Accounting And Financial Management

Write meaning, scope and functions of Financial Accounting.

What is Double entry system of accounting?

What is standard costing? Explain the features of standard costing.

Difference between standard costing and Budgetary control. (any five).

Record the following transactions in the journal of the Delhi Furniture Mart. Post them into ledger account and draft a trial balance.

2016

Jan.1 Started business with cash Rs. 40,000

Jan.2 Deposited into bank Rs. 19,000

Jan.3 Purchased machinery for Rs. 15,000 from Jawahar and gave him a cheque for the amount.

Jan.15 Paid installation charges of machinery Rs. 1,100.

Consider the following transactions:

Jan.20 Purchased timber from Naveen of the list price of Rs. 2,000. He allowed 10% trade discount.

Jan.23 Furniture costing Rs. 500 was used in furnishing the office.

Jan.25 Sold furniture to Naresh of the list price of Rs. 1,000 and allowed him 5% trade discount.

Jan.28 Received a cheque from Naresh of Rs. 930 in full settlement and sent the cheque to bank

Jan.29 Sent to Naveen in full settlement a cheque of Rs. 1,750.

Jan.29 Paid wages Rs. 350 and rent Rs. 200.

What do you mean ledger posting? Explain its importance in accounting.

Write a short note Cost Volume Profit analysis.

What is Management control and its characteristic?

Explain the preparation of cash budget and flexible budget.

What are the concepts of responsibility centers?

Describe the strategies and structure of management control.

What is Inventory management and FIFO and LIFO methods?

Short notes:-