IGNOU ECO 02 ACCOUNTANCY 1 IMPORTANT QUESTIONS

IMPORTANT QUESTIONS

ECO 02

1. What is single entry system? State its salient features. Explain the drawback of single entry system of accounting.




2. What is self balancing system? State its advantages.


3. Explain different types of errors which are usually committed in the process of accounting, with suitable examples.


4. State the commonly used instruments of credit which are the various parties to a bill of exchange?


5. a) What is accounting? Explain its main objectives. Enumerate the accounting concepts which relates to final accounts and explain any one of them with is accounting implications. State its implications.


b) Who are interested in accounting information? What are their need?


6. State the expenses that are not considered while valuing unsold stock lying with the consignee.



7. Why is an income and expenditure account termed as receipt and expenditure account in case of professors ? How do they account for the outstanding fees?



8. Write short notes on the following:

  • Methods of providing depreciation
  • Sinking fund to repay a liability
  • Memorandum trading account


9. Distinguish between:

  1. Joint Venture and Partnership
  2. Capital reserve and Revenue reserve
  3. Debit note and credit note
  4. Single entry system and double entry system
  5. Normal and Abnormal loss
  6. Bill of exchange and Promissory note
  7. Provision for discount on debtors and provisions for discount on creditors
  8. Provision and Reserves
  9. Accounting sales and invoice
  10. Sectional balancing and Self balancing



THANK YOU


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