Financial Accounting (Theoretical)
Question Bank
B. Com. General and Honours
Semester I (NBU) CBCS
1. Introduction to Accounting
➘ For General and Honours Students
➘ For General and Honours Students
Q. 1. What do you mean by the ‘Accounting’?
Q. 2. What do you mean by ‘Financial Accounting’?
Q. 3. State the functions of accounting.
Q. 4. What are the features of accounting?
Q. 5. What are the objectives of accounting?
OR What are the scope of accountancy?
Q. 6. What are the advantages of accounting?
Q. 7. Discuss the limitations of accounting.
Q. 8. Discuss whether Accounting is Art or Science?
Q. 9. What are the different branches of accounting?
Q. 10. What is cash basis of accounting?
Q. 11. What is accrual basis of accounting?
Q. 12. Distinguish between ‘Cash Basis’ and ‘Accrual Basis’ of accounting. [NBU B. Com. (H) 2018, (G) 2018]
Q. 13. “Accounting is a business language.” Explain.
Q. 14. What is accounting information system?
OR Why is
accounting considered as information system? [NBU B. Com. (H) 2018]
Q. 15. What are the qualitative characteristics of accounting information?
Q. 16. A] Who are the users of accounting information?
B] Why do they need such information?
Q. 17. Distinguish between accountancy and accounting.
Q. 18. List out the sub-systems of the accounting information system.
Q. 19. What is hybrid basis of accounting?
2. Theory Base of Accounting
OR What are the necessities of accounting concepts and conventions?
Q. 2. What is the basic distinction between Accounting Concepts and Accounting Conventions?
Q. 3. Explain in brief four basic Accounting Concepts.
Q. 4. Write short note on: Matching concept OR Matching cost concept
Q. 5. Write short note on: Business Entity Concept OR Accounting Entity Concept.
Q. 6. Write short note on: Dual Aspect Concept OR Dual Entity. [NBU B. Com. (H) 2018]
Q. 7. Write short note on: Accounting Period Concept.
Q. 8. Write short note on: Going Concern Concept. [NBU B. Com. (H) 2018] [NBU B. Com. (G) 2018]
Q. 9. Write short note on: Cost Concept.
Q. 10. Write short note on: Accrual Concept.
Q. 11. Write short note on: Money Measurement Concept. [NBU B. Com. (G) 2018]
Q. 12. Write short note on: Realization Concept OR ‘Revenue Realization Concept’. [NBU B. Com. (H) 2019]
Q. 13. Write short note on: Full Disclosure Concept.
Q. 14. Write short note on: Convention of Conservatism OR Prudence Principle. [NBU B. Com. (H) 2018]
Q. 15. Write short note on: Convention of Consistency OR Principle of Consistency.
Q. 16. Discuss in brief Concept of Materiality OR Principle of Materiality
OR Convention of Materiality OR Materiality Convention.
Q. 17. State five areas of the application of the concept of conservatism.
Q. 18. What do you mean by ‘Fund concept of Accounting?
Q. 19. State the point of differences between ‘Fund Concept’ and ‘Entity Concept’
Q. 20. What are the ‘Basic Accounting Assumptions’? Write a few words about each of them.
Q. 21. Establish relation between ‘Accounting theory’ and ‘Accounting practice’.
Q. 22. Distinguish between ‘Accounting theory’ and ‘Accounting practice’.
Q. 23. Explain the convention of disclosure and conservation. Is there any conflict between them?
3. Financial Accounting Standards
Q. 2. State the nature of accounting standards?
Q. 3. State the need/necessity for accounting standards?
Q. 4. State the scope of accounting standard?
Q. 5. What are the objectives of having Accounting Standard?
Q. 6. Enumerate the benefits of having Accounting Standards.
OR State the advantages of accounting standards. [NBU B. Com. (G) 2018]
Q. 7. State the limitations of accounting standards.
Q. 8. Write a note on Accounting Standard-2 for valuation of inventories.
Q. 9. Discuss the features/objectives/scope of First-Time Adoption of Indian Accounting Standard (IAS: 10).
Q. 10. What is GAAP?
Q. 11. List out the Accounting Standards formulated by the Accounting Standard Board Institute of Chartered Accountants of India.
Q. 12. How widespread is the adoption of IFRS around the world?
Q. 13. What is IFRS? [NBU B. Com. (G) 2018]
Q. 14. What are the objectives/needs of IFRS?
Q. 15. What are the advantages of converting to IFRS?
Q. 16. What could be the disadvantages of converting to IFRS?
Q. 17. State the objectives of GAAP. [NBU B. Com. (G) 2018]
4. Recording of Business Transactions
Q. 1. A] What do you
mean by double-entry system?
B] What are the features of double-entry system?
C] Write advantages and disadvantages of the double-entry system.
