Osmania University Financial Accounting - I Important Questions & Answers - Unit Wise
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Osmania University Financial Accounting - I Study Material
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Osmania University Financial Accounting - I Important Questions
Short answer questions
Unit I
1. Define accounting
2. Objectives of accounting
3. Functions of accounting
4. Branches of accounting
5. What is single entry system
6. What is double entry system
7. Accounting cycle
8. Journal
9. Difference between trade discount and cash discount ( pg. no. 1.22 0
10. Ledger
11. Trial balance
Unit II
1. Subsidiary books
2. Cash book
3. Journal proper
4. Contra entry
Unit III
1. What is bank reconciliation statement
2. Problem on BRS
3. Need for bank reconciliation statement
Unit IV
1. problem on rectification of errors
2. Suspense account
3. Capital expenditure and revenue expenditure
4. Capital receipts and revenue receipts
5. Capital losses and revenue losses
6. Error of principle/ error of commission/ error of omission
7. Causes of depreciation
8. Objectives of providing depreciation
9. Short problem on depreciation
Unit V
1. Closing entries
2. Adjustment entries ( outstanding expense / prepaid expense / accrued income / income received in advance / depreciation / closing stock / provision for bad and doubtful debts etc. )
3. Problem on calculation of cost of goods sold / purchases etc. ( cost of goods sold = opening stock + purchases + direct expenses – closing stock )
Essay type questions
Unit I
1. Define accounting what are the advantages and limitations of accounting
2. What are accounting concepts and conventions? explain any five accounting concepts and conventions of accounting
3. What are accounting standards briefly explain any 10 accounting standards
4. Problem on journal
Unit II
1. What are subsidiary books? Briefly explain various subsidiary books that are maintained by an organization
2. Problem on subsidiary books ( purchases book / purchase returns book / sales book / sales returns book )
3. Problem on three column cash book
Unit III
1. What is BRS? What are the reasons for the difference between the balances of cash book and pass book
2. Problem on BRS
Unit IV
1. What are the various types of errors
2. Problem on rectification of errors
3. Problem on depreciation
Unit V
1. Problem on final accounts
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Osmania University Financial Accounting - I Study Material
Financial Accounting - I.pdf
drive.google.com
Osmania University Financial Accounting - I Important Questions
Short answer questions
Unit I
1. Define accounting
2. Objectives of accounting
3. Functions of accounting
4. Branches of accounting
5. What is single entry system
6. What is double entry system
7. Accounting cycle
8. Journal
9. Difference between trade discount and cash discount ( pg. no. 1.22 0
10. Ledger
11. Trial balance
Unit II
1. Subsidiary books
2. Cash book
3. Journal proper
4. Contra entry
Unit III
1. What is bank reconciliation statement
2. Problem on BRS
3. Need for bank reconciliation statement
Unit IV
1. problem on rectification of errors
2. Suspense account
3. Capital expenditure and revenue expenditure
4. Capital receipts and revenue receipts
5. Capital losses and revenue losses
6. Error of principle/ error of commission/ error of omission
7. Causes of depreciation
8. Objectives of providing depreciation
9. Short problem on depreciation
Unit V
1. Closing entries
2. Adjustment entries ( outstanding expense / prepaid expense / accrued income / income received in advance / depreciation / closing stock / provision for bad and doubtful debts etc. )
3. Problem on calculation of cost of goods sold / purchases etc. ( cost of goods sold = opening stock + purchases + direct expenses – closing stock )
Essay type questions
Unit I
1. Define accounting what are the advantages and limitations of accounting
2. What are accounting concepts and conventions? explain any five accounting concepts and conventions of accounting
3. What are accounting standards briefly explain any 10 accounting standards
4. Problem on journal
Unit II
1. What are subsidiary books? Briefly explain various subsidiary books that are maintained by an organization
2. Problem on subsidiary books ( purchases book / purchase returns book / sales book / sales returns book )
3. Problem on three column cash book
Unit III
1. What is BRS? What are the reasons for the difference between the balances of cash book and pass book
2. Problem on BRS
Unit IV
1. What are the various types of errors
2. Problem on rectification of errors
3. Problem on depreciation
Unit V
1. Problem on final accounts
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