BCOC 131 Financial Accounting Important Questions
IGNOU BCOM Courses
Both Theory and Practical

1. Out of 9 Questions, 5 Questions are to be attempted

2. Theory vs. Practical: The exam is a blend of both theoretical concepts and practical problems.

3. Practical Weightage: Three practical problems

4. Important Theory Chapters:

Block 1 (Theoretical Framework)

Block 4 Hire Purchase and Branch Accounting

Block 6 (Computerized Accounting)

5. Important Practical:

1. Block 3 (Final Accounts),

2. Block 5 (Consignment & Joint Ventures), and

3. Block 2 (Basic Books/Rectification).

IGNOU 131 Financial Accounting Important Questions

Part A: Practical Section

Part 1: Journal, Ledger, Trial balance and Rectification of errors

Journalize the given transactions in the books of a trader. June 2023

Simple Cash Book June 2024, June 2025

Purchase Day Book Dec 2024

Pass rectifying journal entries for given errors and prepare a Suspense Account. Dec 2020, Dec 2021, Dec 2023

Final Accounts Dec 2023, Dec 2024, June 2025, Dec 2025

Machinery Account and Machinery Disposal Account June 2024

Cost of Goods sold June 2022

Journal and Consignment Account Dec 2020, Dec 2021, June 2023, Dec 2024, Dec 2025

Joint Venture Dec 2023, June 2024, June 2025

Hire Purchase Journal and Ledger Dec 2022, June 2022

Branch Accounting Dec 2022, June 2023

 

 

IGNOU 131 Financial Accounting Important Questions

Part B: Practical Section

Block 1: Theoretical Framework

1. Define Accounting. Explain its objectives, Functions and scope. Discuss various steps involved in the accounting process. Dec 2021, Dec 2022, Dec 2023, June 2024

2. What is accounting information? What are the qualitative characteristics of accounting information? Dec 2020, June 2025, Dec 2025

3. What are the different bases of Accounting? Distinguish between cash basis and accrual basis of accounting with examples. Dec 2021, Dec 2022

4. What is Accounting Concepts and Conventions? Explain basic accounting concepts and conventions. June 2024, Dec 2024, June 2025

- Going Concern Concept Dec 2021

- Full Disclosure Dec 2020

- Accounting Period Concept   Dec 2021

- Matching Concept Dec 2022

- Conservatism Dec 2020

- Materiality and Consistency Dec 2020

5. What is Accounting Standards? Explain the procedure of issuing Accounting Standards in India. Dec 2022, Dec 2024, June 2025

6. What do you mean by Accounting Principles? Discuss the significance of accounting principles. Distinguish between accounting principles and accounting standards. June 2023

7. What are the objectives and significance of setting Accounting Standards? Distinguish between Indian Accounting Standards and International Accounting Standards. June 2022, Dec 2023

8. Explain the concept of Measurement of Business Income. Dec 2025

1. What do you mean by the Principle of Double Entry? What are its advantages and limitations? Explain with rules of Debit and Credit. Dec 2020, Dec 2024, Dec 2025

2. What do you understand by a Trial Balance? Explain reasons for disagreement in a Trial Balance. What are the various steps involved in locating errors in accounting? Dec 2022, June 2024, Dec 2025

3. What is Trial Balance? What are its features? Mention various types of preparation of trial balance.

3. What is journal? What are its features? Distinguish between journal and ledger. Dec 2024

4. What is ledger? What are its various types?

5. Why is a journal sub-divided? Name the special journals and state the types of transactions recorded in them. June 2022

6. What are assets? What are its various types? June 2023

7. What are liabilities? What are its various types?

8. Define accounting process (Accounting Cycle). Explain in detail the various stages involved in accounting process.  June 2025

9. What is cash book? What are its various types? Distinguish between cash book and cash account. June 2025

1. Define Depreciation. What factors should be considered in determining the amount of depreciation? Dec 2020

2. Differentiate between Depreciation, Depletion, Amortization, and Obsolescence. June 2022

3. What is SLM and WDV method of charging depreciation? What are their features, merits and demerits? Dec 2020, June 2025

