Financial Accounting Important Questions for Upcoming Exam
Dibrugarh University B.Com 1st Sem Important Questions
Pattern of Question Paper
1. Multiple Choice Questions = 8 Questions Carrying 1 mark each.
2. Short Notes = 4 Short notes of 4 marks each
3. 4 Long answer type questions of 14 marks each. In these question, you have two options either theory or practical.
4. Important Practical Chapters: Final Accounts and Royalty
5. Important Theory chapters: Hire Purchase, Branch and Departmental Accounts
Unit 1
Q. What are financial Statements?
Explain its importance. Also point out limitations of financial statements.
Q. List out the merits and limitations
of accounting standards.
Q. What are accounting policies? What
are the areas in which different accounting policies are encountered? Why
disclosures of accounting policies are needed?
Q. What is Accounting Principles? What
are its features? Distinguish between Accounting Standard and Accounting
principles.
Q. What are accounting Standards? What
procedure adopted for formulating accounting standards? Discuss its objectives.
Q. Important Accounting Standards: 6 –
Depreciation, 10 – Fixed Assets
Q. Write short notes on:
Ø
Consideration
in selection of accounting policies
Ø
Condition
for change in accounting policies
Ø
Difference
between accounting principles and accounting standard
Ø
Difference
between IFRS and GAAP
Ø
Fundamental
accounting assumptions
Unit 2: Hire Purchase and Installment Purchase System
Q. Define Hire purchase system. What
are its characteristics? Mention its advantages and disadvantages.
Q. Define Installment Purchase system.
What are its characteristics? Distinguish between hire purchase and installment
purchase system.
Q. Distinguish between Hire purchase
and Credit sale and Hire purchase and an agreement to sale.
Q. What are the rights and obligations
of Vendor and Vendee?
Q. What do you mean by repossession of goods? Write a note on complete and partial repossession of goods.
Unit 3: Branch Accounting and Departmental Accounting
Q. What is the meaning of Departmental
Accounts? What are the objectives and advantages of preparing such accounts?
Explain the basis of allocation of expenses over various departments.
Q. What are various types of Branch? Also mention their features.
Q. Explain various system of maintaining branch account.
Q. Define Branch and Branch
accounting. Mention the objectives of Branch accounting. Explain its need and
importance.
Q. Explain the treatment of following
in case of Independent Branch:
Ø
Inter
department transfer
Ø
Inter
Branch Transactions
Ø
Difference
between Department and Branch system of accounting
Ø
Cash in
transit and Goods in transit
Ø
Expenses
of branch paid by head office or vice-versa
Ø
Depreciation
on fixed assets
Ø Dependent branch and Independent branch and their difference
Ø Depreciation on fixed assets
Unit 4: Royalty Accounts
Q. What is Royalty? What are its Various Types?
Distinguish Between Royalty and Rent.
Q. What is Minimum Rent (Also Known as Rock
rent, Dead Rent, Fixed Rent, Flat rent, and Contract rent)? Explain its
importance.
Q. What are the entries passed in the books of
Lessor and Lessee?
Q. Write Short Notes on:
Ø
Shortworkings and Its recoupment
Ø
Surplus
Ø
Fixed and
floating recoupment of shortworkings
Ø
Sub Lease
Ø
Nazrana
Ø
Ground or
Surface Rent Account
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