Q. 2. Define debit and credit.
Q. 15. What are the qualitative characteristics of accounting information?
Q. 16. A] Who are the users of accounting information?
B] Why do they need such information?
Q. 17. Distinguish between accountancy and accounting.
Q. 18. List out the sub-systems of the accounting information system.
Q. 19. What is hybrid basis of accounting?
➘ For General and Honours Students
OR What are the necessities of accounting concepts and conventions?
Q. 2. What is the basic distinction between Accounting Concepts and Accounting Conventions?
Q. 3. Explain in brief four basic Accounting Concepts.
Q. 4. Write short note on: Matching concept OR Matching cost concept
Q. 5. Write short note on: Business Entity Concept OR Accounting Entity Concept.
Q. 6. Write short note on: Dual Aspect Concept OR Dual Entity. [NBU B. Com. (H) 2018]
Q. 7. Write short note on: Accounting Period Concept.
Q. 8. Write short note on: Going Concern Concept. [NBU B. Com. (H) 2018] [NBU B. Com. (G) 2018]
Q. 9. Write short note on: Cost Concept.
Q. 10. Write short note on: Accrual Concept.
Q. 11. Write short note on: Money Measurement Concept. [NBU B. Com. (G) 2018]
Q. 12. Write short note on: Realization Concept OR ‘Revenue Realization Concept’. [NBU B. Com. (H) 2019]
Q. 13. Write short note on: Full Disclosure Concept.
Q. 14. Write short note on: Convention of Conservatism OR Prudence Principle. [NBU B. Com. (H) 2018]
Q. 15. Write short note on: Convention of Consistency OR Principle of Consistency.
Q. 16. Discuss in brief Concept of Materiality OR Principle of Materiality
OR Convention of Materiality OR Materiality Convention.
Q. 17. State five areas of the application of the concept of conservatism.
Q. 18. What do you mean by ‘Fund concept of Accounting?
Q. 19. State the point of differences between ‘Fund Concept’ and ‘Entity Concept’
Q. 20. What are the ‘Basic Accounting Assumptions’? Write a few words about each of them.
Q. 21. Establish relation between ‘Accounting theory’ and ‘Accounting practice’.
Q. 22. Distinguish between ‘Accounting theory’ and ‘Accounting practice’.
Q. 23. Explain the convention of disclosure and conservation. Is there any conflict between them?
➘ For General and Honours Students
Q. 2. State the nature of accounting standards?
Q. 3. State the need/necessity for accounting standards?
Q. 4. State the scope of accounting standard?
Q. 5. What are the objectives of having Accounting Standard?
Q. 6. Enumerate the benefits of having Accounting Standards.
OR State the advantages of accounting standards. [NBU B. Com. (G) 2018]
Q. 7. State the limitations of accounting standards.
Q. 8. Write a note on Accounting Standard-2 for valuation of inventories.
Q. 9. Discuss the features/objectives/scope of First-Time Adoption of Indian Accounting Standard (IAS: 10).
Q. 10. What is GAAP?
Q. 11. List out the Accounting Standards formulated by the Accounting Standard Board Institute of Chartered Accountants of India.
Q. 12. How widespread is the adoption of IFRS around the world?
Q. 13. What is IFRS? [NBU B. Com. (G) 2018]
Q. 14. What are the objectives/needs of IFRS?
Q. 15. What are the advantages of converting to IFRS?
Q. 16. What could be the disadvantages of converting to IFRS?
Q. 17. State the objectives of GAAP. [NBU B. Com. (G) 2018]
➘ For General and Honours Students
B] What are the features of double-entry system?
C] Write advantages and disadvantages of the double-entry system.
Q. 2. Define debit and credit.
OR Debit the receiver, Credit the giver – Explain.
Q. 3. Describe, with example, the rules for debit and credit on the basis of traditional classification of accounts.
Q. 4. How do you distinguish between ‘Real Account’ and ‘Nominal Account’?
Q. 5. Explain the rules for Debit and Credit.
Q. 6. What do you mean by an ‘Account’?
Q. 7. What is debit note and what is credit note?
Q. 8. What do you mean by Contra Entry?
Q. 9. Distinguish between ‘general journal’ and ‘special journal’?
Q. 10. Why is journal called a ‘Book of original entry’?
Q. 11. What is ‘Petty Cash Book’?
Q. 12. What is ‘Compound Journal Entry’?
Q. 13. What is ‘cash book’? Why it is called a ‘journal as well as a ledger’?
Q. 3. Describe, with example, the rules for debit and credit on the basis of traditional classification of accounts.
Q. 4. How do you distinguish between ‘Real Account’ and ‘Nominal Account’?
Q. 5. Explain the rules for Debit and Credit.
Q. 6. What do you mean by an ‘Account’?
Q. 7. What is debit note and what is credit note?
Q. 8. What do you mean by Contra Entry?
Q. 9. Distinguish between ‘general journal’ and ‘special journal’?
Q. 10. Why is journal called a ‘Book of original entry’?
Q. 11. What is ‘Petty Cash Book’?
Q. 12. What is ‘Compound Journal Entry’?
Q. 13. What is ‘cash book’? Why it is called a ‘journal as well as a ledger’?
OR Is Cash Book a
Ledger or a Journal?
