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BCA 4th
Semester
BCA 4040
Accounting and Financial Management
Answer: Financial statements
are the end products of the accounting process.
Financial statements are prepared and presented for external users. The
scope of financial statements is different in different countries. In India,
the term ‘Financial Statements’ consists of Balance Sheet, Profit and Loss Account
and the Schedules and Notes forming part thereof. The Conceptual Framework
developed
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
Q3. What are
the objectives of financial management?
Answer:
The firm’s investment rationale and financing
decisions are continuous. It is generally agreed that the financial goal of the
firm should be the maximization of the owners’ economic welfare. The owners’
economic welfare can be maximized by maximizing the shareholders’ wealth as
reflected in the market value of shares
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
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).
Q6. State merits and demerits of Marginal
Costing
Answer:
Advantages of Marginal Costing:
1. Constant in nature :
Marginal cost remains the same per unit of output
whether there is increase or decrease in production.
2. Realistic :
It is
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