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• 1 IGNOU ECO 12 Solved Assignment 2022-23
• 2 1.Explain the terms “Internal Control”, “Internal Check” and “Internal Audit”. What are the requisites of a good internal control system?
• 3 2. Discuss the process of verification and valuation of investments in a company.
• 4 3. What is the status of the auditor in a company? How can he protect the rights of the shareholders of the company.
• 5 4. What is cost audit? What are its objectives? State the advantages and limitations of cost audit.
• 6 IGNOU ECO 12 Solved Assignment 2022-23
• 7 GET IGNOU Handwritten Hardcopy , WhatsApp – 8130208920
• 8 5 Write short notes on the following: (a) Auditing Standards (b) Clear Report and Qualified Report (c) Continuous Audit (d) Importance of Vouching
• 9 Get IGNOU ECO 12 Solved Assignment 2022-23 Download Free Now  here from this website.
• 10.1 IGNOU Instructions for the ECO 12 ELEMENTS OF AUDITING Solved Assignment 2022-23
• 11 GUIDELINES FOR IGNOU Assignments 2022-23
• 12 IGNOU Assignment Front Page
• 13.1 Related

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Submission Date :

• 31st March 2033 (if enrolled in the July 2033 Session)
• 30th Sept, 2033 (if enrolled in the January 2033 session).

All questions are compulsory.

1.Explain the terms “Internal Control”, “Internal Check” and “Internal Audit”. What are the requisites of a good internal control system?

Basic Principles of an Internal Control System

An internal control system should be designed to meet a firm’s specific informational needs. Thus, the system can range, from a simple manual-system to complex computerized on-line system with remote terminals spread across the entire country. Whether manual or computerized, the accounting system must process information efficiently, accurately, and on a timely basis. At the heart of any well designed accounting system is a well-thought-out internal control system. One of the principal responsibilities of management is to protect the assets under its control. ensure the accuracy and reliability of its accounting records, and see that its policies are carried out. Internal control is the organizational plan, including specific methods and procedures, that management develops to meet these responsibilities. Specifically, Internal control is formally defined as:

the plan of organization and all of the coordinate methods and measures adopted within a business to safeguard its assets, check the accuracy and reliability of its accounting data, promote operational efficiency, and encourage adherence to prescribed policies.

A strong internal control system will contain both administrative and accounting controls. Administrative controls  include the plan of organization and the procedures and records that are concerned with the decision processes leading to management’s authorization of transactions. That is, management uses administrative controls to ensure that its policies and procedures are carried out. Accounting controls  are the plan of organization and the procedures and records that are concerned with safeguarding the assets and the reliability of the financial records, These controls are more specific and are designed to ensure that:

• Transactions are executed in accordance with management’s general or specific authorization.
• Transactions are recorded as necessary  (1)  to permit preparation of financial statements in conformity with generally accepted accounting principles or any other criteria applicable to such statements and  (2)  to maintain accountability for assets.
• Access to assets is permitted only in accordance with management’s authorization.
• The recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

In order for a firm to have a sound system of internal control, both administrative and accounting controls must be present. The administrative controls provide the overall framework in which the specific accounting controls operate. If management is not interested in maintaining administrative controls, specific accounting controls can not ensure that the firm’s assets are being safeguarded.

Necessity of Internal Controls

Internal controls are necessary because accounting systems are designed and run by people and people make errors. These errors may be either true mistakes or deliberate actions. There have been numerous instances in which large corporations have restated their financial reports because of inadvertent errors in the accounting records. Recently, a large personal computer company discovered that it had not accounted for millions of dollars of inventory. Poor record keeping rather than fraud appears to have been the reason. There are situations, however, in which individuals falsify accounting records in order to steal or embezzle. In the early 1980s, one individual stole huge sums of money from Wells Fargo Bank by daily making a simple accounting entry in the bank’s computer system. A strong internal control system is necessary to minimize these events and their associated losses. Recently, a strong impetus for internal controls resulted from payments that U.S. corporations made to foreign officials to obtain business. In many cases these payments were considered legal in the foreign country, although many in the United States considered them a violation of good business ethics.  Furthermore, many of the firms that made these questionable payments were large, decentralized multinational firms whose top executives did not even know about them. Because of these and other events, both the American Institute of CPAs (AICPA) and the U.S. Congress mandated the maintenance of a strong system of internal control. In its auditing guidelines, the AICPA stated that the system of internal control should be under the continuing supervision of management to determine that it is functioning as prescribed and is modified as appropriate for changes in condition. Congress, alarmed by the number of questionable payments to foreign officials, passed the Foreign Corrupt Practices Act. This act holds management accountable for developing and maintaining a strong Accounting internal control system that would prevent such payments. This act requires every publicly held corporation to maintain such a system of internal control. Furthermore, the act requires that the system of internal control limit the use of corporate assets to the purpose designated by management and that the accounting records be compared with the assets owned by the firm.

Attributes of a Strong Internal Control System

The design of an internal control system and the procedures utilized should be tailored to the firm’s specific needs. However, a well.designed internal control system will center on a properly designed accounting system and include sound personnel and personnel practices and the separation of duties.

2. Discuss the process of verification and valuation of investments in a company.

Valuation is the analytical process of determining the current (or projected) worth of an asset or a company. There are many techniques used for doing a valuation. An analyst placing a value on a company looks at the business’s management, the composition of its capital structure, the prospect of future earnings, and the market value of its assets, among other metrics.

