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Important Questions for "financial accounting":

[1]

  1. Distinguish between Management Accounting and Financial Accounting.
  2. What is Financial Statement? How is it useful to various parties?
  3. Discuss the importance of reports for management. What are the essential characteristics of a good report for management?

[2]

  1. What do you mean by \"Financial Accounting\"? How is it different from Management Accounting?
  2. Why Final Account is prepared? Explain its concept with imaginary example of Profit & Loss A/c and Balance-Sheet.
  3. Distinguish between Fund flow statement and Cash flow statement and describe its uses.

[3]

  1. What is Financial Accounting? Describe its nature and scope.
  2. What is ratio analysis? Explain the following ratios: Current ratio, Liquid ratio, Operating Ratio and Operating Profit ratio, Net profit ratio, Return on investment.
  3. What is cash management? What are the tools and techniques of cash management?

[4]

  1. What is Financial Accounting? Describe its nature and scope.
  2. How are accounting principles different from accounting concepts and conventions? Explain.
  3. What is cash management? What are the tools and techniques of cash management?

[5]

  1. Explain the nature and scope of Financial Accounting. What is the difference between Management Accounting and Financial Accounting?
  2. Discuss in detail the application of computers in Accounting.
  3. Define financial management and write a note on the need of financial management.

[6]

  1. Explain the nature and scope of Financial Accounting. What is the difference between Management Accounting and Financial Accounting?
  2. Explain and illustrate the following ratios in the interpretation of financial statement: Current Ratio, Gross Profit Ratio, Stock turnover, Operating Ratio.
  3. How would you study the changes in Working Capital in a concern? Why is such a study necessary?

[7]

  1. Define Financial Accounting. Explain the nature and scope of Financial Accounting. Differentiate between Financial Accounting and Management Accounting.
  2. Explain the nature and objectives of Financial Management. Explain various long-term sources of financing.
  3. Explain the concept and various components of working capital. What factors would you consider in planning the working capital requirements of a firm?

[8]

  1. Define Financial Accounting. Explain the nature and scope of Financial Accounting. Differentiate between Financial Accounting and Management Accounting.
  2. Explain the objectives of Ratio Analysis. Discuss various ratios used to examine the liquidity and solvency positions of a firm.
  3. Calculate the following based on the provided information: Break-Even Point in units, Sales volume to earn a specified profit, and additional units required to increase the profit by a given amount.

[9]

  1. Who invented the double-entry system of book-keeping?
  2. What is the difference between gross profit and net profit?
  3. Define cash flow statement and explain its preparation.

[10]

  1. Discuss the principles of Financial Accounting. Write the conventions used in Accounting.
  2. Distinguish between book-keeping and accounting.
  3. Depreciation is a non-cash item. Explain.

[11]

  1. How does Management Accounting differ from Financial Accounting?
  2. What do you mean by Accounting for Managerial Decisions?
  3. Describe the various kinds of Reports.

[12]

  1. What are the basic concepts of financial accounting? Explain their importance.
  2. Discuss the statement that a fund-flow statement is better than an income statement and distinguish between these documents.
  3. From the given balance sheets of X Ltd., propose a schedule of changes in working capital and a statement of flow of fund.

[13]

  1. From the following figures of Abdulla of Kanpur, prepare a Statement of Affairs and a Deficiency Account as at 31 March, 2017. Assume specified realizations for assets and details provided for liabilities.
  2. Mention the necessary entries in the books of the buyer as well as the seller when goods are sold on the hire-purchase system.
  3. Prepare the necessary accounts in the books of Lessee Vishnoi for first four years based on given lease details.

[14]

  1. Define financial accounting and state its objectives.
  2. Explain users of financial statements.
  3. What is an accounting standard?

[15]

  1. Explain briefly Profit Maximization and Wealth Maximization.
  2. Explain briefly Long-term sources of finance.
  3. Explain briefly Components of working capital.

[16]

  1. Differentiate between equity shares and preference shares.
  2. Prepare Trading and Profit and Loss Account for the year ended 31 March, 2016 and a balance sheet as at that date considering the given adjustments.
  3. Write short notes on debentures and factors influencing the composition of working capital.

[17]

  1. Write importance of computers in Financial Accounting.
  2. What do you understand by cost of debt?
  3. Find out the average collection period from the given financial data.

[18]

  1. Discuss the provision for doubtful debts and objectives of financial management.
  2. Explain the application of computers in accounting.
  3. Write notes on capital gearing, debentures, cost of capital, and objectives of cash management.

[19]

  1. Differentiate between owned capital and borrowed capital.
  2. Discuss the dual aspect concept.
  3. Explain the revenue recognition concept.

[20]

  1. Differentiate between Book Keeping and Accounting.
  2. Write a short note on Accounting Standards.
  3. What journal entries will be passed in the books of Head Office for provided transactions?

[21]

  1. Write the distinction between management accounting and financial accounting.
  2. What is stock turnover ratio?
  3. Using provided material data, calculate material usage variance, material mix variance, material revised usage variance, and material yield variance.

[22]

  1. What are Concepts of Accounting?
  2. What is Nature and Scope of Accounting?
  3. Prepare a statement of affairs and deficiency account from the given particulars.

[23]

  1. Distinguish between Cost Accounting and Financial Accounting.
  2. Write a brief note on 'Costing as an Aid to Management.'
  3. Prepare a statement of cost and calculate the price to yield a profit of 20% on selling price.

