File Details:

Questions:

1. Define Accounting.
2. Differentiate between Book Keeping and Accounting.
3. What is a Trial Balance?
4. What is closing stock?
5. What do you mean by Gross Profit?
6. How is Shortworkings calculated?
7. What is the relationship between Hire Purchase Price and Cash Price?
8. Define Instalment Payment system.
9. Why is Branch Debtors Account prepared?
10. What is the category of Preferential Creditors?
11. Distinguish between Fixed Assets and Current Assets.
12. Write a short note on Accounting Standards.
13. What is Double Entry System? Discuss its features.
14. Give the specimen of the Trading Account.
15. What journal entries are passed in the books of Lessee in connection with royalties?
16. Calculate Royalty, Shortworkings and Surplus using provided data.
17. Give proforma of Branch Debtors Account and Branch Memorandum Stock Account.
18. What journal entries will be passed in the books of Head Office for provided transactions?
19. Distinguish between Hire Purchase system and Instalment Payment system from legal as well as accounting viewpoints.
20. Find out the amount due to Unsecured Creditors and Preferential Creditors based on given data according to Provincial Insolvency Act and Presidency Towns Insolvency Act.
21. Explain in brief the main objectives and functions of Accounting.
22. What is meant by Balance Sheet, Trading Account and Profit and Loss Account? Why are they prepared?
23. Prepare Landlord, Royalties and Shortworkings Accounts using given data.
24. Write up the necessary accounts in the books of Ajai Ltd. based on given hire purchase system details.
25. Prepare Branch Account in the books of Head Office showing branch profit using given data.