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Summer-2013
Master of
Business Administration- MBA Semester 1
MB0041–Financial
and Management Accounting-4 Credits
(Book ID:
B1624)
Assignment
(60 Marks)
Note: Answer
all questions (with 300 to 400 words each) must be written within 6-8 pages.
Each Question carries 10 marks 6 X 10=60
Q1. Accounting is one of the oldest,
structured management information system. Give the meaning of accounting and
book keeping? Explain the objectives of accounting?
Answer. Accounting:-The system recording, reporting and
analyzing of financial transactions of a business. The person in charge of
accounting is known as an accountant & this individual is typically
required to follow a set of rules & regulations such as the Generally
Accepted Accounting Principle (GAAP). Accounting allows a company to analyze
the financial performance of the business, look at statistics such as net profit.
Book keeping: - It is the task of recording,
classifying and summarizing (up to trial balance) of
Q2. Explain GAAP and write down the
relationship between accounting principles, accounting concepts, and accounting
conventions. Explain all the five accounting concepts with an example.
Answer. GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES (GAAP) :- The
common set of accounting principles, standards and procedures that company uses
to compile their financial statements.
GAAP are a combination of authorities’ standards and simply the commonly
accepted ways of recording and reporting accounting information.
ACCOUNTING PRINCIPLES:-
Q3. List down the classification of
accounts according to accounting equation approach. Give the meaning and
examples for all the types of accounts.
Answer. ACCOUNTING EQUATION:-
ASSETS = LIABILITIES + OWNERS EQUITY
Basic
accounting group covers all finance related things into 5 fundamental types of accounts.
That is, everything that accounting deals with can be placed into one of these
5 accounts:-
Q4. What is cash book? Differentiate
between other subsidiary books and cash book.
Answer. CASH BOOK: -
Journal in which all cash receipts and payments (including bank deposits
and with drawls) are recorded first, in chronological order, for posting to
journal ledger, termed as cash book.
Cash book is regularly reconciled with the bank statements as an internal
auditing measure. In large firms cash book is of two types:-
1. Cash disbursement: Journal in which all cash payments
are recorded.
Q6. What is management accounting?
Explain the roles of management accounting and write down about any 2 functions
of management accounting.
Answer. MANAGEMENT ACCOUNTING:-It combines accounting, finance and
management with the leading edge techniques needed to drive successful
business. it is concerned with the provisions and use of accounting information
to managers with in organizations, to provide them with the basis to make
informed business decisions that will allow them to be better equipped in their
management and control functions.
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Standards and simply the commonly accepted ways of recording and reporting accounting information.accounting Romania
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