NMIMS – Essentials of Financial Accounting
NMIMS Essentials of Financial Accounting Solved Assignment
1. Accounting is a process of collecting, organizing, and analyzing information. The NMIMS MBA Essentials of Financial Accounting Solved Assignment explores this process in detail. It is used in business management to make decisions about products and services, resources, debt and equity, and taxes. The advantages of accounting are that it helps you understand where your money is coming from and where it’s going however accounting has its own limitations. Do you agree on that? Discuss suitable points to support your answer. (10marks)
2. Vijaya Brothers has the following refrigerator in inventory as on March 31, 2023
| Item | Quantity | Cost per unit | Net realizable value |
| Godrej 2 Star | 15 | 20000 | 28000 |
| Samsung Direct Cool | 35 | 25000 | 23000 |
| Sony Direct Cool | 50 | 12000 | 16000 |
| Motorola | 100 | 35000 | 30000 |
Discuss the Accounting Standard & applicability of the Accounting Standard which talks about inventory valuation. Also, find out the overall value of inventories under each item as per the applicable accounting standard. (10marks)
Break up:
4 marks for identifying value of inventory
6 marks for – Discuss the Accounting Standard & applicability of the Accounting Standard which talks about inventory valuation
3. Consider the following transaction pertaining Ammar’s business.
1. Started business with cash Rs 3 lacs
2. Purchased goods for cash Rs 1.2 lacs
3. Purchased goods on credit Rs 60000
4. Purchased furniture for cash Rs 20000
5. Deposited RS 50000 in the bank
B. Define the term accounting equation, discuss the impact of each transaction in the books of accounts. (5marks)
Break up
2+3=5 marks for correctly explaining term accounting equation, the impact of each transaction