BBA02 Fundamentals of Accounting BBA Question Bank : vmou.ac.in
Name of the University : Vardhman Mahaveer Open University
Degree : BBA
Subject Code/Name : BBA-02 – Fundamentals of Accounting
Year : I
Document Type : Question Bank
Website : vmou.ac.in
Download Model/Sample Question Paper : https://www.pdfquestion.in/uploads/vmou.ac.in/3483-EC-06_206.pdf
VMOU Fundamentals of Accounting Question Paper
Section A
Very Short Answer Type Questions :
1. Current Cost
2. Financial Statement.
3. Money Measurement.
4. Convention of Conservatism.
5. Book Keeping
Related : VMOU MCOM03 Financial and Corporate Accounting M.Com Question Bank : www.pdfquestion.in/3657.html
6. Depreciation
7. Balance Sheet
8. Provisions
9. Capital Expenditure
10. Accrual concept
11. Accrued wages
12. Prepaid Expenses
13. Capital
14. Credit Purchase
15. Cash Sales
16. Petty Cash Book
17. Single column Cash Book
18. Real Account
19. Entry
20. Compound Entry
21. Bad debts
22. Trade Discount
23. Cash Discount
24. Profit and Loss Account
Section B
Short Answer Type Questions :
1. Advantages of Petty Cash Book.
2. Define Depreciation and it’s methods.
3. What do you mean by unearned income-
4. What is Receipt and Payment account-
5. Differences between Income & Expenditure Account and Receipt & Payment
6. Sectional and self balancing system.
7. Different methods of charging depreciation.
8. Three column cash book.
9. How inter departmental transfers are dealt with in departmental accounting-
10. Procedure of preparation of bank reconciliation statement.
11. What is accounting- Explain its scope.
12. What is meant by full disclosure-
13. What is journal and journalising-
14. What is subsidiary books-
15. What are the types of cash books-
16. What is Bank reconciliation statement-
17. Explain the written down value method of depreciation.
18. Prepare Horizontal Form of Balance Sheet.
19. Prepare Vertical Form of Balance Sheet.
20. What do you mean by unearned income-
21. What is Receipt and Payment Account-
22. What is Income and Expenditure Account-
Section C
Long Answer Type Questions :
1. What are the advantages and limitations of a journal- Write the explanation of the format of journal.
2. “Profit and Loss Account and Balance Sheet are indispensable statements.” Give your comment.
3. What do you understand by consignment of goods- Explain the difference between
consignment and sale.
4. A Company purchased machinery for Rs. 50,000 on 1st July, 2007. Another machinery costing
Rs. 10,000 was purchased on 1st September, 2008. On 31st December, 2009; the machinery
purchased in 2007 was sold at a loss of Rs. 5,000. The company charges depreciation at the
rate of 15% on diminishing balance method. Accounts are closed on 31st December every year.
Prepare Machinery Account for 3 years.
5. What is “Share capital”- Explain the meaning of different types of share capital. How is
it shown in the Balance Sheet-
6. “Bank reconciliation statement plays an important role to removing the errors between
cash book and pass book.” Explain this statement.
7. What do you mean by accounting process- What are the steps involved in accounting
process-
8. Discuss all accounting concepts and conventions in detail.
9. What do you understand by the term “Principles and Postulates of accounting-
10. Explain the significance and nature of final Accounts.
11. State four features of Receipt and Payment Account.
12. Explain the Normal loss and Abnormal loss in Process accounting.
13. Explain the meaning of self balancing system of ledger. How does it differ from
sectional balancing system of ledger-
14. Why departmental accounting is necessary- What purpose it serves-
15. Explain stock and debtors method of accounting in case of dependent branch.
16. What are the rules for utilising the balance of Security Premium Account-
17. What do you understand by the term of “Forfeiture of Shares’-
18. What will be the accounting treatment on re-issue of forfeited shares-
19. State the provisions of the Companies Act, 1956 regarding redemption of preference
shares.
20. Explain meaning and accounting treatment of debentures issued as cholesterol security.