Skip to main content 1st Year Financial Accounting Model Questions 2024

This post will give you information on 1st year financial accounting model questions for 2024. 

This information is beneficial for preparing for next year's examinations. 

You can encourage yourself to solve these questions systematically. 

The best way to prepare the notes is with the help of your university-recommended textbooks. 

That will be the authentic and the right way to get more and more information on the subject. 

Try to read the financial accounting 1st year chapters in detail. 

Understand the meaning and concept, then start to write the answer in your own words. 

Touch all financial accounting important topics and describe them in your own words in a notebook. 

This process will help you save time. 

You can memorize the answer without hesitation because these will be your words of expression. 

These questions have been taken from the question bank. 

These are already asked in past examination papers. 

Several times repeated in exams from long periods. 

Do you know? this subject is very good for the career and a student can get a very lucrative job offer. 

This is the starting phase. 

So, focus your first year financial accounting study to make a good career in the future. 

Let's start to write the answer. 1st Year Financial Accounting 1st Year Financial Accounting Sample Questions

Financial Accounting Important Questions First Year Financial Accounting First Paper Question (Set-1)

Paper-1 (Financial Accounting)

  • Define Share and Debenture and draw a distinction between the two.
  • What do you understand by Trial Balance?
  • What are the objectives of keeping Branch Accounts?
  • What is the difference between Rent and Royalty?
  • What do you understand by Receipt and Payment A/C?
  • What are the uses of Tally?
  • What is the amalgamation of firms?
  • Define ledger. What are the objects of the ledger?
  • What is the meaning of departmental accounts? Describe its advantages. What is the difference between Branches and departments? 
  • Verma traders bought machinery on 1st April 2018 for Rs. 11900 and spent Rs. 1500 on its establishment. The estimated life of the machine is five years. After which its residual value is estimated at Rs. 1400. Calculate annual depreciation according to the fixed installment method and prepare the machine account for the first three years. 
  • Define computerized accounting system. Difference between manual and computerized accounting systems. 
  • Write short notes on the following - (1) Goods-in-transit (2) Cash-in-transit (3) Inter-branch transactions. 
  • What entries will be passed in the books of the Landlord under different conditions?
  • Show Journal Entries in the books of the Head Office to incorporate the trial balance of the branch.
  • What do you mean by a hire-purchase system? How does it differ from the installment system?
  • Explain the decision in the Garner Vs Murray case. Is this decision followed in India?
  • Write notes on any two of the following: (a) Preferential creditors (b) Statement of affairs (c) Receipt & Payment account
  • Write short notes on the following:- Cost Concept, Revenue Profit, Address Commission, Short Working, Claim for increased cost, Patent Royalty, Partnership Deed, and Memorandum Revolution Account. 
  • What do you mean by Free Repair by the vendor?
  • What is an interest suspense account?
  • What are the advantages of Department Accounting to the Trader?
  • What is a double-column cash book?
  • State the meaning of transfer in the balancing system. 
  • What is the average clause?
  • How Voyage Account prepared? Explain with illustration.
  • How is stock on the date of fire calculated?
  • What is a Realisation Account? What is the difference between a Realisation and a Revaluation account? 1st Year Financial Accounting Imp Questions 1st Year Financial Accounting Guess Paper First Year Financial Accounting First Paper Question (Set-2)

  • Discuss the nature and uses of the ledgers maintained under the sectional balancing system.
  • What do you mean by a Hire Purchase Trading account? 
  • What do you mean by generating a profit share to a partner? 
  • Write a short note on the following: Unrealised Profit, Assignment
  • Explain the maximum loss method of piecemeal.
  • What is the difference between Capital and Reserve Expenditure?
  • When the Branch stock adjustment account is prepared. 
  • How to the rate of gross profit calculated for the purpose of insurance of loss of profit.
  • Explain the various steps for computing the amount of claim under the loss of profit policy.
  • Explain in detail - accounting concepts and conventions with examples.
  • What do you mean by installment payment System? How the Journal Entries are passed in this system. 
  • What are the uses of Tally?
  • What is NPO?
  • What is the Consolidation of Farms?

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