Important Questions on FINANCIAL ACCOUNTIG Dibrugarh University B.Com (CBCS) 1st Semester for Upcoming exam 2021



UNIT – 1

1. What are Accounting Principles? Distinguish between Accounting principles and Accounting Standard. 6 (2019)

2 a. what do you mean by basic concepts and conventions of accounting? 2+2 (2018)

 b. Distinguish between accounting standards and accounting principles. 4(2018)

 c. write a note on accounting standard board set up in India. 6 (2018)

3.  What do you mean by Accounting Standards? Mention the procedure for issuing Accounting Standards. Distinguish between Accounting Standards and Accounting Principles. 14 (2017)(2015)

4. What are Accounting Standards? What procedure is adopted for formulating accounting standards? Discuss the objectives of such standards. 14(2016)

SHORT NOTES (4- Marks)

a. Indian Accounting Standard (Ind-AS) 101 (2019)

B.International Financial Reporting Standards (IFRS) (2018) (2016)

c. The provisions of Accounting Standard – 6 (2017)

d. Accounting Standard Board set up in India. (2015)

UNIT – 2

1. What is meant by business income? What are its features? Discuss the procedure for measurement of business income. 10(2019)

2. Write the silent features of Accounting Standard (AS) – 9 with respect to revenue recognition. 4(2019)

SHORT NOTES (4- Marks)

a. Straight line method of depreciation. (2019)

UNIT – 3

1. What is hire purchase system? What are its features? Should depreciation be charged on fixed assets purchased on hire purchase system? 10(2019) (2017)

2. Distinguish between Hire Purchase System and Instalment Purchase System. Mention four rights of Hire Vendor and four rights of Hire Purchaser as laid down in the Hire Purchase Act, 1972. 14(2018)

3. What is Hire-Purchase System? Distinguish between Hire-Purchase Sale and Ordinary credit sale. Mention three rights of each of Hire Seller and Hire Purchaser as laid down in the Hire Purchase Act, 1972. 14(2016)

4. What is Hire-Purchase system? What are its important features? Distinguish between Hire Purchase System and Instalment Purchase System. 14(2015)

SHORT NOTES (4- Marks)

a. Financial lease. (2019)

b. Instalment purchase system (2018) (2016)

c. Termination of hire purchase agreement. (2017)(2015)

UNIT – 4

1a. what are the objectives of keeping branch accounts? 4 (2019)

1b. With respect to branch accounts, how will you deal with the following matters?

 i. Depreciation of branch fixed assets.

 ii. Goods-in-transit.

 iii. Remittance-in-transit. 6 (2019)

2. What is branch account? What are its main objectives? How are inter branch transactions recorded in branch. 14(2018)

3a. what do you mean by inter-branch transactions? State the procedure of recording such transactions. 8(2016)

3b. Distinguish between cash in transit and Goods in transit. 6(2016)

SHORT NOTES (4- Marks)

a. Independent branches. (2019)(2018)(2017)(2016)

b. Goods in transit. (2017)(2015)

UNIT – 5

1a. what do you mean by dissolution of partnership firm? Discuss the reasons that lead to dissolution of firm. 6(2019)

1b. Distinguish between Revaluation a/c and Realization a/c. 4(2019)

SHORT NOTES (4- Marks)

a. Garner vs. Murray decision (2019)