Exam Details
| Subject | Fundamentals of Accounting | |
| Paper | ||
| Exam / Course | Diploma in Business Process Outsourcing | |
| Department | School of Vocational Education and Training (SOVET) | |
| Organization | indira gandhi national open university | |
| Position | ||
| Exam Date | December, 2015 | |
| City, State | new delhi, |
Question Paper
Fill in the blanks:
Profits prior to incorporation is regarded as
Assets are always valued at market price or cost price whichever is
The accounting entity is considered to be separate and apart from its
Cash book always shows a balance.
Bank account is a account.
State whether the following statements are true or false:
A transactions must be expressed in terms of money.
Journal is a book of original entry.
Outstanding rent account is a personal account.
Cash discount is given on credit sales.
A promissory note is a bill payable for the payee.
2. Define Accounting. Discuss the objectives of Accounting.
3. Discuss the classifications of Accounts and their Rules. Elaborate with suitable examples.
4. Define a Bill of Exchange. How does it differ from a promissory note
5. Distinguish between capital reserves and revenue reserves with suitable examples.
6. Record the following transactions in Journal of Ram and post them into Ledger
(a) Commenced businessed with cash Rs 5,00,000
Goods purchased from Mohan Rs 50,000
Goods returned to Mohan Rs 20,000
Interest paid to Shyam Rs 10,000
Commission received from Arun Rs 5,000
Sold goods to Vasudev Rs 4,00,000
Discount allowed to Vasudev Rs 10,000
Discount received from Mohan Rs 8,000
Furniture purchased on cash Rs 70,000
Cash paid to Mohan Rs 6,000
Discuss the various Accounting Concepts that guide the accountant at different stages of Accounting.
Write short note on the following:
Accounting Standards
GAAP
What is meant by deferred revenue expenditure? Distinguish it with capital expenditure giving examples.
How would you classify various assets and liabilities? Explain with suitable examples.
Define the following
Revenue Receipts
Capital Receipts
Deferred Revenue Expenditure
Capital Expenditure
Revenue Expenditure
What do you mean by Financial Statements? Explain the objectives of preparing such statements.
10. Prepare Trading and Profit and Loss account for the year ended 31st Dec, 2012 and Balance Sheet as on that date from the following Trial Balance:
Dr. Cr.
Capital 10,000
Cash 1,500
Bank overdraft 2,000
Purchases and Sales 12,000 15,000
Returns 1,000 2,000
Establishment expenses 2,200
Taxes and Insurance 500
Bad debts and Provo for bad debts 500 700
Debtors and Creditors 5,000 2,000
Commission 500
Deposits 4,000
Opening stock 3,000
Drawings 1,400
Furniture 600
BR and BP 3,000 2,500
Total 34,700 34,700
Adjustments
1. Salaries Rs 100 and taxes Rs 200 are outstanding but insurance Rs 50 is prepaid.
2. Commission Rs 100 is received in advance for next year.
3. Depreciate furniture by 10%.
4. Bad debts provision is to be maintained at Rs 1000.
5. Interest Rs 210 is to be received on deposits and interest on Bank overdraft Rs 300 is to be paid.
6. Stock on 31st December 2012 was Rs 4500.
Profits prior to incorporation is regarded as
Assets are always valued at market price or cost price whichever is
The accounting entity is considered to be separate and apart from its
Cash book always shows a balance.
Bank account is a account.
State whether the following statements are true or false:
A transactions must be expressed in terms of money.
Journal is a book of original entry.
Outstanding rent account is a personal account.
Cash discount is given on credit sales.
A promissory note is a bill payable for the payee.
2. Define Accounting. Discuss the objectives of Accounting.
3. Discuss the classifications of Accounts and their Rules. Elaborate with suitable examples.
4. Define a Bill of Exchange. How does it differ from a promissory note
5. Distinguish between capital reserves and revenue reserves with suitable examples.
6. Record the following transactions in Journal of Ram and post them into Ledger
(a) Commenced businessed with cash Rs 5,00,000
Goods purchased from Mohan Rs 50,000
Goods returned to Mohan Rs 20,000
Interest paid to Shyam Rs 10,000
Commission received from Arun Rs 5,000
Sold goods to Vasudev Rs 4,00,000
Discount allowed to Vasudev Rs 10,000
Discount received from Mohan Rs 8,000
Furniture purchased on cash Rs 70,000
Cash paid to Mohan Rs 6,000
Discuss the various Accounting Concepts that guide the accountant at different stages of Accounting.
Write short note on the following:
Accounting Standards
GAAP
What is meant by deferred revenue expenditure? Distinguish it with capital expenditure giving examples.
How would you classify various assets and liabilities? Explain with suitable examples.
Define the following
Revenue Receipts
Capital Receipts
Deferred Revenue Expenditure
Capital Expenditure
Revenue Expenditure
What do you mean by Financial Statements? Explain the objectives of preparing such statements.
10. Prepare Trading and Profit and Loss account for the year ended 31st Dec, 2012 and Balance Sheet as on that date from the following Trial Balance:
Dr. Cr.
Capital 10,000
Cash 1,500
Bank overdraft 2,000
Purchases and Sales 12,000 15,000
Returns 1,000 2,000
Establishment expenses 2,200
Taxes and Insurance 500
Bad debts and Provo for bad debts 500 700
Debtors and Creditors 5,000 2,000
Commission 500
Deposits 4,000
Opening stock 3,000
Drawings 1,400
Furniture 600
BR and BP 3,000 2,500
Total 34,700 34,700
Adjustments
1. Salaries Rs 100 and taxes Rs 200 are outstanding but insurance Rs 50 is prepaid.
2. Commission Rs 100 is received in advance for next year.
3. Depreciate furniture by 10%.
4. Bad debts provision is to be maintained at Rs 1000.
5. Interest Rs 210 is to be received on deposits and interest on Bank overdraft Rs 300 is to be paid.
6. Stock on 31st December 2012 was Rs 4500.
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Subjects
- English Communication and Accountancy
- Fundamentals of Accounting
- Introduction to Finance and Accounting
- IT skills
- Order to Cash
- Procure to Pay
- Record to Report