[24]

  1. Structure of Book Keeping and Accounting.
  2. What is meaning of Debit Balance of Accounts?
  3. Prepare Nominal Accounts from the given Transactions.

[25]

  1. Why is inventory management important?
  2. Draw a typical organization chart highlighting the finance function of a company and explain the functions of finance manager.
  3. From the given balances, calculate Cash from Operations.

[26]

  1. What is fund flow statement? Explain.
  2. What are the factors affecting cost of capital?
  3. Describe three different approaches that can be used to pass structures as function arguments.

[27]

  1. What is 'going concern concept' of Accounting?
  2. How the working capital is calculated?
  3. Explain the term 'point of indifference'.

[28]

  1. Distinguish Management Accounting from Financial Accounting.
  2. Explain the meaning of term 'Journal'.
  3. What is the use of cash book?

[29]

  1. Describe the meaning of Financial Accounting.
  2. What is Funds flow statements?
  3. Discuss the importance of financial statements.

[30]

  1. What is working capital cycle?
  2. What are three methods of Journalising?
  3. Explain the technique of preparing a cash flow statement with imaginary figures.

[31]

  1. Define Cost Accounting. Discuss its significance to the management. How does it differ from Financial Accounting?
  2. Name the different methods of absorption of factory overheads.
  3. What is cost of goods sold?

[32]

  1. Differentiate Financial Accounting and Cost Accounting.
  2. How do you calculate cost per unit?
  3. What is the meaning of Serap?

[33]

  1. Explain the 'Basic Principles' of Accounting.
  2. Explain how the following transactions would be recorded in a Cash Book with Cash and Bank Columns: Deposit of Cash into Bank, Withdrawal of money from Bank for office use, Deposit of cheques (received from others) into Bank, Dishonour of cheques deposited into Bank.
  3. Eti Ltd. issued equity shares with payments in installments. Some shares were forfeited due to non-payment and reissued at a discount. Pass the necessary Journal entries in the books of Eti Ltd.

[34]

  1. What is a Suspense Account?
  2. What is Sinking Fund Method of depreciation?
  3. Show the Machinery Account for three years based on the given transactions and depreciation rate.

[35]

  1. What do you understand by three column cash book?
  2. What are the functions of Accounting? How does 'book-keeping' differ from 'accounting'?
  3. Define goodwill. How does it arise? Explain the treatment of goodwill in partnership accounts on the admission of a new partner: (a) When he brings cash for his share of goodwill and cash is retained in business (b) When he does not bring cash for his share of goodwill. Illustrate your answer by means of Journal entries.

[36]

  1. What is depreciation? What is the need for providing depreciation? Describe two methods of providing depreciation. Also explain the effects of depreciation on P&L Account and Balance Sheet.
  2. What do you mean by Final Accounts? What is their necessity?
  3. A Ltd. issued 10,000 shares of Rs. 100 each at Rs. 120 payable as follows: Rs. 25 on application; Rs. 45 on allotment (including premium); Rs. 20 on 1st call; Rs. 30 on final call. 9,000 shares were applied for and allotted. All money were received with exception of first and final call on 200 shares held by Shyam. These shares were forfeited. Give necessary Journal entries and prepare Bank Account and Balance Sheet.

[37]

  1. Give the meaning of Accounting. What are the Branches of Accounting?
  2. What are the limitations of Accounting Principles?
  3. Define Partnership and its characteristics. Also explain Partnership Deed.

[38]

  1. What are the basic concepts of Financial Accounting? What are their limitations?
  2. What are objectives of a trial balance?
  3. What is goodwill? What are the various methods of valuation of goodwill? Discuss with examples.

[39]

  1. Write short note on Minority Interest.
  2. PLtd. acquired 75% of shares of A Ltd. on 31st Dec 2019 when the P & L a/c was 6000(Cr). Later on A Ltd. purchased all the shares of B Ltd. on 31st Dec 2020, when the profit of B Ltd. was 4,800(Cr). Prepare the consolidated balance sheet.
  3. On the reconstruction of a company, the following terms were agreed upon: Make the Journal entries in the books of the company based on the above reconstruction.

[40]

  1. Discuss various requirements of corporate reporting for shareholder's value added.
  2. A company went into voluntary liquidation. 3,50,000 were realised from its assets. It does not include that amount which is received by selling those securities, which are with fully secured creditors. Following was the position: Share capital: 1,000 shares of 100 each, Fully secured creditors, Preferential creditors, Unsecured creditors, Debentures having a floating charge on the assets of the company, Liquidation expenses, Remuneration of liquidator. Prepare the final statement of account of liquidator.
  3. X Limited adopts FIFO method. From the detail given below, ascertain the value of cost of sales and closing stock under C.P.P. method.

[41]

  1. Define a holding and subsidiary company and state what documents relating to subsidiary company should be attached to the Balance Sheet of holding company.
  2. What do you understand by inflation accounting? Describe the merits and demerits of inflation accounting.
  3. What is corporate financial reporting? What are its objectives?

[42]

  1. Define Financial Accounting. What is the difference between Financial Accounting and Management Accounting?
  2. What is Trial Balance? Describe the methods of Preparing a Trial Balance.
  3. What do you understand by Financial Management? Discuss its nature and objective of Financial Management.

[43]

  1. What are the sources of acquiring funds? Highlight the role and cost associated with each.
  2. What are the theories propagated to arrange and utilize working capital?
  3. Write notes on: Trial Balance, Ratio Analysis.

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