Accountancy Assignment

                                         Class 11

                                 Chapter: 1,2 and 4

Q:1 Which stakeholder group would be most interested in :

i)             VAT and other tax liabilities of the firm.

ii)            Potential for pay awards and bonus details.

iii)          The ethical and environmental activities of the firm.

iv)          Whether the firm has a long term future.

v)           Profitability and share performance.

vi)          The ability of the firm to carry on providing a service or producing a product.

Q:2 Which qualitative feature of accounting is reflected in the following cases:

i)             Unnecessary and irrelevant information is not included in financial statements.

ii)            Facilitates intra firm and inter firm comparisons.

iii)          Information is clearly presented.

iv)          Free from errors and bias.

Q:3 Book keeping has a wider scope as compared to Accounting. Defend or refute.

Q:4 Which qualitative characteristic of accounting information is reflected when accounting information is clearly represented?

Q;5 Accounting information should be verifiable and free from personal bias. Name the qualitative characteristic of accounting information denoted by this statement.

Q:6 Classify the following as Capital Expenditure, Revenue Expenditure and Deferred Revenue Expenditure:

i)             Preliminary expenses

ii)            Purchase of furniture

iii)          Payment of salary

iv)          Underwriting commission

v)           Installation of machinery

vi)          Purchase of goods and services

Q: 7 Classify the following as Current and Non Current Assets

i)             Bank balance

ii)            Trademarks

iii)          Goodwill

iv)          Bill Receivable

v)           Land and Building

vi)          Debtors

Q:8 During the Accounting period 2014-15, the total sales of a firm were Rs 7,00,000, out of which cash sales were Rs 4,50,000. The total expenses for the year were Rs 5,00,000, out of which Rs 2,10,000 are still outstanding. Determine income of the firm for 2014-15 as per :

i)             Cash basis of accounting

ii)            Accrual basis of accounting

Q:9 Mr Sunrise started a business for buying and selling stationery with Rs 5,00,000 as an initial investment. Of which, he paid Rs 1,00,000 for furniture, Rs 2,00,000 for buying stationery. He employed a sales person and clerk. At the end of the month paid Rs 5,000 as their salaries. Out of the stationery bought, he sold some stationery for Rs 1,50,000 for cash and some other stationery for Rs 1,00,000 on credit basis to Mr Ravi . Subsequently, he bought stationery item of Rs 1,50,000 from Mr Peace. In the first week of the next month there was a fire accident and he lost Rs 30,000 worth of stationery. A part of the furniture, which cost Rs 40,000 was sold for Rs 45,000.

From the above, answer the following:

i)             What is the amount of capital with which the business is started?

ii)            What are the fixed assets?

iii)           What is the value of goods purchased?

iv)          Who is the creditor and state the amount payable to him.

v)           What are the expenses?

vi)          What is the gain he earned?

vii)        What is the loss he incurred?

viii)       Who is the debtor and what is the amount receivable from him?

ix)          What is the total amount of expenses and losses incurred?

x)           Determine if the following are assets , liabilities, revenues, expenses or none of these:                                                                                sales, debtors, creditors, salary to manager, discount to debtor, drawings by the owner. 

CHAPTER: Accounting Concepts And Principles

Assignment:

Q:1 Purchase of stationery even if it is kept in use for more than one year is shown as an expense but not shown as an asset. Which Accounting Principle does it relate to?

i)             Matching Principle

ii)            Historical Cost concept

iii)          Revenue Recognition Concept

iv)          Accrual Principle

Q:2 In cash basis of accounting, Machinery is shown in the books of accounts when it is paid for at the time of its purchase. It is not depreciated over its life. Which Accounting principle is ignored?

i)             Historical Cost concept

ii)            Accrual Principle

iii)          Going Concern Concept

iv)          Revenue Recognition Concept

Q:3 Salary of the current year is paid in the next financial year but it is recorded in the profit and Loss A/c of the current year and is used in calculating profit and loss. It adheres to the requirement of which accounting principle.

