BCA 4040PRINCIPLES OF FINANCIAL ACCOUNTING AND MANAGEMENT

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SPRING 2016  ASSIGNMENT

DRIVE
BCA (REVISED FALL 2012)
SEMESTER
4
SUBJECT CODE & NAME
MANAGEMENT
CREDITS
4
BK ID
B1769
MAX. MARKS
60



Q. 1. Define Accounting. Briefly explain the ‘Entity Concept’ and ‘MoneyMeasurement Concept’ of accounting.

Answer:Accounting, or accountancy, is the measurement, processing and communication of financial information about economic entities. It was founded by the Italian mathematician Luca Pacioli, in the end of the 15th century. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms accounting and financial reporting are often used as synonyms.



Q. 2. What is rectification of errors? List and explain the stages where theerrors are deducted for rectification.

Answer:Once an error is located, it should be properly corrected. The correction of accounting errors in a systematic manner is called the rectification of errors. In other words, the process of systematically correcting the accounting errors is known as rectification of errors. The presence of accounting errors affects accuracy of the profit and loss and the financial position of the business shown by the final accounts, therefore, no error should be



Q. 3. Explain the various steps in financial planning.

Answer:The financial planning process consists of the following six steps:

·         Establish and define the client-planner relationship: The financial planner should clearly explain and document the services that he or she will provide to you and define both his/her and your responsibilities during the financial planning engagement. The financial planner should explain fully how he or she will




Q. 4. What is inventory management and explain the following

Answer:Inventory management involves the Activities employed in maintaining the optimum number or amount of each inventory item.  The objective of inventory management is to provide uninterrupted production, sales, and/or customer-service levels at the minimum cost. Since for many companies inventory is the largest item in the current assets category, inventory problems can and do contribute to losses or even business failures.

a. Economic Order Quantity: Economic order quantity (EOQ) is the order quantity that minimizes total inventory holding costs and ordering




Q. 5. Explain the different steps involved in preparation of Fund FlowStatements.

Answer:For preparing the Funds Flow Statement, the first step is to prepare the Statement of Changes in Working Capital. There may be several reasons for changes in the Working Capital Position of a Company, some of which have been discussed below:-

·         Purchase of Fixed Assets or Long Term Investments without raising Long Term Funds
·         Payments of Dividends in excess of the Profits



Q. 6. What is cost? Discuss the factors involved in estimating the cost.

Answer:In accounting, the term cost refers to the monetary value of expenditures for raw materials, equipment, supplies, services, labor, products, etc. It is an amount that is recorded as an expense in bookkeeping records.When a new company’s business plan is developed, organizers will often create cost estimates. These are used to assess whether the benefits and revenues of a proposed business will more than cover the costs. This is called a cost-benefit analysis.  Underestimating the costs of a business may result in a cost overrun once

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