Q. 14. Can Journal be avoided?
Q. 15. Distinguish between journal and ledger.
Q. 16. “Ledger is the principle book of accounts in a business’ – Do you agree with this statement? Give reasons.
Q. 17. What is Journal Proper? What entries are usually passed through journal proper?
Q. 18. A] What do you mean by “Book of Prime Entry”?
B] Why is it necessary to maintain such book?
C] What are the various types of books of primary entry?
D] What are the purposes behind maintain such books?
Q. 19. A] What is a Ledger?
B] Why it is called ‘Kings of all books’?
Q. 20. What do you mean by journal?
Q. 21. What is meant by ‘Balancing of Accounts’? Explain ‘debit balance’ and ‘credit balance’.
Q. 22. What do you mean by accounting cycle?
5. Trial Balance
Q. 2. What are the objectives/functions of preparing Trail Balance?
Q. 3. Why ‘Trial Balance’ is prepared?
OR Discuss the main benefits derived from Trial Balance.
Q. 4. Explain the process of preparing trial balance.
OR What are the different methods of preparing trial balance?
Q. 5. What types of errors are disclosed by a Trial Balance?
OR Mention some errors which affect the agreement of the Trial Balance.
Q. 6. What errors are not detected by the Trial Balance? Explain in brief.
OR Mention some errors which do not affect the agreement of the Trial Balance.
Q. 7. Which errors are not disclosed by Trial Balance?
Q. 8. Is ‘Trial Balance’ an essential part of accountancy?
OR “A Trial Balance is merely a proof of arithmetical accuracy.” Explain.
OR Is Trail Balance indispensable?
Q. 9. A] What is suspense account?
B] What are the features of suspense account?
C] What are the objects of suspense account?
D] Why is it prepared?
E] How it is closed?
Q. 10. What are the limitations of trial balance?
Q. 11. Is trial balance a ledger account?
Q. 12. Whether closing stock is included in trial balance – Comment.
Q. 13. What are rectification entries?
Q. 14. How can you classify different types of error?
6. Business Income
OR What do you mean by ‘Accounting Equation Approach’?
OR Write a short note on Dual Aspect Concept.
Q. 2. What do you mean by ‘Two fold aspects of a transaction’?
Q. 3. What do you mean by Recognition of Revenue?
Q. 4. What do you mean by Recognition of Expenses?
Q. 5. What do you mean by measurement of business income or accounting income?
Q. 6. What are the features of accounting income or business income?
Q. 7. What are the objectives of measurement of accounting income or business income?
Q. 8. What are the objectives of net income?
7. Depreciation Accounting
B] What are the causes of depreciation?
Q. 2. Why is depreciation charged?
OR What are the objectives of charging depreciation?
OR Write the need and objectives of providing depreciation.
Q. 3. Explain the characteristics of depreciation.
Q. 4. What are the factors on which depreciation of asset depends?
Q. 5. What will happen if the ‘Fixed Assets’ are not depreciated?
Q. 6. Distinguish between Depreciation and Amortization.
Q. 7. Name the various methods of charging depreciation?
OR What are the methods of charging depreciation? [NBU B. Com. (H) 2019]
Q. 8. Is depreciation a source of fund?
Q. 9. What do you mean by Straight Line Method or Fixed Installment or Equal Installment Method or Original Cost Method? State its advantages and disadvantages.
Q. 10. What do you mean by Diminishing Balance Method or Reducing Installment Method? State its advantages and disadvantages.
Q. 11. Distinguish between Straight Line Method (or Fixed Installment or Equal Installment Method or Original Cost Method) and Diminishing Balance Method (or Reducing Installment Method).
Q. 12. Describe five methods of calculation of amount of depreciation.
Q. 13. “Depreciation accounting is a process of allocation and not of valuation” – Critically examine the statement.
Q. 14. What are the different methods for accounting records of depreciation?
Q. 15. What do you understand by ‘Provision for Depreciation Account’?
Q. 16. What is asset disposal account? Why is it prepared?
Q. 17. Distinguish between Depreciation and Fluctuation.
Q. 18. Distinguish between depreciation and provision for depreciation.
Q. 19. Is depreciation a loss? Explain. [NBU B. Com. (H) 2019]
8. Final Accounts
Q. 2. Distinguish between Capital Receipts and Revenue Receipts.
Q. 3. Define Capital Expenditure and Revenue Expenditure.
Q. 4. What are the features of capital expenditure?
Q. 5. What are the features of revenue expenditure?
Q. 6. If any ‘Capital Expenditure’ is treated as ‘Revenue Expenditure’, what kind of error it would be? Why it is necessary to rectify such error?
