MCA3010 –Financial Management and Accounting

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FALL 2015, ASSIGNMENT

Masters in Computer Application (MCA) - Semester 3

MCA3010 –Financial Management and Accounting

4 Credits (Book ID: B1624)

(60 Marks)

Answer All the Questions. Each question carries equal marks. (6 x 10 = 60)

1. Explain the process involved in accounting. What are the objectives of accounting?

Answer :As implied earlier, today's electronic accounting systems tend to obscure the traditional forms of the accounting cycle. Nevertheless, the same basic process that bookkeepers and accountants used to perform by hand are present in today's accounting software.

ACCOUNTING CYCLE :

An accounting cycle is a complete sequence

2. Briefly explain the role of management accounting. Also describe the functions of management accounting.

Answer : Management accounting is an internal business function that includes the recording and reporting of a company's financial transactions. The accounting department also supports management in different business operations, providing analysis and support for different decisions and investments.

Financial Reporting

Management accountants work at the

3. What is fund flow analysis? What are the objectives of analysing flow of fund?

Answer : Funds flow statement is an important financial tool, which analyze the changes in financial position of a firm showing the sources and applications of its funds. It provides useful information about the firm's operating, financing and investing activities during a particular period. The following points highlight the importance of funds flow statement.

1. Funds flow statement helps in identifying the change in level of current assets investment and current liabilities financing.

4. What is cash flow statement and how is the cash flow statement subdivided?

Answer : Complementing the balance sheet and income statement, the cash flowstatement (CFS), a mandatory part of a company's financial reports since1987, records the amounts of cash and cash equivalents entering andleaving a company. The CFS allows investors to understand how acompany's operations are running, where its money is coming from, andhow it is being spent. Here you will learn how the CFS is structured andhow to use it as

5. What are the merits of budgets?

Answer : Define goals and objectives

Align corporate goals with regards to markets, sales levels, margins, manning, cost levels and capital investment with your budgets.

Think about and plan for the future.

Compels management to think about the future. Management should look ahead and set out plans for each business unit, anticipating change

6. Describe the essential features of budgetary control.

Answer : There are two types of control, namely budgetary and financial. This chapter concentrates on budgetary control only. This is because financial control was covered in detail in chapters one and two. Budgetary control is defined by the Institute of Cost and Management Accountants (CIMA) as:

"The establishment of budgets relating the

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