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Master of Business Administration- MBA Semester 1
MB0041 – Financial and Management Accounting
Assignment
Q1.
Accounting is one of the oldest, structured management information system. Give the meaning of accounting and book keeping? Explain the objectives of accounting? Accounting
Accounting is an information science used to collect, classify, and manipulate financial data for organizations and individuals. According to the definition given by American Institute of Certified Public Accountants (AICPA), accounting can be defined as, “Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money transactions and events which are, in part at least of a financial character, and interpreting the results there of.” Accounting is instrumental within organizations as a means of determining financial stability. Without accounting, organizations would have no basis or foundation upon which daily and long-term decisions could be made. The budgets for marketing activities, profit reinvestment, research and development, and company growth all stem from the work of accountants Book-keeping

Bookkeeping involves the recording, storing and retrieving of financial transactions for a company, nonprofit organization, individual, etc. Common financial transactions and tasks that are involved in bookkeeping include: Billing for goods sold or services provided to clients.

Recording receipts from customers.
Verifying and recording invoices from suppliers.
Paying suppliers.
Processing employees’ pay and the related governmental reports. Monitoring individual accounts receivable.
Recording depreciation and other adjusting entries.

Objectives of accounting
Permanent Record
Any business firm needs a permanent record of the transactions that it indulges in. These records could be vital for internal purpose, for taxation purpose or for any other purpose. Whenever the organization commits any resource of monetary value either within the firm or outside the firm, a record is made. This permanent record is held on for years and can be retrieved as and when need be. Measurement of Outcome

A business firm may indulge in numerous transactions every day. It may make profit in some of these transactions while it may make losses in some other transactions. However, the effect of all these transactions needs to be aggregated over a period of time. There must be daily, weekly and monthly reports which provides information to the organization about how well it is performing its activities. Accounting serves this purpose by providing periodic financial statements which help the firm adjust their operations accordingly. Creditworthiness

Firms need resources for their functioning. They do not have any capital stock at hand and need to obtain them from investors. Investors will give money to the firm only if they have reasonable assurance that the firm will be able to generate enough profit. Past accounting records help a great deal in proving this. All kinds of investors from banks to shareholders ask for past accounting details before they trust the management with their money. Efficient Use of Resources

Firms can also conduct useful internal analysis with the help of accounting data. Accounting records tell the firm what resources were committed to what activity and what time. These records also summarize the return that was obtained from these activities. Management can then analyze how they could have performed better and used resources more efficiently. Projections

Accounting helps management and investors look forward. Costs and revenue growths can be projected after substantial data has been accumulated. The assumption made is that the company is likely to behave exactly as it has done in the past. Thus, analysts can make reasonable assumptions about the future based on the past record.

Q2.
Explain GAAP and write down the relationship between accounting principles, accounting... Show More

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