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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. Rectification of accounting errors depends on the
stage which they are detected.
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
·
Forecast
the availability of funds
·
Establish
and maintain control system
·
Develop
procedures
1.Projection
of financial statement:
Financial
statement are the two company’s profit & loss account and the balance
sheet.These two
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).
- Preparation of
adjusted profit and loss account (to know fund from [or] fund lost in
operations).
- Preparation of
accounts for non-current items (Ascertain the hidden information).
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 follow:
1 . on
the basis of behaviour of cost
2 . on
the basis of elements of cost
Get fully solved assignment, plz drop a mail with your
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For other rs 125/subject only
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