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Title Name Amity Solved Assignment B.Com 1st Sem for Financial Accounting
University AMITY
Service Type Assignment
Course B.Com
Semester Semester-I Course: B.Com
Short Name or Subject Code Financial Accounting
Commerce line item Type Semester-I Course: B.Com
Product Assignment of B.Com Semester-I (AMITY)


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Financial Accounting

  1. What is accounting cycle?


  1. What is the difference between trading account and manufacturing account?


  1. Discuss the concept of going concern concept.


  1. Explain the P&L account.


  1. Differentiate between manufacturing and trading account.


  1. Explain prudence convention.


  1. Explain the accounting errors.


  1. Elaborate the concept of double entry system of book keeping.


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Assignment C

Question No.  1           Marks - 10

Which of the following is NOT an element of Balance Sheet?        


  1. Assets
  2. Equity
  3. Expenses
  4. Liabilities

Question No.  2           Marks - 10

Financial statements are prepared     


  1. Only for publicly owned business organizations
  2. For corporations, but not for sole proprietorships or partnerships
  3. Primarily for the benefit of persons outside of the business organization
  4. In either monetary or nonmonetary terms, depending upon the need of the decision maker

Question No.  3           Marks - 10

A Balance Sheet provides financial information       


  1. For a period of time
  2. At a given point in time
  3. For some point of time in the future
  4. In the mid of the fiscal year

Question No.  4           Marks - 10

During a period of steadily rising prices, which of the following methods of measuring the cost of goods sold is likely to result in reporting the highest gross profit?         


  1. LIFO
  2. FIFO
  3. Average Cost
  4. Specific Identification

Question No.  5           Marks - 10

Bills Payable is          


  1. An Asset
  2. A Liability
  3. An Expense
  4. A Loss

Question No.  6           Marks - 10

An artificial account that appears in "trial balance" to account for undetected errors is called        


  1. Trading Account
  2. Rectification Account
  3. Suspense Account
  4. Artificial Account

Question No.  7           Marks - 10

An income statement communicates information regarding revenues and expenses


  1. For a period of time
  2. At a given point in time
  3. For some point of time in the future
  4. At the beginning of the fiscal year

Question No.  8           Marks - 10

Which of the following is a part of Fixed Assets?    


  1. Debtors
  2. Bills Receivables
  3. Capital
  4. Building

Question No.  9           Marks - 10

Although accounting information is used by a wide variety of external parties, financial reporting is primarily directed toward the information needs of      


  1. Investors and creditors
  2. Government agencies such as the Internal Revenue Service
  3. Customers
  4. Trade associations and labor unions

Question No.  10         Marks - 10

The financial statement which shows cash activity (receipts and disbursements) during the accounting period is called a(n)      


  1. Bank statement
  2. Income statement
  3. Statement of cash flows
  4. Bank reconciliation

Question No.  11         Marks - 10

A company which uses the direct write-off method recognizes uncollectible accounts expense     


  1. As a percentage of net sales during the period
  2. As a percentage of net credit sales during the period
  3. As indicated by aging the accounts receivable at the end of the period
  4. As specific accounts receivable are determined to be worthless

Question No.  12         Marks - 10

A triple column cash book records    


  1. Cash, Bank, Discount
  2. Cash, Bank, Sales
  3. Cash, Discount, Sales
  4. Cash, Bank, Gains

Question No.  13         Marks - 10

Which of the following denotes "Gross Block"?       


  1. Depreciated costs of fixed Assets
  2. Historical cost of fixed assets
  3. Liabilities payable
  4. Gross Profits

Question No.  14         Marks - 10

All of the following are characteristics of managerial accounting, except   


  1. Reports are used primarily by insiders rather than by persons outside of the business entity
  2. Its purpose is to assist managers in planning and controlling business operations
  3. Information must be developed in conformity with generally accepted accounting principles or with income tax regulations
  4. Information may be tailored to assist in specific managerial decisions

Question No.  15         Marks - 10

Which of the following statements is correct?          


  1. Accounting profit is the difference between cash receipts and cash paid in a period
  2. Accounting profit is the total of cash sales in the year less the expenses for the period
  3. Accounting profit is the difference between revenue income and expenses for the period
  4. Accounting profit is the difference between revenue income and cash payments for the period

Question No.  16         Marks - 10

Which of the following is NOT a type of Voucher   


  1. Journal Voucher
  2. Receipt Voucher
  3. Asset Voucher
  4. Payment Voucher

Question No.  17         Marks - 10

An ordinary share dividend is:          


  1. Part of the company profits used to reward the shareholders for their investment
  2. Interest on money lent to the company by its shareholders
  3. An expense of running the company
  4. The directors’ remuneration