OR Why the distinction between capital expenditure and revenue expenditure is necessary in accounting?
Q. 7. What are Deferred Revenue Expenditures? Give two examples. [NBU B. Com. (H) 2018, (G) 2018]
Q. 8. Distinguish between Capital Expenditure and Revenue Expenditure. [NBU B. Com. (H) 2019]
Q. 9. What do you mean by trading account? Discuss its features.
Q. 10. What are the purpose/need/importance of trading account?
Q. 11. How do you value ‘Closing Stock’?
OR Why ‘closing stock’ is valued at cost price or market price whichever is lower?
Q. 12. What are Bad Debts and how they treated?
Q. 13. What are the different types of assets?
Q. 14. What are the different types of liabilities?
Q. 15. Why should provision for discounts be provided for?
Q. 16. What is ‘Balance Sheet’? Is it an account?
OR Why is a Balance Sheet not regarded as an account?
OR “Balances Sheet is a sheet of Balances” – comment.
Q. 17. What are the usages and limitations of a ‘Balance Sheet’?
Q. 18. Distinguish between Trade Discount and Cash Discount.
Q. 19. Distinguish between Trail Balance and Balance Sheet. [NBU B. Com. (H) 2018]
Q. 20. Distinguish between ‘Balance Sheet’ and ‘Profit and Loss Account’.
Q. 21. What do you mean by profit and loss account? Discuss its features.
Q. 22. What are the purpose/need/importance of profit and loss account?
Q. 23. What is ‘Cash Discount’ and ‘Trade Discount’?
Q. 24. What is adjustment entry? Why are they necessary for preparing final accounts?
Q. 25. A] What is ‘Manufacturing Account’? B] What are its contents?
Q. 26. Why is a manufacturing account required to be prepared?
OR Why is manufacturing account prepared in addition to ‘Trading and Profit & Loss A/c’?
Q. 27. Distinguish between a Manufacturing Account and a Trading Account?
Q. 28. What do you mean by final accounts?
Q. 29. What is ‘Gross Profit’? What are its importance?
Q. 30. Distinguish between ‘Gross Profit’ and ‘Net Profit’. [NBU B. Com. (H) 2018]
Q. 31. State briefly the purpose of preparing a Balance Sheet for a business organization. [NBU B. Com. (H) 2018]
Q. 32. What do you mean by ‘General Reserve’ and ‘Specific Reserve’? [NBU B. Com. (G) 2018]
Q. 33. State with examples the difference between Contingent Assets and Contingent Liabilities.
[NBU B. Com. (G) 2018]
Q. 34. Define Contingent Liability with two examples. [NBU B. Com. (H) 2019]
Q. 35. What do you mean by ‘Provisions’?
Q. 36. Distinguish between ‘Reserves’ and ‘Provisions’.
Q. 37. What do you mean by Secret Reserve? How secret reserve is created?
9. Hire Purchase and Instalment Payment System
Q. 2. What are the characteristics of hire purchase system?
Q. 3. What do you mean by instalment payment system?
Q. 4. What are the characteristics of instalment payment system?
Q. 5. Distinguish between Hire Purchase Sale and Ordinary Sale.
Q. 6. Distinguish between Hire Purchase and Installment Payment System. [NBU B. Com. (H) 2018]
Q. 7. What are rights of Hire Vendor?
Q. 8. What do you mean by repossession or surrender of asset?
Q. 9. What do you mean by complete repossession?
Q. 10. What do you mean by partial repossession?
Q. 11. What are the liabilities of hire-vendor?
Q. 12. Write about:
(i) Hire Purchase Price & Cash Price
(ii) Net Hire Purchase Price
(iii) Hire Price Trading Account
Q. 2. What are the features of lease?
Q. 3. What are the advantages and disadvantages of lease agreements?
Q. 4. What do you mean by finance lease? What are its characteristics? [NBU B. Com. (H) 2019]
Q. 5. What is sale and leaseback agreement?
Q. 6. What do you mean by operating lease? What are its characteristics?
Q. 7. Distinguish between finance lease and operating lease.
10. Consignment and Joint Venture
Q. 14. Can Journal be avoided?
Q. 15. Distinguish between journal and ledger.
Q. 16. “Ledger is the principle book of accounts in a business’ – Do you agree with this statement? Give reasons.
Q. 17. What is Journal Proper? What entries are usually passed through journal proper?
Q. 18. A] What do you mean by “Book of Prime Entry”?
B] Why is it necessary to maintain such book?
C] What are the various types of books of primary entry?
D] What are the purposes behind maintain such books?
Q. 19. A] What is a Ledger?
B] Why it is called ‘Kings of all books’?
