Examination: B.Com 2nd Year
Subject: Last Year Sample Paper
Date: [Insert Date]
Time: [Insert Time]
Instructions:
* The paper consists of two parts: Part A and Part B.
* Part A contains multiple-choice questions (MCQs) and Part B contains descriptive/short answer type questions.
* Each question carries 1 mark, unless otherwise specified.
* Answer all questions.
Part A: MCQs
1. Which of the following is not a form of business ownership?
a) Sole proprietorship
b) Partnership
c) Corporation
d) Franchise
2. The process of recording financial transactions in journals and ledgers is known as:
a) Accounting
b) Auditing
c) Bookkeeping
d) Taxation
3. Which of the following is an example of a current asset?
a) Land
b) Building
c) Accounts Receivable
d) Equipment
4. The primary purpose of preparing a Trial Balance is to:
a) Identify and correct errors in accounting records
b) Determine the profit/loss of the business for a given period
c) Calculate the amount of income tax payable
d) Prepare financial statements
5. Which of the following is not an element of the financial statements?
a) Income Statement
b) Balance Sheet
c) Statement of Changes in Equity
d) Statement of Cash Flows
Part B: Descriptive/Short Answer Type Questions
1. Explain the concept of double entry bookkeeping and its significance in maintaining accurate financial records.
2. Discuss the different types of adjusting entries and their impact on the financial statements.
3. Briefly describe the steps involved in the accounting cycle.
4. What is the purpose of an Income Statement and what information does it provide?
5. Differentiate between current liabilities and long-term liabilities and provide examples of each.
End of Paper