Fundamental analysis is often employed in valuation, although several other methods may be employed such as the capital asset pricing model (CAPM) or the dividend discount model (DDM).

Understanding Valuation

A valuation can be useful when trying to determine the fair value of a security, which is determined by what a buyer is willing to pay a seller, assuming both parties enter the transaction willingly. When a security trades on an exchange, buyers and sellers determine the market value of a stock or bond.

Types of Valuation Models

• Absolute valuation models  attempt to find the intrinsic or “true” value of an investment based only on fundamentals. Looking at fundamentals simply means you would only focus on such things as dividends, cash flow, and the growth rate for a single company, and not worry about any other companies. Valuation models that fall into this category include the dividend discount model, discounted cash flow model, residual income model, and asset-based model.
• Relative valuation models,  in contrast, operate by comparing the company in question to other similar companies. These methods involve calculating multiples and ratios, such as the price-to-earnings multiple, and comparing them to the multiples of similar companies.

3. What is the status of the auditor in a company? How can he protect the rights of the shareholders of the company.

4. what is cost audit what are its objectives state the advantages and limitations of cost audit..

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• Organisation: Be a little more selective and analytic before drawing up a rough outline of your answer. In an essay-type question, give adequate attention to your introduction and conclusion. IGNOU ECO 12 Solved Assignment 2022-2023 Download Free Download PDF The introduction must offer your brief interpretation of the question and how you propose to develop it. The conclusion must summarise your response to the question. In the course of your answer, you may like to make references to other texts or critics as this will add some depth to your analysis.
• Presentation: IGNOU ECO 12 Solved Assignment 2022-2023 Download Free Download PDF Once you are satisfied with your answers, you can write down the final version for submission, writing each answer neatly and underlining the points you wish to emphasize.

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IGNOU ECO-12 July 2023 - January 2024 - Solved Assignment

Are you looking to download a PDF soft copy of the Solved Assignment ECO-12 - Elements of Auditing ? Then GullyBaba is the right place for you. We have the Assignment available in English and Hindi language.

This particular Assignment references the syllabus chosen for the subject of Finance and Accounting , for the July 2023 - January 2024 session. The code for the assignment is ECO-12 and it is often used by students who are enrolled in the B.COM Degree.

Once students have paid for the Assignment, they can Instantly Download to their PC, Laptop or Mobile Devices in soft copy as a PDF format. After studying the contents of this Assignment, students will have a better grasp of the subject and will be able to prepare for their upcoming tests.

IGNOU ECO-12 (July 2023 - January 2024) Assignment Questions

1. Define the term auditing. Differentiate between Auditing and Investigation. What is continuous audit? Discuss its merits and demerits.

2. Point out the difference between ‘Verification’ and ‘Valuation’ of assets. Discuss the objectives of verification of assets.

3. Discuss the position of an auditor in a company under the provisions of the Companies Act. State the qualifications and disqualifications of the auditor of a company.

4. State the matters upon which the auditors must form an opinion while preparing their report as laid down in the Companies Act. What do you understand by the concept of ‘true and fair’ in an auditor’s report?

5. Write short notes on the following:

a) Cost audit b) Redemption of preference shares c) Vouching d) Internal check

IGNOU ECO-12 (July 2022 - January 2023) Assignment Questions

1. Explain the terms “Internal Control”, “Internal Check” and “Internal Audit”. What are the requisites of a good internal control system?

2. Discuss the process of verification and valuation of investments in a company.

3. What is the status of the auditor in a company? How can he protect the rights of the shareholders of the company.

4. What is cost audit? What are its objectives? State the advantages and limitations of cost audit.

(a) Auditing Standards (b) Clear Report and Qualified Report (c) Continuous Audit (d) Importance of Vouching

1. अंकेक्षण’ की परिभाषा दीजिये । अंकेक्षण और अनुसंधान में अंतर बताइये । सतत अंकेक्षण क्या है? इसके लाभ और हानि बताइये ।

2. परिसंपत्तियों के सत्यापन एवं मूल्यांकन में अंतर बताइए। परिसंपत्तियों के सत्यापन के उद्देश्यों का विवेचन कीजिए ।

3. कंपनी अधिनियम के प्रावधानों के अंतर्गत अंकेक्षक की वैधानिक स्थिति का विवेचन कीजिए किसी कंपनी के अंकेक्षक की योग्यता और अयोग्यता बताएँ ।

4. उन मामलों के संबंध में विवेचन कीजिए जिनके संबंध में अंकेक्षकों के लिए उस स्थिति में अपना मत बनाना आवश्यक होता है जब वे कंपनी अधिनियम द्वारा निर्धारित रिपोर्ट को बना रहे होते हैं । अंकेक्षक की रिपोर्ट में 'सही और उचित' की संकल्पना से आप क्या समझते हैं?

5. निम्नलिखित पर संक्षिप्त में टिप्पणीयां लिखिए :

(क) लागत अंकेक्षण (ख) पूर्वाधिकार शेयरों का शोधन (ग) प्रमाणन (घ) आंतरिक निरीक्षण

1. “आंतरिक नियंत्रण”, “आंतरिक निरिक्षण” एवं “आंतरिक अंकेक्षण” शब्दों की व्याख्या कीजिए । एक अच्छी आंतरिक नियंत्रण प्रणाली के लिए क्या - क्या आवश्यक है ?

