Ignou student zone_ISZ

    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 reconci...

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 outstan...