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Journal Entry - Principles of Accounting, Accountancy and Financial management Video Lecture - B Com

FAQs on Journal Entry - Principles of Accounting, Accountancy and Financial management Video Lecture - B Com

1. What is the difference between accountancy and financial management?

Ans. Accountancy is a branch of accounting that focuses on recording, classifying, and summarizing financial transactions to prepare financial statements. On the other hand, financial management is concerned with the efficient use of financial resources to maximize the value of the organization. Financial management involves making decisions related to investment, financing, and dividend policies.

2. What are the basic principles of accounting?

Ans. There are four basic principles of accounting: 1) Going concern principle - Assumes that the business will continue to operate in the future. 2) Monetary unit principle - Assumes that all financial transactions are recorded in a common unit of currency. 3) Historical cost principle - Assumes that assets are recorded at their original cost. 4) Matching principle - Expenses are recorded in the same accounting period as the revenue they help generate.

3. What is the role of financial management in an organization?

Ans. Financial management plays a critical role in an organization as it is responsible for managing the financial resources. The role of financial management includes managing cash flow, analyzing financial statements, making investment decisions, managing risk, and ensuring compliance with regulations.

4. What are the different types of financial statements?

Ans. The three most common types of financial statements are: 1) Balance sheet - provides a snapshot of an organization's financial position at a specific point in time. 2) Income statement - summarizes the revenues and expenses of an organization for a specific period. 3) Cash flow statement - shows the inflow and outflow of cash and cash equivalents during a specific period.

5. What is the accounting equation and how does it relate to financial statements?

Ans. The accounting equation is Assets = Liabilities + Equity. This equation is the basis for all financial statements as it shows the relationship between the assets owned by the organization, the liabilities it owes, and the equity of its owners. The balance sheet is based on the accounting equation, as it reports the assets, liabilities, and equity of the organization at a specific point in time.

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Journal Entry - Principles of Accounting, Accountancy and Financial management for B Com2024 is part of B Com preparation. The notes and questions for Journal Entry - Principles of Accounting, Accountancy and Financial management have been prepared according to the B Com exam syllabus. Information about Journal Entry - Principles of Accounting, Accountancy and Financial management covers all important topics for B Com2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Journal Entry - Principles of Accounting, Accountancy and Financial management.

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