Master of Business Administration- MBA Semester 1 MB0041 – Financial and Management Accounting Q1. Accounting is one of the oldest‚ structured management information system. Give the meaning of accounting and book keeping? Explain the objectives of accounting? ANS. Meaning of Accounting- The systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing‚ analyzing and reporting these transactions. The financial statements
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ledger a.a chronological record of all transactionsb.the balance of each account in the chart of accountsc.budget records for each account in the chart of accountsd.subsidiary details supporting a control account 2. Which steps in the Financial Accounting Process are in the correct sequence based on closing the accounts and determining timing differences prior to issuing financial statements a.record the transaction‚ post to the ledger‚ prepare the adjusted trial balance‚ enter adjusting entries
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1. When should you call the ClearCare system to clock in? a. At the beginning of your shift‚ but no more than 5 minutes early b. After you have started working the shift c. At the end of your shift d. 15 minutes prior to starting the shift 2. When do you calculate mileage? a. When driving your car to take the client to an appointment b. When driving your car to and from all shifts c. When driving the client’s car to an appointment d. When riding with your client to an appointment 3. What do you
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Nancy Roden Lesson 1 NT2670 2/14/2013 1) The program used to send email on an email client is also called an IMAP. 2) Microsoft Outlook and Entourage typically connect to Exchange Server 2007 using RPC-based connections and IMAP. 3) The HTTP and HTTPS protocols are often used to access email using a web browser. 4) An email server uses MX and A records in DNS to determine the target email server to relay 5) The Edge server role must be installed on its own Exchange server and cannot coexist
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UNIVERSITY OF MAURITIUS FACULTY OF LAW AND MANAGEMENT SECOND SEMESTER EXAMINATIONS MAY 2011 PROGRAMME BSC (HONS) ACCOUNTING (MINOR : FINANCE) BSC (HONS) ACCOUNTING (MINOR : MANAGEMENT) BSC (HONS) FINANCE BSC (HONS) FINANCE (MINOR : LAW) BSC (HONS) MANAGEMENT BSC (HONS) MANAGEMENT WITH FINANCE BSC (HONS) MARKETING MANAGEMENT BSC (HONS) HUMAN RESOURCE MANAGEMENT BSC (HONS) BUSINESS STUDIES (PART-TIME) MODULE NAME DATE May 2011 TIME Hours NO. OF QUESTIONS SET 4 BASIC COMPUTER APPLICATION MODULE CODE
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A. What is the difference between accrual-basis accounting and cash-basis accounting? The difference between the two types of accounting is when revenues and expenses are recorded. In cash basis accounting revenues are recorded when cash is actually received and expenses are recorded when the expenses are actually paid. B. Why would politicians prefer the cash basis over the accrual basis? The accrual basis system deals with deprecation of the value of equipment‚ land and such. Politicians would
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Local literature The system of education in the Philippines was patterned both from the education systems of Spain and United States. However‚ after the liberation of the Philippines in 1946‚ the system has changed radically and move at its own (Isidro 2003). Education is defined as preparation for effective participation in social relations. Sociologically speaking‚ education is the consciously controlled process whereby changes in behavior are produced in the person and through the person in the
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employees is fair. In most cases when a union is involved‚ there is a percentage of compensation that has been agreed upon. 1.7) Financial accounting (i) Management accounting (h) Financial reporting (g) Financial statements (f) General-purpose assumption (b) Integrity (c ) Internal control (e) Public accounting (d) Bookkeeping (a) 2.3) Amber Company’s assets total $150‚000 and its liabilities total $85‚000. What is the amount of Amber’s
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Homework Week 2 Exercise E1-1 SEC – K Audit – G Sole Proprietorship – I Corporation – E Accounting – A Accounting Entity – D Audit Report – J Cost Principle – F Partnership – C FASB – L IASB – H Unit of Measure – B GAAP – N IFRS – M E1-2 Accounts receivable – Asset Cash and cash equivalents – Asset Net sales – Revenue Notes payable – Liability Taxes payable – Liability Retained earnings – Stockholders’ Equity Cost of products sold – Expense Marketing‚ administrative
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CHAPTER 2 21. Generally accepted accounting principles a. are fundamental truths or axioms that can be derived from laws of nature. b. derive their authority from legal court proceedings. c. derive their credibility and authority from general recognition and acceptance by the accounting profession. d. have been specified in detail in the FASB conceptual framework. 22. A soundly developed conceptual framework of concepts and objectives should a. increase financial statement users’
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