0Financial accounting"
- For Short Questions of 2 marks read the past years questions & answers. Some of the important topics for the short questions are given below:
| a. Accounting Cycle | b. Cost Concept | c. Materiality Concept | d. Conservatism Concept |
| e. Fictitious Assets | f. Accounting Equation | g. Consistency Concept | h. Average Clause |
| i. Del-Credere Commission | j. Sale On Approval | k. Advantages Of Self Balancing System | l. Realization Concept |
| m. LIFO & FIFO Method | n. What Is GAAP? | o. Account Sales | p. Performa Invoice |
| q. Net Realizable Value
| r. Characteristics Of Assets | s. Entity Concept | t. Reserve Capital V. Capital Reserve |
- In group 2 there will be 4 questions of 8 marks each. Practice Consignment, Bad Debt, Self Balancing, Insurance claim – Loss of stock with abnormal items, Depreciation & Rectification of errors.
- In group 3 there are 2 questions of 15 marks each. There will be options between Final Accounts of Non Profit Organizations (Income & Expenditure) and Final Accounts from Incomplete records. Another question will be from Partnership Accounts. Practice Admission of partners – Revaluation A/c, Partners’ Capital Account, Balance Sheet and Treatment of Goodwill.
- Final Accounts Compulsory for 18 marks. Practice at least last 7 years sums.
