BCOC-131 FINANCIAL ACCOUNTING

BCOC-131 Financial Accounting – Assignment Answer Compilation

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BCOC-131 Financial Accounting – Assignment Answer Compilation Below are the links to all the answers for the BCOC-131 assignment: What are the qualitative characteristics in accounting information? Briefly Explain What do you mean by double entry system? Distinguish it from single entry system. What are Accounting standards? What is the need of issuing accounting standards? […]

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What is the difference between normal loss and abnormal loss? Give examples.

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Introduction In the field of accounting and cost management, understanding the types of losses incurred during production or business activities is essential. Two key types of losses commonly identified are normal loss and abnormal loss. These losses have different characteristics, accounting treatments, and implications on business operations. Identifying and managing these losses helps businesses maintain

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Describe the rights of a hirer under purchase agreement.

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Introduction In a hire purchase agreement, the hirer gets the right to use an asset while paying for it in installments over a specified period. However, the ownership of the asset remains with the seller until all installments are paid. This financing method is widely used for acquiring consumer goods and capital equipment. Understanding the

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What are the features of Ind‑AS 101?

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Introduction Indian Accounting Standards (Ind-AS) are a set of accounting standards that have been converged with International Financial Reporting Standards (IFRS). Ind-AS 101 is particularly important as it provides the guidelines for first-time adoption of these standards by Indian companies. This standard ensures that financial statements are comparable and transparent across international and domestic borders,

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Briefly discuss the function of accounting.

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Introduction Accounting is often referred to as the language of business. It involves the systematic recording, reporting, and analysis of financial transactions of a business. Its primary function is to provide accurate and timely financial information that supports decision-making, planning, and control within an organization. Main Body Functions of Accounting 1. Recording Transactions This is

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Explain the components of Tally.

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Introduction Tally is a widely used accounting software in India and abroad, known for its simplicity, flexibility, and robust functionality. It helps businesses manage accounts, inventory, payroll, taxation, and more. Understanding its key components is essential for efficient usage in financial record-keeping and decision-making. Main Body Key Components of Tally 1. Gateway of Tally This

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State the salient features of joint venture. Distinguish it from consignment.

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Introduction A joint venture is a temporary business arrangement where two or more parties come together to undertake a specific project or business activity. Each party contributes resources and shares profits and losses in an agreed ratio. Though often confused with consignment, a joint venture has distinct characteristics and legal implications. Main Body Salient Features

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What is loading? How do you compute it? Give examples.

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Introduction In accounting, particularly in consignment and branch accounts, the term “loading” refers to the difference between the cost price and the invoice price (or selling price) of goods. It represents the profit margin or markup added to the cost by the consignor or head office. Understanding and computing loading is crucial for accurate accounting

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“Consignment is the same thing as sale”. Discuss.

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Introduction The terms “consignment” and “sale” are often used interchangeably in everyday language. However, in accounting and commerce, they have distinct meanings and legal implications. While both involve the transfer of goods, the ownership, risk, and accounting treatment differ significantly. This article explains the differences and clarifies why consignment is not the same as a

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What are the characteristics of a hire purchase agreement?

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Introduction A hire purchase agreement is a financial arrangement in which a buyer agrees to purchase goods through installment payments. Ownership of the asset is transferred only after the final payment is made. This system is commonly used for acquiring expensive goods such as vehicles, machinery, or electronics, particularly by businesses and individuals who prefer

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