IGNOU B.COM ECO 02 ACCOUNTANCY 1 IMPORTANT QUESTIONS FOR DECEMBER 2020 EXAM

 

 IMPORTANT QUESTIONS

ECO 02

1. a) What do you understand by dual aspect concept. Explain its accounting implications. 
b) What do you mean by trail balance? State the errors which are not disclosed by the trial balance. How is it prepared.

2. What are the different types of cash books used in business.? Explain their uses.State the causes of disagreement between the balance shown in cash book and the pass book.

3. Define bill of exchange and promissory note. Also state their importance for the modern business. Differentiate between  bill of exchange and promissory note.

4. a) Explain briefly the self balancing system of accounting. Also state its advantages.Explain briefly as to how Debtors ledger is made self balancing. How do you deal with a transfer from one personal account to another.

b) What is single entry system? State the drawbacks of single entry system of accounting. Explain them. Distinguish it from double entry system.

5. a) What is bank reconciliation statement? State its advantages.
b) Prepare an imaginary specimen of a bill of exchange and state the purpose of noting thereon.

6. a) What is accounting? Explain its main objectives and limitations. Enumerate the accounting concepts which relate to final account and explain anyone of these with its accounting implications who are interested in accounting information? What are their needs?

b) How do professionals account for outstanding fees?
c) State the expenses that are not considered while valuing unsold stock lying with the consignee.

7. a) State the most commonly used instruments of credit. Which are the various parties to a bill of exchange.
b) Show how will you deal with the following items while preparing the financial account of a non trading concern:
  1. Donation when purpose is not mentioned
  2. Receipts for Tournament fund
8. Write short notes on the following:

  • Different types of errors
  • imprest system of cash
  • methods of providing depreciation
  • sinking fund to repay a liability
  • memorandum trading account
9.Differentiate between:

  • General reserve and specific reserve
  • account sales and invoice
  • provisions and reserves
  • normal  loss  and abnormal loss
  • sectional balancing and self balancing
  • debit note and credit note
  • outstanding expenses and unexpired expenses
  • provision for discount on debtors and provision for discount on creditors














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