Q. 20. What do you mean by journal?
Q. 21. What is meant by ‘Balancing of Accounts’? Explain ‘debit balance’ and ‘credit balance’.
Q. 22. What do you mean by accounting cycle?
➘ For General and Honours Students
Q. 2. What are the objectives/functions of preparing Trail Balance?
Q. 3. Why ‘Trial Balance’ is prepared?
OR Discuss the main benefits derived from Trial Balance.
Q. 4. Explain the process of preparing trial balance.
OR What are the different methods of preparing trial balance?
Q. 5. What types of errors are disclosed by a Trial Balance?
OR Mention some errors which affect the agreement of the Trial Balance.
Q. 6. What errors are not detected by the Trial Balance? Explain in brief.
OR Mention some errors which do not affect the agreement of the Trial Balance.
Q. 7. Which errors are not disclosed by Trial Balance?
Q. 8. Is ‘Trial Balance’ an essential part of accountancy?
OR “A Trial Balance is merely a proof of arithmetical accuracy.” Explain.
OR Is Trail Balance indispensable?
Q. 9. A] What is suspense account?
B] What are the features of suspense account?
C] What are the objects of suspense account?
D] Why is it prepared?
E] How it is closed?
Q. 10. What are the limitations of trial balance?
Q. 11. Is trial balance a ledger account?
Q. 12. Whether closing stock is included in trial balance – Comment.
Q. 13. What are rectification entries?
Q. 14. How can you classify different types of error?
➘ For General and Honours Students
OR What do you mean by ‘Accounting Equation Approach’?
OR Write a short note on Dual Aspect Concept.
Q. 2. What do you mean by ‘Two fold aspects of a transaction’?
Q. 3. What do you mean by Recognition of Revenue?
Q. 4. What do you mean by Recognition of Expenses?
Q. 5. What do you mean by measurement of business income or accounting income?
Q. 6. What are the features of accounting income or business income?
Q. 7. What are the objectives of measurement of accounting income or business income?
Q. 8. What are the objectives of net income?
➘ For General and Honours Students
B] What are the causes of depreciation?
Q. 2. Why is depreciation charged?
OR What are the objectives of charging depreciation?
OR Write the need and objectives of providing depreciation.
Q. 3. Explain the characteristics of depreciation.
Q. 4. What are the factors on which depreciation of asset depends?
Q. 5. What will happen if the ‘Fixed Assets’ are not depreciated?
Q. 6. Distinguish between Depreciation and Amortization.
Q. 7. Name the various methods of charging depreciation?
OR What are the methods of charging depreciation? [NBU B. Com. (H) 2019]
Q. 8. Is depreciation a source of fund?
Q. 9. What do you mean by Straight Line Method or Fixed Installment or Equal Installment Method or Original Cost Method? State its advantages and disadvantages.
Q. 10. What do you mean by Diminishing Balance Method or Reducing Installment Method? State its advantages and disadvantages.
Q. 11. Distinguish between Straight Line Method (or Fixed Installment or Equal Installment Method or Original Cost Method) and Diminishing Balance Method (or Reducing Installment Method).
Q. 12. Describe five methods of calculation of amount of depreciation.
Q. 13. “Depreciation accounting is a process of allocation and not of valuation” – Critically examine the statement.
Q. 14. What are the different methods for accounting records of depreciation?
Q. 15. What do you understand by ‘Provision for Depreciation Account’?
Q. 16. What is asset disposal account? Why is it prepared?
Q. 17. Distinguish between Depreciation and Fluctuation.
Q. 18. Distinguish between depreciation and provision for depreciation.
Q. 19. Is depreciation a loss? Explain. [NBU B. Com. (H) 2019]
➘ For General and Honours Students
Q. 2. Distinguish between Capital Receipts and Revenue Receipts.
Q. 3. Define Capital Expenditure and Revenue Expenditure.
Q. 4. What are the features of capital expenditure?
Q. 5. What are the features of revenue expenditure?
Q. 6. If any ‘Capital Expenditure’ is treated as ‘Revenue Expenditure’, what kind of error it would be? Why it is necessary to rectify such error?
OR Why the distinction between capital expenditure and revenue expenditure is necessary in accounting?
Q. 7. What are Deferred Revenue Expenditures? Give two examples. [NBU B. Com. (H) 2018, (G) 2018]
Q. 8. Distinguish between Capital Expenditure and Revenue Expenditure. [NBU B. Com. (H) 2019]
Q. 9. What do you mean by trading account? Discuss its features.
Q. 10. What are the purpose/need/importance of trading account?
Q. 11. How do you value ‘Closing Stock’?
OR Why ‘closing stock’ is valued at cost price or market price whichever is lower?
Q. 12. What are Bad Debts and how they treated?
Q. 13. What are the different types of assets?
Q. 14. What are the different types of liabilities?
Q. 15. Why should provision for discounts be provided for?
Q. 16. What is ‘Balance Sheet’? Is it an account?
OR Why is a Balance Sheet not regarded as an account?
