122 : FINANCIAL ACCOUNTING-II (FYBCOM) || Question Bank
Software Used in Accounting
Short-Questions Answers
1. How do you switch between screen areas?
2. What are the different ways of shutting down a company?
3. What are subgroups? Give examples.
4. What is a purchase voucher?
5. What is a stock summary?
6. Describe in brief atleast three accounting software packages.
7. While working on Tally.ERP 9, what are the conventions that should be used?
Long-Questions Answers
1. What is a computer? State its characteristics.
2. Explain how information processing is done by the computer.
3. List some application of computers with special reference to the area of
accounting.
4. Explain how the concept of Flow Chart is useful. Draw a Flow Chart to outline
the procedure to search a particular book in a library to include the following
situations in a computerised environment:
(i) The borrower may or may not know the code number of the book.
(ii) The borrower may or may not know the title of the book.
5. Explain the start-up and exit processes of Tally.ERP 9.
6. Discuss in detail the components that are displayed on the screen when a
Tally.ERP 9 screen appears.
7. Write short notes on
(i) Spread-Sheet (ii) Data-Base
(iii) Word Processor (iv) Software Packages.
8. Explain the process of Company configuration.
9. Write a detailed note on your understanding of groups.
10. Explain the various type of accounting vouchers.
11. Write the steps to view a balance sheet in Tally.ERP 9.
Self-Instructional Material
Short-Answer Questions
1. Mention the main features of the Receipts and Payments Account.
2. List the accounting items peculiar to non-profit or charitable trusts/
institutions.
3. How is the cost statement of a hospital prepared?
4. What are the main sources of finance of an educational institution?
Long-Answers Questions
1. State the difference between Receipts and Payments Account and Income
and Expenditure Account.
2. Explain the meaning of the following terms and show how you will deal
with them while preparing the Final Accounts of a club. Your answer should
be supported by proper examples:
(a) Subscriptions, (b) Entrance Fee, (c) Life Membership Fee,
(d) Donations, (e) Receipts for a Sports Fund, (f) Loss on sale of an old
fixed asset (g) Legacy.
3. Distinguish between ‘Profit and Loss account’ and ‘Income and Expenditure
account’.
Valuation of
Intangibles
Short-Answer Questions
1. List the factors to be taken into account while determining the economic
lives of the intangible assets.
2. What is the scope of AS 26?
3. What is the Accounting Standard relating to de-recognition and disposal
of intangible assets?
4. What is Indian accounting standard relating to recognition and measurement
of intangible assets?
Long-Answer Questions
1. Define the term ‘assets.’ State how they can be classified.
2. What are intangible assets? How are they amortised? Explain mode of
valuation of any three intangible assets.
3. Explain amortization period in relation to intangible assets. When this
period needs to be reviewed and changed?
4. How will you deal with internally generated intangible assets in the books
of account?
Accounting for Leases
Short-Answer Questions
1. What do you understand by finance lease?
2. State the characteristics of an operating lease.
3. Explain the terms ʻSales and Lease Backʼ.
4. State any four situations when a lease would be classified as Finance Lease.
5. Define ‘Royalty’. When this is received or paid.
Long-Answer Questions
1. Point out the differences between the Hire Purchase System and Instalment
Purchase System from:
(i) the legal point of view, and
(ii) the accounting point of view.
2. Define Leasing. Explain different types of lease agreements. Compare
leasing with hire purchase.
3. Explain what is meant by fixed rights and fluctuation rights in recoupment
of shortworking.
4. Write short notes on:
(a) Dead Rent,
(b) Shortworkings, and Recoupment of Shortworkings.
(c) Royalty Suspense Account
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