Explain the characteristics (features) of the accounting.

3

(a)

What is stock or inventory?

3

(a)

Explain the accounting principle of matching.

3

(a)

Distinguish between fundamental accounting assumptions and accounting principles.

3

(a)

What is a transfer voucher?

3

(a)

State the meaning of debit and credit

3

(a)

Why Cash Book is maintained?

3

(a)

In the following Bank Reconciliation Statement, determine the missing amounts:

                                        Bank Reconciliation Statement as on 31st March, 2017

	Particulars	Plus Items (Rs)	Minus items (Rs)
	Balance as per Cash Book	16,000
(i)	Cheques of Rs 30,000 deposited into bank but cheques of Rs 17,500 only cleared	.....	......
(ii)	Cheque of Rs 40,000 issued but cheques of Rs 21,000 presented for payment	.....	......
(iii)	Receipt column of Cash Book overcast by Rs 500	.....	......
(iv)	Interest on Investment collected by bankers	600
(v)	Bank charges debited by bank		400
(vi)	Direct deposit made by the customer Rs 400	......	......
	Balance as per Cash Book	.......	......
		36,000	36,000

3

(a)

Balance as per pass book is Rs 3,000of Mr. Kumar.

	Particulars	Rs.
(i)	Cheque paid into, bank but not yet cleared
	Ramkumar	1,000
	Kishore kumar	500
(ii)	Bank Charges	300
(iii)	Cheque issued but not presented
	Hameed	2,000
	Kapoor	500
(iv)	!nterest entered in the pass book but not entered in the cash book	100

Prepare a bank reconciliation statement.

3

(a)

Write two points of distinction between Bills of Exchange and Promissory Note.

3

(a)

Cash paid to Neha Rs 2,000 was not posted to her account.
This is an error of ......................
The wrong effect has been:

The correct effect should have been

  The rectification entry will be:

3

(a)

Is goodwill a fictitious assets?

3

(a)

What is meant by closing stock? Show its treatment in final accounts ?

3

(a)

What is Accounting Information System?

3

(a)