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financial accounting theory

Questions and Answers of Financial Accounting Theory

Mr. Girdhari Lal does not keep full double entry records. His balance as on January 01, 2006 is as.He withdrew Rs. 500 per month out of which to spent Rs. 1,500 for business purpose. Prepare the
Manveer started his business on January 01, 2005 with a capital of Rs. 4,50,000. On December 31, 2005 his position was as under:He owned Rs. 45,000 from his friend Susheel on that date. He withdrew
Mrs. Anu started firm with a capital of Rs. 4,00,000 on 1st July 2005. She borrowed from her friends a sum of Rs. 1,00,000 @ 10% per annum (interest paid) for business and brought a further amount to
Mr. Arnav does not keep proper records of his business he provided following information, you are required to prepare a statement showing the profit or loss for the year. Capital at the beginning of
Following information is given below : calculate the closing capital Creditors Bills payable Loan Bills receivable Stock Cash Jan. 01, 2005 Rs. 5,000 10,000 30,000 5,000 2,000 Dec. 31, 2005 Rs.
Mr. Ashok does not keep his books properly. Following information is available from his books.During the year Mr. Ashok sold his private car for Rs. 50,000 and invested this amount into the business.
Following information is given below prepare the statement of profit or loss: Capital at the end of the year Capital in the beginning of the year Drawings made during the period Additional Capital
From the following information, Calculate Capital at the beginning : Capital at the end of the year Drawings made during the year Fresh Capital introduce during the year Profit of the current year
M/s Saniya Sports Equipment does not keep proper records. From thefollowing information find out profit or loss and also prepare balance sheet for the year ended December 31, 2005.Drawing Rs.10,000
Find out the credit purchases from the following: Balance of creditors April 01, 2004 Balance of creditors March 31, 2005 Cash paid to creditors Cheque issued to creditors Cash purchases Discount
From the following information calculate the amount to be paid to creditors: Sundry creditors as on March 31, 2005 Discount received Discount allowed Return outwards Return inward Bills accepted
From the following information calculate total purchases. Creditors Jan. 01, 2005 Creditors Dec. 31, 2005 Opening balance of Bills payable Closing balance of Bills payable Cash paid to creditors
The following information is given Opening creditors Cash paid to creditors Closing creditors Returns Inward Bill matured Bill dishonoured Purchases return Discount allowed Calculate credit purchases
From the following, calculate the amount of bills accepted during the year. Bills payable as on April 01, 2005 Bills payable as on March 31, 2006 Bills payable dishonoured during the year Bills
Find out the amount of bills matured during the year on the basis of information given below ; Bills payable dishonoured Closing balance of Bills payable Opening balance of Bills payable Bills
Prepare the bills payable account from the following and find out missing figure if any : Bills accepted Discount received Purchases returns Return inwards Cash paid to accounts payable Bills
From the details given below, find out the credit sales and total sales. Opening debtors Closing debtors Discount allowed Sales returns Irrecoverable amount Bills receivables received Bills
Calculate the amount of bills receivable dishonoured from the following information. Opening balance of bills receivable Bills collected (honoured) Bills receivable endorsed Closing balance of bills
Calculate the amount of bills receivable during the year. Opening balance of bills receivable Bill dishonoured Bills collected (honoured) Bills receivable endorsed to creditors Closing balance of
From the following information, prepare the bills receivable account and total debtors account for the year ended December 31, 2005. Opening balance of debtors Opening balance of bills receivable
Mrs. Bhavana keeps his books by Single Entry System. You’re required to prepare final accounts of her business for the year ended December 31, 2005.Her records relating to cash receipts and cash
From the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors.The rate of gross profit is 25% on selling price and out of the total sales Rs.
Prepare the suitable accounts and find out the missing figure if any. Opening balance of debtors Opening balance of bills receivable Closing balance of bills receivable Cheque dishonoured Cash
State the different elements of a computer system.
List the distinctive advantages of a computer system over a manual system.
Draw block diagram showing the main components of a computer.
State the various essential features of an accounting report.
Name three components of a Transaction Processing System.
Give example of the relationship between a Human Resource Information System and MIS.
‘An organisation is a collection of interdependent decision-making units that exists to pursue organisational objectives’. In the light of this statement, explain the relationship between
Explain, using examples, the relationship between the organisational MIS and the other functional information system in an organisation. Describe how AIS receives and provides information to other
‘An accounting report is essential a report which must be able to fulfil certain basic criteria ‘ Explain? List the various types of accounting reports.
Describe the various elements of a computer system and explain the distinctive features of a computer system and manual system.
State the four basic requirements of a database applications.
Name the various categories of accounting package.
Give examples of two types of operating systems.
List the various advantages of computerised accounting systems.
Give two examples each of the organisations where ‘ready-to-use’, ‘customised’, and ‘tailored’ accounting packages respectively suitable to perform the accounting activity.
Distinguish between a ‘ready-to-use’ and ‘tailored’ accounting software.
Define a computerised accounting system. Distinguish between a manual and computerised accounting system.
Discuss the advantages of computerised accounting system over the manual accounting system.
Describe the various types of accounting software along with their advantages and limitations.
