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ECO-02 Accountancy-I

1 Define Accounting. Explain the accounting concepts which guide the accountant at the recoding stage.
2. Distinguish between the following:
(a) ‘Cash Basis’ and ‘Accrual Basis’ of accounting
(b) ‘Capital Expenditure’ and ‘Revenue Expenditure’
(c) ‘Bill of Exchange’ and ‘Promissory Note’
(d) ‘Trading Account’ and ‘Manufacturing Account
3. What do you understand by invoice price? Name the items which are recorded at the invoice price in the consignment account. Give journal entries passed for the adjustment of loading the respect of each item.
4.(a) Discuss the drawbacks of single entry system of accounting. Briefly
(b) What is Sectional Balancing? How does it differ from Self-Balancing?
5 (a) State the steps involved in the preparation of Receipts and Payments Account from the Income and Expenditure Account. Give example.
(b) Describe the methods of recording depreciation in the books of account. How is the balance of the provision for depreciation account shown in the Balance Sheet?

IGNOU BCA BCOM ECO-02 Solved Assignment 2017-18



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