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BBA 3rd Year 6th Semester Exam Routine 2023

19/12/2023

Factors affecting Entrepreneurship Development
Answer: The task/micro environment consists of factors in the company’s immediate environment. These factors affect the performance of a company and its ability to serve the customers.
1. Customers: Customers constitute important segment of the micro environment. Business exists to serve its customers. Unless there are customers, business has no meaning. A company can have different types of customers like households, producers, retailers, Government and foreign buyers.
2. Suppliers: They supply inputs (money, raw material, fuel, power and other factors of production) and help in smooth conduct of the business.
3. Competitors: Competitors form important part of the micro environment. Firms compete to capture big share of the market.
4. Public: A public is any group that has an actual or potential interest in or impact on an organization’s ability to achieve its interest. Public can promote or demote company’s policies and adjust their policies to gain customer confidence.
5. Market intermediaries: They are the links that help to promote, sell and distribute the products to final consumers.

19/12/2023

Definition of Environment
Answer: Environment is everything that is around. It can be living or non-living things. It includes physical, chemical and other forces. Living things live in their environment. They constantly interact with it and change in response to conditions in their environment. In the environment there are interactions between animals, plants, soil, water and other living and non-living things.

Withdrawal of Social Status
Answer: Withdrawal of social status is a common side effect for people who have anxiety problems. Why social withdrawal occurs varies from person, and may have multiple causes.
Withdrawal of social status can be a symptom, cause, and type of anxiety. Some people develop social withdrawal because of their anxiety symptoms. Others develop anxiety because they’ve withdrawn from social situations. Still others experience severe anxiety socially, causing them to withdraw.

SWOT Analysis
Answer: SWOT analysis is a business analysis process that ensures that objectives for a project are clearly defined and that all factors related to the project are properly identified. The SWOT analysis process involves four areas: Strengths, Weaknesses, Opportunities and Threats. Both internal and external components are considered when doing SWOT Analysis, as they both have the potential to impact the success of a project or venture.

19/12/2023

“Developing countries need imitative entrepreneurs rather than innovative entrepreneurs.” Do you agree? Give reason.
Answer: Clarence Danhof in his statement on the classification of entrepreneurs said that the under-developed countries and developing countries possess imitative entrepreneurs rather than the innovative entrepreneurs.
1. Cost: An innovating entrepreneur is one who introduces new goods, inaugurates new method of production to produce a new product.
2. Technology: From the technology the developed countries are better than the developing countries in case of technology. An innovative entrepreneur uses the modern technology.
3. Discovery of Market: Discovery of market is easy for the developed countries. So the developed countries can expect innovative entrepreneurs.
4. Reorganizing: An innovating entrepreneur reorganizes the enterprise. But the enterprises in the developing countries like Bangladesh cannot be re-formatted.
5. Challenge: An innovating entrepreneur can take challenge. But the developing countries cannot let the public in the face of the Black hole.
6. Intention: In the developing countries like Bangladesh the people are less educated for what they are not intentionally keen to engage in the entrepreneurial activities.
7. Less initiative: There is a lack of opportunities in the developing countries for what the individuals do not come forward to take initiative to form an enterprise.
8. Risk: In a developing country the people do not take a chance in using the new product for what the innovators do not take chance of inventing new products.

Functions of Women Entrepreneurs
Answer: As an entrepreneur, a woman entrepreneur has also to perform all the functions involved in establishing an enterprise. These include idea generation and screening, determination of objectives, project preparation, product analysis, and determination of forms of business organization, completion of promotional formalities, raising funds, procuring men, machine and materials, and operation of business.
1. Creating New Venture: Women entrepreneurs identify the opportunities, evaluate them and select the best opportunity. They convert the opportunity into new venture.
2. Risk Bearing: Every business includes some portion of risk. But women entrepreneurs have risk taking capacity.
3. Innovation: This is another major function of women entrepreneurs. They convert their ideas into innovations to meet market demands by the help of research and development facilities.
4. Management: Women entrepreneurs believe in hard work. They directly engage in the management. They take part in planning, coordinating and controlling.

Problems of Women Entrepreneur’s in Bangladesh
Answer: Women entrepreneurs commonly face many obstacles in Bangladesh when building a business. The problems of women entrepreneurship in Bangladesh is described below:
1. Social acceptance: In Bangladesh it is still very difficult for a woman to start her own initiative and run it. Women entrepreneurs seldom get support from surroundings including family, relatives and so on.
2. Funding for women entrepreneurs: Funding is difficult for all early stage entrepreneurs. For women entrepreneurs it is even more difficult.
3. Bureaucratic and legal problems: In doing registration and license for business, from government institutions, they need to go through hassles.
4. Platform: It is true that there are chambers and platforms for women entrepreneurs but most of these platforms are either dysfunctional or are not focused.
5. Dealing with customers and employees: For a woman entrepreneur it often gets difficult to manage customers and employees.
6. Social Types: Another challenge that women entrepreneurs in Bangladesh face is discrimination. Even when women entrepreneurs do approach banks for financing, they tend to face discrimination.
7. Lack of management experience: The lack of management experience and production skill is yet another major constraint facing the women population.

