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what is the difference between financial accouning and
financial management
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Answer / praveen.kp
Finanacial accounting is recording of business transactions
in the books of accounts by taking consideration of
accounting policies & conventions in a systematic manner,
But where as financial management is utilization of the
funds in a productive manner, which helps in increasing the
profits of the company
| Is This Answer Correct ? | 18 Yes | 0 No |
Answer / anjana
financial accounting is the process of summarizing
financial data taken from an orgainzations accounting
records and presented in the form of annual reports for the
benifit of people outside the organisation.
financial management is planning directing monitoring
organizing aand controlling of the monetory resources of an
organization
| Is This Answer Correct ? | 10 Yes | 0 No |
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From the following Trial Balance of Seema Garments as on 31st Dec., 2007, prepare Trading Profit and Loss Account and Balance Sheet: Dr. Rs. Cr. Rs. Opening Stock 15000 Purchases and Sales 109000 180000 Manufacturing Wages 8000 Fuel, Power and Lighting 12000 Salaries 11000 Income Tax 5500 Loan to Mr. X at 10% pa. 5000 Interest on Mr. X’s Loan 300 Apprentice Premium 4500 Rent 4000 Rent Owing 600 Furniture (includes furniture of Rs.1000 purchased on 1st July, 2007) 5000 B/R and B/P 6000 1600 Plant 72000 Debtors and Creditors 28000 13000 Capital 100000 Cash 19500 300000 300000 Informations: 1. Closing Stock was valued at Rs. 30,000. 2. Goodsworth Rs. 5000 was sold on 28th December, but no entry was passed to this effect. 3. Goods costing Rs. 7000 was purchased and included into Stock but no entry was passed to record the purchases. 4. Create a provision of 2% for discount on debtors. 5. Apprentice premium received on 1st January, 2007 was for 3 years. 6. Depreciate the furniture by 10% p.a. 7. Salaries for the month of December, 2007 are still outstanding.
Audit 
