SAMPLE QUESTION & MARKING SCHEME ON ACCOUNTANCY

SAMPLE QUESTION & MARKING SCHEME ON ACCOUNTANCY

Class : XII.D                  ACCOUNTANCY                   Mark : 40

Time : 1 mts

Answer all the questions

1.     Explain the concept of Financial Statements.                             [1]

2.     List out the objectives of preparing financial statements.            [4]

3.     List out any four objectives financial analysis                           [2]

4.     Draw the format of Financial statements.                                   [8]

5.     Differentiate Deferred Tax Liability and deferred Tax Assets.    [3]

6.     How would you disclose / show the following items in the

Balance sheet of a company.                                                     [6]

General Reserve, Capital Reserve, Equity Capital, Preference Capital

Work in Progress , Calls in Arrear, Short Term Investments

Trade Payables , Debtors, Debentures, Bills Receivables, Building

7.     What is Financial Analysis? List out the important tools of

Financial Analysis.                                                                   [4]

8.     Prepare the Comparative Statement of Balance Sheet from the

following Information.                                                              [6]

Particulars	2015	2016
Equity Share Capital Tangible & Intangible Assets General Reserves Investments Long Term Loans Inventory Trade Receivables Cash & Cash Equivalents Creditors	2500000 3600000 600000 500000 1500000 400000 600000 50000 550000	2500000 3000000 500000 500000 1500000 700000 500000 300000 500000

9.     Prepare a Comparative Statement of Profit and Loss from the

 following information.                                                                      [6]

Particulars	2014	2015
Revenue From Operations Purchase of Stock in Trade Finance Cost Employees Benefits Expenses Other Expenses Tax Rate	5600000 3600000 400000 600000 80000 20%	6000000 4000000 250000 500000 100000 30%

Marking Scheme

Question No.	Value Points	Marks
1.	A balance sheet at the end of a financial year	1
2.	a.      To find out the true financial position b.     To find out the cash  flows c.      To find out the profitability d.     To find out the strength and weaknesses	4
3.	a)     To measure the earning capacity b)    To measure the earning capacity c)     To measure the financial strength d)    To judge the efficiency of management	2
4.	Financial Statement as on Particulars Note No. Amount Current Year Amount Previous Year I.      Equity and Liability (1)   Share Holders Fund a)      Share Capital b)      Surplus & Reserves (2)   Non – Current Liability a)      Long term Borrowings b)      Deferred Tax c)      Long – Term Provision (3)   Current Liability a)      Short Term Borrowings b)      Trade Payables Total II.  Assets (1)   Non- Current Assets a)      Tangible b)      Intangible c)      Capital Work in Progress d)      Deffered Tax Assets (2)Current Assets a) Current Investments b) Inventories c) Trade Receivables d) Cash and Cash Equivalents Totals	8
5.	Deffered tax liability – Accounting income greater than taxable Income. Deferred Tax Assets -  Accounting income less than taxable Income.	3
6.	Particular Heading Sub Headings General Reserve Capital Reserve Equity Capital Preference Capital Work in Progress Calls in Arrear Short Term -Investments Trade Payables Debtors Debentures Bills Receivables Building Share Holders Fund Share Holders Fund Share Holders Fund Share Holders Fund Current Assets Share Holders Fund Assets Equity & Liability Current Assets Non-Current Liability Current Assets Asset Reserves & Surplus Reserves & Surplus Share capital Share capital Inventories Share capital Current Assets Current Liability Trade Receivables Long term borrowings Trade Receivables Fixed Assets
7.	Analysis of financial statements of a company is known as financial analysis. Tools of analysis are; a)     Comparative statement b)    Common Size Statement c)     Trend Analysis d)    Accounting Ratios e)     Cash flow Statements	4
8.	Absolute        % Change Equity Share Capital                         0                        0 Tangible & Intangible Assets     6lakhs                       20 General Reserves                           1 lakhs                   20 Investments                                       0                       0 Long Term Loans                              0                       0 Inventory                                           3lakhs            48.86 Trade Receivables                           1lakhs               20 Cash & Cash Equivalents               2.5 lakhs          83.33 Trade Payables                               50000                10	6
9.	Profit after Tax = 184000(2014), 345000(2015)	6