Description
SESSION JAN – FEB2024
PROGRAM MASTER OF BUSINESS ADMINISTRATION
(MBA)
SEMESTER I
COURSE CODE & NAME DMBA104- FINANCIAL AND MANAGEMENT
ACCOUNTING
Assignment Set – 1
1. Explain different types of accounting concepts in detail.
Ans 1.
The field of accounting is governed by several fundamental concepts that ensure the
uniformity, clarity, and comparability of financial reporting. These accounting concepts form
the backbone of financial and management accounting practices. Here are the key types of
accounting concepts detailed:
Entity Concept
The entity concept separates the business from its owner(s). Financial records reflect only the
business’s transactions, distinct from the personal financial activities of its owner or any other
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2. Write a detailed note on different types of subsidiary books and their importance in
recording accounting transactions. Also demonstrate specimen of any 2 types of
subsidiary books.
Ans 2.
Subsidiary books, also known as special journals, are an integral part of the accounting
system used by businesses to categorize and record financial transactions before they are
summarized in the ledger. These books streamline the accounting process, enhance accuracy,
and improve the efficiency of financial record-keeping. Below is a detailed note on the
different types of subsidiary books and their importance in recording accounting transactions,
3. For the following balances extracted from a trial balance, prepare a trading account.
Particulars Amount in Rs.
Stock on 1-1-2004 70700
Returns inwards 3000
Returns outwards 3000
Purchases 102000
Debtors 56000
Creditors 45000
Carriage inwards 5000
Carriage outwards 4000
Import duty on materials received from abroad 6000
Clearing charges 7000
Rent of business shop 12000
Royalty paid to extract materials 10000
Fire insurance on stock 2000
Wages paid to workers 8000
Office salaries 10000
Cash discount 1000
Gas, electricity, and water 4000
Sales 250000
Ans 3.
A trading account is a summary of all revenues and costs directly associated with the buying
and selling of goods over a given accounting period, typically over a fiscal year. It helps in
determining the gross profit or gross loss of a business entity. The following example
demonstrates how to prepare a trading account for a business using the provided trial balance
data.
Balances Extracted from the Trial Balance
Particulars Amount (Rs.)
4. Following is the balance sheet for the period ending 31st March 2018 and 2019. If the
current year’s net loss is Rs.38,000, calculate the cash flow from operating activities.
31st MARCH
2018 2019
Short-term loan to employees 15,000 18,000
Creditors 30,000 8,000
Provision for doubtful debts 1,200 –
Bills payable 18,000 20,000
Stock in trade 15,000 13,000
Bills receivable 10,000 22,000
Prepaid expenses 800 600
Outstanding expenses 300 500
Ans 4.
To calculate the cash flow from operating activities, we first need to adjust for the non-cash
expenses and changes in working capital from the balance sheet data provided. The net loss
for the year is also factored into these calculations to reach the net cash flow from operating
activities. Here’s how you can do it:
Adjustments for Changes in Working Capital:
Changes in working capital components impact cash flow. Here’s a breakdown based on the
5. Define Marginal Costing. Discuss in detail the assumptions and limitations of
Marginal Costing.
Ans 5.
Marginal costing, also known as variable costing or direct costing, is a costing method in
which only variable costs are charged to cost units and fixed costs are treated as period costs
and are written off in the period in which they are incurred. This technique differentiates
between fixed costs and variable costs as product cost and period cost, respectively. The key
feature of marginal costing is that it provides clarity in the effect of fixed costs on the overall
6. What is meant by budgetary control? Elaborate essential features of budgetary
control.
Ans 6.
Budgetary control is a comprehensive system of managing a business’s finances by
developing budgets based on the various activities involved, then comparing actual results to
the budgeted figures to measure performance and make informed decisions. This system
helps in planning, coordinating, and controlling various business operations through financial
and/or quantitative statements prepared and approved prior to a defined period.
Essential Features of Budgetary Control
1. Financial Planning: Budgetary control involves detailed financial planning. The process
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