Define Accounting. Explain the accounting concepts which guide the accountant at the recoding stage.

In business various exchanges happen each day. It is humanly difficult to recall every one of them. The chronicle of business exchanges is the primary capacity served by Accounting. With the assistance of bookkeeping records the businessperson can find out the benefit or misfortune and the budgetary position of his Business toward the finish of a given period and convey such data to every single invested individual. Here, we mean to have a diagram of Accounting and examine its tendency, extension and significance. We should likewise examine the fundamental ideas which to be seen at the account organize and clarify the guideline of twofold passage i.e., the standards of charge and credit.

Bookkeeping An Overview –

You know there is a cutoff to human memory. You can’t recall all that you do or every exchange you make. In the event that you are given Rs. 5,000 and solicited to purchase a number from things you will think that its hard to recall the detail of different things you acquired. Thus, it winds up noticeably important for you to keep in touch with them on a bit of paper or a note pad. It is still more troublesome if there should arise an occurrence of business which more often than not includes countless. In business you need to purchase and offer all the more as often as possible. You make installments and get installments from time to time. It turns out to be practically difficult to recall every one of these exchanges unless you record them legitimately you can’t acquire any money related data you require. For instance, you can’t without much of a stretch find out the sums to be gotten from different clients to whom the merchandise were sold using a loan. You won’t know the detail of the amount you owe to your providers. You may likewise think that its hard to work out the benefit earned or misfortune acquired amid a specific period. It is, along these lines, important to keep up a legitimate record of the considerable number of exchanges which happen every once in a while. The chronicle of business exchanges in an orderly way is the fundamental capacity served by bookkeeping. Whichever the type of business association a sole proprietorship, an organization, an organization, or a co-agent society, it needs to keep up appropriate records. The bookkeeping data is helpful both for the administration and the outside organizations like duty specialists, banks, leasers and so forth. The administration needs it for motivations behind arranging, controlling and basic leadership. The banks and loan bosses require it for evaluating the credit value of the business and the expense specialists utilize it for deciding the measure of pay impose, deals assess, and so on. Truth be told, bookkeeping is vital for business associations as well as for non-business associations like schools, universities, healing centers, clubs and so forth.

Targets of Accounting

The destinations of bookkeeping can be expressed as takes after :

To keep up efficient records: Accounting is utilized to keep up orderly record of every single money related exchange like buy and offer of products, money receipts and money installments, and so on. It is additionally utilized for recording different resources and liabilities of the business.

To learn net benefit or net loss of the business: A representative would be occupied with occasionally finding the net aftereffect of his business operations i.e., regardless of whether the business has earned benefit or caused some misfortune. A legitimate record of all, pay and costs help in setting up a Profit and Loss Account and find out the net consequence of business operations amid a specific period.

To find out the monetary position of the business: The agent is additionally inspired by determining the money related position of his business toward the finish of a specific period i.e., the amount it claims and the amount it owes to others. He might likewise want to realize what happened to his capital, regardless of whether it has expanded or diminished or stayed steady. An efficient record of advantages and liabilities encourages the arrangement of a position explanation called Balance Sheet which gives the important data. ”

To give bookkeeping data to invested individuals: Apart from proprietors there are different gatherings who are occupied with the bookkeeping data. These are: brokers, leasers, assess experts, forthcoming financial specialists and so on. They need such data to evaluate the benefit and the monetary soundness of the business. The bookkeeping data is conveyed to them as a yearly report.

Definition and Scope of Accounting

The subject of “Bookkeeping” has been characterized in various routes by various specialists. Along these lines, it is extremely hard to characterize the subject through a solitary definition. Be that as it may, the accompanying definitions would give a general comprehension of the subject.

As per the American Accounting Association “Bookkeeping is the way toward distinguishing, measuring and conveying financial data to allow educated judgments and choices by clients of the data”. This definition stresses three viewpoints viz., recognizing, measuring, and imparting financial data.

In the expressions of the Committee on Terminology, selected by the American Institute of Certified Public Accountants, “Bookkeeping is the specialty of recording, grouping and compressing in a critical way and as far as cash, exchanges and occasions which are, to a limited extent at any rate, of a budgetary character and deciphering the outcomes thereof. This is a prominent meaning of bookkeeping and it traces completely the nature and extent of bookkeeping action.

