Most Expected Questions for Exam of Accountancy December 2017

  • Define Accounting and its Objectives.
  • Explain the features of Income and Expenditure Account.
  • Difference between Single Entry System and Double Entry System of Accounting.
  • State the difference between Capital Expenditure and Revenue Expenditure account.
  • What do you understand by Self Balancing System and what is sectional balancing
  • Capital + Other Liabilities=Total Asset. Explain this Accounting Equation with examples.
  • What is Consignment? How does it differ from a sale? How consignment is different from Joint Venture?
  • State the entries that are usually passed for recording transactions consignor’s and consignee’s book?
  • What is Trial Balance? List the errors which do not effect the “agreement “of trail Balance
OR(Both are same)
  • “Agreement of Trial Balance does not mean that there is No Error in Accounts Books”. Do you agree ? Explain.
  • What is an Accommodation Bills of Exchange
  • Explain with Example the ‘Cost Concept’ and ‘Dual Aspect Concept’.
  • Difference Between:-
    • Bills of Exchange(Bills payable & Bills receivable) and Promissory Notes
    • Normal loss Abnormal loss
    • Receipt and Payment Account
    • Provision and Reserve
    • Income and Expenditure A/c
    • Specific Reserve and Journal Reserve
    • Cash concept vs Accrual concept
    • Cash Book and Pass Book
    • Cash Book and Petty Cash book
  • Short Note on
    • Debit Note & Credit Note
    • Invoice
    • Ledger and Consistency and conservatism
    • Outstanding Expenditure
    • Prepaid income and Accrued Income
    • Drawing
    • Deferred Revenue Expenditure
    • Contingent Liabilities
    • Bank Reconciliation
Pratical Questions:-
  • Rectifying the Following Error By making a journal entry
  • 1 Q from Final Accounts(Trading Accounts, Profit and Loss A/c, Balance Sheet).
  • 1 Q from Depreciation(calculate depreciation on machine for 3 years)
  • Prepare Journal Entries
  • 1 Q from Income and Expendite Account
  • 1 Q from payment and receipt Account
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Most Expected Questions for Accounts
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