Professor Vipin 2014
2 Marks
1.
State the two merits of single entry system.
2.
What is fixed capital system?
3.
What is benefit ratio?
4.
Give the journal entry for realization expenses paid on dissolution of firm.
5.
What is issue of shares at a discount? Give one example
6.
Under what heading are the following items shown in the company’s balance sheet? a) Preliminary expenses b) Share premium
7.
Under what heading are the following items shown in the company’s balance sheet? c) Share premium d) Discount on issue of shares
8.
State any two causes of depreciation.
9.
State any two features of income and expenditure account.
10.
Give the meaning of computerized accounting.
11.
What is a file in a computer?
12.
State any two contents of partnership deed.
13.
What is goodwill?
14.
Why is realization account prepared?
15.
What are meant by calls in arrears?
16.
What factors do you take into account in determining the amount of depreciation?
17.
Point out any two differences between capital expenditure and revenue expenditure.
18.
What is a spreadsheet?
19.
What is word processing?
20.
What is the objective of preparing opening and closing statement of affairs?
21.
In the absence of partnership deed, how do you treat the following? a) Interest on capital b) Salary to a partner
22.
How do you treat reserve for discount on creditors at the time of dissolution of firm?
23.
What is meant by issue of shares at premium?
24.
What is dividend?
25.
Give two examples of non trading concerns.
26.
What is data processing?
27.
What is fluctuating capital system?
28.
What is sacrifice ratio? www.VipinMKS.com Page 1

Professor Vipin 2014
29.
What is a debenture?
30.
Name any two current assets that appear in the balance sheet of a company.
31.
State any two methods of charging depreciation.
32.
Name two accounting packages.
33.
What is a flowchart?
34.
State any two differences between statement of affairs and Balance sheet.
35.
Give journal entry for transferring profit on revaluation account in admission of partner.
36.
What are calls in advance?
37.
State any two items shown under the heading ‘fixed asset’.
38.
What is depreciation?
39.
What is payroll accounting?
40.
What is database system?
5 marks
1.
Write any six differences between manual accounting and computerized accounting.
2.
Prepare capital accounts of two partners under fluctuating capital system with five imaginary figures.
3.
Prepare an executor’s loan account with imaginary figures, assuming that his account would be settled in two annual equal installments along with interest rate.
4.
Classify the following items into capital and revenue (two questions mixed here): a) Sale of sports materials b) Purchase of computer for office use c) Sale of old newspapers and periodicals d) Benefit show expenses e) Honorarium paid to a surgeon by a hospital. f) Legacies received g) Sale proceeds of computers h) Subscription received. i) Interest on investments j) Building donations recieved
5.
What is computerized accounting? Name the areas in which it is commonly used.
6.
How do you treat the following in the absence of partnership deed? a) Interest on capital b) Interest on drawings. c) Interest on loan d) Distribution of profit and loss e) Salary to partners
7.
Prepare a profit and loss appropriation account of a company with five imaginary figures.
8.
Prepare machinery account for two years with imaginary figures under fixed installment method.
9.
What are the advantages of computerized accounting? www.VipinMKS.com Page 2

Professor Vipin 2014
10.
Prepare an income and expenditure account with five imaginary figures.
11.
Prepare a proforma of a company balance sheet (with heads only) www.VipinMKS.com Page 3