DBB1113 FINANCIAL ACCOUNTING

Description

SESSION	JAN-FEB 2026
PROGRAM	BACHELOR OF BUSINESS ADMINISTRATION (BBA)
SEMESTER	I
COURSE CODE & NAME	DBB1113 FINANCIAL ACCOUNTING

 

Assignment Set – 1

 

Q.1. What are the objectives of accounting. What do you mean by accounting standards? Enumerate the accounting standard issued by the AICPA. (10 Marks)

Ans 1.

Objectives of Accounting

Accounting is the method of gathering, recording classifying, summarising, interpreting and communicating financial information about an organisation to enable more informed decisions by the individuals involved. The purposes of accounting highlight its multiple functions that this information serves across diverse groupings of customers, which include management investors, creditors, regulators, and employees.

The primary objective

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Q.2. What is a double entry system? Explain different types of ledgers. (10 Marks)

Ans 2.

Double Entry System of Accounting

The double entry system is the accepted method for recording financial transactions in accounting, based on the fundamental principle that all business transactions have double aspect. It affects at least two accounts simultaneously. One account is debited while the other is credited in equal amounts. The mathematical basis for this principle can be described as: Assets = Liabilities + Capital.

 

Q.3. What is the meaning of a Trial balance? How to treat depreciation in Final Accounts? (10 Marks)

Ans 3.

Meaning and Purpose of Trial Balance

A Trial Balance is an declaration made at the beginning of a period in which the accountant includes all balances of the ledger account in tabular format with balances for debits being listed in one column, and credit balances placed in another. The fundamental purpose of the Trial Balance is to verify that the accuracy of arithmetic is maintained by the double entry process in the event that the total of all debit balances are equal to the entire credit balances, it means that the double

 

 

Assignment Set – 2

 

Q.4. Describe Balance sheet along with its components. Explain Cash flow statement and its objectives. (10 Marks)

Ans 4.

Balance Sheet and Its Components

The Balance Sheet is a basic financial statement which shows an overview of the financial situation at a certain date and time — typically the last day of an accounting period. It’s based on the fundamental accounting equation: Assets = Liabilities + Shareholders’ Equity, that must be balanced. The Balance Sheet

 

Q.5. What do you understand about “Partnership Deed” and list the various contents in partnership deed. (10 Marks)

Ans 5.

Partnership Deed – Meaning and Importance

The Partnership Deed, also known as a Partnership Agreement or Articles of Partnership or Articles of Partnership, is a formal legal document that outlines the specific terms and conditions agreed upon by all partners of any partnership firm that govern the management, operation and rights, obligations, and the dissolution of the partnership. Even though the Indian Partnership Act 1932 permits orally-

 

Q.6. What is depreciation accounting? What are the methods of depreciation? (10 Marks)

Ans 6.

Depreciation Accounting

Accounting for depreciation is the approach to allocate the cost of a tangible fixed asset throughout its expected useful lifespan in a rational and consistent way, indicating the gradual expiration of the asset’s utility in the marketplace when it generates revenues for businesses. Depreciation isn’t a cash investment in the moment the expense is made; rather, it represents the cash-based allocation of capital expenses incurred in a prior period in the purchase of the asset. It is an application of the Principle of Matching Principle and requires expenses be matched with the earnings they aid