Answer laterIs DAV college provide bcom honours in accounting and finance and total fees
Hello aspirant,
Business Finance and Accounting B.Com DAV College offers a full-time, three-year Hons course.
Admission to this college for the Bachelor of Commerce (Hons) degree is solely determined by merit.
For more information you can visit our website by clicking on the link given below.
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Hope this information helps you.
Im so worried if I pass in my sem1 exam or not? will they give me any marks for attempting a question in Financial Accounting or I get a zero? Do I get any marks for getting a wrong net profit in a question and when the balance sheet also does not match?
Hello,
Unfortunately, this totally depends on the number of questions you attempted and had done correctly. There is no marks for attempting a question. However, if you calculated an answer and you balance sheet did not match and your net profit also was wrong, you will still get step marks and also marks on the correct entries in the balance sheet.
Hope this helps,
Thank you
Question : Which of the following statements is true?
Option 1: If the amount of interest accrued and due is not paid, it is known as Interest Accrued and Due or Interest Outstanding
Option 2: If the date of payment of interest and accounting date are different, Interest Accrued and Not Due Account is credited at the end of the year to maintain accounting records on accrual basis
Option 3: Interest Accrued or Outstanding (whether due or not) on Debentures is shown under the main head 'Current Liabilities' and sub-head 'Other Current Liabilities'
Option 4: All of the above
Correct Answer: All of the above
Solution : Answer = All of the above
1. Interest on debentures is a Charge against profit and is payable whether the company earns a profit or incurs a loss. Interest on debentures is calculated at a fixed rate of interest.
2. Interest is not payable on debentures issued as collateral security.
Debentures' Interest Account is transferred to the Statement of Profit and Loss Account.
3. If the amount of interest accrued and due is not paid, it is known as Interest Accrued and Due. If the date of payment of interest and accounting date is different, the Interest Accrued and Not Due Account is credited at the end of the year to maintain accounting records on an accrual basis.
Hence, the correct option is 4.
Question : Under computerized accounting, hardware refers to
Option 1:
A logical sequence of actions to perform a task
Option 2: The raw fact (as input) for any business application
Option 3: Computer, associated peripherals, and their network
Option 4: User
Correct Answer: Computer, associated peripherals, and their network
Solution : Under computerized accounting, hardware means the computer, associated peripherals, and their network. Hence, the correct option is 3.
Question : P, Q and R are partners sharing profits in the ratio of 5: 3: 2. They decided to share future profits in the ratio of 2: 3: 5. What will be the accounting treatment of Workmen Compensation Reserve appearing in the Balance Sheet on that date when no other information is available for the same?
Option 1: Distributed among partners in their capital ratio
Option 2: Distributed among partners in their new profit-sharing ratio
Option 3: Distributed among partners in their old profit-sharing ratio
Option 4: Carried forward to new Balance Sheet
Correct Answer: Distributed among partners in their old profit-sharing ratio
Solution : Answer = Distributed among partners in their old profit-sharing ratio.
In this situation amount of workmen's compensation reserve is transferred to the partner's capital account in their old profit-sharing ratio being in the nature of free reserve.
Hence, the correct option is 3.
Question : Assertion A: - For inter-firm comparison, it is necessary that accounting practices followed by the firms do not vary significantly. As there may be variations in accounting practices followed by different firms, a meaningful comparison of their financial statements is not possible.
Reason R: - Analysis of financial statements is based on the information given in the financial statements. Hence, this analysis suffers from various limitations from which the financial statements.
Option 1: Both Assertion A and reason R are correct but the reason R is not the correct explanation of Assertion A
Option 2: Both Assertion A and reason R are correct but the reason R is the correct explanation of Assertion A
Option 3: Both Assertion A is correct but the reason R is not correct
Option 4: Both Assertion A and Reason R are not correct
Correct Answer: Both Assertion A and reason R are correct but the reason R is the correct explanation of Assertion A
Solution : Answer = Both Assertion A and reason R are correct but reason R is the correct explanation of Assertion A
For inter-firm comparison, it is necessary that accounting practices followed by the firms do not vary significantly. As there may be variations in accounting practices followed by different firms, a meaningful comparison of their financial statements is not possible. Analysis of financial statements is based on the information given in the financial statements. Hence, this analysis suffers from various limitations from which the financial statements.
Hence, the correct option is 2.
Question : What is/are the applications of computerised accounting systems?
Option 1: To maintain Accounting Record of large organisations is Possible
Option 2: Separate Payroll Accounting is Possible
Option 3: Automation of All Financial Accounts
Option 4: All of the above
Correct Answer: All of the above
Solution : Following are the applications of computerised accounting systems:
1. To maintain Accounting Record of large organisations is Possible,
2. Separate Payroll Accounting is Possible,
3. Automation of All Financial Accounts,
4. Graphic Presentation of Accounting Results,
5. Updates are fast, and
6. Best Inventory Control.
Hence, the correct option is 4.