2. किसी कंपनी में निवेशों के सत्यापन एवं मुल्यांकन की प्रक्रिया का विवेचन कीजिए ।

3. कंपनी में अंकेक्षण की पदस्थिति क्या है ? कंपनी के अंशधारियों के हितों की वह किस प्रकार सुरक्षा प्रदान कर सकता है ?

4. लागत अंकेक्षण क्या है ? इसके उद्देश्य क्या है? लागत अंकेक्षण के लाभ और इसकी सीमाओं का विवेचन कीजिए ।

(क) अंकेक्षण के मानदण्ड (ख) निरपेक्ष रिपोर्ट और सापेक्ष रिपोर्ट (ग) सतत अंकेक्षण (घ) प्रमाणन का महत्व

ECO-12 Assignment Details

• University IGNOU (Indira Gandhi National Open University)
• Title Elements of Auditing
• Language(s) English and Hindi
• Session July 2023 - January 2024
• Code ECO-12
• Subject Finance and Accounting
• Degree(s) B.COM
• Course Core Courses (CC)
• Author Gullybaba.com Panel
• Publisher Gullybaba Publishing House Pvt. Ltd.

Assignment Submission End Date

The IGNOU open learning format requires students to submit study Assignments. Here is the final end date of the submission of this particular assignment according to the university calendar.

• 30th April  (if Enrolled in the June Exams)
• 31st October (if Enrolled in the December Exams).

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Here are the PDF files that you can Download for this Assignment. You can pick the language of your choice and see other relevant information such as the Session, File Size and Format.

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• July 2023 - January 2024 12 Pages (0.00 ), PDF Format SKU: IGNGB-AS-BC-ECO12-EN-374
• July 2022 - January 2023 12 Pages (0.00 ), PDF Format SKU: IGNGB-AS-BC-ECO12-EN-229

Hindi Language

• July 2023 - January 2024 12 Pages (0.00 ), PDF Format SKU: IGNGB-AS-BC-ECO12-HI-374
• July 2022 - January 2023 12 Pages (0.00 ), PDF Format SKU: IGNGB-AS-BC-ECO12-HI-229

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IGNOU ECO 12 Solved Assignment English Medium 2022-23

Free ECO 12 Solved Assignment English Medium 2022-23  for July 2022 and January 2023 Session, All IGNOU Assignments (Programme Wise) · Master's Degree Programmes · Bachelor's Degree Programmmes · P.G. Diplomaa Programmes · Diploma Programmes · Certificate Programmes. IGNOU Assignment 2022-23 (UPDATED) Get Here. IGNOU Assignment Status 2022-23, Marks, Grade Card, Practical Submission

E.C.O – 12

ELEMENTS OF AUDITING   ECO 12 Solved Assignment 2022-23

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Attempt all the questions:

1. Explain the terms “Internal Control”, “Internal Check” and “Internal Audit”. What are the requisites of a good internal control system?

2. Discuss the process of verification and valuation of investments in a company.

3. What is the status of the auditor in a company? How can he protect the rights of the shareholders of the company.

4. What is cost audit? What are its objectives? State the advantages and limitations of cost audit.

5. Write short notes on the following:

(a) Auditing Standards

(b) Clear Report and Qualified Report

(c) Continuous Audit

(d) Importance of Vouching

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IGNOU ECO 09 Solved Assignment English Medium 2022-23

IGNOU ECO 12 Solved Assignment English Medium 2022-23 The Indira Gandhi National Open  University has updated the IGNOU Assignment Status 2022-23 December Session so that students can know if their submission is completed or not. Now if you have also submitted your Assignment/Practical/Project till 15 December 2022 then you must be worried about the Assignment Status and Grade Card. So we decided to come up with   https://ignouadmission.samarth.edu.in/   Assignment 2022-23.

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ECO-13: IGNOU B.Com Solved Assignment 2022-2023

• 1 1. What are the three components of business environment? Discuss.
• 2 2. Explain the nature and implications of regulatory role of the government.
• 3 3. Critically evaluate the government policy towards small scale industries.
• 4 4. Distinguish between the following:
• 5 (a) Foreign Direct Investment and Portfolio Investment.
• 6 (b) Direction of Exports and Direction of Imports.
• 7 5. Write short notes on the following:
• 8 (a) Changing Value System
• 9 (b) Economic development
• 10 (c) Indication of Sickness
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• 11.2 Is the ECO-13 Solved Assignment Free?
• 11.3 What is the last submission date for ECO-13 Solved Assignment?

1. What are the three components of business environment? Discuss.

Ans: The business environment refers to the various factors that affect the operations and performance of a business. These factors can be classified into three main components:

• Internal Environment : The internal environment of a business consists of factors that are within the control of the organization. These include the organization’s vision, mission, goals, values, culture, resources, structure, leadership, and employees. The internal environment is shaped by the decisions and actions of the management and employees, and it plays a critical role in determining the success of a business.
• External Environment : The external environment of a business consists of factors that are outside the control of the organization. These include the economic, social, technological, legal, political, and environmental factors that affect the business. The external environment can have a significant impact on the performance of a business, and managers must monitor and adapt to these factors to ensure the organization’s success.
• Competitive Environment : The competitive environment of a business consists of the other businesses and organizations that operate in the same market or industry. These competitors can have a significant impact on the success of a business, as they may offer similar products or services and compete for the same customers. Managers must analyze the competitive environment and develop strategies to differentiate their business from competitors and gain a competitive advantage.

