MASTER OF BUSINESS ADMINISTRATION (MBA) SEMESTER I
SESSION : JULY - AUG 2024
DMBA110 FINANCIAL AND MANAGEMENT ACCOUNTING
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Assignment Set – 1

Q1. Explain the meaning and scope of Accounting. Along with that, discuss any five Accounting concepts.
Answer:
Accounting is the process of recording, classifying, summarizing, and interpreting financial transactions. It helps businesses track financial performance and make informed decisions. Contact us to get full Answers
Q2. Write a short note on the following

A) Ledger

B) Purchase Book

C) Sales Book

D) Trial Blanace

Answer:
A) Ledger: The ledger is a book or database that contains all the accounts of a business and records all the financial transactions... Contact us to get full Answers
Q3. Discuss the nature of Management Accounting along with its Functions and Objectives.
Answer:
Management accounting involves the process of preparing management reports and accounts to assist in decision-making. Its functions include planning, controlling, decision-making, and performance evaluation, while its objectives are to help ... Contact us to get full Answers
Assignment Set – 2
Q4. Elaborate on the Attributes of Financial Statements. Discuss the Funds Flow Statement and Differentiate Between Funds Flow Statement and Balance Sheet.
Answer:
The attributes of financial statements include relevance, reliability, comparability, and clarity. A funds flow statement tracks the changes in a company's financial position between two periods. Contact us to get full Answers
Q5. Describe the Various Sources of Cash. Explain the Three Elements of Cost.
Answer:
Sources of cash include operating activities, financing activities, and investing activities. The three elements of cost are direct materials, direct labor, and overhead... Contact us to get full Answers
Q6. a.Explain in Detail the Advantages and Limitations of Standard Costing.

b. ABC Ltd. is preparing its Cash Budget for the First Quarter of 2024. Below are the Expected Cash Inflows and Outflows:

Opening Cash Balance (January 1, 2024): Rs. 10,000

Sales Revenue (cash collected in the month of sale):

January: Rs. 50,000

February: Rs. 60,000

March: Rs. 55,000

Purchases (paid in the month following purchase):

December 2023: Rs. 20,000

January: Rs. 30,000

February: Rs. 25,000

March: Rs. 35,000

Wages and Salaries:

January: Rs. 8,000

February: Rs. 10,000

March: Rs. 9,000

Overhead Expenses (paid in the same month):

January: Rs. 5,000

February: Rs. 6,000

March: Rs. 5,500

Other Cash Payments:

Equipment Purchase in March: Rs. 15,000

The company aims to maintain a minimum cash balance of Rs. 5,000 at the end of each month. If the cash balance falls below this amount, the company will borrow the needed funds at the end of the month.

Prepare a Cash Budget for Each Month from January to March.

Answer:
A detailed cash budget will be prepared based on the given cash inflows, outflows, and the minimum cash balance requirement. Contact us to get full Answers