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Internal Assignment No. 1
Bachelor of Business Administration (BBA)- (Retalling)
Paper Code: BBA – 101
Note : Question No. 1 is of short answer type and is compulsory for all the students. It carries 5 Marks. (Word limits 50-100)
Q. 1. Answer all the questions:
(i)What do you mean by accounting?
Ans.It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial
(ii) Distinguish between Profit and Loss Account and trading a/c.
Ans.Trading Account is an account that is prepared by the entities to know the profit earned or loss suffered from trading activities. On
(iii) What do you mean by incomplete records?
Ans.Incomplete records refers to a situation in which an organization is not using double-entry bookkeeping. Instead, it is using a more informal accounting system, such as a single-entry system, to maintain a red
(iv) What do you mean by forfeited of share? Explain with example.
Ans.A forfeited share is a share in a company that the owner loses (forfeits) by failing to meet the purchase requirements. Requirements may include paying an allotment or call money owed, or avoiding selling or transferring
company.
v) Explain any one method of depreciation
The capital cost allowance (CCA) is a rate of depreciation used for income tax purposes only. This term primarily relates to Canadian taxation. The CCA rate that can be claimed depends on the asset itself; for example, computer software has a much higher CCA rate than buildings or furniture. The CCA is essentially a busine
Note: Answer any two questions. Each question carries 5 marks (Word limits 500)
Q. 2. What do you mean by accounting? Who are the users of accounting? Explain its scope.
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers (Elliot, Barry & Elliot, Jamie: Financial
Q. 3. Define debenture. Explain the various types of debentures.
a debenture is a medium to long-term debt instrument used by large companies to borrow money, at a fixed rate of interest. The legal term “debenture” originally referred to a document that either creates a debt or acknowledges it, but in some countries the term is now used interchangeably with bond, loan stock or note.
The major types of debentures are as follows:
1.Types Of Debentures On The Basis Of Record Point Of View
a. Registered Debentures
These are the debentures that are
Internal Assignment No. 2
Bachelor of Business Administration (BBA)- (Retalling)
Paper Code: BBA – 101
Note : Question No. 1 is of short answer type and is compulsory for all the students. It carries 5 Marks. (Word limits 50-100)
Q. 1. Answer all the questions:
(i) Define accounting. Give the main objectives of accounting.
Ans.
Financial accounting is the process by which an organization’s transactions are collected, measured, recorded and presented. This process is designed to accurately reflect business activity, help companies meet the requirements of the law, present financial accounts to business owners, allow for improved
(ii) What do you mean by depreciation? Give two reason of decrease in the value of assets.
Definition: The monetary value of an asset decreases over time due to use, wear and tear or obsolescence. This decrease is me
(iii) What is income and expenditure account? How is it differentiate for receipt and payment account?
Income & Expenditure Account:
1. It is a nominal account and summarizes all expenditures and incomes of a non-profit organization.
2. The basic purpose of this account is to find out the surplus or deficit of the organizations.
3. Expenditures are shown
(iv) Write down the different type of shares.
Types of shares
A company may have many different types of shares that come with different conditions and rights in relation to profit entitlement, entitlement to capital if the business is wound up and voting rights within the business.
Share types
The five main types of shares are:
- Ordinary shares are the most common type of shares and are standard shares with no special rights or restrictions. They
(v) What do you mean by redemption of debenture?
Redemption of debentures means the repayment of the amount of debentures to debenture holders. In other words redemption refers to discharge of an obligation arising out of the contractual obligations created on account of debenture trust deed. The redemption of debenture is made by the company in accordance with the terms and conditions of issue which are clearly stated in the debenture certificate.
Note: Answer any two questions. Each question carries 5 marks (Word limits 500)
Q. 2. What do you mean by accounting concepts and conventions? Explain briefly important accounting concept.
In drawing up accounting statements, whether they are external “financial accounts” or internally-focused “management accounts”, a clear objective has to be that the accounts fairly reflect the true “substance” of the business and the results of its operation.
The theory of accounting has, therefore, developed the concept of a “true and fair view”. The true and fair view is applied in
Q. 3. What are redeemable [reference shares? Discuss the different methods of redeeming the redeemable preference shares.
There are certain provisions that need to be fulfilled, under Section 48 of the Companies Act, 2013, for preference shares to be redeemed.
- The redeemable preference shares must be fully paid-up.
2. The redeemable preference shares can be redeemed only if the terms laid down at the time of issuing are met.
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