Advanced Financial Accounting Important
Questions
For Dibrugarh University BCOM 5th
SEM NEP Syllabus
Pattern of Question Paper
1. MCQs: 1*8=8
2. Short Note: 4*3=12
3. Long Answer Type Questions: 10*4=40 (One
theory and Practical from each unit)
Unit 1: Final Accounts of Companies and
Valuation of Goodwill and Shares
PART A - Practical Problems
A.
Final Account of Companies, Preparation of Provision for taxation account. Every
Year
B. Preparation of Provision for income tax,
advance tax account 2017
PART B – Theoretical Questions from Valuation
of Goodwill and Shares
Q. What
is Goodwill? What are its features? Explain various factors affecting valuation
of goodwill.
Q. What
are various types of goodwill?
Q. Why
valuation of goodwill is necessary? Explain various methods for valuation of
goodwill. 2022
Q. Why shares are valued? Explain various methods for valuation of shares. 2022
PART C – Theory Questions from Final Accounts
Q. What are IFRS and Accounting Standards?
Explain its relevance. Explain some specific IFRS (From 1 to 9). 2015, 2016
Q. What are divisible profits? Explain the
provisions of Companies Act relating to transfer of profit to reserves.
Q. What is dividend and Interim divided? What
are various sources of dividend? Distinguish between Interim and Final
dividend.
Q. Explain the format of Statement of profit
and loss and Balance sheet of a company. 2016,
2017
Q. Explain the treatment of the following
items whiling preparing the final account of a limited company:
a) Share Capital, Loans, Current Liabilities,
Fixed Capital Expenditure 2018,
b) Managerial remuneration, Preliminary Expenses,
Provisions and Reserves, Provision for income tax, Tax deducted at source,
Corporate dividend tax, Advance income tax
2015, 2019
Q. Write Short notes on:
Ø Payment of dividend out of capital profit. 2015
Ø Advance Payment of Tax 2016
Ø Interim Dividend 2018
Ø Corporate Dividend Tax 2017
Ø Preliminary Expenses.
Unit 2: Amalgamation and External Reconstruction
(Part – A)
Q. What
is amalgamation and external reconstruction? Explain its features. Explain its
various types (2010, 2013) with examples. Distinguish between amalgamation and
absorption. 2016
Q.
Explain Amalgamation in the nature of merger and Amalgamation in the nature of
purchase and distinguish between them. Also explain the treatment of reserve in
case of amalgamation. 2014, 2015, 2018
Q. What is pooling of interest method and
purchase method? Explain the differences between pooling of interest method and
purchase method. 2015,
2016
Q.
Explain various methods for calculating purchase consideration with examples. 2010, 2014
Q. Write short notes on:
Ø Purchase consideration 2015, 2017, 2019
Ø Amalgamation in the nature of purchase. 2012, 2018
Ø Amalgamation in the nature of Merger 2012, 2018
Ø Treatment of reserves in case of amalgamation
in the nature of merger and purchase 2018
Q.
Practical Problems: Journal Entries for Amalgamation and External
Reconstruction and Preparation of balance sheet 2010, 2012, 2014, 2017, 2019
Unit 2: Internal Reconstruction and Capital
Reduction (Part – B)
Q. What
is internal reconstruction? Explain its Need and scope.
Q.
Explain the various provisions of Alteration and capital reduction of share
capital with examples. 2011, 2012, 2017, 2019
Q. Practical Problems: Journal Entries and
Preparation of balance sheet in case of Internal Reconstruction 2011, 2013,
2015, 2016, 2018
Unit 3: Accounts of Holding Companies
Student
Must Complete this chapter
Q. What do you mean by Consolidated Financial
Statements? What are the objectives and scope of these statements? Also point
out the advantages and disadvantages of consolidation. 2015, 2018
Q. What are the advantages and disadvantages
of Holding Companies? Explain the transactions which must be eliminated while
preparing consolidated balance sheet. 2015,
2016
Q. “Balance Sheet of Holding Company to
include certain particulars as to its subsidiaries”. Considering this statement
explain the provisions of the Companies Act, 2013. 2014, 2017
Q. What do you mean by Holding and Subsidiary
Company (2013, 2015, 2016)? How would you ascertain the amount of minority
interest and goodwill or capital reserve while preparing a Consolidated Balance
sheet? 2010, 2013
Q. Explain the treatment of the following
items in Consolidated Balance Sheet: 2012
Ø Contingent liabilities
Ø Mutual owing
Ø Bonus shares
Ø Unrealised Profit
Q. Write short notes on:
Ø Minority interest 2014, 2015, 2017
Ø Cost of Control or Goodwill 2017
Ø Pre-acquisition and post-acquisition profit 2013
Ø Consolidated Balance Sheet 2016
Ø Rationale of Holding Companies
Ø Capital Profits 2018
Ø Capital reserve 2014
Q.
Practical Problems: Follow illustrations given in your book Every Year
👉👉Advanced Financial Accounting Chapterwise Notes
Unit-I:
Preparation of financial statements of companies
Valuations of Goodwill and Shares
VALUATIONS OF GOODWILL AND SHARES
Unit-II: Amalgamation, External Reconstruction and Internal Reconstruction
1. AMALGAMATION AND EXTERNAL RECONSTRUCTION
2. INTERNAL RECONSTRUCTION AND CAPITAL REDUCTIONS
Unit-III: Accounts of Holding Companies
ACCOUNTS OF HOLDING COMPANY COMPLETE NOTES
Unit-IV: Accounts of Banking Companies and Life Insurance Companies
Past Exam Solved Practical Problems and Solutions
Unit – 4 (Part A): 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. Write a brief note on various types
of advances provided by bank. (Cash Credit, Overdraft, Loan, Discounting)
2015SN, 2021
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, 2022
Q.
Explain the following in relation to the Banking Company:
a)
Slip system of posting and its merits
and demerits 2015,
2018, 2022
b)
Rebate on Bills Discounted and its
treatment 2014, 2016, 2017, 2019,
2021, 2022
c) NPA 2015, 2019, 2021
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, 2021
m)
SLR and CRR 2019, 2022
Q. Preparation of Profit and Loss
Accounts of Banking Companies – Almost every year
Q.
Calculation of Provisions and Preparation of rebate of bills discounted
Unit
– 4 (Part B): Accounts of Life Insurance Companies
1. What is Insurance? What are various elements of Insurance?
2. What do you understand by life insurance and
Life Fund? Where does it appear in the final accounts? 2022
3. Explain revenue account of life insurance
companies. How it is prepared? Give a Proforma with imaginary figures. 2018
4.
What is valuation balance sheet
(2016SN)? How it is prepared. Distinguish between valuation balance sheet and
general balance sheet. 2021SN, 2022SN
5. 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, 2021
6.
Distinguish between
A) Life
insurance and general insurance 2021
B) Cash
bonus and reversionary bonus
C) Life
policy and endowment policy.
D)
Surrender policy and paid-up value 2015, 2017, 2021, 2022
E)
Re-insurance and Double insurance 2015
7. Mention the statutory and statistical books
maintained by life insurance companies. Explain
their purposes. 2016, 2017, 2019
7.
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
d)
Annuities and Consideration for
annuities granted 2022
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