ISC Board Guess Paper

Accountancy

[Set-3]

Q1. When is a partner liable for debts incurred by the firm after his retirement ?

Q2. What are miscellaneous expenses ?

Q3. State any two purposes for which the securities premium can be utilized.

Q4. What is the LIFO method of valuing inventories ?

Q5. Give two differences between fixed and fluctuating capital accounts.

Q6. What is gaining ratio ?

Q7. When drafting a company balance sheet under Schedule VI Part I, under which heading and sub-heading will calls in arrear and calls in advance appear ?

Q8. State the two effects of the provision of Accounting Standard-10 as issued by the Institute of Chartered Accountants of India.

Q9. What is a material transfer note ?

Q10. What is the accounting treatment in the books of the consignor relating to expenses incurred on returning the goods by the consignee to the consignor assuming that such expenses are :

(a) Borne by the consignor;                      (b) Borne by the consignee.

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