CORPORATE ACCOUNTING B.Com Second Year 202 Questions Bank
Unit 1: Accounting Standards
Short Answer Questions
1. Write a short note on the composition of the Accounting Standards Board.
2. List the objectives of ASB.
3. What is the scope of accounting standards?
4. Mention the guidelines related to asset recognition as per AS 10.
5. When should a subsidiary be excluded from consolidation as per AS 21?
6. Briefly mention the disclosures to be made as per AS 21 while preparing the consolidated financial statement.
Long Answer Questions
1. Explain the procedure for issuing an accounting standard.
2. What is the basis on which companies are labelled as Level I, II and III for accounting standards?
3. How are net profit/loss, extraordinary items and profits from ordinary activities as per AS 5?
4. What should be the treatment of changes in accounting estimates and accounting policies as per AS 5?
5. Discuss the usage of depreciation as per AS 10.
6. Explain the types of amalgamation as per AS 14.
7. Describe the consolidation procedure as per AS 21.
Unit 2: Profit Prior to Incorporation
Short Answer Questions
1. Who is a promoter and what is his role in the formation of companies?
2. What is the difference between incorporation of a company and
commencement of business?
3. How are losses and profits prior to incorporation accounted for?
Long Answer Questions
1. Describe the preliminary steps involved in the incorporation of a company. Also mention the steps taken by the promoter for getting a company incorporated.
2. What are the stepsinvolved in the allocation and apportionment ofincome and expenses for the pre and post incorporation period?
Unit 3: Company Final Accounts
Short Answer Questions
1. What does the term financial statements in relation to a company includes as per the Companies Act 2013?
2. Briefly discuss the provisions of Section 129 of the Companies Act.
3. Write a short note on the National Financial Reporting Authority.
4. What are the separate disclosures to be made in the Statement of Profit and Loss as per Schedule III of the Companies Act 2013?
5. Write a short note on the provisions for taxation as per the Companies Act 2013.
6. What does the Companies Act say with regards to Corporate Social Responsibility?
Long Answer Questions
1. Discuss the Board of Director’s Report and Director’s Responsibility Statements.
2. Describe the general instructions for the preparation of Balance Sheet as per Schedule III of the Companies Act 2013.
3. Explain the notes to accounts which must be attached with the Balance Sheet as per Schedule III of the Companies Act 2013.
4. Discuss the general instructions for the preparation of Profit and Loss Account as per Schedule III of the Companies Act 2013.
5. Examine the treatment of dividends and related provisions as per the Companies Act 2013.
6. Describe the provisions related to the treatment and presentation of bonus as per the Companies Act 2013 and SEBI guidelines.
Unit 4: Valuation of Shares
Short Answer Questions
1.What are the circumstances in which the need for valuation of shares arises?
2. How are shares quoted on the recognised stock exchange valued?
3. List the types of companies in which the net asset backing method can be used for valuation of shares.
4. Write a short note on the calculation of fair value of shares.
Long Answer Questions
1. Describe the net assets backing method of valuation of shares.
2. Explain the forms of yield basis of valuation.
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