2. Explain the nature and implications of regulatory role of the government.

Ans: The regulatory role of the government refers to the use of laws, policies, and regulations to control or guide the behavior of individuals and organizations in a particular sector or industry. This role is important to ensure that businesses operate in a manner that protects the interests of the public and promotes fair competition.

The nature of the regulatory role of the government can vary depending on the specific industry or sector being regulated. For example, in the financial sector, the government may regulate the amount of capital that banks must hold to ensure their financial stability and protect consumers’ deposits. In the healthcare sector, the government may regulate the safety and efficacy of drugs and medical devices to protect patients’ health.

There are several implications of the regulatory role of the government. One of the primary implications is that it can increase the cost of doing business for companies. Compliance with regulations can require significant resources, including time, money, and personnel. This can make it more difficult for smaller businesses to compete with larger firms that have more resources to devote to regulatory compliance.

However, the regulatory role of the government can also have several benefits. It can help protect consumers from harm by ensuring that products and services are safe and effective. It can also promote fair competition by preventing companies from engaging in anti-competitive behavior such as price-fixing or monopolizing markets. Additionally, regulation can help promote social and environmental goals such as reducing pollution or promoting renewable energy.

3. Critically evaluate the government policy towards small scale industries.

Ans: Government policy towards small scale industries can have a significant impact on the success and growth of these businesses. In general, small scale industries are seen as an important driver of economic growth and job creation, particularly in developing countries where they often make up a significant portion of the economy.

There are several ways in which the government can support small scale industries. These include providing access to financing, creating favorable tax policies, reducing bureaucratic hurdles, and providing training and technical support to entrepreneurs. However, the effectiveness of government policies towards small scale industries can vary depending on a range of factors, including the specific policies implemented, the local business environment, and the needs of the small scale industry in question.

One potential criticism of government policy towards small scale industries is that it can be too fragmented or inconsistent. For example, there may be multiple government agencies or programs providing support to small businesses, but they may not be coordinated effectively or may have conflicting priorities. This can make it difficult for small businesses to navigate the system and access the support they need.

Another potential criticism is that government policies may not be targeted effectively towards the needs of small scale industries. For example, policies designed to promote entrepreneurship may not be effective if the local business environment is not conducive to small business growth. Additionally, policies that provide financing or technical support may not be helpful if small businesses do not have access to the resources they need to take advantage of these opportunities.

4. Distinguish between the following:

(a) foreign direct investment and portfolio investment..

Ans: Foreign Direct Investment (FDI) and Portfolio Investment (PI) are two different forms of investment that involve investing in foreign countries. The main differences between FDI and PI are as follows:

• Control : FDI involves the ownership and control of a foreign company, while PI does not. In FDI, a company establishes a new operation or acquires an existing company in a foreign country, and manages it as a subsidiary. In contrast, PI involves the purchase of stocks, bonds, or other securities of a foreign company, but does not give the investor control over the company’s operations.
• Purpose : FDI is usually done with the long-term goal of establishing a permanent presence in a foreign market and expanding the company’s operations and market share. On the other hand, PI is done with the intention of generating short-term profits from fluctuations in the stock or bond prices.
• Risk : FDI involves a higher level of risk than PI because it requires a substantial investment of capital and resources in a foreign market, and the success of the investment depends on the company’s ability to effectively manage and compete in that market. PI, on the other hand, is a relatively low-risk investment because it involves only the purchase of securities and does not require a significant investment in the foreign market.
• Returns : FDI typically generates returns from the profits of the subsidiary, while PI generates returns from dividends and capital gains from the sale of securities.

(b) Direction of Exports and Direction of Imports.

Ans: The direction of exports and the direction of imports refer to the countries or regions from which a country sells goods and services to and the countries or regions from which it buys goods and services from, respectively. The main differences between the two are as follows:

• Outward or Inward Orientation : The direction of exports is an outward-oriented measure, as it refers to the countries or regions that a country is selling its goods and services to. The direction of imports, on the other hand, is an inward-oriented measure, as it refers to the countries or regions from which a country is buying its goods and services.
• Trade Balance: The direction of exports and the direction of imports are both important in determining a country’s trade balance. If a country’s exports exceed its imports, it has a trade surplus. Conversely, if its imports exceed its exports, it has a trade deficit.
• Economic Growth: A country’s direction of exports and imports can also have an impact on its economic growth. Export-oriented economies tend to grow faster than those that rely more on domestic consumption, as exporting countries have access to larger markets, greater economies of scale, and more competitive pricing. Similarly, countries that import a wide range of goods and services can benefit from lower costs, increased competition, and improved quality of goods.
• Trade Policies : A country’s direction of exports and imports can also be influenced by its trade policies, such as tariffs, quotas, and other trade restrictions. These policies can affect the volume, direction, and composition of trade, as well as the overall trade balance.

5. Write short notes on the following:

(a) changing value system.

