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Diploma in Material Management 1st year Sample Paper of Financial & ManagementItsMyAcademy.com

Diploma in Material Management 1st year Sample Paper of Financial & Management

DIPLOMA IN MATERIAL MANAGEMENT, SEMESTER-II, YEAR-1

FINANCIAL AND MANAGEMENT ACCOUNTING 

Duration -3 Hours                                                                             Max Marks: 60

Note:  1. Attempt any FIVE questions.

           2. All questions carry equal marks.

Q1.      Attempt any four out of following                                                                              Define Assets

i)                    Define Liability

ii)                  Explain the terms Debtors and Creditors

iii)                Explain the term Accounting

iv)                Briefly explain the rules of Debit of Credit

Q 2.  Attempt following                                                                                                             

Journalize the following transactions:

1.         Received cheque from Arihant and deposited into bank                           Rs. 2,500

2.         Paid printer’s bill and brought carbons, pencils, papers and ink.          Rs. 85

3.         Vikram supplies goods                                                                                             Rs. 2,000

4.         Paid fortnightly wages and salaries                                                                     Rs. 875

5.         Paid commission to Basant                                                                                     Rs. 500

6.         Proprietor used goods for household purposes                                            Rs. 200

  1. Paid for salaries Rs. 1,000; wages Rs. 500; insurance Rs. 750.
  2. Purchased goods for cash Rs. 2,000 and on credit Rs. 3,000 from Prahlad
  3. Issued cheque in favour of Landlord for the rent     Rs.1,000
  4. Employed Darshan as a cashier, received from him security deposit.  Rs.2,000
  5. Appointed Rakesh as a clerk on monthly salary of Rs. 1,000.
  6. Vinod who owned Rs. 2,000 become insolvent, only 50% amount due was realized.
  7. An amount of Rs. 500 is lost from the cash box.
  8. Rent and Salary due Rs. 500 and Rs. 1,000 respectively.

Q 3.     Attempt Following                                                                                                     

Explain the Role of Accountant in the present day economy

a)      Give the main points of difference between cost accounting and financial accounting.

Q4.      What do you mean by Financial Accounting? What are its different limitations?

Q5.  Prepare a triple column cash book from the following transactions:                    

            Jan. 1   Opening Balance Cash – Rs. 26,000; Bank – Rs.57, 200

Jan. 2   Cash purchases Rs.15, 000

Jan. 4   Purchase of goods by cheque – gross value Rs.46, 000 less trade discount 2%.

Jan. 5   Cash Sales Rs. 36,000

Jan. 7   Cheque received from customers in full settlement of dues of Rs. 77,000.

Jan. 10 Cash Withdrawn Rs.10, 000

Jan. 15 Payment made to supplier by cheque Rs.54, 500, got 1% cash discount.

Jan.20  Cheque received from a customer in June 1996 of Rs. 75,000 dishonored.

Jan. 25 Cash deposited Rs. 5,600

Jan. 31 Salary paid Rs. 10,000 by cash.

Q6.      Attempt following:                                                                                                    

  1. Enumerate the process of recording the transactions in financial accounting starting

From Journal Entries.

2.  What is a Trial Balance and why do we prepare a trial balance?

Q7.      Explain any four basic concepts of accounting.

Q8.      Attempt any four of the following   

(a)    Accounting is the language of businesses. Elaborate

(b)   How does management accounting help the various levels of management?

(c)    “The convention of consistency is necessary for making the financial statements” Explain

(d)   Give four points of differences between cost accounting and financial accounting

(e)    Explain the term depreciation with reference to its objectives.

(f)    What do you mean by personal real and nominal accounts?

Q9.      Attempt following:                                                                                                    

(1) Differentiate between book keeping and Accounting.

(2) Enumerate advantages of Financial Accounting.

Note: Above sample paper of Diploma in Interior Design has been prepared after reviewing few universities sample papers. We are not sure whether same or similar question papers pattern does your university has or not. We are just trying to help you by providing the possibilities. We always suggest you to go thoroughly with textbooks, teacher’s notes and the syllabus for better preparation of your coming examination of Diploma in Interior Design.

All the Best !!

 

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