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Respected madam/sir,
Can I have B.com 3rd semester corporate accounting previous years solved question papers.

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Download Bangalore University B.com 6th Sem Management Accounting Solved Question Paper

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2 Marks Important Questions

1.Define Prospectus ?
2.What is buy back of shares
3.What is Forward Settlement?
4.Give the meaning of Re-Materialisation
5.Give the meaning of online trading
6.What is hedging?
7.Secondary Market , Primary Market
8.Commodity Exchange
9.Online Trading
10.Expand NSE,BSE,ASBA,QIB
11.Who are Merchant Bankers?
12.IPO?
13.Who is a bull

6 Marks Important Questions
1.What is Private Placement, Merits,Demerits
2.Features of SEBI , Features
3.What us Listing of securities . Advantages -Disadvantages
4.Distinguish btw Physical and Future market or Primary and secondary Market
5.Function or Features of BSE
6.Participants in commodity market
7.Types of speculators
8.Features of Primary or Secondary Market

14 Marks Important Questions
1.Function of SEBI
2.Primary and Secondary Market (Functions - Features-Players-Advantages & Disadvantages)
3.Governing body and Function of commodity exchange
4.Meaning(Functional - Objectives ) of depository,State the features of NSDL and CSDL
5.Online trading
6.Objectives and function of depositories
7.Commodity Exchange

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Banking Law and Operations(Important Questions)

2 Marks

1.What is trust deed?
2.What do you mean by holder for value?
3.What do you mean by lien?
4.Give the meaning of material alteration of cheque.
5.Who is double crossing?
6.Who is a Kartha?
7.Expand RTGS and NEFT and MICR.
8.What do you mean by endorsement ?
9. What is special crossing ?
10. Define ‘promissory note’.
11. What is mortgage ?
12. What do you mean by Dishonour of cheque ?
13. Who are lunatic?
14. Who is a Banker ?
15. Define negotiable instrument.
16. Give the meaning of material alteration in cheque.
17. What is joint account ?
18. What is credit card ?
19. Who is trustee ?
20. What is blank endorsement ?

6 Marks

State the merits and demerits of ATM. What are the differences between promissory note and cheque? Briefly explain the principles of bank lending. Explain the procedure to open current account Briefly discuss any six recent innovation in banking sector. What is negotiable instrument ? Explain its features Distinguish between overdraft and cash credits. What are the advantages of credit cards ? What are the consequences of wrongful dishonour of cheque? Distinguish between general lien and particular lien. List the disclosure of a customer account ,under law. Narrate any six significant reasons for the dishonour.
of cheques What are the precautions to be taken by a banker while opening the account in the
name of joint stock company ? State the advantages of electronic banking services.

14 Marks

Explain the circumstances in which a banker can dishonour a cheque Write the exceptions to banker’s obligations to maintain secrecy of his customers
account. Write a note on:
(a) Bank overdraft
(b) Letter of credit
© Discounting of bill of exchange
(d) Loans. State the precautions to be taken in opening and operating of account in the
name of
(a) Joint Stock Company
(b) Trust
© Clubs
5.Discuss the various advantages and disadvantages of Internet Banking. Who is Paying Banker? Explain the statutory’ prot~ction avail?ble to the Paying
Banker. State the different type of Bank Accounts and explain the procedure in opening
and operating the account of a minor. Explain the different kinds of endorsement. Briefly explain the relationship between the Banker and Customer. Explain the principles of Bank lending in detail. Explain various general relationship between banker and customer. Give the meaning of crossing. Explain the types of crossing Briefly explain any four types of bank account holders. Write short notes on :
a) Internet banking.
b) ATM.
c) MICR.

Define Management Accounting.
According to Robert N Anthony, “Management accounting is concerned with accounting information which is useful to management”. OR
According to ICWAI has defined Management accounting as “a system of collection and presentation of relevant economic information relating to an enterprise for planning controlling and decision making”.

Give the meaning of Management accounting.

Management accounting is the presentation of accounting information to management in order to formulate the policies and assist in its day to day activities.

State any four features of Management Accounting.

The four features of Management Accounting are as follows;
a. Useful in decision making
b. Internal use
c. Purely optional
d. Flexibility in presentation of information
e. Concerned with future

State any four functions of Management Accounting.

The four functions of Management Accounting are as follows;
a. Planning
b. Coordinating
c. Controlling
d. Communicating
e. Financial and interpretation

Outline the scope of Management accounting.
The scope of Management accounting are as follows;

a. Financial accounting
b. Cost accounting
c. Budgetary control
d. Inventory and Material control
e. Tax planning

Mention the objectives of Management Accounting.

