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
b) Rebate on Bills Discounted and its treatment 2014, 2016, 2017, 2019
c) NPA 2015,
2019
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
m) SLR
and CRR 2019
Q. Write a brief note on various types of advances provided by bank.
(Cash Credit, Overdraft, Loan, Discounting) 2015SN
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
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?
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.
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
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
B) Cash bonus and reversionary bonus
C) Life policy and endowment policy.
D) Surrender policy and paid-up value 2015, 2017
E) Re-insurance and Double insurance 2015
7. Mention
the statutory and statistical books maintained by life insurance companies. Explain their purposes. 2016,
2017
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
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
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
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
Q. How profit is determined in fire insurance business?
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 served? Pass journal entries for investment
account. 2016, 2017SN, 2017
Q.
Distinguish between:
Ø Contango
and Backwardation
Ø Jobbers
and Brokers 2014,
2015
Ø Cum-dividend
and ex-dividend 2013,
2016, 2018
Ø Cum-interest
and ex-interest 2013,
2014, 2015
Q. How
investment accounts are prepared when there is issue of bonus shares and rights
shares by the company? 2018