19/12/2023

Definition of Entrepreneur?
Answer: Simply we can define an entrepreneur as “a person who starts a business and is willing to risk loss in order to make money” or “one who organizes, manages, and assumes the risks of a business or enterprise.”

Common Qualities of Successful Entrepreneur
Answer: To become a successful as an entrepreneur in its business life, a businessman should possess a quite a number of essential qualities. Those are noted below:
1. Risk taking: an entrepreneur always takes calculated risk to operate the organization.
2. Hard work: An entrepreneur is very much hard worker, he or she always busy with various types work.
3. Accountability: A successful entrepreneur is accountable well as his associates always accountable to him.
4. Analytical mind: A successful entrepreneur is analytical minded. He scrutinizes every activity on the organization.
5. Dynamic leadership: A successful entrepreneur is always dynamic to operate the organization.
6. Accommodative: A good entrepreneur has the capacity to make his own place at every sector.
7. Foresighted: A successful entrepreneur foresights the future and take decision accordingly.
8. Innovation: Innovation is the process of making new something. A successful entrepreneur is innovative.
9. Goal setting: A successful entrepreneur sets the goal.
10. Self-confidence: A successful entrepreneur is self-confidence. He does not really on other for decision or fate.
11. Sociable: A successful entrepreneur is sociable person.
12. Team builder: A successful entrepreneur builds a suitable team.

Entrepreneurs are made not born – Justify
Answer: “Entrepreneurs are made not born.”
It is true that family environment, religious, cultural conditioning and commercial orientation of a region may create a favorable atmosphere for entrepreneurial growth. But these genetic factors are necessary conditions rather than sufficient one. It has been observed that a great many highly intelligent and energetic persons never become entrepreneurs. Studies all over the world throw lot of evidences that “Entrepreneurial traits and tendencies are acquired characteristics or learned behavior.”

Importance of Entrepreneur
Answer: Entrepreneur plays a pivotal role not only in the development of industrial sector of a country but also in the development of farm and service sector.
1. Capital Formation: Entrepreneurs promote capital formation by mobilizing the idle savings of public.
2. Creates Large-Scale Employment Opportunities: Entrepreneurs provide immediate large-scale employment to the unemployed which is a chronic problem of underdeveloped nations.
3. Balanced Regional Development: Entrepreneurs help to remove regional disparities through setting up of industries in less developed and backward areas.
4. Reduces Concentration of Economic Power: Economic power is the natural outcome of industrial and business activity.
5. Wealth Creation and Distribution: It stimulates equitable redistribution of wealth and income in the interest of the country to more people and geographic areas, thus giving benefit to larger sections of the society.
6. Increasing Gross National Product and Per Capital Income: Entrepreneurs are always on the lookout for opportunities.
7. Improvement in the Standard of Living: Increase in the standard of living of the people is a characteristic feature of economic development of the country.
8. Promotes Country’s Export Trade: Entrepreneurs help in promoting a country’s export-trade, which is an important ingredient of economic development.
9. Induces Backward and Forward Linkages: Entrepreneurs like to work in an environment of change and try to maximize profits by innovation.
10. Facilities Overall Development: Entrepreneurs act as catalytic agent for change which results in chain reaction.

12/12/2023

What do you mean by cost behavior?
Answer: Cost behavior refers to how a cost will change as the level of activity changes. Managers how understand how costs will change under various alternatives. Some cost increase or decrease on the basis of activity increase or decrease and some cost for all time constant in the level of activity. An understanding of cost behavior is essential to anyone who wishes to use accounting as a tool for planning, controlling and decision making.

12/12/2023

Define Cost Sheet. What are the major elements of cost sheet?
Answer: A cost sheet is a document that provides a detailed breakdown of the various costs involved in the production or provision of goods or services. It summarizes and categorizes the costs incurred at different stages of the production process.
The major elements typically included in a cost sheet are as follows:
1. Direct Materials: This represents the cost of raw materials or components directly used in the production process. It includes the purchase price of materials, freight charges, customs duties, etc.
2. Direct Labor: This includes the wages salaries, and other benefits paid to workers specifically involved in the production process.
3. Overhead Expenses: Also known as indirect costs, overhead expenses encompass various indirect costs associated with production that cannot be directly attributed to specific units of output.
4. Factory or Manufacturing Expenses: These are costs related to the overall functioning of the production facility or factory.
5. Administrative and Selling Expenses: These costs are not directly related to the production process but still need to be allocated in order to determine the total cost of production.
6. Total Costs: This is the sum of all the above-mentioned elements, representing the total cost incurred for the production or provision of goods or services.