Ans: A value system refers to a set of beliefs, attitudes, and ideals that an individual or a society holds about what is right or wrong, good or bad, and desirable or undesirable. A changing value system refers to the process of transformation in these beliefs, attitudes, and ideals, which can occur due to various social, cultural, economic, and technological factors.

One of the main drivers of a changing value system is the generational shift. As new generations grow up and take on different roles in society, they often bring with them new values and attitudes that can challenge or replace traditional ones. For example, younger generations may have different views on gender roles, environmental issues, and social justice, which can lead to changes in societal norms and expectations.

Technological advancements and globalization are also significant factors that contribute to a changing value system. The increasing interconnectedness of the world through the internet and social media has led to greater exposure to diverse cultures and perspectives, which can influence and shape individual and societal values.

Changing value systems can have both positive and negative impacts on individuals and society. On the positive side, changes in values can lead to greater acceptance and tolerance of diversity, improved social justice, and increased awareness of environmental issues. However, changes in values can also lead to conflicts and tensions between different groups and may result in the erosion of traditional cultural values and practices.

(b) Economic development

Ans: Economic development refers to the sustained and continuous improvement in the economic well-being and living standards of a society. It involves the increase in the production and consumption of goods and services, the reduction of poverty and unemployment, and the improvement of infrastructure and human capital.

Economic development is often measured by various indicators, including GDP (Gross Domestic Product) per capita, income distribution, and the Human Development Index (HDI). A country with high levels of economic development has a strong and diversified economy, a well-educated and healthy population, and a stable and efficient government that promotes economic growth.

Economic development can be achieved through various means, including investments in infrastructure, education, and healthcare, and the promotion of entrepreneurship and innovation. It also requires sound economic policies and institutions that foster a conducive business environment, encourage foreign investments, and promote sustainable development.

There are different stages of economic development, ranging from traditional economies to industrialized and post-industrial economies. The path of economic development may differ across countries and regions depending on their resource endowments, level of technological advancement, and institutional and policy frameworks.

Economic development has both positive and negative impacts on society and the environment. While economic development can create job opportunities and improve living standards, it can also lead to environmental degradation, social inequality, and cultural homogenization.

(c) Indication of Sickness

Ans: In the context of economics, the term “sickness” is often used to refer to the state of an economy that is performing poorly and is experiencing various economic problems. There are several indications that can suggest an economy is in a state of sickness. Some of the common indicators are:

• High Inflation : One of the signs of a sick economy is high inflation. Inflation refers to the rate at which the general price level of goods and services is increasing. When the inflation rate is high, it means that the purchasing power of money is decreasing, and the cost of living is going up. This can make it difficult for people to afford basic necessities, leading to social and economic problems.
• High Unemployment : Another sign of a sick economy is high unemployment. When the unemployment rate is high, it means that a significant number of people are unable to find jobs, leading to a decline in consumer spending and a decrease in economic growth.
• Slow Economic Growth : A sick economy may experience slow or negative economic growth, which is a situation where the Gross Domestic Product (GDP) is not increasing or is decreasing. Slow economic growth can result from various factors, including a decrease in investment, lack of innovation, and low productivity.
• Low Investment : A lack of investment can indicate a sick economy. When businesses and individuals are not investing, it can lead to low economic growth, lack of job creation, and low innovation.
• High Debt Levels : High levels of debt, whether it is public or private, can indicate a sick economy. High debt levels can lead to reduced investment, higher interest rates, and a lack of confidence in the economy.

(d) Joint Ventures

Ans: Joint venture refers to a business arrangement in which two or more parties come together to undertake a specific business project or venture. In a joint venture, the parties involved typically pool their resources, expertise, and capital to achieve a common goal, which could be a new product, service, or project. The joint venture can be formed between two or more companies, individuals, or even governments.

Joint ventures can take various forms, including equity joint ventures, contractual joint ventures, and cooperative joint ventures. In an equity joint venture, the parties involved contribute equity capital, and the joint venture company is formed as a separate legal entity. In a contractual joint venture, the parties sign a contract to work together for a specific project or purpose, without forming a separate legal entity. A cooperative joint venture involves the sharing of resources and expertise between parties to achieve a common goal, but without forming a separate legal entity.

Joint ventures have several benefits, including sharing of resources and risks, access to new markets and technologies, and access to specialized skills and expertise. By pooling resources, joint ventures can achieve economies of scale and reduce costs, and by sharing risks, they can minimize the financial exposure of individual parties.

However, joint ventures also have their disadvantages, including the potential for conflict and disagreements between parties, the risk of loss of control, and the difficulty in finding the right partner with complementary skills and expertise.

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ECO 13 Solved Assignment 2022-23

Business Environment

ECO 13 Solved Assignment 2022-23 : All assignments are in PDF format which would be send on email/WhatsApp (9958676204) just after payment.

COURSE CODE : ECO 13

COURSE TITLE : Business Environment

ASSIGNMENT CODE : ECO 13/TMA/2022-2023

Maximum Marks: 100

Attempt all the questions:

1. What are the three components of business environment? Discuss.

2. Explain the nature and implications of regulatory role of the government.

3. Critically evaluate the government policy towards small scale industries.

4. Distinguish between the following:

(a) Foreign Direct Investment and Portfolio Investment.

(b) Direction of Exports and Direction of Imports.