You know a business is by and large begun with the proprietor’s assets known as capital. The proprietor may likewise acquire a few assets from banks and different organizations. These assets are used to secure the advantages required for the business and furthermore to complete different business exercises. In the process various exchanges happen. The bookkeeper needs to recognize the exchanges to be recorded, measure them as far as cash, and record them in fitting books of record. At that point he needs to arrange them under partitioned heads of record, set up a synopsis as Profit and Loss Account and Balance Sheet, and examine, decipher and impart the outcomes to the invested individuals. This is the whole and substance of bookkeeping. The extent of bookkeeping can, in this manner, be laid out as takes after:

Bookkeeping is worried about the exchanges and occasions which are of a money related character. Such exchanges must be distinguished by the bookkeeper. He can do as such with the assistance of different bills and receipts.

Having recognized the exchanges, they ought to be measured and communicated regarding cash, if not communicated as of now. Exchange are recorded in books just as far as cash and not regarding physical amounts.

The exchanges which are distinguished and measured are to be recorded in a book called – “Diary” or in one of its sub-divisions.

The recorded exchanges must be arranged with a view to assemble exchanges of comparative nature at one place. This work is done in a different book called ‘Record’. In the record, a different record is opened for every thing with the goal that all exchanges identifying with it can be brought at one place. For instance, pay rates paid at various circumstances are brought under ‘Compensations Account’.

The exchanges which are recorded and arranged will bring about a mass of budgetary information. It is, in this manner, important to outline such information occasionally (at any rate once every year) in a huge and significant shape. This is done as a Profit and Loss Account which uncovers benefit or misfortune, and a Balance Sheet which demonstrates the money related position of the business.

The condensed comes about must be investigated and deciphered with the assistance of measurable devices like proportions, midpoints, and so forth., and analyzed basically. Later on, this information will be conveyed as reports to the invested individuals.

Accounting, Accounting and Accountancy-

As per G.A. Lee, the bookkeeping framework has following two phases :

i) the making of routine records, in recommended frame and as per set tenets, of all occasions which influence the money related condition of the association; and

ii) the summarisation occasionally of the data contained in the records, its introduction in a noteworthy shape to invested individuals, and its elucidation as a guide to basic leadership by these gatherings.

Stage (i) is called Book-keeping and stage (ii) is called Accounting.

Accounting is in this manner a restricted term concerned fundamentally with the upkeep of the books of record and covers the initial four exercises recorded in the extent of bookkeeping viz., distinguishing the exchanges and occasions to be recorded, measuring them as far as cash, recording them in the books of prime passage, and posting them into record. Bookkeeping, then again, is worried about outlining the recorded information, translating the money related outcomes and imparting them to every single invested individual. As such, bookkeeping begins where accounting closes. Be that as it may, by and by, the bookkeepers additionally immediate and audit crafted by accountants and in this way the term bookkeeping is for the most part utilized as a part of a more extensive sense covering all the bookkeeping exercises, Thus, Book-keeping is viewed as a piece of Accounting.

The expression “Bookkeeping” alludes to a systematized information of bookkeeping and is viewed as a scholarly subject like financial matters, measurements, science, and so on. It clarifies ‘why to do’ and ‘how to do’ of different parts of bookkeeping. As it were, while Accounting alludes to the genuine procedure of getting ready and introducing the records, Accountancy reveals to us why and how to set up the books of record and how to compress the bookkeeping data and convey it to the invested individuals.

Along these lines, Accountancy is a science (an assemblage of systematized information) though; Accounting is the craft of putting such learning into training.

When all is said in done utilization, be that as it may, Accountancy and Accounting are utilized as equivalent words (which means a similar thing). In any case, recently, the term bookkeeping is winding up increasingly popul

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    Master’s Degree Programme in English
    (July, 2017 and January 2018 Sessions)
    (Compulsory Courses of M.A. English — 1
    st Year)
    British Poetry-01
    British Drama-02
    British Novel -03
    Aspects of Language -04
    School of Humanities
    Indira Gandhi National Open University
    Maidan Garhi, New Delhi-110068
    MEG-01, 02, 03 & 04
    Master’s Degree Programme in English
    Assignments for Ist year Compulsory Courses
    Course Code: MEG
    Dear Student.
    This booklet contains all the assignments of the Compulsory Courses of MA (English) Ist year
    MEG – 0I British Poetry
    MEG – 02 British Drama
    MEG – 03 British Novel
    MEG – 04 Aspects of Language
    Each course will comprise one assignment of 100 marks. This assignment will be tutor marked.
    Aims: The TMAs are concerned mainly with assessing your application and understanding of the course
    material. You are not required to reproduce chunks of information from the course material but to use the
    skills of critical appreciation that you may have acquired during the course of study. These assignments
    aim to teach as well as to assess your performance. Please ensure that you read the texts and the
    accompanying study guides that we have prepared for you. Let me repeat: you must read all the texts
    prescribed. Do make points as you go along. If there is anything you do not understand, please ask your
    Counselors at the Study Centre for clarification. Once you are able to do the assignments satisfactorily,
    you will be ready to take the exam with confidence.
    Instructions: Before attempting the assignment please read the following instructions carefully:
    1. Read the detailed instructions about the assignments given in the Programme Guide for Elective
    2. Write your Roll Number, Name, Full Address and Date on the top right corner of the first page of
    your response sheet(s).
    3. Write the Course Title, Assignment Number and the Name of the Study Centre you are attached to in
    the centre of the first page of your response sheet(s).
    ROLL NO. ………………………………….
    NAME: ………………………………………
    ADDRESS:. ………………………………..
    COURSE TITLE: ………………………………..

