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Financial Accounting Exam Guide 2020

This document is an examination paper for the Financial Accounting course in the B.Com program, consisting of various questions that cover key accounting concepts such as qualitative characteristics of accounting information, depreciation, hire purchase agreements, joint ventures, and computerized accounting systems. Students are required to attempt any five questions, each carrying 20 marks, and the paper includes practical problems and theoretical explanations. The exam duration is three hours with a maximum score of 100 marks.

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muhammedsalmu234
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9 views4 pages

Financial Accounting Exam Guide 2020

This document is an examination paper for the Financial Accounting course in the B.Com program, consisting of various questions that cover key accounting concepts such as qualitative characteristics of accounting information, depreciation, hire purchase agreements, joint ventures, and computerized accounting systems. Students are required to attempt any five questions, each carrying 20 marks, and the paper includes practical problems and theoretical explanations. The exam duration is three hours with a maximum score of 100 marks.

Uploaded by

muhammedsalmu234
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

No.

of Printed Pages : 8 BCOC-131

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PROGRAMME : B. COM. (C.B.C.S.)

u.c
Term-End Examination
December, 2020

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BCOC-131 : FINANCIAL ACCOUNTING

tG
Time : 3 Hours Maximum Marks : 100

Note : Attempt any five questions. Each question


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carries 20 marks.
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1. (a) What are the qualitative characteristics of


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accounting information ? Briefly explain. 6

(b) What do you mean by the Principle of


ss

Double Entry ? Give the rules of Debit and


Credit with suitable examples. Also
UA

explain the accounting equation with


examples. 7, 7
NO

2. There was a difference of ` 430 in a Trial


Balance. It was placed in the Debit side of
IG

Suspense Account. Later on the following errors

Lot-II P. T. O.
[2] BCOC-131

were discovered. Pass the rectifying entries and

om
prepare the Suspense Account : 15, 5

(i) Purchase Book was overcast by ` 100.

(ii) Sales Book was overcast by ` 1,000.

u.c
(iii) Goods for ` 800 purchased from Umakant,
though entered in the Purchase Book has

ur
not been posted to his account.

tG
(iv) An amount of ` 500 has been posted to the
credit of Commission account instead of
en
` 570.

(v) Goods sold to Bharati for ` 4,400 has been


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posted to her account as ` 4,000.


ign

(vi) Goods sold to ‘X’ for ` 750 were recorded in


the Purchases Book.
ss

3. Define Depreciation. What factors should be


considered for determining the amount of
UA

depreciation ? Explain the merits and demerits


of written down value method. 3, 5, 12
NO

4. What are the characteristics of Hire Purchase


Agreement ? Discuss the rights of a Hirer under
IG

Hire Purchase Agreement. Describe the


[3] BCOC-131

difference between the accounting treatment

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under the ‘Hire Purchase System’ and the
‘Instalment Payment System’. 5, 7, 8

u.c
5. “Joint Venture is a temporary partnership.”
Comment and explain, how does it differ from
the ‘Partnership’ and ‘Consignment’. 6, 7, 7

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6. How are branch balances incorporated in Head

tG
Office books at the end of the accounting year
and how do you deal with purchase and
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depreciation of branch fixed assets whose
accounts are maintained at the Head Office
m

level ? 6, 14
ign

7. Define Computerized Accounting System.


Distinguish between manual and computerized
ss

accounting system. Explain the considerations


which are required to be kept in mind while
UA

choosing Accounting Software. 3, 7, 10

8. ‘A’ of Sonipat consigned 500 bicycles to ‘B’ of


NO

Chennai to be sold on his account and at his


risk. The cost of one bicycle was ` 200. ‘A’ paid
IG

` 5,500 as freight and insurance and received

P. T. O.
[4] BCOC-131

` 40,000 as advance from ‘B’. B paid ` 1,000 as

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Octroi and Cartage, ` 1,500 as Rent, and
` 1,200 as Insurance. 410 bicycles were sold by
‘B’ for ` 1,10,000. B was entitled to a

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Commission of 5% on sale @ ` 250 per bicycles
and 25% of any surplus price realized.

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Give journal entries in the books of ‘A’ and
prepare Consignment Account. 14, 6

tG
9. Briefly explain the following concepts : 4×5=20
en
(a) Conservatism concept
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(b) Consistency concept

(c) Full disclosure concept


ign

(d) Materiality concept


ss
UA
NO
IG

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