and managerial accounting p.6).” These users may include managers‚ officers‚ internal auditors‚ consultants‚ budget directors and market researchers. Managerial accounting is used to make detailed decisions on how to improve a company’s outcome. “The external users are not directly involved in running the company these users include shareholders‚ lenders‚ directors‚ customers‚ suppliers‚ lawyers‚ brokers or the press (Financial and managerial accounting p.5).” Financial accounting is aimed for the
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Individual Assignment Learning outcome | Question | 1. Demonstrate knowledge and understanding of concepts‚ principles and techniques of accounting | Q1 (a‚ b & c) and Q2 | 2. Apply appropriate accounting and financial techniques in the preparation‚ interpretation and presentation of financial statements‚ | Q1 (a‚ b & c) | 3. Apply and evaluate financial techniques for management planning‚ decision making and control in the short‚ medium and long term. | Exam | QUESTION 1
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Accounts basic concept with tally Accounting: It is an art of recording‚ classifying and summarizing in significant manner and in terms of money‚ transactions and events which are of financial character and interpreting the results thereof. Business transaction: A business transaction is “The movement of money and money’s worth form one person to another”. Or exchange of values between two parties is also known as “Business Transaction”. Purchase: A purchase means goods purchased by a businessman
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MB0041 – Financial And Management Accounting - 4 Credits (Book ID: B1624) Assignment Set - 1 (60 Marks) Note: Each question carries 10 Marks. Answer all the questions. 1. Explain the process involved in accounting. 2. The salaries paid in 2004 is Rs. 5‚00‚000; Salaries outstanding is Rs. 20‚000; Salaries paid in advance for 2004 is Rs. 30‚000. What is the actual salary expenditure for 2004? Which accounting principle is involved in this and explain that principle. 3. Find the value of the following:
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There are quit a few differences in financial and managerial accounting‚ the first differences has to do with the primary users of the reports; in financial accounting the reports are used by external users such as stockholders‚ creditors and regulators. On the other hand managerial accounting reports are used by internal users and include officers and managers. In addition the type and the frequency of the reports differ; financial accounting have financial statements and quarterly and annually are
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EXERCISE 3-3 (1) Determination and Distribution of Excess Schedule Company Parent NCI Implied Price Value Fair Value (80%) (20%) Fair value of subsidiary $340‚000* $272‚000 $ 68‚000 Less book value of interest acquired: Common stock ($10 par) $100‚000 Retained earnings 150‚000 Total equity $250‚000 $250‚000 $250‚000 Interest acquired 80% 20% Book value $200‚000 $ 50‚000 Excess of fair value over book value $ 90‚000 $ 72‚000 $ 18‚000 Adjustment
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Sridhar is concerned about his company’s cash problem. From the following balance sheets and summary income statement‚ prepare a cash flow statement for the year ended December 31‚ 2009. BALANCE SHEETS at December 31‚ 2008 and 2009 2009 2008 Rs. Rs Rs. Rs. Equity Share capital 60‚000 50‚000 Retained earnings 96‚000 60‚000 Total equity 156‚000 110‚000 Non-current liabilities Mortgage loan 35‚000 40‚000 Current
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Learning Task Number Four The Henry Furniture Co. is a new company and has numerous fixed assets that need to be depreciated. You can help Henry by determining the depreciation rates for the assets and the amount of depreciation for year one. The assets were purchased at various times during the year (hint: watch out for the dates). The following assets will be held by the company for at least the next two years (In other words‚ year two will be a full year for all of the assets). Please fill
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Case 8-29 1. a. Sales budget: April May June Quarter Budgeted sales in units 35‚000 45‚000 60‚000 140‚000 Selling price per unit × $8 × $8 × $8 × $8 Total sales $280‚000 $360‚000 $480‚000 $1‚120‚000 b. Schedule of expected cash collections: February sales $ 48‚000 $ 48‚000 March sales 112‚000 $ 56‚000 168‚000 April sales 70‚000 140‚000 $ 70‚000 280‚000 May sales 90‚000 180
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Financial accounting is one kind of accounting different from the management accounting in the accounting system. As management accounting is for “internal” whereas financial accounting is for “external”. The following is a detailed explanation and analysis of the major objective and role of financial accounting. The purpose of financial accounting is to measure the performance of the entity and therefore provides the financial information to different stakeholders. Stakeholders will have their
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