File Details:

Questions:

1. What do you mean by Accounting Standards? Give names of any three accounting standards issued by the Institute of Chartered Accountants of India (ICAI).
2. Explain the Dual Aspect concept of Accounting.
3. What are the shortcomings in financial statements prepared under the Historical Cost Accounting Method (HCA) during periods of inflation?
4. Give pro forma of income and expenditure account of a non-trading concern.
5. Explain the basis of appointment of rent, rates and taxes, lighting, depreciation and power consumed while preparing departmental Trading and Profit and Loss Account.
6. How is Realisation Account prepared in case of dissolving a partnership firm?
7. What do you mean by banking companies and insurance companies?
8. How is Cost of Sales Adjustment (COSA) calculated while preparing final accounts of companies under Current Cost Accounting (CCA) method of accounting for price level changes?
9. What are the factors affecting valuation of goodwill in a partnership firm?
10. Define royalty, shortworkings, minimum rent and sub-lease in regard to royalty accounts.
11. What do you mean by Generally Accepted Accounting Principles (GAAP)? Explain the separate entity concept, materiality concept and conservatism concept of accounting.
12. How is the cost of sales and closing inventory determined under the CPP method of inflation accounting?
13. What are the components and preparation steps for an Income and Expenditure Account and a Balance Sheet for a non-trading organization?
14. Prepare a Consignment Account, an Agent's Account, and an Abnormal Loss Account for Hero Cycle Co.
15. Explain the preparation of accounts for a Memorandum Joint Venture.
16. What is a dependent branch and an independent branch? How is Branch Account prepared when goods are sent by head office to branch as per invoice price method?
17. Write short notes on Hire Purchase System.
18. Write short notes on Royalty Accounts.
19. Write short notes on General Insurance Company Accounts.
20. What are journal entries for royalty transactions involving shortworkings, minimum rent, and cecoupment?
21. Prepare the necessary accounts for Hire Purchase transactions including cases of repossession.
22. Define goodwill and discuss its accounting treatment upon admission and retirement of a partner.