2nd Year Accounting Notes

• Our comprehensive 2nd Year Accounting Notes will ensure you're fully prepared for your exams.
• Important Short and Long Questions of Principle of Accounting Notes I.Com Part 2 from previous 7 years past papers of all Punjab Boards.
• What is single entry System of book keeping?
• What is meant by Pure Single Entry System?
• What is simple single entry system?
• What do you understand by quasi single entry System? 
• Don't miss out on these free and reliable accounting part 2 notes study materials for your exams.
• Write down the formula for determining the net profit under net worth method? 
• Define the characteristics of single entry System? 
• What are the limitations of single entry system?
• Write down the fundamental balance sheet equation?
• What do you meant by Statement of Affairs under net worth method?
• Under net worth method of single entry system why drawings are added to closing capital?
• Give anyone of the main reason of difference between the Private and a Public company? 
• What is the major difference between the Memorandum of Association and the Articles of Association? 
• Don't miss out on these free and reliable 2nd year accounting notes pdf study materials for your exams.
• What is meant by the statement in Lieu of Prospectus?
• What is the Certificate of Commencement of business?
• What is the main difference between the share holder and a Debenture holder? 
• Under Subscription & Over Subscriptions:
• Distinguish between a sale and a Consignment?
• Define the term Commission in case of consignment?
• What is the nature of consignment account?
• What is meant by External depreciation?
• What are the major' object of providing Depreciation?
• By Reading intermediate 2nd year accounts notes explore detailed explanations and examples to enhance your understanding.
• Give any three effects on profit & loss account and balance sheet of not providing for depreciation?
• What is the difference between the term fluctuation and depreciation?
• What is the difference between the term Depreciation and Depletion?
• Under straight-line method, what formula is used to ascertain the annual depreciation? 
• What is the scope of application, of straight-line method? Scope of Application
• What is the scope of application, of diminishing balance method? 
• What is meant by Non-trading concerns?
• Which are the key statements prepared in accounts of non profit seeking Organization? 
• What are the major advantages of the receipts and payments account?
• What are the main features of an income and Expenditure account? 
• How you will deal with the term "Donations" under non-trading accounts?
• What will be the accounting treatment for the term 'Legacy' under non trading accounts?
• How you will deal with the term. "Life membership fees” Under non-trading accounts?
• What will be the accounting treatment for-the entrance or admission fees?
• How you will deal with the Sale of newspapers, periodicals etc, under the non-trading accounts?
• How you deal with the "sale of sports material" under the non-trading accounts?
• What is the difference between partnership and co-ownership?
• When Goodwill is shared by old partner in their sacrificing ratio?
• What is Sacrifice Ratio. Ans: On the admission of a new partner in a firm, loss is suffered by the old partner. The old partner may sacrifice either in their old profit sharing ratio or in some other ratio. Sacrifice ratio is calculated by deducting old partner's new share from the old share. Sacrifice Ratio=Old share-New Share
• Harris& Co. purchased a machinery on 1st July,2012 of Rs. 1,00,000. Depreciation was charged 10% p.a on Fixed Installment method (Original cost method / Straight line method). Calculate depreciation and prepare Machinery account for 4 years, if the Books are closed on 31st December of every year. 
• Pakistan Motors was formed with an authorized capital of Rs. 10,00,000 divided into 1,00,000 shares of Rs. 10 each. Company offered 50,000 shares at par value to the general public for subscription. Applications for 50,000 shares were received. Company allotted shares to all the applicants.