HCCS EDUCATIONAL SYSTEM

ACCOUNTING – II (Test No. 06)

I.COM PART-II

Q.2 Define and explain the following given terms.

15 x 2 = 30

1. Advantage and Disadvantages of Double entry system.

2. Difference b/w Statement of affairs and Balance Sheet.

3. Income and expenditure account

4. Legacy

5. Life Membership Fee

6. Honorarium

7. What is difference between sale and consignment?

8. Pro-forma invoice VS Account sales

9. Characteristics / features of Depreciation

10. Wear and tear

11. Depletion

12. Obsolescence

13. Efflux of time.

14. Accumulated depreciation.

15. General reserves VS Specific reserves