IGNOU MS-04 Solved Assignment 2015

IGNOU MS-04 Solved Assignment 2015

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IGNOU MS-04 (Accounting and Finance for Managers) Solved Assignment January 2015 Preview

Course Code : MS-04
Course Title : Accounting and Finance for Managers
Assignment Code : MS-04/TMA/SEM-I/2015
Coverage : All Blocks

Q1. “Accounting is closely connected with control”. Elaborate this statement and discuss the role of accounting feedback in the process of control.

Ans: Controls are an integral part of any organization's financial and Accouting Process Controls consists of all the measures taken by the organization for the purpose of Internal accounting control and of procedures designed to promote and protect management practices, both general and financial. Following are the role played by accounting in the process of control.

Developing an Internal Accounting Control System
The first step in developing an effective internal accounting control system is to identify those areas where abuses or errors are likely to occur. A Guide for Management, includes the following areas and objectives in developing an effective internal accounting control system:

Cash receipts
To ensure that all cash intended for the organization is received, promptly deposited, properly recorded, reconciled, and kept under adequate security.

Cash disbursements
To ensure that cash is disbursed only upon proper authorization of management, for valid business purposes, and that all disbursements are properly recorded.

Petty cash
To ensure that petty cash and other working funds are disbursed only for proper purposes, are adequately safeguarded, and properly recorded.

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