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.