5. Write short notes on the following:

(a) Changing Value System

(b) Economic development

(c) Indication of Sickness

(d) Joint Ventures

ECO 13 Solved Assignment 2022-23, ECO 13 Solved Assignment 2022-23, ECO 13 Solved Assignment 2022-23, ECO 13 Assignment, IGNOU Assignment ECO 13 2022-23- Gandhi National Open University had recently uploaded the assignments of the present session for Programme for the year 2022-23. ECO 13 Solved Assignment 2022-23 Students are recommended to download their Assignments from this web page itself. They don’t got to go anywhere else when everything regarding the Assignments are available during this article only.

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Eco 13 solved assignment 2022 – 23, ignou b.com free solved assignment 2022 – 23, business environment eco 13 solved assignment 2022 – 23, course title: business environment, assignment code: eco-13/tma/2022-2023, coverage: all blocks ( maximum marks: 100).

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1. What are the three components of business environment? Discuss.         (20)

Ans: Components of Business Environment

On the basis of extent of intimacy with the firm, the environmental factors may be classified into different levels or types. There are broadly two types of environment, the internal environment, i.e. factors internal to the firm and the external environment i.e. factors external to the firm which have relevance to it.

The internal factors are generally regarded as controllable factors because the company has control over these factors; it can alter or modify such factors as its personnel, physical facilities, organisation and functional means such as marketing mix to suit the environment.

The external factors on the other hand are, by and large, beyond the control of a company. The external or environmental factors such as the economic factors, socio-cultural factors, government and legal factors, demographic factors etc., are therefore generally regarded as uncontrollable factors.

Some of the external factors have a direct and intimate impact on the firm (like the suppliers and distributors of the firm). These factors are classified as micro environment, also known as task environment and operating environment. There are other external factors which affect an industry very generally (such as industrial policy, demographic factors etc.). They constitute what is called macro environment, general environment or remote environment. We may therefore consider the business environment at three levels:

1. Internal environment

2. Micro environment/ task environment/ operating environment

3. Macro environment/ general environment/ remote environment

Although business environment consists of both internal and external environments, many people often confine the term to the external environment of business.

1. Internal Environment: The   factors in   internal environment of business are to a certain extent controllable because the firm can change or modify these factors to improve its efficiency. However, the firm may not be able to change all the factors. The various internal factors are:

a) Value system: The value system of an organisation means the ethical beliefs that guide the organisation in achieving its mission and objectives.  It is a widely acknowledged fact that the extent to which the value system is shared by all in the organisation is an important factor contributing to its success.

b) Mission and objectives: The business domain of the company, direction of development, business philosophy, business policy etc. are guided by the mission and objectives of the company.  The objective of all firms is assumed to be maximisation of profit.  Mission is defined as the overall purpose or reason for its existence which guides and influences its business decision and economic activities.

c) Organisation structure: The organisational structure, the composition of the board of directors, the professionalism of management etc. are important factors influencing business decisions. The nature of the organisational structure has a significant influence over the decision making process in an organisation.  An efficient working of a business organisation requires that the organisation structure should be conducive for quick decision making. 

d) Corporate culture: Corporate culture is an important factor for determining the internal environment of any company.  In a closed and threatening type of corporate culture the business decisions are taken by top level managers while the middle level and lower level managers have no say in business decision-making.  This leads to lack of trust and confidence among subordinate officials of the company and secrecy pervades throughout the organisation.  This results in a sense of alienation among the lower level managers and workers of the company. In an open and participating culture, business decisions are taken by the lower level managers and top management has a high degree of confidence in the subordinates.

e) Quality of human resources:  Quality of employees that is of human resources of a firm is an important factor of internal environment of a firm.  The characteristics of the human resources like skill, quality, capabilities, attitude and commitment of its employees etc. could contribute to the strength and weaknesses of an organisation.  Some organisations find it difficult to carry out restructuring or modernisation plans because of resistance by its employees. 

f) Labour unions: Labour unions collectively bargains with the managers for better wages and better working conditions of the different categories of workers. For the smooth working of a business firm, good relations between management and labour unions are required.

g) Physical resources and technological capabilities: Physical resources such as, plant and equipment and technological capabilities of a firm determine its competitive strength which is an important factor for determining its efficiency and unit cost of production.  Research and development capabilities of a company determine its ability to introduce innovations which enhances productivity of workers. It is, however, important to note that the rapid technological growth and the growth of information technology in recent years have increased the relative importance of intellectual capital and human resources as compared to physical resources of a company. 

2. External Environment: The external environment is made up of micro and macro environment.

Micro Environment: This refers to the factors which influence the prospects of a particular firm; the firm can influence them with certain efforts. They are as follows:

a) Customers: The type and the nature of the customers influence the rate of growth of any firm. The firm has to be very particular about choosing the inputs and transforming them in to the output. The cost factor is subsidiary if the firm is dealing with such customers. If the customers are more commoners the quality of the commodity if less important than the cost of production. The customers want the commodity at a lower price so the firm will have to conscious about the cost in purchasing the inputs, in employment of labour, in packing and such other factors influencing the cost.

b) Competitors:   In modern age an absolute monopoly is a very rare thing. Most of the FIRMS have to work in some type of competition such as Monopolistic Competition or Oligopoly. A Firm has to be particular about the intensity of the competition. If the competition is severe the firm will have to be very particular about keeping the costs at the lowest level so that it can sell the commodity at a competitive price.

