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NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Financial Accounting & Analysis
Internal Assignment Applicable for September 2020 Examination
Assignment Marks: 30
Instructions:
- All Questions carry equal marks.
- All Questions are compulsory
- All answers to be explained in not more than 1000 words for question 1 and 2 and for question 3 in not more than 500 words for each subsection. Use relevant examples, illustrations as far aspossible.
- All answers to be written individually. Discussion and group work is not advisable.
- Students are free to refer to any books/reference material/website/internet for attempting theirassignments, but are not allowed to copy the matter as it is from the source of reference.
- Students should write the assignment in their own words. Copying of assignments from otherstudents is not allowed.
- Students should follow the following parameter for answering the assignment questions.
| For Theoretical Answer | For Numerical Answer | |||
| Assessment Parameter | Weightage | Assessment Parameter | Weightage | |
| Introduction | 20% | Understanding and usage of the formula | 20% | |
| Concepts and Application related to the question | 60% | Procedure / Steps | 50% | |
| Conclusion | 20% | Correct Answer & Interpretation | 30% |
Question. 1. Karagiri is a Pune based startup that works with 800 families across India. The startup is in the business of handloom saris. They converted the pandemic period in to an opportunity. The business owners realized that accounting is essential to permit informed judgements and decisions by the user of accounts. In the light of given definition of accounting, discuss about users and uses of accounting information (10 Marks)
Solution:
Introduction:
Accounting is a systematic record of business and business transactions. It is the basis on which accounting summary is prepared for analyzing accounting information and business performance.
According to Kohler, Accountancy refers to the entire body of the theory and process of accounting.
According to Prof. Robert N. Anthony, nearly every business enterprise has an accounting system. It means collecting, summarizing,
Question. 2. Mr. Kohli is planning to invest in the share market. He wants to study the Balance Sheet of Amul Industries. He wants your guidance in finding the various elements of the Balance Sheet of Amul Industries. Kindly discuss the same
Solution:
Introduction:
The Balance sheet is a part of company financial statements. It gives details about the company’s assets and liabilities. It helps the stakeholders and management to understand the net worth of the company. It is a part of a company’s financial reporting statements and is an important aspect to analyze while making strategic business decisions.
Concept:
Question. 3. Discuss for question (a) and (b)
Define and identify the type of Income / Expenses
Treatment of the Income / Expenses in the Profit and Loss account, Impact of the Income / Expenses in the Balance Sheet
a. You purchased 10 shares of L& T Company last year. On 5th March 2019, the company has declared a dividend Rs 50 per share. The income is earned but not yet collected in your account during this financial year. (5 Marks)
Solution:
Introduction
Income is generally the amount received against the rendering of services and selling of goods. Companies usually name it as revenue from operations. The profit and loss statement shows the income earned by the company in a
b. On 5th March 2019, Mehta Brothers received 100% advance for goods, to be supplied in the next month. The Cost of the goods was Rs50000. They usually sells the goods at 10% mark up. (5 Marks)
Introduction
The accounting system’s accrual method advocates that the incomes and expenses must be recorded in the accounting system when accrued and earned. That means the payment, even if not received in cash, must be accounted for. The expense must be recorded when due irrespective of the amount spent.
Hello MBA aspirants,
Get MBA assignments of NMIMS University solved by educational professionals at a nominal charge.
Mail us at: help.mbaassignments@gmail.com
Call us at: 08263069601