Beyond Academy

CHAPTER 1 NATURE AND SIGNIFICANCE  OF MANAGEMENT CONCEPT OF MANAGEMENT Management is defined as a process of getting things done with the aim of achieving goals effectively and efficiently.  Q. What do you mean by Effectiveness? Ans. Effectiveness is said when manager completes the task in time but without considering cost. Q. What do you mean by Efficiency? Ans. Efficiency is said manager completes the task in time considering the cost. CHARACTERISTICS/FEATURES OF MANAGEMENT  (i) Management is a goal-oriented process:  Every organisation has a  set of basic goals to be achieved. For example:-  to increase sales, to increase profit %.  (ii) Management is all pervasive/ Management is a Universal process : Management is applicable every where i.e., in all institution (social, religious, hospitals, schools, etc) and at every level.  (iii) Management is multidimensional:  It has three main dimensions:-...

Theory of History Of Accounting Unit 1: Introduction to Accounting. Q 1) What is the need for Accounting Theory? Ans. The goal of management accounting is to help company manager and supervisor to make financial decision where as, the goal of financial accounting is to provide important financial information about company to those outside of the business. NEED OF ACCOUNTING: Accounting & book keeping have been around just about as long as human had engaged in trade and commerce. This make sense because if we want to do business to know the financial position and result of the business during a particular period we need accounting.                  Outsider of the business take financial decisions with the help of accounting. Q 2) What are the different theories & practices of Accounting Theory? Ans.  Accounting theory is a set of assumptions, frameworks and methodologies used in the study and application...

Theory Of Insurance Claim  Advance Financial Accounting Q. What is Average Clause? Ans. A firm insurance policy usually include a average clause to dis coverage the under insurance of stock or any assets. The effect of this clause is that if the value of stock or any assets on the date of fire is more than the amount of policy taken. The all value of stock or other assets doesn't become payable to the insured but the insurance company pay the proportion of the loss. Q. What are the procedure  to be followed at the time of computation of loss of profit? Ans. The following procedure is followed for the calculating of loss of profit:- i)  Compute the short sale by comparing the sale made during the abnormal period in the year of fire with the sale of same period of the last preceding the year of fire. ii) Calculate the rate of Gross Profit of the financial year preceding the year of fire. iii) Calculate the loss of profit on short sale by apply...

Theory of Branch Accounting Advance Financial Accounting Q. What is the Objective of Branch Accounting? Ans. Main objective of keeping branch accounting depend on the nature of branch and specific need of particular branch. Objective :- i) To know profit or loss of each branch separately . ii) To ascertain financial position of each branch on a particular date. iii) To know the cash & good requirement of various department. iv) To evaluate the progress and performance of each branch. v) To know the profit availability of each branch. vi) To give concrete solution for the improvement of various branch. Q. What is Debtor System? Ans. Under this system Head Office open a separate Account for each branch in order to record all transaction related to Branch Debtor. Q. What is final Account System? Ans. Under this system Head Office open a trading & P/L A/C to find out P/L of each branch. Q. What is Stock and Debtor System? Ans. Under t...

Theory of Voyage Account Advance Financial Accounting (B.com) Q. What is Bunker cost? Ans. It refers to the amount spent on fuel, coal, derrick & fresh water used for the purpose of voyage. Q. What is freight? Ans. These charges are paid to port authority for allowing the ship to use port for londing and unloading of cargo. Q. What is Stevedoring Charges? Ans. This charge are paid for loading and unloading of cargo on and from the ship. Q. What is Passage Money? Ans. The fright earned are sometime supplemented by passage money in respect of passenger carrying. Q. What is Primage? Ans. It is an additional freight just like sub-charge on freight originally collected from the captain of the ship. Now a days it is treated as income of shipment company. Q. What is Voyage in Progress? Ans. A part of the voyage which is incomplete at the end of accounting period is known as voyage in progress. -----------------*****-----------------

Theory Of Investment Account Advance Financial Accounting (B.com) Q. What is Cum-dividend/Cum-interest quotation? Ans. Cum dividend quotation means price received including dividend or Interest accrued on the investment up to the date of sale. Therefore it should be split-up into nominal charge. *Dividend in case of Equity Shares and Preference Share. *Interest in case of Debenture, Government Bonds. Q. What is ex-dividend/ex-interest quotation? Ans. When the accrued interest/dividend up to the date of sale is not included in the selling price than it is called as ex-dividend or ex-interest price. --------------------*****---------------- AliExpress.com Product - Newest Couple Queen King Crown Fuax Leather Quartz Analog Wrist Watch Chronograph 2017 Wom

Theory of Royalty Account Q. What is Royalty? Ans. A   royalty  is a periodically payment based on output or sale for the use of certain trade mark, copy right, assets, etc. Q. What is minimum rent/dead rent/fixed rent? Ans. Royalty agreement are generally associated with a clause that the leaser or landlord must received a minimum amount, whatever be the production or sale in a particular period such minimum amount is known as minimum rent. Q. What is Short Working? Ans. Excess of minimum rent over actual royalty calculated on the basic output or sale is termed as short working. Q. What is Recoupment? Ans.  Recoupment mean recovery of short working of previous year or years from excess royalty of current year. Q. What is sub-lease/sub-royalty? Ans. Sometimes the term of original lease may empower the lessee to sub-let a part of the land to another person as a sub-lessee in such a case the position of original lessee will be two fol...

Theory of Hire Purchase System Q. What is Hire Purchase System? Ans. Hire purchase System is a system where buyer accrue the possession of the goods immediately and agree  to pay the total hire purchase price in installment. Each installment is treated as hire charge till the payment of last installment when ownership of good posses from the seller to buyer. Q. Distinguish between Hire purchase agreement/system and sale? Ans. HIRE PURCHASE SYSTEM: 1. In case of hire purchase, title passes through the buyer only after last payment is made. 2. Under hire purchase system buyer can not dispose off the goods until last payment is paid. 3. Under hire purchase system seller can reposes the goods if the buyer make any default in payment. 4. In case of hire purchase system position of buyer is just where that of bailee until the title passes through him. 5. In case of  hire purchase system buyer can either retain or return the good. Sale: 1. Under a sal...