Solution-Accountancy is an information system

Accountancy is an information system

Assignment Help Accounting Basics

Reference no: EM131335021

Question 1. “Accountancy is an Information System”. Do you agree? Substantiate your answer with reasons. How does an Accountant help in planning and controlling a large commercial organization? Explain.

Question 2. The following are the Balance Sheets of XYZ Ltd. for the years ending 31st December, 2014 &2015 .

Particulars

2014 (Rs.)

2015 (Rs.)

Liabilities

Equity Share Capital

Preference Share Capital

Reserves

Profit and Loss a/c

Bank overdraft

Creditors

Provision for taxation

Proposed Dividend

Total

Fixed Assets

Less: Depreciation

Stock

Debtors

Bills Receivable

Prepaid expenses

Cash in Hand

Cash at Bank

Total

2,00,000

1,00,000

20,000

15,000

50,000

40,000

20,000

15,000

4,60,000

2,40,000

40,000

1,00,000

20,000

10,000

40,000

10,000

4,60,000

3,30,000

1,50,000

30,000

20,000

50,000

25,000

6,80,000

3,50,000

50,000

1,25,000

60,000

12,000

53,000

30,000

6,80,000

Prepare the comparative balance sheet and study its financial position.

Question3. ABC Ltd. maintains their books of Cost Accounts under standard costing system in which the work-in-progress is debited with actual costs and credited with standard costs. The standard cost card for product X shows:

Cost per unit (Rs.)

Direct material 1pc @ Rs. 1.501.50

Direct labour3hrs @ Re. 1.003.00

Factory overhead 3 hrs.@Rs. 2.50 7.50

(to be charged to product X)

Production data

Units completed 950 units

Units in closing WIP 100 units 50% completed

Cost of units remaining work- in- progress Account is transferred to work- in- progress Inventory Account. You are required to compute all possible variances

Question 4. As a Manager what strategy you will adopt so that you are able to efficiently manage the cash in business?

Question 5. Visit an organization of your choice and find out the investment appraisal methods that the organization follows. Write a note on your visit.

Reference no: EM131335021

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Accountancy is an information system

Reference no: EM131335021

Reference no: EM131335021

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