Financial Accounting Important Questions
Dibrugarh University BCOM 2nd SEM NEP
Syllabus
Financial Accounting Question Paper
Pattern
Final Exam: 60 Marks
Internal Assessment: 40 Marks
|
Type of Questions |
Marks Distribution |
|
MCQs |
3+3+2 = 8 |
|
Short Notes |
4+4=8 |
|
Unit
1: Focus on final accounts Theory or Final Accounts |
11 Marks |
|
Unit
2: Do only one chapter Fully Partnership Single Entry |
11 Marks Practical Theory |
|
Unit
3: Do only one chapter Fully NPO or Depreciation |
11 Marks |
|
Unit
4: Do only one chapter Fully Hire Purchase and
installment purchase system Corporate
accounting and audit |
11 Marks |
Financial Accounting Important Question Bank
Unit 1: Recording and Presentation of Accounting Transactions (15 Marks)
Q. What
is Trial Balance? Mention its features. How it is prepared?
Q. What
are adjusting entries? Why are these necessary for preparing Final Account?
Explain with examples. 2024
Q. "Transactions and events are guided by
generally accepted accounting principles subject to laws of land." Explain
this statement. 2025
Q. What
are financial Statements? Explain its importance. Also point out limitations of
financial statements. 2025
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? List out the merits and limitations of accounting standards.
Q. What are IND-AS? Explain Salient features
of First-Time Adoption of Indian Accounting Standard (Ind-AS)
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) Grouping and marshalling of balance sheet 2024
g) How are the
Provision for Doubtful Debts Accounts prepared with the help of Journal Entry?
2025
h) IFRS - 9
Q. Practical Problems:
a) Preparation of Trial balance
b)
Final accounts 2024, 2025
Unit 2: II Accounting Process (15 Marks)
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. 2025
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.
Write a brief note on rights and duties of partners of a firm. 2024
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 2024(R), 2025 (R)
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. What
is conversion method under single-entry system? Discuss how you would convert a
set of books, which you had been kept on the single-entry system into
double-entry with perspective and retrospective effect. 2024
Q. Distinguish between:
a) Single entry and double entry system
b) Balance sheet and statement of affairs 2025
(Explanation)
c) Profit and loss account and statement of
profits and loss
Q.
Practical problems:
a) Statement of profit and loss
b) Conversion method including calculation of
missing figures
Unit 3: Accounting for not for profit organisation and Depreciation
Part A NPO:
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. 2024
Q. What is income and expenditure account?
Mention its features, merits and demerits.
Q. Write the steps of conversion of Receipts
and Payments Account to Income and Expenditure Account or vice-versa. Also
mention the steps for preparation of balance sheet. 2025
Q. What is fund based accounting and non-fund
based accounting? Write their features and difference. 2024
Q. Explain the treatment of some specific
items in R/P account and I/E account. (Donation, Legacy, Depreciation,
Consumable stores etc.) 2025
Q. Distinguish between: Receipts and payments
account and income and expenditure account
Practical
problems:
a) Preparation of Receipts and payments
accounts
b)
Preparation of Income and expenditure account with balance sheet 2024
Part B Depreciation: Short
practical and theory expected
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.
Q. Important Accounting Standards: 6 –
Depreciation, 10 – Fixed Assets 2024
Practical problems: Assets Account,
Depreciation Account, Assets Disposal Account and Provision for Depreciation
Account 2025
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. Explain various methods of hire purchase
accounting. Explain the treatment of repossession of goods.
Q. What is HP Trading Account? How it is
prepared?
Q. Distinguish between: Hire purchase and
Credit sale 2025
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 2024
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? 2025
Q. What are various books of accounts
maintained by a Company? Explain the provisions of the companies act 2013
relating to books of accounts. 2024
Q. What are the required qualification and
disqualification of auditors under the Companies Act’ 2013? 2025
Q. Write short notes on:
a) Book building process of allotment of
shares 2024
b) Provisions of the company’s act relating to
audit of companies
c) Director’s report and its contents 2025
d) Statutory audit under the Companies Act 2013
2024
e) Sweat equity shares
f) Strategic report
g) Cost audit 2025
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