IE: 01 June, 2020

1. What do you know about formation of ICMAB?

2. Explain in brief the role of ICMAB in developing the practice of Cost and Management Accounting in
Bangladesh
3. What is Golden law of accounting?
4. What is a Contra Entry?
5. What is Work In process inventory? How it defer from finished goods inventory?

IE: 01 December, 2019

6. “Accounting is an information system that measures, processes, and communicates financial information
about an economic entity”. Explain.
7. Who are internal users of accounting data? How does accounting provide relevant data to these users?
8. Briefly discuss the basic financial statements.
9. “Adjusting entries are required by revenue and expenses recognition principle of accounting.” Do you
agree with statement? Why or Why not? Justify your argument with relevant example.
10. Briefly describe the qualitative characteristics of accounting information.
11. The following situations involve accounting principles and assumptions:
12. (i) Tisinai Company owns buildings that are worth substantially more than they originally cost. In an
effort to provide more relevant information, Tisinai reports the buildings at fair value in its accounting
reports.
(ii) Kingston Company includes in its accounting records only transaction data that can be expressed in
terms of money.
(iii) Rainbow Company has investment in securities that are worth substantially less than original cost of
investment. Rainbow reports the securities at fair value in its accounting reports.
(iv) Roger H., owner of Roger’s photography, records his personal living costs as expenses of the
business.
13. Define the following terms with an example: (i) Variable cost & fixed cost; (ii) Product cost & period
cost.
14. Classify each of the following as a variable or fixed cost with respect to a unit of product that is sold:
15. (i) Commissions paid to sales personnel.
(ii) Advertising expenses.
(iii) Salary of the chief executive officer.
(iv) Depreciation of a shipping truck.
(v) Protective packaging for each unit of product.
(vi) Insurance for corporate headquarters.
IE: 01 June, 2019
16. Define accounting. Who are the users of accounting information? Explain briefly.
17. Distinguish between accrual basis and cash basis of accounting. Which basis is worldwide recognized?
Why?
18. What are the basic steps of recording process?
19. “If a trial balance balances, it guarantees that there are no errors in the recording process.” Do you agree?
Justify your position.
20. Distinguish between general ledger and subsidiary ledgers.
21. Why is an income statement dated differently from a balance sheet?

IE: 01 December, 2017

22. Define the concept of “Debit” and “Credit”. Explain the golden rule of accounting.
23. What is chart of accounts? Why it is necessary for the entity? Is it similar or different to all of the entity?
Why?
24. Define the concept of “cost”, “expenses” and “Loss” with practical examples.
25. Differentiate between financial accounting and management accounting.
26. Differentiate between double entry and single system
27. List and describe the major steps in the accounting cycle.
28. Briefly explain to your friend, who has no knowledge of accounting, the purpose of a journal entry.
29. Because computers now take care of all of the routine accounting functions, there is no need to know
anything about debits, credits, journals, posting, T accounts, and trial balances. Comment

IE: 01 June, 2017

30. List and describe the major steps in the accounting cycle.
31. Briefly explain to your friend, who has no knowledge of accounting, the purpose of a journal entry.
32. Which financial statements can be prepared from information contained in a trial balance?
33. Why adjusting entries are normally made at the end of the accounting period?
34. Because computers now take care of all of the routine accounting functions, there is no need to know
anything about debits, credits, journals, posting. T accounts, and trial balances. Comment.
35. Define opportunity cost and sunk cost with appropriate example