bca4040 smu bca Winter 2014 IVth sem assignment

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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

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

Q3. Explain the various steps in financial planning.

Ans

The

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

1. Preparation of schedule changes in working capital (taking current items only).
2. Preparation of adjusted profit and loss account (to know fund from [or] fund lost in operations).
3. 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

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