OR “Balances Sheet is a sheet of Balances” – comment.
Q. 17. What are the usages and limitations of a ‘Balance Sheet’?
Q. 18. Distinguish between Trade Discount and Cash Discount.
Q. 19. Distinguish between Trail Balance and Balance Sheet. [NBU B. Com. (H) 2018]
Q. 20. Distinguish between ‘Balance Sheet’ and ‘Profit and Loss Account’.
Q. 21. What do you mean by profit and loss account? Discuss its features.
Q. 22. What are the purpose/need/importance of profit and loss account?
Q. 23. What is ‘Cash Discount’ and ‘Trade Discount’?
Q. 24. What is adjustment entry? Why are they necessary for preparing final accounts?
Q. 25. A] What is ‘Manufacturing Account’? B] What are its contents?
Q. 26. Why is a manufacturing account required to be prepared?
OR Why is manufacturing account prepared in addition to ‘Trading and Profit & Loss A/c’?
Q. 27. Distinguish between a Manufacturing Account and a Trading Account?
Q. 28. What do you mean by final accounts?
Q. 29. What is ‘Gross Profit’? What are its importance?
Q. 30. Distinguish between ‘Gross Profit’ and ‘Net Profit’. [NBU B. Com. (H) 2018]
Q. 31. State briefly the purpose of preparing a Balance Sheet for a business organization. [NBU B. Com. (H) 2018]
Q. 32. What do you mean by ‘General Reserve’ and ‘Specific Reserve’? [NBU B. Com. (G) 2018]
Q. 33. State with examples the difference between Contingent Assets and Contingent Liabilities.
[NBU B. Com. (G) 2018]
Q. 34. Define Contingent Liability with two examples. [NBU B. Com. (H) 2019]
Q. 35. What do you mean by ‘Provisions’?
Q. 36. Distinguish between ‘Reserves’ and ‘Provisions’.
Q. 37. What do you mean by Secret Reserve? How secret reserve is created?
➘ For General and Honours Students
Q. 2. What are the characteristics of hire purchase system?
Q. 3. What do you mean by instalment payment system?
Q. 4. What are the characteristics of instalment payment system?
Q. 5. Distinguish between Hire Purchase Sale and Ordinary Sale.
Q. 6. Distinguish between Hire Purchase and Installment Payment System. [NBU B. Com. (H) 2018]
Q. 7. What are rights of Hire Vendor?
Q. 8. What do you mean by repossession or surrender of asset?
Q. 9. What do you mean by complete repossession?
Q. 10. What do you mean by partial repossession?
Q. 11. What are the liabilities of hire-vendor?
Q. 12. Write about:
(i) Hire Purchase Price & Cash Price
(ii) Net Hire Purchase Price
(iii) Hire Price Trading Account
➘ For Honours Students ONLY
Q. 2. What are the features of lease?
Q. 3. What are the advantages and disadvantages of lease agreements?
Q. 4. What do you mean by finance lease? What are its characteristics? [NBU B. Com. (H) 2019]
Q. 5. What is sale and leaseback agreement?
Q. 6. What do you mean by operating lease? What are its characteristics?
Q. 7. Distinguish between finance lease and operating lease.
➘ For General and Honours Students
OR What is ‘Consignment
Business’?
Q. 2. What is a Consignment A/c?
Q. 2. What is a Consignment A/c?
OR Is ‘consignment
account’ a nominal account?
Q. 3. What are the characteristics of consignment?
Q. 4. Define Consignor and Consignee.
Q. 5. What is a ‘Proforma Invoice’?
Q. 6. What are the different types of commission to consignee? [NBU B. Com. (G) 2018]
Q. 7. What is ‘Del Credre Commission’? Why it is given to the consignee?
OR What benefits accrues to the consignor through del credre commission?
OR Write down objectives of providing Del-Credere commission. [NBU B. Com. (H) 2019]
Q. 8. Distinguish between Sale and Consignment.
Q. 9. Define ‘Recurring’ and ‘Non-recurring’ expenses with example.
Q. 10. What is an ‘Account Sales’? Prepare an ‘Account Sales’ with imaginary data.
Q. 11. Distinguish between Consignment and Joint Venture. [NBU B. Com. (H) 2019]
Q. 12. How would you treat normal loss in keeping accounts of consignment business process?
Q. 13. State the difference between Account Sales and Proforma Invoice.
Q. 14. Write the method and accounting treatment for ‘Abnormal Loss’ in consignment.
Q. 15. Why ‘closing stock’ is valued at cost price or market price whichever is lower?
OR How ‘closing stock’ is valued in consignment business?
