Degree 1st Sem: Financial Accounting 1 Important Questions

PART – A

1. Debit and Credit Note.
2. List any four reasons for the difference b/w the cash book and passbook balance.
3. What do you mean by cash book and passbook?
4. Rectification of Errors.
5. Accounting Principles.
6. Cash Discount vs Trade Discount.
7. Objectives of Accounting.
8. Write Accounting Concepts or Accounting Functions
9. What is a Contra Entry? When is it passed?
10. What is Opening Stock and Closing Stock
11. Accounting Cycle
12. Compensating Errors
13. Bank Reconciliation Statement.
14. Depletion and Amortization.
15. Bills Payables and Bills Receivable
16. Difference b/w Book Keeping and Accounting.
17. Journal Proper
18. Business Entity Concept/ Money Measurement Concept
19. Differentiate between Journal and Ledger.

PART – B (Theory Questions)

Unit 1: Accouting Process

1. Discuss the various Accounting Concepts and conventions.
2. Explain the advantages and limitations of financial accounting.
3. What is accounting? What are the objectives and functions of financial accounting?
4. What is accounting? Who are the parties interested in accounting information?
5. Explain the difference b/w bookkeeping and accounting.

Unit 2: Subsidiary Books & Rectification of Errors

1. Explain the various subsidiary books.
2. What are subsidiary books? Explain the advantages and disadvantages.
3. What do you mean by subsidiary books? Explain different types of subsidiary books with their respective formats.

Unit 3: Bank Reconciliation Statement

1. Write the procedure for preparing Bank Reconciliation Statement.
2. Define Bank Reconciliation Statement? Explain the various steps to be taken while preparing of Bank Reconciliation Statement?

Unit 4: Depreciation Accounting

1. What is Accounting Error? What are the different types of errors? Explain
2. Explain briefly about the capital and revenue expenditure. Distinguish between Capital Expenditure and revenue expenditure.
3. Describe Errors of Principle, Clerical Errors. Explain errors disclosed by the trial balance.

Unit 5: Fianl Accounts of Sole Trader

1. What is Balance sheet? How is it prepared? Explain

2. Define final accounts and name the parties or groups interested in acquiring Accounting Information.