Assignment for Sem1

MBA SEMESTER 1 MB0041- FINANCIAL AND MANAGEMENT ACCOUNTING (Book ID :B1130) ASSIGNMENT SET-1 Q.1 Explain the heterogeneous accounting Concepts and teachings? Ans : method of accounting information is used by various stakeholders. Since all the stakeholders should understand the accounting languages in the aforementioned(prenominal) sense, certain principles, concepts and policies of accounting have been laid down. Accounting principles: Accounting principles are basically the rules of action adopted by the restrainer universally while recording accounting transaction. The accounting principles are a) Principles of income deferred payment: b) Principles of Matching constitute and Revenue c) Principles of historical costs d) Principles of full disclosure e) Double cyclorama principle f) Modifying principle g) Principle of materiality h) Principle of consistency i) Principles of Conservatism or Prudence a)Principle of income credit rating: According to this concept, revenue is considered as being earned on the date on which it is realized i.e. the date on which goods and go are transferred to the customers for cash or for promise.

b)Principle of matching cost and revenue: Revenue earned during a period is compared with the use incurred to earn that income, whether the expenditure is paid during that period or not. c)Principle of historical costs: All the assets are recorded at the cost of acquisition and this cost is the basis for all consequent accounting for the assets. d)Principle of full disclosure: The vocation endeavor should disclose relevant information to all the parties concerned with the government It means that any information of substance or of intimacy to the average investors will have to be disclosed in the financial statement. e)Double Aspect Principle: A business entity is an independent unit and it receives benefits from some and gives benefits to some other. Benefit real and benefit... If you want to get a full essay, order it on our website: Orderessay

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