Question No.  18         Marks - 10

When an item appears in the trial balance, it appears in final accounts        


  1. only once
  2. twice
  3. three times
  4. will not appear again in final accounts

Question No.  19         Marks - 10

Outstanding Expense is an item of    


  1. Assets
  2. Liabilities
  3. Debtors
  4. Investments

Question No.  20         Marks - 10

Marshalling of "Balance Sheet" means         


  1. The ordering of Assets and Liabilities
  2. The totaling of Assets and Liabilities
  3. Assets - Liabilities
  4. Separate heading of Fixed Assets and Long-term Liabilities

Question No.  21         Marks - 10

The profitability and solvency of a business should be measured    


  1. After each transaction
  2. At the end of Accounting Period
  3. At the end of each month
  4. Every Day

Question No.  22         Marks - 10

Sales are recognized as ‘Income´       


  1. At the point of Sale
  2. After the expiry of Credit period allowed to debtors
  3. At the end of Accounting Period
  4. after the money is collected from debtors

Question No.  23         Marks - 10

The Term "Goodwill" comes under the heading of   


  1. Liabilities
  2. Assets
  3. Debtors
  4. Equity

Question No.  24         Marks - 10

Financial Year is also called as         


  1. Accounting Year
  2. Accounts Year
  3. Accountable Year
  4. None of these

Question No.  25         Marks - 10

The nature of an asset is best described as    


  1. Something with physical form that is valued at cost in the accounting records
  2. An economic resource owned by a business and expected to benefit future operations
  3. An economic resource representing cash or the right to receive cash in the near future
  4. Something owned by a business that has a ready market value

Question No.  26         Marks - 10

The external events that involve transfer of value between two entities is known as           


  1. Transactions
  2. Events
  3. Divisions
  4. Happenings

Question No.  27         Marks - 10

Which of the following is TRUE?     


  1. Assets=Liablities+Equity
  2. Assets=Liabilities-Equity
  3. Assets= Liabilities-Losses
  4. Assets=Liabilities+Profits

Question No.  28         Marks - 10

The personal expense of Proprietor are known as     


  1. Proprietary Expenses
  2. Personal Expense
  3. Drawings
  4. Business Expense

Question No.  29         Marks - 10

Which "Book" records all residual transactions?      


  1. Cash Book
  2. Journal proper
  3. Purchase Day Book
  4. Sales Day book

Question No.  30         Marks - 10

A "Debit" balance in Cash Book shows        


  1. Cash Sales
  2. Cash paid to creditors
  3. Cash expenses made
  4. Cash paid for buying land

Question No.  31         Marks - 10

Which of the following is a type of "reserve"?          


  1. Losses reserve
  2. Payment Reserves
  3. Non-free reserves
  4. Specific Reserves

Question No.  32         Marks - 10

Which of the following is a part of "Petty Expenses"?         


  1. Postage Stamps purchased
  2. Purchased Truck
  3. Paid Carriage for goods purchased
  4. Tools purchased

Question No.  33         Marks - 10

Which of the following is recorded on "Credit" side of "trial Balance"?      


  1. Trade Expenses
  2. Sales
  3. Carriage Inward
  4. Carriage Outward

Question No.  34         Marks - 10

DRR refers to 


  1. Debenture Rate Reserve
  2. Debtors Rate Reserve
  3. Dividend Rates Reserve
  4. Debentive Redemption Reserve

Question No.  35         Marks - 10

A Trial Balance is prepared to locate


  1. Errors of principle
  2. Errors of omission
  3. Compensating Errors
  4. none of these

Question No.  36         Marks - 10

Stock can be classified as      


  1. Fixed Asset
  2. Intangible Asset
  3. Current Asset
  4. Current Liability

Question No.  37         Marks - 10

Bills Receivables is    


  1. An Asset
  2. A Liability
  3. An Expense
  4. Part of Equity

Question No.  38         Marks - 10

The basic purpose of an accounting system is to      


  1. Develop financial statements in conformity with generally accepted accounting principles.
  2. Provide as much useful information to decision makers as possible, regardless of cost
  3. Record changes in the financial position of an organization by applying the concepts of double-entry accounting
  4. Meet an organization´s need for accounting information as efficiently as possible

Question No.  39         Marks - 10

Information is cost effective when    


  1. The information aids management in controlling costs
  2. The information is based upon historical costs, rather than upon estimated market values
  3. The value of the information exceeds the cost of producing it
  4. The information is generated by a computer-based accounting system

Question No.  40         Marks - 10

A complete set of financial statements for Hartman Company, at December 31, 1999, would include each of the following, except 


  1. Balance sheet as of December 31, 1999
  2. Income statement for the year ended December 31, 1999
  3. Statement of projected cash flows for 2000
  4. Notes containing additional information that is useful in interpreting the financial statements


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