    ASSIGNEMNT NO. …………………………….
    STUDY CENTRE: ……………………………… DATE: ………………………………………
    4. Your answers should be on foolscap paper only. Securely tie the pages together before submitting
    5. Write the relevant question number with the each answer.

    6. Submit the assignment to the Coordinator of your Study Centre before on the due date.
    7. Submission: The completed assignment should be sent to the Coordinator of the Study Centre
    allotted to you by 31stMarch, 2018 (for July, 2017 Session) and 30th September, 2018 (for
    January, 2018 Session). Please read the instructions given in the Programme Guide.
    Now read the following guidelines carefully before answering the questions.
    You will find it useful to keep the following points in mind:
    1. Planning: Read the assignment carefully. Make some points regarding each question and then
    rearrange these in a logical order. And please write the answers in your own words. Do not
    reproduce passages from the units.
    2.Organisation: Be a little more selective and analytic before drawing up a rough outline of your
    answer. In an essay-type question, give adequate attention to your introduction and conclusion.
    The introduction must offer your brief interpretation of the question and how you propose to
    develop it. The conclusion must summarize your response to the question. In the course of your
    answer, you may like to make references to other texts or critics as this will add some depth to
    your analysis.
    Make sure that your answer:
    a) is logical and coherent;
    b) has clear connections between sentences and paragraphs;
    C) is written correctly giving adequate consideration to your expression, style
    and presentation;
    d) does not exceed the number of words indicated in your question.
    3. Presentation: Once you are satisfied with your answers. you can write down the final
    version for submission, writing each answer neatly arid underlining the points you wish
    to emphasize.
    You may be aware that you need to submit your assignment before you can appear for the
    Term End Exams. Please remember to keep a copy of your completed assignment, just in
    case the one you submitted is lost in transit.
    Good luck with your work!
    Note: Remember the submission of assignment is precondition of permission of appearing in
    examination. If you have not submitted the assignment in time you will not be allowed to
    appear in the examination.
    Programme: MEG
    Max. Marks: 100
    Ast code: MEG-01/TMA/2017-18
    Dear Student,
    In a conventional class your teacher would have discussed your assignment with you,
    pointed out what made a good essay and what a bad one. We have done exactly this
    in Unit 52 of the British Poetry (MEG-01) course. Read it carefully and discuss it with
    your counsellor and class-fellows at the Study Centre. Thereafter decide upon a topic,
    i.e. a period or literary group in the history of British poetry. You may, if you wish, select
    a topic from the list given in 52.2.1 (p. 70) in Block X.
    Alternatively, you could write on a British poet of your choice. You may write on a poet
    discussed in the units, i.e. on the syllabus, or even a poet we have not discussed in
    detail such as Robert Burns, G.M. Hopkins, R.S. Thomas, Ted Hughes or Seamus Heaney.
    You may have heard some of our lectures on William Blake, The Movement, Philip
    Larkin and Ted Hughes on the EduSat. They may now be available on e-gyankosh on have yet another choice. Write an essay on a famous poem in
    English literature. Having decided upon your topic, do your research and then read
    section 36.5 in Unit 36 in Block VIII for a model essay and a format for presentation.
    You may learn how to present your term paper/sessional essay from 36.5. You must not
    quote from unacknowledged sources.
    To sum up, write an essay on a period or a literary group in British poetry or a British
    poet or a British poem in about 3000 words on the model provided in 36.5 (in unit 36).
    The full marks for the essay is 100.
    We look forward to reading your sessional essay.
    Sincerely yours
    (Based on Blocks 1-9)
    Programme: MEG
    Assignment code: MEG-02/TMA/2017-18
    Max. Marks: 100
    Answer the first question and any four of the remaining ones.
    1 Explain the following passages with reference to their contexts and supply brief critical
    comments where necessary : 8×5=40
    a. When I behold the heavens, then I repent,
    And curse thee, wicked Mephistophilis,
    Because thou hast depriv‟d me of those joys,
