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Accountancy is an information system

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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

 

50,000

 

25,000

 

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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