Financial Accounting Question Paper 2024 [Gauhati University BCOM 1st SEM NEP 2023 Syllabus]

(a) IFRSs are intended to ________ accounting practices all over the world. (Fill up the blank with appropriate word/words)

(b) Matching concept is based on ________ basis of accounting. (Fill up the blank with appropriate word/words)

(c) A Trading Account is prepared to find out ________ profit. (Fill up the blank with appropriate word/words)

(d) Debit balance of Profit and Loss Account shows net profit. (State whether this statement is True or False)

(e) Under instalment system, ownership of the goods passes to buyer only after the payment of the last instalment. (State whether this statement is True or False)

(f) Under synthetic system, stock-in-transit is shown on the credit side of the Branch Account. (State whether this statement is True or False)

(g) The full form of C.P.U. is ________. (Fill up the blank with appropriate word/words)

(h) Computerized accounting systems can significantly reduce the likelihood of human errors in calculations and data entry. (State whether this statement is True or False)

2. Answer in brief any six questions: 2*6=12

(a) Define Accounting Standard.

(b) Very briefly explain any two objectives of IFRS.

(c) What do you mean by money measurement concept?

(d) What is capital receipt?

(e) What is Balance Sheet?

(f) Mention any two objectives of preparing a Trading Account.

(g) Mention any two disadvantages of hire purchase system.

(h) Very briefly explain any two objectives of Branch Accounting.

(i) Very briefly explain any two advantages of Computerized Accounting.

(j) Mention any two key features of Tally 9.

3. Answer any four questions in short: 5*4=20

(a) Briefly explain any five points of distinction between cash basis and accrual basis of Accounting.

(b) Briefly explain any five key principles of revenue recognition as per Accounting Standard 9.

(c) Explain any five distinctions between capital expenditure and revenue Expenditure.

(d) Write a comprehensive note on inventory valuation and its significance.

(e) From the following particulars, prepare a Trading Account and ascertain the gross profit for the year ended on 31st March, 2024:

(f) Briefly describe any of the five key users of Financial Accounting Information.

(g) On 1st January, 2024, Bharat Ltd. opened a Branch at Kolkata. From the following particulars, pass the necessary Journal entries in the books of Head Office:

(h) Briefly explain any five distinctions between manual accounting and computerized accounting.

4. Answer any two questions 10*2=20

(a) Following is the Trial Balance of Sadhu and Madhu as on 31st March, 2024

Adjustments:

(i) Partners are entitled to get Interest on Capital @ 5% p.a.

(ii) Depreciate Machinery @ 10% p.a.

(iii) Transfer 10% of Net Profit to Reserve Fund.

Prepare Profit and Loss Account and Profit and Loss Appropriation Account for the year ended on 31st March, 2024 and a Balance Sheet as on that date after taking into consideration the following adjustments.

(b) Asomi Industries has a branch at Itanagar. The branch sells goods both in cash and on credit. From the following particulars, prepare a Branch Account and Goods sent to Branch Account in the books of Head Office for the year ended on 31st March, 2024:

(c) Write a comprehensive note on Hire Purchase System and Instalment System.

(d) Guwahati Constructions Ltd. purchased a plant from Mumbai Machinery Ltd. on instalment system on 1st April, 2019 paying Cash Rs. 10,000 and agreeing to pay three further instalments of Rs. 10,000 each on 31st March each year. The cash price of the plant is Rs. 37,250. Interest is charged @ 5% p.a. Guwahati Constructions Ltd. writes off depreciation @ 10% p.a. on written down value method. Pass necessary Journal entries in the books of Guwahati Constructions Ltd. for three years.

(e) Briefly describe various types of Accounting packages.