Most Important Questions for Exam of Accountancy (ECO-02)June 2018 of IGNOU

 

1 )What do you understand by Accounting? Justify its characteristics? Explain any three function/objectives (both are same) of accounting. And its advantage.

2) State the reason that lead to disagreement in the balances of Cashbook and Passbook.

Or

Ascertain the cause of difference between the cash book and pass book balances.

Or

Difference between cash book and passbook.

3) What is self balancing System? State its Advantages.

4) What is Single entry System? Discuss the drawback of Single Entry System of Accounting.

5) What is Bank Reconciliation System? Explain its advantages.

6 )What is meant by Receipt and payment Account? In what respect does it differ from Income and Expenditure Account.

7) Define Depreciation? Explain its Objectives. Discuss the Factors affecting the amount of depreciation.

8)Define utility of debit note and credit note.

9)Differences between

          (a)single entry system and Double entry System

          (b)capital  Expenditure and Revenue Expenditure

          (C )Provision and Reserve

          (d)Provision for discount on debtors and provision for discount on creditors

          (e)Bills Payable and Bills Receivable(Bills of  Exchange )

          (f) Consignment and Joint Venture

          (g)Joint venture and Partnership

          (h)Cash Book and Petty Cash Book

10)Explan Following

(i)Cost concept of Accounting

(ii)Dual Aspect Ratio or Dual concept of Book Keeping

(iii)Suspense Account

(iv) conservatism concept

(v)Sectional balancing

11)What is Trial Balance ? how is it prepared.

 

Pratical Questions:-

(Any 4 Q come in Exam)

1 Q from 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)

1 Q from Prepare Journal Entries

1 Q from Income and Expendite Account

1 Q from payment and receipt Account

1 Q from Consignment Account and Consignee Account

1 Q from Bank Reconciliation Statement

 

 

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