Meritnation|Mar 4th, 2016 05:28pm
The CISCE will conduct the Class 12 Accountancy board exam on March 8, 2016, Tuesday. Students you must be busy with your last minute preparations. Our experts at Meritnation has come up with some great insight for your upcoming Accountancy exam. You can view Previous Years’ Board Paper Solutions and get a fair idea of the trend that has been followed. Watch out for the list of important topics and questions that can come in your exam.
These key revision points and quick tips will help you prepare intelligently for the exams. Even if you have left out certain chapters for last minute preparations or revisions, these tips will help you get through them better.
Important Numerical Topics for ISC Board Examination Accountancy
Chapter Name |
Topics |
Joint Venture | Method 3: When Separate Sets of Books is Maintained |
Partnership Accounts |
|
Goodwill: Concept & Mode of Valuation | Valuation of Goodwill based on any 1 method |
Admission of a Partner | Revaluation A/c, Partners’ Capital A/c and Balance Sheet(Cases of Adjustment of Capital and Treatment of Goodwill) |
Change in Profit-Sharing Ratio |
|
Retirement and Death of a Partner | Retirement – Revaluation A/c, Partners’ Capital A/c and Balance Sheet(Cases of Adjustment of Capital and Treatment of Goodwill)
Death – Deceased Partner’s Capital A/c and Legal Representative A/c |
Dissolution of a Partnership Firm | Realisation A/c, Partners’ Capital A/c & Cash A/cOrJournal Entries based question |
Issue of Shares |
|
Issue of Debentures |
|
Final Accounts of Companies | Listing of items under the Heads of Balance Sheet |
Common-size and Comparative Statements | Common-size Income Statement/Balance SheetComparative Income Statement/Balance Sheet |
Cash Flow Statement | Preparation of Cash Flow Statement
|
Ratio Analysis | Important Ratios
|
Important Theoretical Questions for ISC Board Examination Accountancy:
1. Give the accounting treatment in the books of a co-venturer under the Memorandum Joint Venture Method, when he takes over the unsold stock.
2. What is the minimum price at which a company can reissue its forfeited shares which were originally issued at par?
3. Name the two accounts prepared to show the results of a joint venture when each co-venturer records all transactions.
4. Differentiate between fixed capital method and fluctuating capital method.
5. Explain issue of debentures as collateral security?
6. Differentiate between Revaluation Account and Realisation Account.
7. Give the adjusting and closing entry for interest on calls in arrears due from a share holder.
8. State the provisions of the Indian Partnership Act, 1932, regarding charging of interest on drawings/loan/capital from a partner when:
a) The firm has a partnership deed.
b) The firm does not have a partnership deed.
9. What is meant by number of years’ purchase in the valuation of a firm’s goodwill?
10. Why is premium received on the issue of debentures considered a capital profit?
11. Give two differences between Net Profit and Cash from Operations.
12. Give two differences between Authorized Capital and Issued Capital.
13. Why is the word memorandum affixed to the Memorandum Joint Venture Account?
14. What is the accounting treatment of Employees’ Provident Fund appearing in the Balance Sheet of a partnership firm at the time of its dissolution?
15. Give two differences between Reserve Capital and Capital Reserve.
16. What accounting steps are taken by a partnership firm when a new partner is unable to bring the business guaranteed by him?
17. State any two uses of Securities Premium as stated in Section 78 of the Companies Act, 1956.
18. Give two differences between Sacrificing Ratio and Gaining Ratio.
19. In case of a Joint Venture business, how is abnormal loss of goods which have been insured, treated in the books of accounts?
20. State two differences between average profits and super profits.
21. State two differences between current ratio and quick ratio.
22. List any two types of operating/investing/financing activities.
23. Differentiate between dissolution of firm and dissolution of partnership.
24. Explain the various factors affecting goodwill valuation.
25. What is meant by Operating Cycle?
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