Elective: Financial and Accounting Management (Part -1)

Dear students get fully solved assignments

Send your semester & Specialization name to our mail id :

help.mbaassignments@gmail.com

or

call us at : 08263069601

National Institute of Business Management

Chennai - 020

EMBA/ MBA

Elective: Financial and Accounting Management (Part -1)

Attend any 4 questions.  Each question carries 25 marks

(Each answer should be of minimum 2 pages / of 300 words)

Question.1.         Explain the relationship of accounting with other disciplines.

Answer:Accounting is a multifaceted discipline of identifying, measuring and communicating of an organization’s economic health. The discipline of accounting is best understood when one has strong conceptual understanding of other interconnected disciplines. The other disciplines which accounting is increasingly seen to interact with are: Economics, Mathematics, Statistics, Law and Management. Let’s discuss in brief the relationship of accounting with its related disciplines.

Relationship between accounting and economics – When considering the obviousness of their interconnection what is understood is that both accounting and economics are concerned with the effective and efficient utilization of resources, rather, when they are scarce. Both accounting and economics are meant to maximize the wealth and so

Question.2.         Describe the different systems of book-keeping and system of accounting.

Answer:Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation. There are several standard methods of bookkeeping, such as the single-entry bookkeeping system and the double-entry bookkeeping system, but, while they may be thought of as "real"

Question.3.         Explain the rules of debit and credit applicable to different types of business transactions.

Answer:Under the double entry system, every financial transactions of a business has a double effect. That is, each transaction involves at least two accounts. One aspect of the transaction is debited in an account and the other credited in another account. The debiting and crediting of the accounts are done on the basis of certain rules. These rules are called rules of journalizing i.e debit and credit. There are two alternative bases for the rules

Question.4.         Describe the meaning and the objects of preparing a trial balance.

Answer:Trial Balance is a statement of debit and credit balances taken out from all ledger accounts including cash book. The golden rules that “Accounting equation remains balanced all the time” and “For every business transaction there is an equal debit and credit” shall always prevail in the whole accounting theory. Therefore, total of all debits balances must be equal to total of all credit balances.

Question.5.         Explain the importance of identifying income or expenditure as capital or revenue.

Answer:

Question.6.         Explain the meaning of accounting principles.

Answer:

                                                                                      25 x 4=100 marks

Dear students get fully solved assignments

Send your semester & Specialization name to our mail id :

help.mbaassignments@gmail.com

or

call us at : 08263069601