Selected Questions for November 2014 Exam
Q. What are financial Statements? Explain its importance. Also point out limitations of financial statements.
Q. List out the merits and limitations of accounting standards.
Q. What are accounting policies? What are the areas in which different accounting policies are encountered? Why disclosures of accounting policies are needed?
Q. What is Accounting Principles? What are its features? Distinguish between Accounting Standard and Accounting principles.
Q. What are accounting Standards? What procedure adopted for formulating accounting standards? Discuss its objectives.
Q. Write short notes on:
Ø Consideration in selection of accounting policies
Ø Condition for change in accounting policies
Ø Fundamental accounting assumptions
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. Distinguish between Hire purchase and Credit sale and Hire purchase and an agreement to sale.
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. What is the meaning of Departmental Accounts? What are the objectives and advantages of preparing such accounts? Explain the basis of allocation of expenses over various departments.
Q. What are various types of Branch? Explain various system of maintaining branch account.
Q. Define Branch and Branch accounting. Mention the objectives of Branch accounting. Explain its need and importance.
Q. Explain the treatment of following in case of Independent Branch:
Ø Inter department transfer
Ø Inter Branch Transactions
Ø Difference between Department and Branch system of accounting
Ø Cash in transit and Goods in transit
Ø Expenses of branch paid by head office or vice-versa
Ø Depreciation on fixed assets
Q. What is Royalty? What are its Various Types? Distinguish Between Royalty and Rent.
Q. What is Minimum Rent (Also Known as Rock rent, Dead Rent, Fixed Rent, Flat rent, Contract rent)? Explain its importance.
Q. What are the entries passed in the books of Lessor and Lessee?
Q. Write Short Notes on:
Ø Fixed and floating recoupment of shortworkings
Ø Sub Lease
Ø Ground or Surface Rent Account