c) Suppliers:   The quality of the commodity and the cost of production are considerably influenced by the supplies of the inputs. If the inputs are supplied at economical prices, are of standard quality and if the supply is uninterrupted and timely the firm can produce a standard quality of a commodity and sell it at reasonable prices. Often the firms employ more than one supplier so as to ensure an uninterrupted supply of inputs. If the supplies of inputs are regular, consistent and reliable there is no need to keep a larger quantity in stock.

d) Channel Intermediaries: They refer to the different levels in the chain from the production unit to the final customer. The chain incorporates the stockists, the wholesalers, the distributors, the retailer etc. If there is a high level of efficiency maintained at every part of the chain the commodity can reach the final consumer in good condition and at a reasonable price. So the Firm has to select and maintain efficient intermediaries. The firm has to offer them proper terms

e) Society: The prospects of a firm depend upon the society in which it has to work and sell its products. In a homogenous society the job of the firm is easy. The people have almost the same habits likes and dislikes, values and ethical norms. In a heterogeneous society the job of the firm is difficult. A particular product may be acceptable to a particular section of the society but not acceptable to some other sections. In a country like India a firm has to into consideration all types of sections of the community such as the religious sections, the caste, the sect, language, region etc.

Conclusion: All these forces influence the chances available to a firm to survive and develop.

Macro Environment: The macro environment comprises of those forces which influence all business firms operating in an economy. They can be studied under the following categories: economic environment, political and regulatory environment, social/ cultural environment, demographic environment and technological. The components of these environments are discussed as below:

a) Economic Environment: The survival and success of each and every business enterprise depend fully on its economic environment. The main factors that affect the economic environment are:

(i) Economic Conditions: The economic conditions of a nation refer to a set of economic factors that have great influence on business organisations and their operations. These include gross domestic product, per capita income, markets for goods and services, availability of capital, foreign exchange reserve, growth of foreign trade, strength of capital market etc. All these help in improving the pace of economic growth.

(ii) Economic Policies: All business activities and operations are directly influenced by the economic policies framed by the government from time to time. Some of the important economic policies are: Industrial policy, Fiscal policy, monetary policy, foreign investment policy and Export –Import policy. The government keeps on changing these policies from time to time in view of the developments taking place in the economic scenario.

(ii) Economic System: The world economy is primarily governed by three types of economic systems, viz. Capitalist economy; Socialist economy; and Mixed economy. India has adopted the mixed economy system which implies co-existence of public sector and private sector.

b) Political Environment: This includes the political system, the government policies and attitude towards the business community and the unionism. All these aspects have a bearing on the strategies adopted by the business firms. The stability of the government also influences business and related activities to a great extent. It sends a signal of strength, confidence to various interest groups and investors.

c) Legal Environment: This refers to set of laws, regulations, which influence the business organisations and their operations. Every business organisation has to obey, and work within the framework of the law. The important legislation that concern the business enterprises include: Companies Act, 1956, Foreign Exchange Management Act, 1999, The Factories Act, 1948, Industrial Disputes Act, 19112, Payment of Gratuity Act, 19112, Industries (Development and Regulation) Act, 1951 etc. Besides, the above legislation, the following are also form part of the legal environment of business:

(i) Provisions of the Constitution

(ii) Judicial Decisions.

d)   Social Environment: The social environment of business includes social factors like customs, traditions, values, beliefs, poverty, literacy, life expectancy rate etc. The social structure and the values that a society cherishes have a considerable influence on the functioning of business firms. For example, during festive seasons there is an increase in the demand for new clothes, sweets, fruits, flower, etc.

e) Technological Environment: Technological environment include the methods, techniques and approaches adopted for production of goods and services and its distribution. The varying technological environments of different countries affect the designing of products. In the modern competitive age, the pace of technological changes is very fast. Hence, in order to survive and grow in the market, a business has to adopt the technological changes from time to time.

f) Demographic Environment: This refers to the size, density, distribution and growth rate of population. All these factors have a direct bearing on the demand for various goods and services.

g) Natural Environment: The natural environment includes geographical and ecological factors that influence the business operations. These factors include the availability of natural resources, weather and climatic condition, location aspect, topographical factors, etc. Business is greatly influenced by the nature of natural environment. For example, sugar factories are set up only at those places where sugarcane can be grown. It is always considered better to establish manufacturing unit near the sources of input.

2. Explain the nature and implications of regulatory role of the government.     (20)

Ans: Buy Full Assignment @ Rs. 25

3. Critically evaluate the government policy towards small scale industries.       (20)

4. Distinguish between the following:                    (10+10)

(a) Foreign Direct Investment and Portfolio Investment.

Ans: FDI- Foreign Direct Investment   refers to international investment in which the investor obtains a lasting interest in an enterprise in another country. Most concretely, it may take the form of buying or constructing a factory in a foreign country or adding improvements to such a facility, in the form of property, plants, or equipment.

FDI is calculated to include all kinds of capital contributions, such as the purchases of stocks, as well as the reinvestment of earnings by a wholly owned company incorporated abroad (subsidiary), and the lending of funds to a foreign subsidiary or branch. The reinvestment of earnings and transfer of assets between a parent company and its subsidiary often constitutes a significant part of FDI calculations. FDI is more difficult to pull out or sell off. Consequently, direct investors may be more committed to managing their international investments, and less likely to pull out at the first sign of trouble.