Q. 16. What do you mean by joint venture?
Q. 17. Mention the features of Joint Venture.
Q. 18. What is ‘Joint Bank Account’?
Q. 19. Write short notes on:
(a) Accounting under separate set of books for Joint Venture
(b) Joint Venture with no separate set of books
Q. 20. Distinguish between Partnership and Joint Venture.
Q. 21. State briefly the steps involved in conversion of consignment into joint venture. [NBU B. Com. (H) 2018]
Q. 22. Show the treatment of Normal Loss and Abnormal Loss in Joint Venture. [NBU B. Com. (G) 2018]
Q. 23. Distinguish between Normal Loss and Abnormal Loss. [Any three] [NBU B. Com. (H) 2019]
11. Accounting for Inland Branch
OR What are the main features of ‘Branch Business’?
Q. 2. What is branch accounting?
Q. 3. What are the needs/objects of Branch Accounting?
Q. 4. What are the different types of branches?
Q. 5. Write note on: Home Branch or Inland Branch OR Domestic Branch
Q. 6. What is Branch Account?
Q. 7. Distinguish between branches and departments.
Q. 8. Write a short note on: Dependent Branches.
Q. 9. What are the features of dependent branches?
Q. 10. What do you mean by service branch and retail branch?
Q. 11. What are the different methods of accounting for dependent branch?
Q. 12. Write a short note on Debtors System of Branch Accounting.
Q. 13. Why the following accounts are prepared in the books of a Head Office when it keeps the accounts of its branches under Stock and Debtors System:
(i) Branch Stock A/c;
(ii) Branch Stock Adjustment A/c OR Branch Adjustment Account
(iii) Branch Stock Reserve A/c
Q. 14. When does incorporation of branch trail balance become necessary in head office books?
Q. 15. What do you mean by Independent Branch? Discuss its features.
Q. 16. Differentiate between a ‘dependent branch’ and an ‘independent branch’.
Q. 17. What do you mean by branch current account?
Q. 18. What is meant by Stock and Debtors system?
Q. 19. What is meant by Wholesale Branch System?
Q. 20. What is meant by final account system?
Q. 21. What is meant by Invoice price method?
Q. 22. What is meant by goods in transit and cash in transit?
Q. 23. Distinction between wholesale and retail profit at branch.
Q. 24. What is meant by Foreign Branch?
Q. 25. What is meant by inter-branch transactions?
12. Dissolution of the Partnership Firm
B] What are the features or characteristics of partnership?
Q. 2. What do you mean by ‘goodwill’? What are the different types of ‘goodwill’?
Q. 3. What are occasions were the ‘Goodwill’ of a firm is required to be valued?
Q. 4. What do you understand by dissolution of a firm?
OR What is meant by dissolution of partnership firm?
Q. 5. Mention the circumstances under which a firm is dissolved.
OR What are the modes of dissolution?
OR How to a partnership firm is dissolved?
OR When does dissolution of partnership firm take place? [NBU B. Com. (H) 2019]
Q. 6. What are the differences between dissolution of partnership and dissolution of a firm?
Q. 7. Explain the case of Garner vs. Murray on dissolution of partnership firm.
OR What are the rules of ‘Garner vs. Murray’.
OR Write a short note on “Decision of Garner vs. Murray”.
OR State the directives of Garner vs. Murray rules.
Q. 8. What do you mean by piecemeal distribution in relation to partnership firm?
OR Write short notes on: Piecemeal distribution
Q. 9. What is the ‘Order of Payments’ from cash available out of gradual realization of assets in case of dissolution of a firm?
Q. 10. Explain with example, the ‘maximum loss method’ under piecemeal distribution?
Q. 11. What is a Realisation Account? How is it prepared?
Q. 12. What is the object of a Realisation Account in dissolution of partnership?
Q. 13. Distinguish between Revaluation Account and Realisation Account.
Q. 14. Explain Fixed and Fluctuating Capitals under dissolution.
Q. 15. What is meant by payment of liabilities through surrender of assets to creditors?
Q. 16. Write down the expansion of dissolution.
Q. 17. Write at least three possible causes of amalgamation of partnership firms.
Q. 18. Write a note on: Insolvency of Partner(s).
Q. 19. What are the criticisms against Garner vs. Murray decision?
Q. 20. What is purchase consideration?
Q. 21. Write a note on: Sale to a limited company.
Q. 3. What are the characteristics of consignment?
Q. 4. Define Consignor and Consignee.
Q. 5. What is a ‘Proforma Invoice’?
Q. 6. What are the different types of commission to consignee? [NBU B. Com. (G) 2018]
Q. 7. What is ‘Del Credre Commission’? Why it is given to the consignee?
OR What benefits accrues to the consignor through del credre commission?
