DMBA104 – FINANCIAL AND MANAGEMENT ACCOUNTING - MANIPAL solved papers

 

SESSION	FEB/MAR 2021
PROGRAMME	MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	I
COURSE CODE & NAME	DMBA104 – FINANCIAL AND MANAGEMENT ACCOUNTING
CREDITS	4
NUMBER OF ASSIGNMENTS , CREDITS & MARKS	02 4 Credits, 30 Marks each

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Question 1. a) Briefly explain the concepts of accounting. (Any five)

Answer: Concept of Accounting :

1. Entity Concept: For accounting purpose the “business” is treated as a separate entity from the proprietor(s). One can sell goods to himself,, but all the transactions are recorded in the book of the business. This concepts helps in keeping private affairs of the proprietor away from the business affairs

2. Dual Aspect Concept: As per this concept

 

 

 

b) Briefly explain the users of accounting information. (Any five)

Answer: External Users of Accounting:

Investors: Investors need to know how well their investment is performing. Investors primarily rely on the financial statements published by companies to assess the profitability, valuation and risk of their investment. Investors use accounting information to determine whether an investment is a good fit for their portfolio and whether they should

 

 

Question 2. Differentiate between:

a) Cash discount & trade discount

Answer: Cash discount & trade discount difference

·         Trade Discount is a subtraction from the list price of the goods, allowed by the trader to the customer at an agreed rate. On the contrary, a  Cash Discount is a discount allowed to the customer, when he/she

 

 

b) Tangible assets & intangible assets

Answer: Tangible assets & intangible assets

Tangible assets are physical; they include cash, inventory, vehicles, equipment, buildings and investments. Intangible assets do not exist in physical form and include things like accounts receivable, pre-paid expenses, and patents and

 

 

 

c) Accounting & book-keeping

Answer: Accounting & book-keeping

1.       Bookkeeping is a foundation/base of accounting. Accounting uses the information provided by bookkeeping to prepare financial reports and statements.

2.      Bookkeeping is one segment

 

 

d) Errors of omission & errors of commission

Answer: Errors of omission & errors of commission

1.      The error of omission refers to the error arising while recording the transaction in the subsidiary books or positing the entries to ledger, in which the entry is omitted or skipped from recording. On the other hand,

 

e) Accrued income & income received in advance

Answer: Difference

Accrued income:  It may so happen that we may earn some incomes during the current accounting year but not receive them in the same year. Such income is accrued income. Thus, these incomes pertain to the current accounting year. Therefore, we need to record them as current year’s incomes. The

 

 

Question 3:

 

 

 

 

Prepare the following:

(a) An income statement for the month of June 2020.

Answer: Income statement

 

 

 

 

 

 

 

(b) A balance sheet as at 30 June 2020.

Answer:  Balance sheet

 

 

 

 

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