Important Questions — Financial Accounting (Sem I)

Government College Ludhiana East • Financial Accounting — B.Com (Sem I) Prepared by: Jeevansh Manocha. Click a question to open its prepared answer page.

1. Difference between consignment and sale Short answer 2. Difference between proforma invoice and invoice Short answer 3. Difference between normal loss and abnormal loss Short answer 4. Short notes on: account sale, valuation of stock, non- recurring/direct expenses, recurring/indirect expenses, procedure of conversion of consignment into joint venture. Short answer 5. Difference between dissolution of partnership and dissolution of partnership firm Short answer 6. What is realization account? Why it is prepared? How does it differ from revaluation account? Short answer 7. Explain the rule of ‘Garner Vs Murry’. Short answer 8. Write a short note on: royalty, minimum rent/dead rent, short working, recoupment of short working, sub lease Short answer 9. Difference between consignment and Joint Venture. Short answer 10. Difference between Joint Venture and Partnership. Short answer 11. Define Accounting. Write process/functions, advantages and objective of accounting. Long answer 12. Explain Accounting Principles/Accounting Concepts and Conventions Long answer 13. What do you mean by ‘Adjustments’? Enumerate various adjustments which are generally made in the Final Accounts. Long answer 14. What do you understand by independent branch? What books are maintained by such a branch and how are its accounts incorporated in the books of the head office. Long answer 15. What are departmental accounts? What are the objective and advantages of preparing these accounts ? Explain the basis of allocation of expenses over various departments of an organization. Long answer 16. What is meant by dissolution of firm? List and explain the circumstances under which the firm is dissolved. Long answer 17. How distribution of funds is made under piece-meal distribution method? Long answer 18. What is meant by dissolution of firm ? Give the accounting treatment in the books of firm at the time of dissolution of firm. Long answer 19. What is consignment? Give journal entries in the books of consignor and consignee. Long answer 20. Define Joint Venture. Explain the different method of recording joint venture transactions. Also give journal entries to pass under different methods. Long answer 21. Give journal entries in the books of lessor and lessee in the following cases: (a) when no minimum rent account exists (b) when minimum rent account exists. Long answer