Advance Financial Accounting Important, Common Question For Exam [Gauhati University BCom 3rd Sem. Nep FYUGP]

If you are preparing for the Gauhati University BCom 3rd Semester Advance Financial Accounting exam, then having a clear idea of the important questions is the smartest way to score high. Every year, a large portion of the question paper comes from predictable areas, and that is why students search for Gauhati University BCom 3rd Semester Advance Financial Accounting Important Questions before exams.

This post brings you a complete and updated list of GU BCom 3rd Sem Advance Financial Accounting Important Questions for 2025, including common questions for exam, chapter-wise expected questions, and smart study guidance based on the NEP FYUGP syllabus.

Unit-Wise Important Questions (2025 Edition)

Below is the neatly arranged list of GU BCom 3rd Sem Advance Financial Accounting Important Questions, updated fully for the 2025 examination.

UNIT 1: ROYALTY

1). Define Royalty.

2). What is Minimum / Fixed / Dead Rent?

3). What is the purpose of fixing Minimum Rent in a royalty agreement?

4). Why is the Minimum Rent Account opened in

5). What do you mean by Shortworkings?
6). Explain the maintenance of Shortworkings Account in the books of the lessee.
7). What is Recoupment / Recovery of Shortworkings?
8). How are Shortworkings Recouped?
9). Write short notes on:
(a) Surface Rent
(b) Fixed Recoupment of Shortworkings
(c) Floating Recoupment of Shortworkings
(d) Stoppage of Work due to Strike/Lockout/Accident
(e) Nazrana / Lease Premium
10). Write short notes on:
(a) Excess Working
(b) Shortworking Lapsed
(c) Shortworkings Irrecoverable Account
(d) Shortworkings Recoverable Account
(e) Royalty Suspense Account
(f) Income Tax on Royalty
11). Distinguish between Rent and Royalty.
12). Explain the accounting treatment of Royalty, Minimum Rent and Shortworkings.
13). Explain the impact of strikes and lockouts on royalty.
14). Prepare Royalty-related accounts based on given data (conceptual).

UNIT 2: DEPARTMENTAL ACCOUNTING

1). What is Departmental Accounting? State its features and objectives.
2). Write the advantages or uses of Departmental Accounting.
3). What are the methods of Departmental Accounts?
4). How are inter-departmental transactions recorded?
5). Explain the mechanism of keeping separate departmental accounts with merits and demerits.
6). Explain the basis of allocation of common expenses among departments.
7). What is the necessity of apportionment of indirect expenses?
8). How are inter-departmental transfers accounted for?
9). State the appropriate basis of apportionment for: Depreciation on Building, Carriage Inward, Bad Debts, Advertisement Expenses, Carriage Outward, Discount Allowed, Discount Received, Labour Welfare Expenses, Lighting, Freight, Manager’s Salary, General Manager’s Salary, Insurance on Stock, Bank Interest, Canteen Expenses.
10). Distinguish between Branch Accounts and Departmental Accounts.
11). Prepare Departmental Trading and Profit & Loss Accounts (conceptual).
12). Explain unrealised profit in inter-departmental transfers.

UNIT 3: AMALGAMATION & DISSOLUTION OF PARTNERSHIP FIRMS

A. Amalgamation of Firms

1). What is Amalgamation? What are its objectives?
2). What are the forms of Amalgamation of partnership firms?
3). What accounting entries are passed for closing the books of amalgamating firms?
4). What opening entries are passed in the books of the new firm formed after amalgamation?

B. Dissolution of Partnership Firm

5). What is Realisation Account? State its objectives.
6). Distinguish between Revaluation Account and Realisation Account.
7). Under what circumstances may a partnership firm be dissolved?
8). Distinguish between Dissolution of Partnership and Dissolution of Firm.
9). State grounds of compulsory dissolution or dissolution by court.
10). Mention situations where a firm may be dissolved without court intervention.
11). Write the procedure of settling accounts on dissolution.
12). Which accounts are prepared on dissolution of a firm?
13). Where are general reserves and accumulated profits/losses transferred on dissolution?
14). What entry is passed when a partner agrees to pay a liability on dissolution?
15). From which asset is a partner’s private debt paid first?
16). How is the Realisation Account closed when it shows a loss?
17). State the mode of settlement of accounts between partners on dissolution.
18). Which account is prepared last on dissolution?
19). Write a short note on Firm Debts and Private Debts.
20). How are unrecorded assets and unrecorded liabilities treated at dissolution?
21). State the legal provisions for adjusting losses and distributing assets when no agreement exists.
22). Enumerate the journal entries passed in the books on dissolution.
23). Distinguish between Firm’s Debts and Private Debts with treatment.
24). What is Realisation Account? How is it closed? How does it differ from Revaluation Account?
25). Write short notes on:
(a) Treatment of Unrecorded Assets
(b) Treatment of Goodwill
(c) Treatment of Unrecorded Liabilities
(d) Return of Premium on premature dissolution

C. Conversion of Firm into a Limited Company

26). What is meant by Conversion of Partnership into a Limited Company?
27). What are the objects of such conversion?
28). What is Purchase Consideration? What are its methods of calculation?
29). State the journal entries in the books of the vendor firm when sold to a company.
30). Explain the distribution of shares and debentures among partners.
31). Explain with entries when the purchasing company acts as an agent for collecting debts and paying liabilities.

UNIT 4: INSURANCE CLAIMS

1). What is an Insurance Claim? What are the types under general insurance?
2). Write the meaning of:
(a) Sum Insured
(b) Amount of Indemnity
(c) Period of Indemnity
(d) Stock Salvaged
3). Explain the procedure for lodging an insurance claim.
4). What are the steps for determining the amount of loss of stock?
5). What is the Average Clause?
6). Explain the treatment of over-valuation and under-valuation of stock.
7). Write a note on abnormal items or slow-moving goods.
8). Describe the procedure for ascertaining loss of stock and loss of profit.
9). What is meant by Short Sales?

UNIT 5: GOVERNMENT ACCOUNTING

1). What is Government Accounting? State its features and objectives.
2). Distinguish between Government Accounting and Commercial Accounting.
3). Describe the General Principles of Government Accounting.
4). Write a note on the System of Financial Administration in India.
5). How are Government Accounts kept?
6). State the powers, duties and functions of the CAG of India.
7). Discuss the composition, objectives and responsibilities of GASAB.
8). Explain the procedure of setting Government Accounting Standards.
9). Write a note on Application of Cash Basis and Accrual Basis of accounting in Government.

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Why You Should Focus on the Important Questions ?

The Advanced Financial Accounting syllabus for GU BCom 3rd Semester covers five major units. However, not every topic gets equal weightage. Some units repeatedly appear in past years, and those areas almost always form the GU BCom 3rd Sem Advance Financial Accounting Common Questions for Exam.

By mastering these areas, you can:

• Reduce your study load

• Focus on questions that matter most

• Improve answer-writing speed

• Score better even with limited time

This is why knowing the Gauhati University BCom 3rd Semester Advance Financial Accounting Important Questions becomes extremely helpful for every student.

Final Tips for Scoring High in GU BCom 3rd Semester Advance Financial Accounting Exam

• Revise all definitions and short notes—they appear frequently.

• Practice long questions from Royalty, Departmental Accounting, Amalgamation, and Dissolution.

• Solve past-year question papers to identify patterns.

• Keep your answers structured with headings, points, and examples.

• Focus on accounting treatments—they carry easy marks if learned properly.

By covering all the Gauhati University BCom 3rd Semester Advance Financial Accounting Important Questions given above, you will be fully prepared for the 2025 exam.