Financial Accounting Question Paper 2023 [Gauhati University BCOM 1st SEM NEP 2023 Syllabus]

Financial Accounting Question Paper 2023 
[Gauhati University BCOM 1st SEM NEP 2023 Syllabus]

COMMERCE

Paper: BCM0100204 (Financial Accounting)

Full Marks: 60

Time: 2½ hours

The figures in the margin indicate full marks for the questions.

1. Select the appropriate answer of the questions from the following:   1x8=8

(a) Accounting gives information on

(1) Financial states of the organisations.

(2) Income and cost for the managers.

(3) Company’s tax liability for a particular year.

(4) All of the above.

(b) Which of the accounting principles state that companies and owners should be treated as separate entities?

(1) Money measurement concept. 

(2) Business entity concept.

(3) Periodicity assumption.

(4) Going concern concept.

(c) Accounting principles are generally based on

(1) Objectivity.

(2) Subjectivity.

(3) Convenience in recording.

(4) None of the above.

(d) Ind AS 9 is related to

(1) Revenue recognition.

(2) Accounting for fixed asset.

(3) Leases.

(4) Depreciation accounting.

(e) Amount spent on increasing the seating capacity in a cinema hall is a

(1) Revenue expenditure.

(2) Capital expenditure.

(3) Both revenue and capital expenditure.

(4) None of the above.

(f) Excess of debit in the Profit and Loss Account is known as

(1) Gross loss.

(2) Gross profit.

(3) Net loss.

(4) Net profit.

(g) Profit and Loss Account is also known as

(1) Statement of affairs.

(2) Income statement.

(3) Statement of operation.

(4) Statement of labour.

(h) In hire purchase system the buyer charges depreciation on the

(1) Cash price.

(2) Future market price.

(3) Hire purchase price.

(4) Middle price.

2. Answer in brief any six questions:                       2x6=12

(1) Mention any two of the users of financial accounting information.

(2) What is the basic difference between Accounting Standard and Generally Accepted Accounting Principles?

(3) What is the significance of Accounting Standards?

(4) Explain in brief the meaning of matching concept in the measurement of income.

(5) How are expenses recognised under AS 9?

(6) What is revenue receipt?

(7) What is the significance of inventory valuation?

(8) What is the basic advantage of computerised accounting?

(9) What is the basic difference between hire purchase system and instalment payment system?

(10) How do you define accounting software package?

3. Answer any four questions in short:                       5x4=20

(a) Mention the qualitative characteristics of accounting information.

(b) Write the meaning of the following accounting principles:

(1) Cost Concept.

(2) Consistency.

(c) What are the objectives of measurement of business income?

(d) Write the differences between capital expenditure and revenue expenditure. What is capital receipt?           3+2=5

(e) Write the advantages and disadvantages of hire purchase system.               3+2=5

(f) Write a note on accounting system of a dependent branch.

(g) What are the features of Tally 9?

(h) Write the basic differences of manual accounting and computerised accounting.

4. Answer any two questions:                  10x2=20

(a) From the following Trial Balance of M/s. Gupta Enterprise, prepare Trading and Profit and Loss Account for the year ended on 31^st March, 2023:                           4+6=10

Particulars	Dr. Rs.	Cr. Rs.
Capital Drawings Opening Stock Purchases Sundry Creditors Sales Sundry Debtors Freight inward Discounts Commissions Returns Salaries Rent, Rates and Taxes Postage, Telegrams and Telephone Loan Interest Brand name and Design Furniture Advertisement Cash in Bank Cash in Hand Duty drawbacks	- 50,000 75,000 4,20,000     1,20,000 20,000 16,000 12,000 16,000 1,20,000 40,000 25,000   20,000 60,000 3,50,000 1,00,000 1,50,000 63,000	4,00,000       75,000 8,10,000     28,000 14,000 20,000       3,00,000             10,000
	16,57,000	16,57,000

Other information: