Bachelor of Business Administration-BBA Semester 1 BB0006 - Financial Accounting - 4 Credits (Book ID: B0429) Assignment Set- 1 (60 Marks) Note: Each...

Bachelor of Business Administration-BBA Semester 1 BB0006 – Financial Accounting - 4 Credits(Book ID: B0429)Assignment Set- 1 (60 Marks)Note: Each question carries 10 Marks. Answer all the questions.[ 10 Marks ]assumes the business will be around a long time and should continue to operate at its present scale Money Measurement Concept Accounting to records only those transactions which can be expressed in terms of money. People or events can not be recorded. Cost Concept The 'cost' should not be confused with 'value'.for every debit there is a creditAccounting Period Concept At the end of each accounting period and income statement/profit & loss Account and a Balance Sheet are prepared.Matching Concept the aim of the business is to profit A correct statement of income requires a distinction between past, present and future expenditures. Realization / Realization Concepts This concept emphasis’s that profit should be considered only when realized.[10 Marks]a) Furniture A/C b) Salaries A/C c) Stationary A/C d) SBI A/C e)Capital A/C [10 Marks]cashJan 10th – He purchased goods worth Rs. 30,000/- in cash and Rs. 20000/- on credit.Jan 12th – He paid wages Rs. 500/-Jan 15th – Sold goods for Rs. 20,000/- in cash and Rs. 25,000/- on creditJan 16th – Paid to suppliers Rs. 8,000/- for goods purchased on creditJan 20th – Received Rs. 15,000/- from his debtorsQ.4 what are the advantages and disadvantages of Double entry system