MGT101 New Handouts 2021

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Identify accounting transactions:

1. Up-keeping expenses of building paid by cheque.
2. assortment of dues from customers.
3. Negotiating with bank for taking loan.
4. Receiving money against loan from bank.
5. Payment of private expenses of the owner in money.

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Answer: (1, 2, 4, 5)
Explanation:
1. this can be a dealing between entity and maintenance man that’s measurable in cash.
2. this can be a dealing between entity and client that’s measurable in cash.
3. Activity has no result on money position – there’s no cash measuring.
4. this can be a dealing between entity and bank that’s measurable in cash
5. this can be a dealing between entity and owner that’s measurable in cash
Event (source of economic information):
Event suggests that something that happens. There area unit 2 forms of events, financial and Non-Monetary events.
Monetary Event:
It is associate degree outcome of happening or prevalence of incident which will be measured in terms of cash and might cause a change in money position (financial status) of associate degree entity.
Non-Monetary Event:
It is associate degree outcome of happening or prevalence of incident that can’t be measured in terms of cash and can’t cause a change in money position (status) of associate degree entity.
Examples include:
Winning or losing a game that doesn’t carry money impacts
Condition (source of economic information)
Condition is that the third supply of economic data. It needs bound changes to be created in already recorded transactions and events.
Examples include:
• fastened Assets to be depreciated consistent with their expected helpful life
• Provision to be created against expected uncertain recovery from client

Which of the the subsequent data is dealings, Event or Condition.

1. Stock in storage warehouse lost by hearth
2. giving for free gifts to workers of the entity
3. coaching to workers through external trainers
4. Organizing a dinner for entity’s valued customers
5. Recognizing depreciation of machinery
6. claim recovered from insurer against stock lost by hearth
7. money paid as charity to a hospital

Answer: 1. Event – 2. dealings – three. dealings – four. dealings – five. Condition – half dozen. dealings – seven. dealings
Explanation:

1. hearth accident isn’t a dealing between 2 persons, worth of loss of stock thanks to hearth is associate degree
outcome of fireplace accident that’s measurable in terms of cash. thus it’s a happening.

2. It’s a dealing between entity and workers and additionally measurable in terms of cash. Therefore, it’s a dealings.

3. It’s a financial dealing between entity and external trainers. Therefore, it’s dealings
4. It’s a dealing between entity and eating place that’s measurable in terms of cash. Therefore, it’s a dealings.

5. it’s associate degree adjustment within the worth of already purchased machinery so as to point out cash measurement of the advantages obtained from that machinery throughout the coverage amount. Therefore, it’s termed as condition.

6. It’s a dealing between entity and insurer. it’s measurable in terms of cash. Therefore, it’s a dealings.
7. It’s a dealing between entity and charitable institute. it’s measurable in terms of cash. Therefore, it’s a dealings.

mgt101 new slybus notes-converted (1).pdf

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