    b. I swear to thee by Cupid‟s strongest bow,
    By his arrow with the golden head,
    By the simplicity of Venus‟ doves,
    By that which knitteth souls and prospers loves,
    And by that fire which burn‟d the Carthage queen
    When the false Trojan under sail was seen;
    c. Come on, Sir. Now you set foot on shore
    In novo orbe; here‟s the rich pern;
    And there within, Sir, are the golden mines great Solomon‟s ophir!
    d. I hit a blow on the ridge of his skull, laid him stretched out, and he split to the knob of his
    e. And I treat a duchess as if she was a flower girl.
    2. How does „wisdom emerge out of the folly and mockery‟ in A Midsummer Night’s Dream?
    3. Attempt a critique of Hamlet‟s soliloquies in Shakespeare‟s play of that name. 15
    4. Brief by outline the historical background of Murder in the Cathedral. 15
    5. Do you agree with Allardyce Nicoll that Look Back in Anger has the theme of a gently
    nurtured girl who is strangely magnetised by a lower class intellectual, Support your answer with
    suitable examples from the text of the play. 15
    6. What changes have Pozzo and Lucky undergone during the course of Waiting for Godot a?
    (Based on Blocks (1 – 9)
    Programme: MEG
    Ast code: MEG-03/TMA/2017-18
    Max. Marks: 100
    Answer all questions.
    1. Write a critical note on the evolution of the British novel. 20
    2. How does Jane Austen treat love and marriage in Pride and Prejudice? 20
    3. Examine Dorethea‟s widowed condition in the light of the issues raised by the
    “Woman Question” in Middlemarch. 20
    4. Analyse the relationship between the Cosmic and the Comic in A Passage to India.
    5. Would you consider Miss Brodie in The Prime of Miss Jean Brodie to be a symbol of
    non – conformity? Give a detailed answer. 20
    Programme: MEG
    Course Code: MEG-04/TMA/2017-18
    Max. Marks: 100
    1 Write short notes on any two of the following: 20
    i Theories of the Origin of Language
    ii The Great Vowel Shift
    iii Criteria for classification of consonants
    iv The difference between simple, complex and compound words
    2 Write in detail, giving examples whenever appropriate, on stress and rhythm of connected
    speech in English. 20
    3 Describe some of the minor processes of word formation in English and their
    contribution to the enrichment of the English word-store. 20
    4 What is a standard language? Discuss in detail the process of language standardization.
    5 Analyse the following extract of a poem by Tennyson using the tools given to you in
    Block 9 of your Course. 20
    Ring out, wild bells
    Ring out, wild bells, to the wild sky,
    The flying cloud, the frosty light:
    The year is dying in the night;
    Ring out, wild bells, and let him die.
    Ring out the old, ring in the new,
    Ring, happy bells, across the snow:
    The year is going, let him go;
    Ring out the false, ring in the true.
    Ring out the grief that saps the mind
    For those that here we see no more;
    Ring out the feud of rich and poor,
    Ring in redress to all mankind.
    Ring out a slowly dying cause,
    And ancient forms of party strife;
    Ring in the nobler modes of life,
    With sweeter manners, purer laws.
    Ring out the want, the care, the sin,
    The faithless coldness of the times;
    Ring out, ring out my mournful rhymes,
    But ring the fuller minstrel in.
    Ring out false pride in place and blood,
    The civic slander and the spite;
    Ring in the love of truth and right,
    Ring in the common love of good.
    Ring out old shapes of foul disease;
    Ring out the narrowing lust of gold;
    Ring out the thousand wars of old,
    Ring in the thousand years of peace.
    Ring in the valiant man and free,
    The larger heart, the kindlier hand;
    Ring out the darkness of the land,
    Ring in the Christ that is to be.

  1. 2017

    […] Course Code : ECO – 02 Course Title : Accountancy–I Assignment Code : ECO – 02/TMA/2017-18 Coverage : All Blocks Maximum Marks: 100 Attempt all the questions. 1. Define Accounting. Explain the accounting concepts which guide the accountant at the recoding stage. CLICK HERE TO GET ANSWER […]

  2. 2018

    […] ECO-02 Solved Assignment 2017-18 Course Code : ECO – 02 Course Title : Accountancy–I Assignment Code : ECO – 02/TMA/2017-18 Coverage : All Blocks Maximum Marks: 100 Attempt all the questions. 1. Define Accounting. Explain the accounting concepts which guide the accountant at the recoding stage. CLICK HERE TO GET ANSWER […]

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