AL-SYED COLLEGE COMMERCE

IMPORTANT SHORT QUESTIONS

1. Capital fund 2. Difference between cash book & receipts and payment account 3. Donation 4. Give 3 objective non-trading concerns 5. Honorarium 6. Income & expenditure account 7. Legacy 8. Life membership fee 9. Non-trading concern 10. receipts and payment account 11. Special subscription 12. Surplus 13. Trading concern 14. Two examples of non-trading concern 15. Difference between balance sheet & statement of affairs 16. Single entry system 17. Statement of affairs 18. Two advantages of single entry system 19. Articles of association 20. Authorized capital 21. Balance sheet 22. Chartered company 23. Debentures 24. Deferred shares 25. Director 26. Issued capital 27. Joint stock company 28. Kinds of share 29. Memorandum of association 30. Ordinary shares 31. Paid-up capital 32. Promoters 33. Prospectus 34. Public limited company 35. Share 36. Subscription 37. Under-subscription of share 38. Underwriter 39. Abnormal loss 40. Account sale 41. Commission 42. Consignee 43. Consignment 44. Consignment account 45. Consignment inward 46. Consignment outward 47. Consignor 48. Del-credere commission 49. Difference between account sale and sale account 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. Difference between consignment and sale How unsold stock is valued Normal loss Ordinary commission What is relationship between consignor and c onsignee? Active partner Different treatment of goodwill Firm Formula of sacrifice ratio General reserve Goodwill Goodwill raised How hidden goodwill is calculated How many partners are in a partnership? How partnership dissolved with the help of court Insolvency Minor partner Partnership Partnership deed Retired partner/outgoing partner Revaluation account Sacrifice ratio Depletion Depreciation Diminishing balance method/reducing balance method/written down value method Fixed asset Fixed installment method/straight line method/original cost method Formula straight line method Scrap value Wear and tear Why depreciation is charged Write down 2 advantages of original cost method Share application money received Find out sacrifice ratio of A & B when new ratio A, B & C 3:1:1 and old ratio A & B 3:1 Opening capital Rs.15600, Closing Capital Rs.14000, Drawings Rs.4800 & Additional Capital Rs.2000, find the profit/loss.

86. What is a fluctuating capital method of maintaining a partners capital account in a firm? 87. Pass the entries of following: a. Consignor expenses b. Depreciation c. Issue of share at discount d. Issue of share at premium e. Revaluation profit