Commerce Students

Lease Accounting – CMA Inter Financial Accounting Question 1. Write short note:Operating Lease and Finance Lease (Dec 2017, 4 marks)Answer:Operating Lease and Finance LeaseA lease is an agreement whereby the lessor conveys to the lessee in return for a payment or sones of payments the right to use an asset for an agreed period of […]

Partnership Accounting – CMA Inter Financial Accounting Question 1.Write short note:Guaranteed Partnership. (June 2013, 5 marks)Answer:In a partnership, there may be special agreement by virtue of which partner may get the guarantee of earning a minimum amount of profit. The guarantee may be given by one partner in particular or by the firm. It is […]

Preparation of Financial Statements of Not-for-Profit Organisations Question 1.Write short note on the following:Features of Income and Expenditure Account (June 2019, 5 marks)Answer:Features of Income and Expenditure Account: It follows Nominal Account. All expenses of revenue nature for the particular period are debited to this Account on accrual basis. Similarly, all revenue incomes related to […]

Bills of Exchange CMA Inter Financial Accounting  Question 1.Write short flotes on the following:(a) Accommodation Bill (June 2016, 5 marks)(c) Rebate on Bills Discounted (June 2016, 5 marks)Answer:(a) Accommodation Bill: An Accommodation Bill is a bill of exchange signed by-a party as drawer, drawee, endorser to accommodate another party whose credit is not strong enough […]

Accounting Fundamentals – CMA Inter Financial Accounting  Question 1.Write short note:(c) Accounting convention of consistency; (Dec 2012, 5 marks)Answer:In order to enable the management to draw important conclusions regarding the working of a company over a number of years it is essential that accounting practices and methods remain unchanged from one accounting period to another. […]

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General Nature of Partnership – CA Foundation Business Law Study Material Question 1.Define Partnership. Discuss the essential elements of Partnership.Answer:Section 4 of the Indian Partnership Act, 1932, lays down that “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any one of them […]

Unpaid Seller – CA Foundation Business Law Study Material Question 1.What are the rights of the buyer against the seller in case of breach of contract by him, under the provisions of the Sale of Goods Act, 1930?Answer:A buyer has the following rights against the seller for breach of contract under the Sale of Goods […]

Transfer of Ownership – CA Foundation Business Law Study Material Question 1.What is the appropriation of goods under the Sale of Goods Act, 1930? State the essentials regarding appropriation of unascertained goods.Answer:Under Section 23(1), in a contract for the sale of unascertained or future goods by description, the property in the goods passes to the […]

Conditions & Warranties Question 1.Explain the condition as to merchantability ant! condition as to wholesomeness.Answer:Implied condition as to merchantability. – [Sec. 16(2)]Where goods are brought by description from a seller who deals in goods of that description, there is an implied condition that goods shall be of merchantable quality. Merchantable means that the goods are […]