine in short run under monopolistic market ?
7. (a) Explain the following : (With Example’s)
(i)Explicit cost and Implicit cost
(ii)Private cost and Social cost
(b) Show the relationship among TP, AP and MP with diagram.
M.Sc. FOOTWEAR TECHNOLOGY : (MSCFWT)
Term-End Examination
June, 2015 :
MFW-028 : Managerial Economics And Fundamentals Of Accounts And Finance
Time : 3 hours
Maximum Marks : 70
Note :
Attempt any seven questions. All questions carry equal marks.
1. What is meant by law of demand ? Why does the emand curve slope downwards ? What are the exceptions to the law of demand ? 10
2. What is inflation ? Explain the methods to control inflation in an economy. 10
3. What is average cost ? Explain the relationship between average cost and marginal cost. 10
4. Define monopolistic market. How is it different from monopoly market ? How is the price of a commodity determined in the short run under monopolistic market ? 10
5. Given that the quantity previously demanded was 100 units. There is a decrease in quantity demanded by 5 units while there is an increase in price of 5. Price elasticity of demand is 1.2. Calculate the original price before the changes. 10
6. Rectify the following errors : 5×2=10
(a) A sale of 350 to Sethi was entered in the Sales Book as 530.
(b) 1,000 being Purchase Returns was posted to the debit of Purchase A/c.
(c) General expenses 18 was posted as 80.
(d) An amount of 2,000 from Ram has been posted to the credit of Ram as 200.
(e) 79 paid for Repairs on machine was debited to Repairs A/c as 97.
7. Journalise the following transactions : 5×2=10
(a) Purchased goods from Mukesh and Co. on credit 10,000.
(b) Ram purchased goods of the Invoice value of 10,000 at 10% trade discount from Suresh.
(c) Income tax liability of Ram 1,000 was paid in cash.
(d) Cash received from Mohan 800, allowed him 50 as discount.
(e) Ram withdraws goods for personal use costing him 5,000.
8. Prepare an accounting, equation from the following : 5×2=10
(a) Commenced business with cash 3,00,000.
(b) Bought office car for 42,000.
(c) Received security deposits from tenants 20,000.
(d) Paid 3 month’s advance rent of office 4,200.
(e) Sold goods to Ramesh on credit (costing . 4,000) for 3,000.