3. Explain any two methods of calculating depreciation with examples. Distinguish between SLM and WDV Method. June 2023, June 2024

4. What is meant by a Balance Sheet? Give the format of vertical presentation of Final Accounts. June 2022

5. What do you mean by Adjustments? Explain the importance of making adjustments while preparing the Final Accounts. Dec 2021, Dec 2024, Dec 2025

6. What is Manufacturing Account, Trading accounting and P/L account? Prepare a format. Dec 2022

7. What do you understand by Bad Debts and Provision for Bad Debts? Explain with accounting treatment. Dec 2022

8. What are financial statements? Explain the usage of financial statements to various parties. June 2023

1. What is Hire Purchase? What are the characteristics of a Hire Purchase Agreement? Differentiate between Hire Purchase System and Instalment Payment System. Dec 2020, Dec 2023, Dec 2024, June 2025

2. What is instalment purchase system? What are its features?

3. Explain the rights of a Hire purchase and hire vendor under the Hire Purchase Agreement. Dec 2020

4. Explain the accounting treatment of important items in the books of Hire Purchaser. What are various accounting methods to be followed in hire purchase accounting? Dec 2025

5. Explain the various types of branches used in branch accounting. Explain different systems of maintaining accounts of a dependent branch. Dec 2021, June 2022, June 2024, Dec 2024, June 2025

6. What is Branch and Branch Accounting? What are the objectives of keeping branch accounts? How does Branch Stock Account help in stock control? June 2022

7. Explain the Stock and Debtor System and Hire Purchase Trading Account Method. What are the entries passed under stock and debtor system of hire purchase? Dec 2021

8. How are branch balances incorporated in Head Office books at the end of the year? State the possible causes of difference between the balances shown by Head Office Account and Branch Account. Dec 2020, Dec 2023

9. Explain the difference between Branch Adjustment Account and Branch Account. Dec 2023

10. Explain the treatment of various items while preparing branch accounting.  Dec 2025

1. What is a Consignment Account? What are its features? Explain with journal entries for consignment transactions involving commission. Dec 2020, Dec 2021

2. What procedure is followed for the valuation of Closing Stock and abnormal losses when normal and abnormal losses occur? Dec 2022

3. What do you mean by Invoice Price? Give reasons for consigning the goods at invoice price. Name the items which are recorded at invoice price in consignment account. Give journal entries passed for the adjustment of loading in respect of each item. Dec 2025

4. What is loading? How is it computed? Give examples.

5. What is ‘Del-Credere Commission’? Who pays this commission? State the reasons for payment of this commission.

6. What is joint venture? Discuss the salient features of a Joint Venture. June 2022

7. Differentiate between Joint Venture, Consignment, and Partnership. Dec 2020, June 2022, Dec 2024

8. Explain various methods of maintaining Joint Venture accounts. Dec 2021, Dec 2022, June 2023, June 2025

9. What is an Account Sale? How is it prepared? Dec 2022

10. What is a Pro Forma Invoice? Prepare one with assumed figures. June 2024

1. What is a Computerized Accounting System? Explain its merits and demerits. Differentiate between manual and computerized accounting systems. Dec 2020, June 2022, June 2025

2. State the considerations to be kept in mind while choosing an Accounting Software. Dec 2020, June 2022

3. Define Ledger and Group. How is a Ledger different from a Group? Discuss the procedure of ledger creation through Computer Accounting. Dec 2022, June 2023, Dec 2025

4. What is Tally? Discuss its components. June 2023

5. Describe the process of preparation of reports in a computerized accounting system. June 2023, Dec 2024, Dec 2025

6. Write explanatory notes on Computerized Accounting and Creation of vouchers. Dec 2023, June 2024

7. Explain how a new voucher type is created in an accounting software. Discuss various types of Vouchers and explain the use of post-dated vouchers. Dec 2021, Dec 2022, June 2025

8. Explain the concept of Opening journal entry. Dec 2025

9. Difference between stock item, stock group and stock category.  Dec 2024