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B.Com. (Programme) Sem 1 Financial Accounting Mar 2023 Question Paper with Solutions

DU Solved Question Papers

Financial Accounting

Previous Year Question Paper with Solution

B.Com. (Programme) · Sem 1

Mar 2023 Examination

munotes.in

Mumbai

First published on munotes.in on 26 October 2026.

Published by munotes.in, Mumbai.

Model answers written and edited by the munotes.in editorial desk.

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The University does not publish an official answer key for this paper. The answers in this volume are model answers, written to show how a full-mark answer is built. They are a study aid, not an authority on what an examiner marked.

The question paper reproduced here is the paper as set by University of Delhi at the Mar 2023 examination.

The questions below are the paper as University of Delhi set it at the Mar 2023 examination, in the order it was set.

MarksPage

The Paper as Set

The questions in this volume are the questions asked at the Mar 2023 examination, reproduced as University of Delhi set them, in the order it set them. Nothing has been reworded, added or left out. Only the answers are ours. See the original question paper.

Duration 3 hours · Total marks 90 · 14 questions answered

Instructions printed on the paper

N.B. (1) Write your Roll No. on the top immediately on receipt of this question paper. (2) Attempt all questions. (3) Show your working notes clearly. (4) Use of a simple calculator is allowed. (5) Answers may be written either in English or Hindi; but the same medium should be used throughout the paper.

How to use this volume

Solve the paper first, under exam conditions and against the clock. Then read the answers here and mark your own. Reading a solution before attempting the question feels productive and teaches very little, because recognising an answer is not the same as being able to write one.

Read the original question paper

Q1

a and b · 18 Marks

(a)State with reasons whether the following statements are true or false.[6]

(i) All assets owned by an enterprise are its goods.
(ii) Bad Debt recovered should be deducted from bad debts of the current year.
(iii) The assets and incomes are not overstated and Liabilities and losses are not understated as per Accrual Principle.
(iv) In India, accounting standards are issued by Securities and Exchange Board of India (SEBI).
(v) According to Accounting Standard (AS1) the fundamental accounting assumptions are Going Concern, Conservatism and Accrual.
(vi) Interest received on investments by a manufacturing concern is non-operating income.

Answer

For full marks, cover: all six statements, each with a verdict and a reason in two or three sentences, citing the standard or law where one applies.

(i) All assets owned by an enterprise are its goods

False. Goods are things bought or made for sale in the ordinary course of business. An enterprise also owns assets it keeps for use, such as land, buildings, machinery and furniture, and assets like debtors and cash. So all goods in stock are assets, but not all assets are goods. A trader's furniture is an asset, not goods.

(ii) Bad debts recovered are deducted from the current year's bad debts

False. Bad debts recovered are amounts received from a debtor whose account was written off as bad in an earlier year. They are a gain of the current year. They are credited to a Bad Debts Recovered Account and shown as an income in the Profit and Loss Account. They are not set against this year's bad debts, which relate to other debts.

(iii) Assets and incomes not overstated, liabilities and losses not understated: accrual principle

False. This describes the principle of conservatism, or prudence. It says: do not anticipate profits, but provide for all known losses. The accrual principle is different. It records revenue when it is earned and expenses when they are incurred, whether or not cash is received or paid.

(iv) Accounting standards in India are issued by SEBI

False. Accounting Standards in India are formulated by the Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI). For companies, the Central Government notifies them under section 133 of the Companies Act, 2013. It does so as recommended by the ICAI, after the National Financial Reporting Authority examines them. SEBI regulates the securities market. It does not issue accounting standards.

(v) AS 1 fundamental assumptions are going concern, conservatism and accrual

False. AS 1, Disclosure of Accounting Policies, names going concern, consistency and accrual as the fundamental accounting assumptions. Conservatism, or prudence, is not one of them. AS 1 lists prudence among the considerations for selecting accounting policies, with substance over form and materiality.

(vi) Interest on investments is non-operating income for a manufacturing concern

True. The operating activity of a manufacturing concern is making and selling goods. Interest on investments arises outside that activity. It is therefore non-operating income, shown separately as other income. For a bank or a finance company, interest would be operating income.

Conclusion. Statement (vi) is true. Statements (i) to (v) are false. The reasons rest on the meaning of goods, the treatment of bad debts recovered, and the difference between conservatism and accrual. They also rest on who issues accounting standards in India and on the three fundamental assumptions of AS 1.

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