Financial
Accounting Important Question Bank
BCOM 2nd
SEM NEP Syllabus 2025
Unit 1:
Preparation of Financial Statements, AS, Accounting Concepts and Conventions
Q. What
are financial Statements? Explain its importance. Also point out limitations of
financial statements.
Q. What
are accounting concepts and conventions? Explain various types of accounting
concepts and conventions.
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 IND-AS? Explain its features.
Q. What is
IFRS? Explain its need. What is the procedure of issuing IFRS?
Q. Write
short notes on:
a) Consideration
in selection of accounting policies
b) Condition
for change in accounting policies
c) Difference
between accounting principles and accounting standard
d) Difference
between IFRS and GAAP
e) Fundamental
accounting assumptions
f) Important
Accounting Standards: 6 – Depreciation, 10 – Fixed Assets
g)
Grouping and marshalling of balance sheet
h)
Adjustment entries in final accounts
Q.
Practical Problems:
a)
Preparation of Trial balance
b) Final accounts
c) Opening
Journal entries
Unit 2 Part A: Accounting for Partnership
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) Preparation
of revaluation account, capital account and balance sheet in case of Admission
and retirement of a partner
d)
Calculation of deceased partner’s share of profit in case of death of a partner
Unit 2 Part B: Single entry system
Q.
What is single entry system? Explain its merits and demerits.
Q.
How profit is determined under single entry system? Explain two methods.
(Statements of profit and loss + Conversion method)
Q.
Distinguish between:
a)
Single entry and double entry system
b)
Balance sheet and statement of affairs
c)
Profit and loss account and statement of profits and loss
Q. Practical
problems:
a) Statement
of profit and loss
b)
Conversion method
Unit 3: Accounting for not for profit organisation and
Depreciation
Part A NPO: Practical problem expected
Part B Depreciation: Short practical and theory
expected
Q. What are various types of accounts prepared by an
NPO? Explain them briefly.
Q. What is a receipt and payment account? Mention its
features, merits and demerits.
Q. What is income and expenditure account? Mention its
features, merits and demerits.
Q. Distinguish between: Receipts and payments account
and income and expenditure account
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. How disposal account is prepared? Explain the
treatment of change in the method of charging depreciation.
Practical problems:
a) Preparation of Receipts and payments accounts
b) Preparation
of Income and expenditure account with balance sheet
c) Assets Account, Depreciation Account, Assets
Disposal Account and Provision for Depreciation Account
Unit 4: Hire purchase, Installment Purchase System, Introduction
to corporate accounting
Part A: Practical Problems Expected
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: Introduction to Corporate Accounting (Part B)
Q.
What is corporate Accounting? What are its importance?
Q. What are various books of accounts maintained by a
Company? Explain the provisions of the companies act 2013 relating to books of
accounts.
Q.
Write short notes on:
a)
Book building process of allotment of shares
b) Provisions
of the companies act relating to audit of companies
c) Director’s
report
d)
Statutory audit under the Companies Act 2013
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