i)             Matching Principle

ii)            Accrual Principle

iii)          Double Entry Concept

iv)          Revenue Recognition Concept

Q:4 According thich principle, Closing stock is shown on the credit side of Trading A/c, as a deduction from purchase.

i)               Historical Cost concept

ii)            Accrual Principle

iii)          Matching Principle

iv)          Revenue Recognition Concept

Q:5 A Jeweler is left with a stock of gold at the end of the financial year which has a cost of Rs 50,000 but a market value of Rs 70,000. At what value the closing stock be shown and in adherence to which principle?

i)             Rs 70,000 & Principle of conservatism and prudence

ii)            Rs 70,000 and Matching Principle

iii)          Rs 50,000 and & Principle of conservatism and prudence

iv)          Rs 50,000 and Matching Principle

Q:6 Income tax paid by the owner on the firm’s income is treated as drawings. Which principle is followed?

i)             Going Concern Principle

ii)            Business Entity Concept

iii)          Double Entry Concept

iv)          Revenue Recognition Concept

Q:7 Mr X buys a TV set from an electronics showroom. He pays the amount immediately but agrees to take its delivery only after 15 days. The bill is made and given to buyer. After one week, the fire occurred in the godown causing complete damage to the TV set kept by Mr X. Can Mr X recover the money from the showroom owner.

i)             Yes, Revenue Recognition

ii)            No , Revenue Recognition

iii)          Yes, Going Concern

iv)          No , Going Concern

Q:8 Income received in advance is not treated as income but is shown as a liability. It is according to which accounting Principle?

i)             Accrual Principle

ii)            Historical Cost

iii)          Going Concern

iv)          Business Entity

Q:9 The principle that leads to the equality of Debit and Credit balances in Trial balance

i)             Accrual Principle

ii)            Dual Aspect

iii)          Accounting Period

iv)          Business Entity

Q:10 Apple files a suit against Samsung for infringement of patent laws. Apple is quite sure of receiving Rs 120 crore out of it. But the verdict has not been given by the court yet. Can Rs 120 crore be shown as an income.

i)             Yes Accrual principle

ii)            No, Prudence principle

iii)          Yes, Prudence principle

iv)          No, Accrual principle

Q:11 Purchase of machinery Rs 1,00,000 having a life of 10 years wrongly debited to purchase A/c. Which Accounting principle is violated?

i)             Matching Principle

ii)            Accrual Principle

iii)          Going Concern

iv)          Business Entity Concept

Q:12 Which Accounting principle is violated if an Account of Rs 400 withdrawn by the proprietor for his personal use has been debited to repairs A/c.

i)             Consistency

ii)            Going Concern

iii)          Business Entity

iv)          Dual Aspect

Q:13 According to which accounting principle Prepaid expenses is shown in the Balance Sheet not in Profit and Loss A/c.

i)             Accrual

ii)            Matching

iii)          Accrual and matching both

iv)          Revenue Recognition

Q: 14 Value of machine purchased on 1/4/2015 was Rs 1,00,000. The fair value of the machine is Rs 80,000 as on 31/03/2016. The life of the machine is 10 years. What is the amount of depreciation to be charged to P&L A/c as per a) Indian GAAP, b) IFRS

i)             20,000; 10,000

ii)            20,000; 10,000

iii)          10,000; 10,000

iv)          10,000; 20,000

Q: 15 Different Accountants may follow different accounting methods for same items like depreciation. This violates the Accounting principle of  i)Prudence  

ii) Objectivity

iii) Consistency

v)           Objectivity & Consistency.

Business studies

Class 12th

Chapter : Principles of management

Case Studies

Q1 In a school ABC Public School, there is a biometric device and employees need to punch while entering and leaving out of school. Every employee is paid remuneration according to the government scale and any increment in the salary by the government is also appropriated accordingly. There is a contract entered into with the employee according to which neither the employee nor the school can leave before a notice period of three months and they are employed for at least a period of one year. The school provides a letter of appreciation to the teacher performing in outstanding manner.

Identify and state the principles of management followed by the school by quoting the lines from the above paragraph.    (6)  

                                                                             

 Q:2 In a school, there is a leave application form to be filled by every employee and approval from the Principal is to be taken before taking leave from the school. There is a leave policy and a teacher can take eight leaves during a year.

The teachers working here belong to different castes and religion and every employee working on the same post and has same experience is paid an equivalent salary. The exam , CBSE, Timetable, bus duty related instructions are given to the teachers by specified head only. The formal line of communication requires here that the subject teachers must report to the subject coordinators who in turn has to report to the incharge and finally the incharge has to report to the Principal.

Identify and state the principles of management followed in the school by quoting lines from the above paragraph.   (6)

Q:3 One time there developed a dispute between Harbhajan Singh and Andrew Symonds in the game of cricket during a series between India and Australia. The issue was that Andrew charged Harbhajan of a racial abuse. India was on a loosing side that time. The entire Indian team backed Harbhajan Singh and fought hand in hand causing Harbhajan out of the charge and lifting the spirit of the team so high that India went on to win the series.

i)             Identify the principle of management in the above case study.

ii)            Explain the principle.

Q4. An employee of Tata Group is entrusted with confidential information like restructuring plans, raising finances, information on profits, earnings and dividends. However he is not required to use information not available to investing public. In Tata Beverage group, human resources, communication  ,IT ,finance, production, procurement and research are handled at global level.Global executive office is situated at London which takes care of these functions.Sales and Marketing operations are handled from six regions:South America,U.S.A.,South Asia,Africa,U.K.,Canada.Tata Group also has come up with Tata Innovista to award teams that come up with best innovations.

Identify three principles of management being followed here.Justify your answer.

Q5. Nutan Tiffin Box service was started in Mumbai by Mumbai Dabbawalas. The Dabbawalas aim to provide prompt and efficient services by providing tasty homemade tiffin to all office goers at right time and place. The service is uninterrupted even on the days of bad weather, political unrest and social disturbances. Recently they have started online booking system through their website ‘mydabbawala.com’.The Dabbawalas operate in a group of 25-30 people along with a group leader. Each group teams up with other groups in order to deliver the tiffin on time. They are not transferred on frequent basis as they have to remember the addresses of their customers. They follow certain rules while doing trade- No alcohol during working hours; No leave without permission; Wearing of white cap & carrying ID cards during business hours.

 State any two principles of management given by Fayol from above paragraph

Q6. Voltechindia Ltd, is manufacturing LED bulbs to save electricity and running under heavy losses. To revive from losses, the management thought of shifting the unit to backward area where labour is available at the low cost .The management also asked workers to work overtime without any additional payment and promised to increase the wages of the workers after achieving the mission .State principle of management discussed above.

Q7 Identify the general principles of management violated, state the principle and give one advantage & one consequence of its violation:

Deepak & shikha are clerks & are paid Rs 20000 pm & Rs 15000 pm 
respectively. 

Q8 Identify the general principles of management violated, state the principle and give one advantage & one consequence of its violation:

Mohan, an employee receives contradictory instructions from three different 
managers to carry out a task. 
                              

Q9 Identify the general principles of management violated, state the principle and give one advantage & one consequence of its violation:

Prakash, a general manager, is always engaged in day to day operational 
activities & is unable to concentrate on core issues of the company. 


Q10 One of the Principles of scientific management emphasizes that to make the employees learn the 'best method' of production, training to workers is essential. It 
further emphasis that each person should be scientifically selected and the work assigned to the employees should suit physical, mental & intellectual capabilities.

a. Name and explain the principle of scientific management involved.


b. Name the technique of scientific management which is supports the above principle of scientific management.


        

Business Studies: Class 12th 

Case Studies : 

Chapter :1 Nature and significance of management

1

1.  Reshma and Samiksha are friends. Considering the fact that activities involved in managing an enterprise are common to all organisations, after completing their masters in Business Management, both of them take up job at managerial level in different organizations as per their individual areas of interest. Reshma takes up a marketing job in a retail company and strives to increase sales whereas Samiksha joins an NGO and works diligently to realize its objectives related to providing employment to specially abled persons. Both of them have to perform a series of continuous, composite but separate functions. On some days, Reshma may spend time sorting out an employee’s problems and on other days she may spend more time in planning a future display layout. Both of them make conscious efforts to build a feeling of team spirit and coordination among diverse individuals with different needs who work under them. The effect of their management is noticeable in their respective departments as the targets are met according to plans, employees are happy and satisfied and there is orderliness in its functioning rather than chaos.

