Name:

Enrolment No:

UNIVERSITY OF PETROLEUM & ENERGY STUDIES

Mid Semester Examination (Online) Sep-Oct, 2021

Program: BBA (ABD, GE&S) Semester: I

Subject/Course: BUSINESS ACCOUNTING Max. Marks: 50
Course Code: FINC1007 Duration: 2 Hours

IMPORTANT INSTRUCTIONS

1. The student must write his/her name and enrolment no. in the space designated above.
2. The questions have to be answered in this MS Word document.
3. After attempting the questions in this document, the student has to upload this MS Word document on
Blackboard.

Mark
Q.No COs
s

Define Accounting. What are the functions ‘accounting’ undertakes in

1 business organization? 10 CO2

“There are many stakeholders interested in accounting statement”.

2 Enumerate this statement. 10 CO1

3 What is “GAAP”. Discuss the accounting conventions. 10 CO3

4 10 CO4

Mr. X has the following transactions in the month of April.

Write Journal Entries for the transactions.

10th April : Commenced business with a capital of 1,00,000

11th April : Purchased goods from Veeru for 20,000
13th April : Purchased Goods for Cash 15,000
14th April : Purchased Goods from Abhiram for cash 9,000
 16th April : Bought Goods from Shyam on credit 12,000
17th April : Sold goods worth 15,000 to Tarun
19th April : Sold goods for cash 20,000
20th April : Sold goods to Utsav for cash 6,000
21st April : Sold goods to Pranav on credit 17,000
22nd April : Returned goods to Veeru 3,000
23rd April : Goods returned from Tarun 1,000
25th April : Goods taken by the proprietor for personal use 1,000
26th April : Bought Land for 50,000
27th April : Purchased machinery for cash 45,000
28th April : Bought computer from Intel Computers for 25,000
28th April : Cash sales 15,000
29th April : Cash purchases 22,000
30th April : Bought furniture for proprietor's residence and paid cash
10,000
5 Prepare a trial balance for the above transactions (Please refer question: 4) 10 CO3

ANSWERS
Name – Uttam Dangi
Enrollment no-R193221067

Ans 1) accounting is a cycle including recording monetary exchanges relating to business.

The accounting system incorporates summing up, breaking down, and announcing these
exchanges to oversight organizations, controllers, and assessment assortment elements the
budget reports utilized in accounting are a compact outline of monetary exchanges over a
accounting period, summing up an organization's activities, monetary position, and incomes.
The capacities embraced by "accounting" are
Control of monetary arrangement and development of an arranging
different monetary informations is introduced before the board so it can handle monetary
arrangements and define plans for future exercises
Readiness of spending plan
The readiness of assessed articulations of pay and use dependent on future exercises is
additionally significant administrative capacities
Cost control
A standard expense is assessed in front of each cost. For this, fundamental data is given from
accounting records
Assessment of workers execution
Doled out errands of representatives of each division of an association are to be assessed. For
this,accounting gives the important data
Counteraction of blunders and fakes
Through the accounting framework, the exercises of e,ployees are checked to forestall
mistakes and misrepresentation

Ans 2) there are many stockholders, creditors, governmental and regulatory agencies,
customers, and managers and other employees Stockholders are owners of a
business.Publicly traded companies sell stock (ownership) to the general public.Privately held
companies offer stock to whether the benefit the company provides is worth the risk they are
facing by investing in the company.
and the employees want to know for their job security as it also depends of if companies have
made profit from accounting statement or not
and the lenders want to know if the company will be able to provide the loan back or not as it
to depents on companies accounting statement.

Ans 3) Generally Accepted Accounting Principles (GAAP) are fundamental accounting

standards and rules which give the system to more definite and far reaching accounting rules,
norms and other industry-explicit accounting rehearses. For instance, the Financial
Accounting Standards Board (FASB) utilizes these standards as a base to outline their own
accounting norms. There are four generally perceived accounting shows: traditionalism,
consistency, to be completely honest, and materiality.
Ans4)
Ans 5)