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ISC Specimen 2011 Accounts

6 pages, 26 questions, 4 questions with responses, 4 total responses,    0    0
ISC 12th
Indian School Certificate Examination (ISC), New Delhi
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ACCOUNTS (Three hours) (Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time) Answer Question 1 (compulsory) and Question 2 (compulsory) from Part I and any other five questions from Part II. The intended marks for questions or parts of questions are given in brackets [ ]. Transactions should be recorded in the answer book. All calculations should be shown clearly. All working, including rough work, should be done on the same sheet as, and adjacent to, the rest of the answer. PART I Question 1 [10 2] Answer each of the following questions briefly: (i) Define Prime Cost. (ii) Explain FIFO method of stock valuation. (iii) What do you mean by the term non-recurring expenses in joint venture? (iv) What is the purpose of opening a joint bank account for joint venture? (v) State two advantages of self-balancing system. (vi) Why is a profit and loss appropriation account necessary in a partnership firm? (vii) Why is there a need for revaluation of assets and liabilities of a firm if there is a change in profit-sharing ratio of partners? (viii) Explain pro-rata allotment of shares by means of a suitable example. (ix) State two differences between current assets and current liabilities . (x) Mention two uses of ratio analysis. ------------------------------------------------------------------------------------------------------------------------43 ISC Specimen Question Paper

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