Mba 1 Sem ( Smu) Finacial Management Collection 1-2
Learn of Business Administration- MBA Semester 1
MB0041 – Financial & Management Accounting
(Book ID: B1624)
Project Set - 1
Posted By: Akhilesh Kumar Kandwal
Q1. Explain the procedure involved in accounting.
Ans. While implied before, today's electric accounting systems tend to hidden the traditional kinds of the accounting cycle. Nevertheless, the same standard process that bookkeepers and accountants utilized to perform by hand are present in the current accounting software. Here are things in the accounting cycle.
• Identifying the deals and function: This is the very first step in accounting process. It recognizes the transactions of financial character which might be essential to become recorded in books of account.
• Measuring: this implies expressing the cost of events and transactions regarding money.
• Documenting: Record the transaction as being a journal entrance. It handles recording of transactions and events within a systematic method in publication of original entry relative to the basic principle of accountancy.
• Classifying: With this step, a different book known as Ledger is maintained. It is a book wher the orders of comparable nature are maintained by one place. Post the entry inside the individual accounts in ledgers. Traditionally, the accounts had been represented because Ts, possibly even called T-accounts, with debits on the left and credits on the right.
• Outlining: At the end in the reporting period (usually the end of the month), create a preliminary trial harmony of all the accounts by (a) netting all of the debits and credits in each consideration to compute their bills and (b) totaling all the left-side (i. e, debit) balances and right-side (i. e., credit) balances. Both the columns should be equal. This function consists of the planning of financial statement such as "balance sheet", statement of changes in financial position, and earnings statement.
• Inspecting: It deals with the institution of romantic relationship between the various items or perhaps group of things taken from income statement or balance sheet or both. Their purpose should be to identify the financial strengths and weaknesses of an venture. It entails using numerous tools just like ratio examination, fund flow analysis, cashflow analysis.
• Interpreting: Incorporate the sums in the various accounts and present all of them in financial assertions created for both internal and external work with.
• Communicating: It relates to communicating the analyzed and interpreted data in the form of economical reports or statements for the user of financial information.
Q2. The salaries paid in 2004 is definitely Rs. five, 00, 000; Salaries excellent is Rs. 20, 1000; Salaries paid out in advance intended for 2004 is Rs. 31, 000. What is the actual income expenditure for 2004? Which will accounting rule is involved with this and explain that principle. Ans. Rs 5, 90, 1000 (5, 00, 000 + 20, 000- 30, 000). Accounting principle is: Coordinating cost and revenue principle.
Q3. Discover the value of the subsequent:
a. In the event the total resources are Rs. 87, 500 and the financial obligations are Rs. 47, 1000, find out the number of capital. Ans. Total Capital = Property – Liabilities
= 87000- 47000
m. If the capital of manager is Rs. 4, 00, 000 and the total possessions are Rs. 6, 00, 000, what is the amount of debts to outsiders? Ans. Financial obligations = Possessions – Total Capital
sama dengan 6, 00, 000- four, 00, 1000
= two, 00, 1000
c. If credit card companies are Rs. 56, 500, bank overdraft is Rs. 1, 00, 000, and outstanding expenditures are Rs. 8, 000, what is the exact amount of assets? Ans. Total Amount of assets sama dengan Bank overdraft – creditors –outstanding bills = one hundred thousand – 56000- 8000 sama dengan 36000
deb. Fixed assets are Rs. 70, 500 and current assets will be Rs. 1, 00, 000 and the credit card companies are Rs. 30, 1000. What is capital? Ans....
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