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Ignou question papers 2020 -2021 | Important Questions || IGNOU Previous Year Question Paper | IGNOU announces the term-end exam date sheet before the IGNOU exam.
Students appearing in the IGNOU Term and Examination should complete their complete syllabus and start their exam practices as well.
It is important to work on the previous year questions in IGNOU. This increases the likelihood of students getting goods marks in the paper.
Here we are providing Previous Years solved papers For B.com First year ECO 02: Accounting I for IGNOU students.
These papers are helpful for upcoming exam.
December, 2020
ECO-02: ACCOUNTANCY- I
Q1. Attempt any two from the following:
(a) State the advantages of Self-balancing system.
(b) Write a note on ‘cost concept’ of Accounting.
(c) Explain the features of consignment.
(d) Distinguish between ‘Provision’ and ‘Reserve’.
Q2. What are the essential features of Receipts and Payments Account? How does it differ from Cash Book? Explain.
Q3. What are various types of errors which are usually committed in the process of accounting? Explain with examples.
Q4. Give journal entries for the following adjustments:
(a) Interest received in advance Rs. 600
(b) Interest on drawing Rs. 1,200
(e) Provision for discount on creditors Rs. 200
(d) Loss of goods by theft Rs. 8,500
(e) Drawing of goods by proprietor Rs. 750
Q5. Differentiate between:
(i) ‘Joint venture’ and ‘Consignment’
(ii) ‘Joint venture’ and ‘Partnership’
Q6. How would you deal with the following items while preparing the final accounts of a non-trading concern?
(a) Legacy
(b) Donation when purpose is not mentioned
(c) Life membership fees
(d) Receipts for Tournament Fund
(e) Sales of used sports material
(f) Entrance fees
