Advanced Financial Accounting
Important Question For Upcoming Exam
Dibrugarh University B.Com 5th Sem Hons CBCS Pattern
Unit – 1: Accounts of Banking Companies
Q. List out the form of
business in which Banking Company may engage as detailed in Section 6 of the
Banking Regulations Act. Or Mention the features of a
banking company. 2018
Q. Explain the following
in relation to the Banking Company:
a)
Slip system of posting and its merits and demerits 2015, 2018, 2022
b) Rebate on Bills
Discounted and its treatment 2014, 2016,
2017, 2019, 2021, 2022
c) NPA 2015, 2019,
2021
d) Non-banking Assets
e) Form B of the Banking
Company
f) Format of financial
statements of banking companies 2016
g) Books maintained by
banking companies
h) Money at call and short notice (Schedule 7) 2013SN, 2017SN,
2018SN
i)
Difference
between performing and non-performing assets 2016
j)
Inter
branch adjustments 2017
k) Contingent liabilities 2017
l)
Statutory
reserve 2019, 2021
m) SLR and CRR 2019, 2022
Q. Write a brief note on
various types of advances provided by bank. (Cash Credit, Overdraft, Loan, Discounting)
2015SN, 2021
Q. Write a brief note on
various classes of advances (Standard assets, sub-standard assets, doubtful
assets, loss assets. Also mention % of provision required in these classes. 2013, 2022
Q. Give in brief the
various provisions of the Banking Regulation Act, 1949 relating to the annual
accounts of the banking company.
Q. Explain the RBI’s prudential Accounting Norms as recommended by the Narasimham Committee. 2014
Unit – 2: Accounts of Life Insurance Companies
1. What do you understand
by life insurance and Life Fund? Where does it appear in the final accounts?
2022
2. Explain revenue account
of life insurance companies. How it is prepared? Give a Proforma with imaginary
figures. 2018
3. What is valuation balance sheet (2016SN)?
How it is prepared. Distinguish between valuation balance sheet and general
balance sheet. 2021SN, 2022SN
4.
Explain the
financial statements that are to be prepared by the life insurance companies as
per the IRDA Regulations, 2002. Point out the general
instruction on preparation of financial statements. 2014,
2021
5. Explain the method followed for assessing the
profit in the life insurance business.
6. Distinguish between (These differences are
included in unit 3)
A) Life insurance and general insurance 2021
B) Cash bonus and reversionary bonus
C) Life policy and endowment policy.
D) Surrender policy and paid-up value 2015, 2017, 2021, 2022
E) Re-insurance and Double insurance 2015
7. Mention the statutory and statistical books
maintained by life insurance companies. Explain
their purposes. 2016, 2017, 2019
8. Explain various items of revenue account of
life insurance companies. VVVI
a)
Premium 2013
b)
Bonus
in reduction of premium 2013, 2018
c)
Bonus 2015
d)
Annuities
and Consideration for annuities granted 2022
Q. What is general insurance? Point out the
main features of accounts of General Insurance Companies. Explain the Purpose
of creating reserve for unexpired risk in insurance business. State its
accounting treatment. 2013, 2016, 2017SN, 2017, 2018, 2019, 2021, 2022
Q. What is fire insurance revenue account?
Explain how the profit or loss from general insurance business is ascertained
and prepare a fire revenue account with imaginary figures and schedules. 2015,
2017, 2018SN, 2021SN
Q. What important points should be kept in mind
in preparing the annual accounts of general insurance companies?
Q. What statutory books are required to be
maintained by a general insurance company under the Insurance Act? 2018, 2022
Q. How profit is determined in fire insurance
business? 2022
Q. Briefly explain schedules to be shown in the
financial statements of General Insurance Companies as prescribed by IRDA
Regulation, 2002.
Unit – 4: Investment Accounts
Q. What is an investment and Investment account (2015SN,
2018SN)? Mention its nature. What purpose does investment account serve? Pass
journal entries for investment account.
2016, 2017SN, 2017, 2019, 2021, 2022
Q. What is columnar investment account? How it is prepared? 2021SN, 2022
Q. Distinguish between:
Ø Contango and Backwardation
Ø Jobbers and Brokers 2014,
2015
Ø Cum-dividend and ex-dividend 2013,
2016, 2018, 2022
Ø Cum-interest and ex-interest 2013,
2014, 2015, 2019, 2021
Q. How investment accounts are prepared when there is issue of
bonus shares and rights shares by the company? 2018