In the context of the above case, identify and state the various features of management highlighted by quoting the lines and explain them.

2.2.    Sunshine ltd. Manufacturer electronic goods like washing machines, microwave ovens, refrigerators and air conditioners. The company is facing a lot of problems these days. The company’s margins are under pressure and the profits and market share is declining. The production department blames marketing department and the marketing department blames production department. The finance department blames all the the departments for declining return on investment and bad marketing.

A.   What quality of management do you think the company is lacking? Justify your answer.

B.   State 2 points of importance of the concept identified in A.

3.   3.  Vansh’s father has retired as a regional manager of a company. Name the level at which he was working. State any one function he was performing at that level.

4.    4.  Amar Ltd.is engaged in production of electrical goods The company’s profits and market   share are declining. The production department blames the marketing department for not meeting the sales targets and the marketing department blames the production department for producing goods which are not of good quality and do not meet the customer’s expectations. The finance department blames both the production and marketing departments for declining return on investment. 

          1.What quality of management do you think the company is lacking?   

          2.List its two features

          3.List any two values which are ignored by employees of Amar Ltd.  

5.    5.Technology major Google is looking for a major expansion in the region as it opens its first data centre in India next year, with plans to hire thrice the number of people, as well as reach out to start-ups and small and medium enterprises (SMEs).Rick Harshman, managing director, Asia Pacific and Japan, Google Cloud, who is in India finalising details before the launch of the data centre, said they were hiring people for multiple roles, including technical and sales.

Identify the two major objectives being pursued by Google In India. Explain the objectives and also clearly specify the sub category of the objective identified.

6.  6.  The Overseas Indian Facilitation Center (OIFC) has partnered with the Hyderabad-based Indian School of Business (ISB) to launch OIFC-ISB India Fellows Programme, which is designed for the young Indian  business owners and professionals outside India to familiarise them with doing business in India. The year-long programme led by ISB is offered as a blended model comprising technology-aided learning and a specially-designed 12-days residential programme in India. It will provide an experiential mix including exposure to the touch and feel of the Indian market, networking .

(a)Identify the nature of management highlighted .

              (b) Also identify and explain the features that are being fulfilled by management.

7.  Rama Clothes ltd.’s target is to produce 20,000 shirts per month at a cost of Rs.500/- per shirt. The production manager achieved this target at a cost of Rs.450/- per shirt. Do you think the manager is effective and efficient?

Q8.  Identify the type of objectives of management

a)  A sale of Rs. 27,500 is must to cover the production cost at least. 


b)  A play way school will be set up by the company for its employees‘ children within the office premises.

c)  We will introduce one variant of the fruit juices processed by us every six months for the next 4 years. 


9.  Josh Enterprises decides to have a meeting of all the key employees of different departments in the organisation. The main motive is to tell the employees to keep the target of 20% increase in sales as the main objective when they work throughout the year. The meeting is full of ideas regarding the employees and processes involved. Various plans are made to harness the potential of the employees and streamline the processes. However with the passage of a few days the external business environment checks the capability of the organisation to adapt to the situations. The company successfully comes out at the end of the year with flying colours.

What are the various features of business you can find highlighted here? Also identify the lines in which these features have been highlighted.

10. Mr A is a qualified CA graduate and has learned well about various Accounting techniques. He and his three batch mates have graduated from the same institutes and are taught by the same teachers and have gone through the same test assignments. Mr A actually took up internship assignment with one of the big four companies and took up audit, accounting and other practical assignments with a number of good companies. Now all these three friends are employed in different companies. While Mr A is able to explore the entire world of Accounting but the other two face problems whenever some new situation or assignment comes.

i) Identify the nature of management in the above case study.

ii) Give three features of the nature identified above and explain them.