FINANCIAL ACCOUNTING - I
Descriptive Questions
FYBCom
Accounting Concepts, Conventions and Principles and an overview of Emerging Trends in Accounting
Short-Answer Questions
1. What are accounting principles?
2. State the objectives of accounting standards.
3. Write a short note on the history, structure and objectives of IASB.
4. What are the limitations of conventional financial statements which has given rise to the price level inflation accounting?
5. Write a short note on the hybrid method of accounting for price level changes.
6. What is the significance of environment accounting?
7. Briefly explain the corporate environmental reporting in India.
8. Mention the importance of and objections raised against human resource accounting.
Long-Answer Questions
1. Explain the important accounting concepts.
2. Describe the major accounting conventions.
3. Discuss the meaning, objectives, scope and assumptions of IFRS. Give an
overview of the current status of IAS/IFRS.
4. Examine the popular CPP method of accounting for price level changes.
5. Describe the current cost accounting method. Comment on the evaluation
of CCA system.
6. Explain the areas covered under environmental accounting.
7. Assess the important approaches suggested for valuation of human
resources.
8. Discuss the role and requisites for a successful forensic accountant.
PIECEMEAL DISTRIBUTION OF CASH
Short Answer Questions
1. How is surplus cash left after payment of liabilities distributed in case the
capitals of the partners are in their profit-sharing ratio?
2. List the points which must be kept in mind while attempting an examination
problem on piecemeal distribution.
Long Answer Questions
1. Describe the methods which can be adopted as basis of distribution in piecemeal distribution.
ACCOUNTS FROM INCOMPLETE RECORDS
Short Answer Questions
1. Mention the salient features of the single-entry system.
2. What are the disadvantages of the single-entry system?
3. Differentiate between balance sheet and statement of affairs.
Long Answer Questions
1. Explain the Single Entry System. Also explain how the profit can be determined under this system.
2. Explain in detail the steps to convert a set of books kept under Single Entry System into Double Entry System
INTRODUCTION TO GOODS AND SERVICES TAX LAWS AND ACCOUNTING
Short-Answer Questions
1. What comprises the structure of GST?
2. List the legislations which enforces GST in India.
3. Briefly explain the role of GST council and how rates are fixed.
4. What are the broad guidelinesin case of place ofsupply of goods and place of supply of services?
5. State the advantages of GST.
6. Mention the special circumstances under which ITC is allowed.
7. What are the basic provisions asto accounts and records as per the Central Goods and Services tax?
8. List the ledgers which need to be maintained for financial reporting purpose.
Long-Answer Questions
1. Discuss the salient features of GST.
2. Explain the constitutional background of GST.
3. Describe the procedure for registration under GST.
4. Mention the provisions applicable regarding utilisation of tax.
5. Discuss the technical aspects of the scheme of Input Tax Credit
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