‘Accounting software is an integral part of the computerised accounting system’Explain. Briefly list the generic considerations before sourcing an accounting software.
‘Computerised Accounting Systems are best form of accounting system’. Do you agree? Comment.
State main categories of data models.
What do you understand by accounting data? Discuss the stages through which it is finally transformed for being presented as information in financial statements.
What do you understand by database. How does it differ from DBMS?
What is meant by entity type? How it is different from entity set? Illustrate by giving suitable example from accounting reality.
What do you understand by relationship type? How is it different from relationship instance and relationship set?
What do you understand by multi-valued attribute? How is it different from complex and composite attribute? Illustrate by giving suitable example.
What do you understand by the concept of weak entity used in data modelling? Explain the relevance of owner entity type, partial key and identifying relationship in the context of such modelling.
Define foreign key. How is this concept useful in relational data model? Illustrate with suitable example.
What is meant by NULL value? What are the reasons that lead to their occurrence in database relations?
What do you understand union compatibility of relations? For which operations such compatibility is required and why?
What is the need for database normalisation?
Discuss the basic concepts of Entity Relationship (ER) Model. Illustrate as to how an ER model is diagrammed.
What integrity constraints are specified on database schema? Why is each considered important?
Discuss the different types of update operations in relation to the integrity constraints which must be satisfied in a relational database model.
Discuss the steps you would take to transform an ER Model into various relations of Relational Data Model. Give suitable examples.
State what do you understand by accounting reports.
With the help of an example, briefly state the meaning of parameter queries.
What do you mean by programmed or casual reports?
Briefly state the purpose of functions in SQL environment.
Briefly explain in steps the method of creating a query, using wizard.
List the structure of a good report created in Access.
List the ways to refine the design of a report.
Briefly explain the purpose of grouping and sorting of the data as a means to refine a report.
What do you understand by saving a report as snapshot?
How are computers useful in processing the accounting data?
Describe and discuss the procedure of creating the receipts side of a cash book.
Discuss the concept of accounting reports? Explain the three steps involved in creating such reports.
Discuss with a set of inter-related data tables, the basics of creating queries in MS Access?
Describe in steps the design view method to create a query in MS Access?
Discuss the SQL view method of creating a query?
Describe the ways to refine the design of a report.
State the procedure for creating ledger in MS Access.
Prepare a trading account from the following particulars for the year ended March 31, 2006: Opening stock Purchases Sales Wages Rs. 37,500 1, 05000 2,70,000 30,000
Prepare a trading account of M/s Prime Products from the following particulars pertaining to the year 2005-06. Opening stock Purchases Return inwards Sales Return outwards Factory rent Wages Rs.
Prepare a trading account of M/s Anjali from the following information related to 2005-06. Opening stock Purchases Sales Purchases return Sales return Carriage on purchases Carriage on sales Factory
From the following information, prepare a profit and loss account for the year ending March 31, 2005. Gross profit Rent Salary Commission paid Interest paid on loan Advertising Discount received
Compute cost of goods sold for the years 2005 with the help of the following information and prepare trading account Sales Purchases Wages Stock (Apr. 01, 2004) Stock (March 31, 2005) Freight inwards
From the following balances obtained from the few accounts of Mr. H. Balaram. Prepare the Trading and Profit and Loss Account.Closing stock on March 31, 2005 is Rs. 4,500 Stock on Apr. 01, 2004
Following balance is extracted from the books of a trader ascertain gross profit, operating profit and net profit for the year ended March 31, 2005. Particulars Sales Purchases Opening stock Sales
From the following balances prepare a trading and profit and loss account and balance sheet for the year ended March 31, 2006 Account Title Carriage on goods purchased Carriage on goods sold
From the following balances prepare trading and profit and loss account and balance sheet for the year ended March 31, 2006 Account Title Opening stock Purchases Sales Returns (Dr.) Returns (Cr.)
What are the objectives of preparing financial statements ?
What is the purpose of preparing trading and profit and loss account?
Explain the concept of cost of goods sold?
What is a balance sheet. What are its characteristics?
Distinguish between capital and revenue expenditure and state whether the following statements are items of capital or revenue expenditure :(a) Expenditure incurred on repairs and whitewashing at the
What is an operating profit?
What are financial statements? What information do they provide.
What are closing entries? Give four examples of closing entries.
Discuss the need of preparing a balance sheet.
From the following balances taken from the books of Simmi and Vimmi Ltd. for the year ending March 31, 2003, calculate the gross profit. Closing stock Net sales during the year Net purchases during
From the following balances extracted from the books of M/s Ahuja and Nanda. Calculate the amount of :(a) Cost of goods available for sale(b) Cost of goods sold during the year(c) Gross Profit
Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2005. Opening stock Net
Operating profit earned by M/s Arora & Sachdeva in 2005-06 was Rs.17,00,000. Its non-operating incomes were Rs.1,50,000 and non-operating expenses were Rs.3,75,000. Calculate the amount of net profit
The following are the extracts from the trial balance of M/s Bhola & Sons as on March 31, 2005Closing Stock as on date was valued at Rs.3,00,000.You are required to record the necessary journal
Prepare trading and profit and loss account and balance sheet as on March 31, 2005 :Closing stock as on March 31, 2005 Rs.22,400 Account Title Machinery Sundry debtors Drawings Purchases Wages Sundry

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