On the other hand,   FPI (Foreign Portfolio Investment)   represents passive holdings of securities such as foreign stocks, bonds, or other financial assets, none of which entails active management or control of the securities’ issuer by the investor.

Unlike FDI, it is very easy to sell off the securities and pull out the foreign portfolio   investment. Hence, FPI can be much more volatile than FDI. For a country on the rise, FPI can bring about rapid development, helping an emerging economy move quickly to take advantage of economic opportunity, creating many new jobs and significant wealth. However, when a country’s economic situation takes a downturn, sometimes just by failing to meet the expectations of international investors, the large flow of money into a country can turn into a stampede away from it.

Difference between FDI and FPI

  (b) Direction of Exports and Direction of Imports.

5. Write short notes on the following:           (4×5)

(a) Changing Value System.

(b) Economic development.

(c) Indication of Sickness.

(d) Joint Ventures.

Ans: A joint venture is the combination of two or more persons into a specific single activity. It is a form of partnership which is limited to a specific venture. It is exactly the same as partnership, with the exception that it is one of a business that is to be terminated after completion of venture for which it is started. Since the business is to be terminated after completion of the venture, a firm name is not generally used. Thus the joint venture is like a temporary partnership with or without a firm name. It can also be said a particular partnership or partnership for a particular object.

Features of a Joint Venture:

a) It is a partnership for specific purpose only.

b) The business is dissolved after the completion of venture.

c) Going concern concept is not applicable in case of joint venture.

d) Provisions of Indian Partnership Act are also applicable in case of joint venture.

e) It does not use a firm name generally.

Merits of Joint Venture:

a) Sharing of risks and liability.

b) Low or no risk opportunities and massive leverage.

c) Access to new and modern technology.

d) It helps in expansion of business.

e) High profitability.

Demerits of Joint Venture:             

a) It is a Short term partnership

b) While preparing accounts, many accounting concepts are not applicable such as the going concern concept.

c) Chances of loss of reputation if venture associated with wrong people.

d) The level of expertise, investment and technology of both the parties are not equally matched.

e) Objective of joint venture in some cases is undefined.

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The local coroner is offering more details about the brutal slaying of four college students in Moscow, Idaho, early Nov. 13.

The autopsies for Madison Mogen, 21, Kaylee Goncalves, 21, Xana Kernodle, 20, and Ethan Chapin, 20, were completed Nov. 16, Latah County Coroner Cathy Mabbutt said.

In an interview with NBC News Nov. 17, Mabbutt said the autopsy gave a clearer picture of what time the four were killed, their “extensive” wounds, and what the murder weapon was.

"It would have been early in the morning, sometime after 2 a.m., but still during the night," Mabbutt said, adding that there wasn't a medical way to determine who was attacked first, but investigators are "trying to put timelines together with other text messages and other technology."

She said that the murder weapon "would have been a bigger knife" to be consistent with their "pretty extensive" wounds.

Mabbutt said that the victims showed "little bit of bruising" but "nothing significant." She added that some bruising "wouldn't be uncommon during a stabbing."

Mabbutt couldn't say how many times each victim was stabbed but said it was safe to say each of them had multiple wounds. She declined to say where on the body they were stabbed and later clarified that the victims were stabbed in different places and a different amount of times.

Mabbutt said it was likely the four had bled out in the home.

She said DNA samples have been taken from the scene and are being processed. When pressed, she said it was "possible" that some of the DNA being tested may not be of the four victims.

"There were nail clippings that were taken, and other ones that are being sent off, and so that will be processed," she said.

They are awaiting final autopsy results, which will not be available for another four to six weeks, pending toxicology. Mabbutt said in this case, the toxicology reports likely wouldn't be important to the investigation.

She added that the autopsies were completed by Spokane Medical Examiners Office — located in Spokane, Washington, about 90 minutes northwest of Moscow — but she responded to the scene a few hours after police were called.

"It’s pretty traumatic when there’s four dead college students ... who’ve been stabbed to death in one location," she said, adding that there was “quite a bit” of blood at the scene.

"I’ve been coroner for 16 years... we have had multiple (victim) murders in the past, but nothing, nothing like this," she said.

Police said that they did not have any suspects and were still looking for whoever was responsible for the deaths of the four friends.

“We cannot say that there is no threat to the community,” Moscow Police Chief James Fry said at a press conference on Nov. 16. “There is a threat out there, possibly.”

“We do not have a suspect at this time, and that individual is still out there,” he added. “We cannot say there is no threat to the community.”

Fry said that two additional roommates had been home at the time of the killings but they were not considered witnesses and are actively cooperating with the investigation. He said the 911 call came in at noon on Sunday morning — hours after authorities believe the four were killed.

The morning of Nov. 17, Latah County Prosecuting Attorney Bill Thompson told TODAY that it "certainly is possible" there could be more than one suspect in the case.

“The fact of the matter is whoever’s responsible for these murders is still at large,” he said. “The investigators do not know who that person is.”

Sam Kubota is a senior digital editor and journalist for TODAY Digital based in Los Angeles. She joined NBC News in 2019.