Do you think that cost of goods sold is an expense? Why?
Answer: Cost of goods sold (COGS) refer to the carrying value of goods sold during a particular period. Costs are associated with particular goods using one of several formulas, including specific identification, first-in first-out (FIFO), or average cost. Costs include all costs of purchase, costs of conversion and other costs incurred in business include material, labor, and allocated overhead. The costs of those goods not yet sold are deferred as costs of inventory until the inventory is sold or written down in value.

12/12/2023

Cost Accounting
Definition Cost Accounting
Answer: “Cost accounting is the process of collecting information about the costs incurred by a company’s activities, assigning selected costs to products and services and other cost objects, and evaluating the efficiency of cost usage. It is mostly concerned with developing an understanding of where a company earns and loses money, and providing input into decisions to generate profits in the future.

Show cost accounting cycle with diagram
Answer: Cost accounting cycle is a process performed during the accounting period in recording data, classifying, determining total cost, determining product cost, determining selling price, controlling cost and decision making.
1. Recording cost data: At the first step of cost accounting it ascertains and records the element of cost for determining of cost of production.
2. Classification of cost: At the second step according to function, nature, and behavior cost accounting classifies the cost.
3. Determining total cost: In this step under cost accounting cost of goods sold of a product is calculated. Cost of goods sold means the sum of all items of expenditure incurred in production for the goods which are sold.
4. Unit cost: At the fourth step unit cost is obtained dividing cost of goods sold divided by total number of unit sold.
5. Selling price: Selling price is obtained by adding profit margin with cost of sales.
6. Cost control and decision making: At the last step of cost accounting by using standard costing and budget and budgetary control system cost accounting control cost and make decision.

What are the objectives of cost accounting?
Answer: The main objectives of cost accounting can be summarized as follows:-
a) Ascertaining Costs: The first and foremost objective of cost accounting is to find out cost of a product, process or service.
b) Determining Selling Price: Business enterprises are run on a profit – making basis. It is thus necessary that the revenue should be greater than the costs incurred in producing goods and services from which the revenue is to be derived.
c) Measuring and Increasing Efficiency: Cost accounting involvers a study of the various operations used in manufacturing a product or providing a services.
d) Cost Control and Cost Reduction: Cost accounting assists in cost control it uses techniques such as budgetary control, standard costing etc.
e) Cost Management: The term ‘Cost Management’ includes the activities of managers in short-run and long-run planning and control of costs.

Tools of Management Accounting
Answer: Management accounting is practice of identify, measuring, analyzing, interpreting, and communicating financial information to managers for pursuit of an organization’s goals. It varies from financial accounting because the intended purpose of managerial accounting is to assist users internal to the company in making well-informed business decisions.

What are the characteristics of a good costing system
Answer: An ideal costing system provides the right and timely information’s to the management at the right time and right direction to take the right decisions. A good costing system must contain the following characteristics to function properly.
1. Simplicity: Should be very simple and clear, so that an average man can understand the functions.
2. Suitability: Costing system must be devised such manner that suits even for the small scale industries.
3. Flexibility: Must be flexible, so that in case of any changes required from time to time in the business are made possible.
4. Economical: Maintaining a separate costing department and recording are quite expensive. Therefore, the expense must on the basis of the finance available and expenses must be less than the benefits derived from the system.
5. Comparable: The records maintained are should be easily comparable with other year records. The past records must serve as a basis to guide the future.
6. Less Clerical Work: Work like preparation of statement and filling forms should be simple and short as most of workers are may not be well educated.
7. Control: An effective way of control system must be implemented over material, labour and overhead cost as it will be helpful minimize the wastage of material, labour and overhead costs.
8. Effective wage system: There should be proper timing schedule for workers for the time the spent on different jobs in order to prepare the wages.
9. Uniformity: All the forms and statements using by the costing accounting system must be uniform in terms of size and design and quality of paper.
10. Departmentalization of expenses: A proper plan should be devised in order to implement department wise expenses as it will be helpful to ascertain the costs and other overheads by department wise.
11. Reconciliation: The system of cost accounting must be capable of being reconciled with financial accounting so as to check the accuracy of both the system of accounting. i.e. Financial and cost accounting.