|
SESSION |
FEB/MAR 2021 |
|
PROGRAMME |
MASTER OF BUSINESS ADMINISTRATION (MBA) |
|
SEMESTER |
I |
|
COURSE CODE & NAME |
DMBA104 – FINANCIAL AND MANAGEMENT ACCOUNTING |
|
CREDITS |
4 |
|
NUMBER OF ASSIGNMENTS , CREDITS & MARKS |
02 4 Credits, 30 Marks each |
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Question 1. a) Briefly explain the concepts
of accounting. (Any five)
Answer: Concept
of Accounting :
1. Entity
Concept: For
accounting purpose the “business” is treated as a separate entity from the
proprietor(s). One can sell goods to himself,, but all the transactions are
recorded in the book of the business. This concepts helps in keeping private
affairs of the proprietor away from the business affairs
2. Dual Aspect
Concept: As per
this concept
b) Briefly explain the users of accounting information. (Any
five)
Answer:
External Users of Accounting:
Investors: Investors need to know how
well their investment is performing. Investors primarily rely on the financial
statements published by companies to assess the profitability, valuation and
risk of their investment. Investors use accounting information to determine whether an investment
is a good fit for their portfolio and whether they should
Question 2. Differentiate between:
a) Cash discount & trade discount
Answer: Cash
discount & trade discount difference
·
Trade Discount is a subtraction from the list price of the goods, allowed
by the trader to the customer at an agreed rate. On the contrary, a Cash Discount is a discount allowed to the
customer, when he/she
b) Tangible assets & intangible assets
Answer:
Tangible assets & intangible assets
Tangible assets are physical;
they include cash, inventory, vehicles, equipment, buildings and investments.
Intangible assets do not exist in physical form and include things like
accounts receivable, pre-paid expenses, and patents and
c) Accounting & book-keeping
Answer: Accounting
& book-keeping
1.
Bookkeeping is a foundation/base of accounting. Accounting uses the
information provided by bookkeeping to prepare financial reports and
statements.
2. Bookkeeping is one segment
d) Errors of omission & errors of commission
Answer: Errors
of omission & errors of commission
1. The error of omission refers
to the error arising while recording the transaction in the subsidiary books or
positing the entries to ledger, in which the entry is omitted or skipped from
recording. On the other hand,
e) Accrued income & income received in advance
Answer:
Difference
Accrued income: It may so
happen that we may earn some incomes during the current accounting year but not
receive them in the same year. Such income is accrued income. Thus, these
incomes pertain to the current accounting year. Therefore, we need to record
them as current year’s incomes. The
Question 3:
Prepare the following:
(a) An income statement for the
month of June 2020.
Answer: Income statement
(b) A balance sheet as at 30 June
2020.
Answer: Balance sheet
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