MMPC-004: Accounting for Managers

 

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MBA and MBA (Banking & Finance)

 

MMPC-004: Accounting for Managers

 

Q1. Explain the following accounting concepts:

a.       Business Entity concept.

b.      Money measurement concept.

c.       Continuity concept.

d.      Accrual concept

Ans. A. The business entity concept (also known as separate entity and economic entity concept) states that the transactions related to a business must be recorded separately from those of its owners and any other business entity. In other words, while recording transactions in a business, we take into account only those events that affect that particular business; the events that affect anyone else other than the business entity is not relevant and are therefore not included in the accounting records of the entity.

This concept is very important because if transactions of a business are mixed up with that of its owners or other businesses, the accounting information would lose its usability.

 

Q2. Explain the following:

a.       Marginal Costing.

b.      Activity Based Costing.

Ans.

Q3. What is CVP analysis? Does it differ from break even analysis? How is break-even point calculated?

Ans.

 

Q4. Explain in detail the various contents of an Annual Report.

Ans.

 

Q5. From the following calculate cash from operations:

Profit and Loss Account for the year ended 31st March, 2022

Particulars	Rs. ‘000	Particulars	Rs. ‘000
To Salaries	5000	By Gross Profit	25,000
To Rent	1000	By Profit on Land sale	5,000
To Depreciation	2,000	By Income Tax refund	3,000
To Loss on sale of plant	1,000
To Goodwill written off	4,000
To Proposed dividend	5,000
To Provision for tax	5,000
To Net profit	10,000
	33,000		33,000

 

Ans.

 

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