BSc Data Science SEM IV 2022 2023 March 2023 DS FUNDAMENTAL OF ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Answer the following. (Any 3) 15 marks
   • 1. Describe the financial statement and how they are prepared?
   • 2. Analyse the business transaction on the accounting equation
   • 3. Analysis the business transaction effect on trial balance
   • 4. Who are the users of accounting information?
   • 5. Explain how ledger and posting help in the recording process?
   • 6. How to prepare trail balance?
2. Q2 Answer the following. (Any3) 15 marks
   • 1. Explain the accrual basis of ‘ing and the reason for adjusting entries?
   • 2. Explain the steps in
   • 3. Classify the balance sheet format?
   • 4. Describe the nature and purpose of an adjusted trail balance
   • 5. Prepare adjusting entries for deferral transactions
   • 6. Explain how to prepare worksheet
3. Q3 Answer the following. (Any 3) 15 marks
   • 1. Describe merchandising operations and inventory system
   • 2. Difference between perpetual inventory system, and periodic system
   • 3. Explain basic concept of accounting information system
   • 4. Write a short note on effect of inventory error
   • 5. How to record purchase under perpetual inventory system
   • 6. How to classifying and determine inventory
4. Q4 Answer the following. (Any 3) 15 marks
   • 1. Write in detailed about fraud and the principle of internal control
   • 2. Explain accounting for plant asset and depreciation method for plant assets Describe how to account the natural resources
   • 4. How to apply internal control principle to cash
   • 5. Explain how company recognize account receivable?
   • 6. How to account for disposal of intangible assets?
5. Q5 Answer the following. (Any 3) 15 marks
   • 1. Explain how to account for net income and net loss of a partnership?
   • 2. Explain how to account for current liabilities?
   • 3. Discuss how current liabilities are reported?
   • 4. Explain types of liabilities?
   • 5. Explain how to account for liquidation of a partnership
   • 6. Discuss the steps in formation of partnership firm

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