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Description
| SESSION | JULY /AUGUST 2025 |
| PROGRAM | BACHELOR OF BUSINESS ADMINISTRATION (BBA) |
| SEMESTER | I |
| COURSE CODE & NAME | DBB1113 FINANCIAL ACCOUNTING |
Assignment Set – 1
- Discuss the different types of accounting concepts in detail with suitable examples.
Ans 1.
Accounting concepts are the fundamental principles that guide the recording, classification, and reporting of financial transactions. They ensure uniformity, accuracy, and comparability in financial statements. Every accountant follows these established concepts to maintain consistency in financial reporting and decision-making. The primary objective of these concepts is to present a true and
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- The following is a Trial Balance prepared by an inexperienced accountant. The Trial Balance does not tally. Rearrange the accounts to prepare a corrected Trial Balance.
| Name of Account | L.F. | Dr. Balances (₹) | Cr. Balances (₹) |
| Capital | 2,50,000 | ||
| Building | 3,00,000 | ||
| Furniture | 40,000 | ||
| Sales | 9,00,000 | ||
| Purchases | 5,60,000 | ||
| Stock | 50,000 | ||
| Bank Overdraft | 30,000 | ||
| Cash in Hand | 10,000 | ||
| Interest on Loan | 6,000 | ||
| Discount Allowed | 2,000 | ||
| Salaries | 25,000 | ||
| Wages | 15,000 | ||
| Printing & Stationery | 6,000 | ||
| Debtors | 3,80,000 | ||
| Creditors | 1,60,000 | ||
| Total | 16,73,000 | 10,61,000 |
Ans 2.
The trial balance serves multiple functions in the accounting process. It helps detect posting errors, provides the basis for preparing final accounts, and assists management in reviewing the overall financial position. It also simplifies the process of preparing the trading account, profit and loss account, and balance sheet. A properly prepared trial balance ensures accuracy and reliability in the presentation of
- Outline the accounting process in detail.
Ans 3.
The accounting process refers to the systematic series of steps followed for identifying, recording, classifying, summarizing, and interpreting financial transactions of a business. It forms the foundation of financial reporting, ensuring that accurate and reliable information is available for decision-making. This process converts raw financial data into meaningful statements such as the Trading
Assignment Set – 2
- Summarize the different types of shares. 10
Ans 1.
Shares represent units of ownership in a company. When a company issues shares, investors become part-owners and gain certain rights such as voting, dividends, and a share in profits. The capital raised through the issue of shares is known as share capital, which forms the foundation of a company’s financial structure. The Companies Act, 2013 classifies shares mainly into equity shares
- Discuss the meaning and characteristics of final accounts. 2 + 8
Ans 2.
Meaning of Final Accounts
Final accounts refer to the set of financial statements prepared at the end of an accounting period to determine the financial results and position of a business. These include the Trading Account, Profit and Loss Account, and Balance Sheet. The trading account shows gross profit or loss, the profit and loss account reveals net profit or loss, and the balance sheet presents the company’s assets, liabilities, and capital. Together, these statements help stakeholders assess profitability, liquidity, and
- Describe the different methods used for calculation of depreciation in detail. 10
Ans 3.
Methods Used for Calculation of Depreciation
Depreciation is the systematic reduction in the value of a tangible asset due to wear and tear, obsolescence, or passage of time. It represents the portion of the asset’s cost allocated as an expense over its useful life. The objective of depreciation is to match the cost of using an asset with the revenue it generates, ensuring accurate profit measurement. Different methods of calculating depreciation are used depending on asset nature, usage, and management policy.
- Straight-Line Method (