OR Write down objectives of providing Del-Credere commission. [NBU B. Com. (H) 2019]
Q. 8. Distinguish between Sale and Consignment.
Q. 9. Define ‘Recurring’ and ‘Non-recurring’ expenses with example.
Q. 10. What is an ‘Account Sales’? Prepare an ‘Account Sales’ with imaginary data.
Q. 11. Distinguish between Consignment and Joint Venture. [NBU B. Com. (H) 2019]
Q. 12. How would you treat normal loss in keeping accounts of consignment business process?
Q. 13. State the difference between Account Sales and Proforma Invoice.
Q. 14. Write the method and accounting treatment for ‘Abnormal Loss’ in consignment.
Q. 15. Why ‘closing stock’ is valued at cost price or market price whichever is lower?
OR How ‘closing stock’ is valued in consignment business?
Q. 16. What do you mean by joint venture?
Q. 17. Mention the features of Joint Venture.
Q. 18. What is ‘Joint Bank Account’?
Q. 19. Write short notes on:
(a) Accounting under separate set of books for Joint Venture
(b) Joint Venture with no separate set of books
Q. 20. Distinguish between Partnership and Joint Venture.
Q. 21. State briefly the steps involved in conversion of consignment into joint venture. [NBU B. Com. (H) 2018]
Q. 22. Show the treatment of Normal Loss and Abnormal Loss in Joint Venture. [NBU B. Com. (G) 2018]
Q. 23. Distinguish between Normal Loss and Abnormal Loss. [Any three] [NBU B. Com. (H) 2019]
➘ For General and Honours Students
OR What are the main features of ‘Branch Business’?
Q. 2. What is branch accounting?
Q. 3. What are the needs/objects of Branch Accounting?
Q. 4. What are the different types of branches?
Q. 5. Write note on: Home Branch or Inland Branch OR Domestic Branch
Q. 6. What is Branch Account?
Q. 7. Distinguish between branches and departments.
Q. 8. Write a short note on: Dependent Branches.
Q. 9. What are the features of dependent branches?
Q. 10. What do you mean by service branch and retail branch?
Q. 11. What are the different methods of accounting for dependent branch?
Q. 12. Write a short note on Debtors System of Branch Accounting.
Q. 13. Why the following accounts are prepared in the books of a Head Office when it keeps the accounts of its branches under Stock and Debtors System:
(i) Branch Stock A/c;
(ii) Branch Stock Adjustment A/c OR Branch Adjustment Account
(iii) Branch Stock Reserve A/c
Q. 14. When does incorporation of branch trail balance become necessary in head office books?
Q. 15. What do you mean by Independent Branch? Discuss its features.
Q. 16. Differentiate between a ‘dependent branch’ and an ‘independent branch’.
Q. 17. What do you mean by branch current account?
Q. 18. What is meant by Stock and Debtors system?
Q. 19. What is meant by Wholesale Branch System?
Q. 20. What is meant by final account system?
Q. 21. What is meant by Invoice price method?
Q. 22. What is meant by goods in transit and cash in transit?
Q. 23. Distinction between wholesale and retail profit at branch.
Q. 24. What is meant by Foreign Branch?
Q. 25. What is meant by inter-branch transactions?
➘ For General and Honours Students
B] What are the features or characteristics of partnership?
Q. 2. What do you mean by ‘goodwill’? What are the different types of ‘goodwill’?
Q. 3. What are occasions were the ‘Goodwill’ of a firm is required to be valued?
Q. 4. What do you understand by dissolution of a firm?
OR What is meant by dissolution of partnership firm?
Q. 5. Mention the circumstances under which a firm is dissolved.
OR What are the modes of dissolution?
OR How to a partnership firm is dissolved?
OR When does dissolution of partnership firm take place? [NBU B. Com. (H) 2019]
Q. 6. What are the differences between dissolution of partnership and dissolution of a firm?
Q. 7. Explain the case of Garner vs. Murray on dissolution of partnership firm.
OR What are the rules of ‘Garner vs. Murray’.
OR Write a short note on “Decision of Garner vs. Murray”.
OR State the directives of Garner vs. Murray rules.
Q. 8. What do you mean by piecemeal distribution in relation to partnership firm?
OR Write short notes on: Piecemeal distribution
Q. 9. What is the ‘Order of Payments’ from cash available out of gradual realization of assets in case of dissolution of a firm?
Q. 10. Explain with example, the ‘maximum loss method’ under piecemeal distribution?
Q. 11. What is a Realisation Account? How is it prepared?
Q. 12. What is the object of a Realisation Account in dissolution of partnership?
Q. 13. Distinguish between Revaluation Account and Realisation Account.
Q. 14. Explain Fixed and Fluctuating Capitals under dissolution.
Q. 15. What is meant by payment of liabilities through surrender of assets to creditors?
Q. 16. Write down the expansion of dissolution.
Q. 17. Write at least three possible causes of amalgamation of partnership firms.
Q. 18. Write a note on: Insolvency of Partner(s).
Q. 19. What are the criticisms against Garner vs. Murray decision?
Q. 20. What is purchase consideration?
Q. 21. Write a note on: Sale to a limited company.
