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Master of Business Administration- MBA Semester 1
MB0041 –Financial and Management Accounting- 4 Credits
(Book ID: B1624)
Assignment Set- 1 (60 Marks)
Note: Answer all questions (with 300 to 400 words each) must be written within 6-8 pages. Each Question carries 10 marks 6 X 10=60
Q1. Explain the process involved in accounting.
Answer : As implied earlier, today’s electronic accounting systems tend to obscure the traditional forms of the accounting cycle. Nevertheless, the same basic process that bookkeepers and accountants used to perform by hand are
Q2. A business receives capital of Rs. 1,00,000 and a loan is raised for Rs. 50,000. This is represented by cash Rs.15,000; machineryRs. 85,000; furniture Rs. 20,000, and goods Rs. 30,000. Find the total of debits and credits from business point of view. Which accounting principle is involved in this?
Hint : Total = 150000
Answer : Benefits
Q3. Find the value of the following:
a. If the total assets are Rs. 87,000 and the liabilities are Rs. 47,000, find out the amount of capital.
Answer : Total
b. If the capital of proprietor is Rs. 4,00,000 and the total assets are Rs. 6,00,000, what is the amount of liabilities to outsiders?
Answer : Capital =
c. If creditors are Rs. 56,000, bank overdraft is Rs.1,00,000, and outstanding expenses are Rs. 8,000, what is the total amount of assets?
Answer :
d. Fixed assets are Rs.70,000 and current assets are Rs.1,00,000 and the creditors are Rs.30,000. What is capital?
Hint : a) Rs.40000 b) Rs.200000 c) Rs.164000 d) Rs.140000
Answer : Fixed
Q4. Enter the following transactions in an analytical petty cash book for the month of November, 2005.
1st. Received a cheque for petty cash Rs.1000
2nd. Paid bus fare to messengers Rs. 50
4th. Paid auto fare Rs.70
10th. Postal stamps purchased Rs.80
12th. Paid for stationery Rs.90
5th. Paid for carriage Rs.60
16th. Purchased envelopes Rs.50
20th. Paid wages Rs.100
25th. Gave tips to driver Rs.50
30th. Paid telephone bills Rs.20
Hint : To Bal b/d 430 ; To Cash 570
Answer :
Q5. Briefly explain the role of management accounting.
Answer : Management accounting is an internal business function that includes the recording and reporting of a company’s financial transactions. The accounting department also supports management in different business operations, providing analysis and support for different decisions and investments.
Q6. What is fund flow analysis? What are the objectives of analysing flow of fund?
Answer : MEANING & OBJECTIVES OF FUND FLOW STATEMENT ANALYSIS
A report on the movement of funds or working capital. In a narrow sense the term fund means cash and the fund flow statement depicts the cash receipts and cash disbursements/ payments. It highlights the changes in the cash receipts and payments as a cash flow statement in addition to the cash balances i.e., opening cash
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