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BCA 4th
Semester
BCA 4040
Accounting and
Financial Management
Q1. Define Accounting . Briefly explain the “Entity concepts”
and “Money Measurement Concept” of accounting
Ans:
Accounting is an important
endeavor . Accounting was first practiced and then theorized. Accounting
concepts and conventions as used in accountancy are the rules and guidelines by
that the accountant lives.
Q2.
What is rectification of error ? List and explain the stages where the errors
are deducted for rectification.
Ans.
Errors and their Rectification
Rectification of errors may be define as correction of errors which had
been done in the books of accounts of company due to ignorance or not knowing
the principles of accounting. Sometime, errors may be due to cheating by
accountant or other employees. At that case rectification of errors is so difficult
because cheaters try to best to hide the error. At that time, investigation
should be done by independent auditor.
Q3.
Explain the various steps in financial planning.
Ans
The financial planning process involves the following
steps:
·
Projection of financial statement
·
Determination of funds needed
Q4.
What is inventory management and explain the following
1.
Economic Order quantity
2.
Reorder point
Ans.
The term ‘inventory’ refers to the stockpile of
products. Inventory comprises of those assets which will be sold off in the
near future and moneys recovered. Inventory consists of three type of assets –
raw materials, semi finished goods , & finished goods. Raw material
inventory consists of those items which
Q5. Explain the different steps involved in
preparation of Fund Flow Statements.
Ans Steps in Preparation of Fund Flow
Statement
- Preparation
of schedule changes in working capital (taking current items only).
Q6.
What is cost ? Discuss the factors
involved in estimating the cost
Ans. Accounting
records and financial statements prepared on the basis of accounting records do
not provide all the information required by managers of a business.
Organizations have to maintain many other types of records . One such record is
cost record. Cost records provide cost data to managers. What is the meaning of
cost, how costs are classified and determined has been discussed in this Unit. Cost
classification is the process of grouping costs according to their common
features. Cost is classified as
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