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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. All formal accounting statements should be created,
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 statements can be
prepared for a certain period of future time and they help the manager to
determine the amount of fund requirement.
2.Determination
of funds needed:
Once the projections are drawn in terms of sales
products, the cost of productions, marketing activities ,etc., the finance
manager
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 are purchased by the firm to be
converted into finished goods.
Inventory management is the
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
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
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