MBAA-102: Accounting for Managers – Unit 1

MBAA-102: Accounting for Managers – Unit 1

Objectives: Nature and role of accounting; Meaning and objectives of accounting; Different branches of accounting: and The basic accounting concepts, principles and conventions.

Materials: The relevant materials are available here.

Questions:

1. Confidence and trust that the reported information is a reasonable representation of the actual items and events, that have occurred, indicate which qualitative characteristic of accounting information.
2. State whether a large order of supply of goods received by the firm be recorded in books.
3. Appointment of a new managing director is not recorded in the books of accounts. Why?
4. Distinguish between financial accounting, cost accounting, and management accounting.
5. Distinguish between book-keeping, accounting, and accountancy.