The main objectives of Management Accounting are as follows;
a. To provide financial information to the management.
b. To maximize the wealth of the organization.
c. To motivate the employees, by fixing targets and providing incentives.
d. To minimize the tax burden.
e. To formulate the future plan.

State any 4 advantages of Management Accounting.

The advantages of Management Accounting are as follows;
a. It helps in decision making.
b. It helps in wealth maximization of company.
c. It helps in creating healthy relations among the employees and the management.
d. It helps in profit maximization.
e. It helps in efficiency increase.

State any 4 disadvantages of Management Accounting.

The disadvantages of Management Accounting are as follows;
a. Costly affair
b. Data dependency
c. Does not give the decision
d. Danger of misleading
e. Needs human involvement for interpretation

List out important tools and techniques of Management accounting.

The tools and techniques of Management Accounting are as follows;
a. Budgeting
b. Standard costing and variance analysis.
c. Ratio Analysis
d. Comparative financial statement
e. Fund flow statement
f. Cash flow statement

State any four areas of application of management accounting.

The four areas of application of management accounting are as follows;
a. Financial accounting
b. Cost accounting
c. Financial Management
d. Inventory control
e. Budgeting and Forecasting

State any 2 difference between cost accounting and management accounting.

COST ACCOUNTING MANAGEMENT ACCOUNTING

1 It includes both present and future
figure for cost determination. It is mainly future oriented.

2 The main emphasis is on cost
ascertainment and cost control. The main
making. emphasis is on decision

Who is Management Accountant?

A Management accountant is an official who is responsible for the installation, development and efficient functioning of the management accounting system in an organization.

What is Financial statement?

Financial statement provide a summary of the accounts of a business enterprise, the balance sheet reflecting the assets, liabilities and capital as on a certain date and the income statement showing the results of operations during a certain period.

State the objectives of financial statement?

The objectives of financial statement are as follows;
a. To provide information about assets and liabilities of a firm.
b. To provide useful information to the users
c. To present true and fair view of the business.
d. To decide about the future prospects of the business.

Define Financial statement analysis?

According to John N Myers, “Financial Statement analysis is largely a study of the relationships among the various financial factors in a business as disclosed by a single set of statement and a study of the trends of these factors as shown in a series of statement”.

State the various methods of financial analysis.

The various methods of financial analysis are as follows;
a. Comparative Financial statement.
b. Common size financial statement.
c. Trend analysis
d. Ratio analysis
e. Fund flow statement
f. Cash flow statement

State the difference between management accounting and financial accounting.

SI NO BASIS MANAGEMNT ACCOUNTING FINANCIAL ACCOUNTING
1 Users Only internal Both internal and external
2 Accounting
method Not followed double entry
system Double entry system
3 Statutory
requirement Not mandatory Mandatory

State the nature of financial statement?

The nature of financial statements is as follows;
a. Recorded facts.
b. accounting conventions
c. Personal judgment

What is external analysis?

Financial statement analysis is made by outsiders who have no access to the books of accounts they have depend on the published accounts.
Ex; Shareholders, Creditors, Government agencies etc.,

What is internal analysis?

Financial statement analysis is made by internal parties who have access to the books of accounts such as management, employees etc.

What is Horizontal analysis or Dynamic analysis?

Financial analysis is done for number of years, i,e the figures of various years are compared with base year is called Horizontal analysis.

What is Vertical analysis or static analysis?

Analysis is made for data covering one year’s periods it is known as vertical analysis. Ex; Ratios, Common statement financial statement.

Give the meaning of Comparative statement.

Comparative financial statements are statements prepared in a form that reflect the financial data for two or more periods.

What is Common size statement or Component % statements or 100% statements?

Common size financial statements are those statements in which the data or figures reported in the financial statements are covered into % of a common base amount.

What is Trend analysis or trend % or trend ratio analysis?

Trend analysis is a method of analysis under which the percentages relationship that each financial statement item of each year bears to the same item in the base year is calculated.

Distinguish between analysis and interpretation.

Analysis; It is the process of splitting the facts or data found in the financial statements into simple elements.

Interpretation; It is the explanation of the meaning and significance of the financial
data.

What is the meaning of Ratio analysis or Ratio technique or ratio accounting?

It is the technique of interpretation of financial statements with the help of the accounting ratios derived from the financial statements.

What is the meaning of accounting ratios?

An accounting ratio is the quantitative relationship between two figures taken from the financial statements.

Mention the objectives of Ratio analysis?

The objectives of Ratio analysis are as follows;
a. To formulate the policies
b. To decision making
c. To measuring the efficiency
d. To communicating

State the advantages of Ratio analysis.

The advantages of Ratio analysis are as follows;
a. Helps in formulating the policies.
b. Helps in decision making.
c. Helps in measuring the efficiency.
d. