Financial Accounting Important Questions CBCS Pattern (Hons and Non-Hons), B.Com 1st Sem CBCS Pattern

Financial Accounting Important Questions CBCS Pattern (Hons and Non-Hons)
B.Com 1st Sem CBCS Pattern
Dibrugarh University

Financial Accounting B.Com 1^st Sem Hon Question Paper Pattern

Type of Questions	Number of Questions	Marks Per Question	Total Marks
Multiple Choice Questions (Fill in the blanks, True or False)	8 questions	1 mark	1*8 = 8
Short Notes (One from Each chapter)	5 questions out of which 4 is to attempted	4 marks	4*4 = 16
1 Question from Accounting basics	1	6 marks	1*6=6
Practical Problems with theory given as option	5	10 marks	5*10=50
Total Marks			80

Selected Questions for 2023 Exam (CBCS PATTERN)

Unit 1: Theoretical framework (10 Marks)

Q. Explain Book Keeping and Accounting with their respective merits, demerits and objectives.

Q. Write short notes on:

a)      Cash Basis and Accrual Basis of Accounting

b)      Branches of Accounting

c)       Qualitative Characteristics of Accounting

d)      Book Keeping Vs Accounting

Q. Explain various accounting concepts and conventions (Business Entity Concept, Money measurement, Dual aspect, Conservatism, materiality and full disclosure)

Q. What are accounting Standards? What procedure adopted for formulating accounting standards? Discuss its objectives.

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 financial Statements? Explain its importance. Also point out limitations of financial statements.

Q. Basics of JOURNAL, LEDGER and TRIAL Balance

Q. Write short notes on:

Ø  IFRS

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

Q. Practical Problems (6 Marks)

Ø  Trial Balance

Ø  Opening Journal Entries

Ø  Cash book

Unit – 2: Measurement of Business Income, Revenue recognition and depreciation (10 Marks)

Q. What is business income? What are its features? Explain how income is measured.

Q. What is revenue? State the aspects to which revenue recognition does not apply? State various conditions for revenue recognition.

Q. Important Accounting Standards: Depreciation – 6, Revenue Recognition – 9, Fixed Assets – 10, Lease – 19

Q. Short note: Methods of measurement of business income

Q. What is Depreciation? Explain various methods of charging depreciation with their respective merits, demerits and difference.

Q. Explain various purposes of charging depreciation? Mention the factors affecting the amount of depreciation.

Q. Practical Problems:

Ø  Assets Account, Depreciation Account, Assets Disposal Account and Provision for Depreciation Account

Unit – 2: Final Accounts and Capital & Revenue Items (15 Marks)

Q. Practical Problems: Preparation of Final Accounts

---- Solved Practical Problems for 2011 to 2020

---- Jain and Narangs Book Solved (Part A)

---- Jain and Narangs Book Solved (Part B)

Q. Capital and Revenue expenditure – Meaning, conditions, examples and difference

Q. Capital and revenue receipts – Meaning, conditions, examples and difference

Q. Capital and revenue losses – Meaning, conditions, examples and difference

Unit 3: Hire purchase, Installment Purchase System, Leasing

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:

A) Hire purchase and Credit sale

B) Hire purchase and an agreement to sale.

C) Installment Purchase and 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.

Q. Practical Problems:

a)      Practical Questions relating to Calculation of Cash Price, Interest, Repossession of Goods.

b)      Journal Entries and Preparation of Various ledger Accounts in the books of vendor and vendee

c)       Interest Suspense Method of Journal Entries with ledger

Unit 4: Branch Accounting (CBCS Pattern)

Q. Define Branch and Branch accounting. Mention the objectives of Branch accounting. Explain its need and importance.

Q. What are various types of Branch? Distinguish between Dependent branch and independent branch.

Q. Explain various system of maintaining branch account. (Debtors System, Stock and Debtors System and Wholesale System)

Q. Explain the treatment of following in case of Independent Branch:

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

Q. Practical Problems:

a)      Preparation of Branch Account under Debtors system

b)      Preparation of various ledgers under Stock and Debtors System

c)       Journal entries in case of Independent Branch

Unit – 5: Dissolution of partnership firms (CBCS PATTERN)

Q. Explain the concept of Dissolution of Partnership and Dissolution of firms. Also distinguish between them.

Q. Explain various modes of dissolution of partnership firms.

Q. What is realisation and revaluation account? Mention its features and objectives. Distinguish between Realisation and Revaluation account.

Q. How Accounts are settled in case of dissolution of partnership firms?

Q. What do you mean by insolvency of partners? Explain the procedure for settlements of accounts in insolvency of one or all partners with reference to GARNER VS MURRAY Case.

Q. What do you mean by piecemeal distribution? Explain various methods of piecemeal distribution.

Q. Practical Problems:

a) Journal Entries and Preparation of Realisation Account+ Partners Capital Account + Bank Account

b) Accounting treatment in case of Insolvency of one or all partners

c) Piecemeal distribution