QUESTION BANK

Short Notes on : 1. Define Accounting 2. Accounting as information system 3. Auditor 4. Role of accountant 5. Convensions of accounting 6. Define journal 7. Define ledger 8. Define depreciation with example 9. What is absorption costing? 10. What is kaizen costing? 11. Capital employed 12. Fund flow statement 13. Inventory turnover ratio 14. Long Term investments 15. Name various tools of financial management 16. Cost accounting 17. Financial Management 18. Computerized Accounting 19. Cash flow statement 20. Going concern concept 21. Fixed assets 22. Double entry system 23. Trial balance 24. Variance 25. Difference between : Fixed & Variable cost 26. Difference between : Direct & indirect cost 27. Ratio analysis 28. Auditing 29. Break even analysis 30. Cash Book 31. Debt equity ratio 32. Working capital 33. Absolute liquid assets 34. Opportunity cost 35. Operating activities 36. Distinguish between funds flow statement and schedule of changes in Working capital. 37. Define the term direct cost.

38. What is re-order level? Long Questions : 1) Define Ratio Analysis. Explain various types of ratios used by financial manager. 2) Discuss in detail the procedure of making a fund flow statement. 3) What is the purpose of ratio analysis? Give limitations also. 4) What are the various Sources and Applications of funds? Explain. 5) Discuss in detail meaning, advantages and limitations of computerized accounting. 6) Describe sub modules of computerized accounting system. 7) Discuss in detail meaning,principles,concepts & conventions of accounting. 8) What is financial management ? explain various tools of it. 9) What is double entry system ? Discuss its advantages & limitations. 10) 11) What is the purpose of Final Accounts ? Discuss the What do you understand by ABC analysis? What are its procedure of making final A/c. advantages? 12) What do you understand by budgetary control? Explain the various types of Budgets. 13) Differentiate between a budget, budgeting and budgetary control. 14) What is fund flow statement? Explain its managerial uses. 15) 16) 17) What is computerized accounting? List its advantages and Differentiate between manual accounting and computerized Explain main modules of computerized accounting. disadvantages. accounting.

18) 19)

Which computer programs are available for accounting? Explain (a) Kaizen costing (b) Zero based budgeting (c) Absorption

Explain about any two of them comparatively.

costing 20) What is cash flow statement ? How it is different from fund

flow statement?

QUESTION BANK
DIRECT TAX PLANNING Short Questions: 1. Define assessee? 2. What is meant by perquisites? 3. What is net annual value? 4. What is long term capital gain? 5. What is dividend? 6. Which deductions are given under section 80-C? 7. Which are partly agricultural and partly business incomes? 8. Whati s speculation gain? 9. What is additional depreciation? 10. What id double taxation? 11. Who is assessee in default? 12. What is a casual income? 13. What is deemed income? 14. Explain the deduction u/s 80 D? 15. What is security transaction tax? 16. What is net annual value (NAV)? 17. What is a short-term capital gain? 18. How is the income of a self-occupied house property computed? 19. How the deduction of patents and copyrights given from business income? 20. What is double taxation 21. Define a person? 22.What is profit in lieu of salary? 23.What is real rental value? 24.What is short term capital gain?

25.What is deemed Profit? 26.What is site restoration fund? 27.What is balancing charge? 28. What is MAT? 29.Which deduction is given under section 80-G? 30. What are the bonus shares?

Long Questions 1) What is tax avoidance? Differentiate between tax evasion tax planning and tax evasion? Which of these is illegal? 2) What is cost of acquisition of a capital asset? How is it calculated for computing long term capital gain? 3) What is clubbing up of income? In which cases the income of the other person is included in the income of assessee? 4) What is new method of charging depreciation? Give various provisions of it? 5) How the tax planning can be done for make or buy decisions and own or lease decisions? 6) What is deduction of tax at source? Give various incomes from which the tax is deducted at source along with rates of TDS? 7) What is tax evasion? How is it different from tax planning? In which ways the tax planning can be done? 8) What is residential status?How is it determined for an individual? 9) What is a long term capital gain? Which are the various deductions allowed out of it under section 54? 10) What is depreciation? What are the conditions for grant of depreciation? 11) How will you plan tax for a business on the basis of its location and ownership pattern? 12) What is advance payment of tax? Give various provisions of income tax law regarding advance payment of tax? 13) Define tax planning?How a salaried person can plan his or her tax? 14) What is clubbing up of income? In which cases the income of the other person can be included in the income of an individual? 15) Which deduction is given u/s 80 G? Give the provisions for detetmining the qualifying amount and the rates of deduction? 16) What is TDS? What are the provisions for deduction of tax at source from various incomes?

17) What is meant by inter-corporate dividend? How is it taxed?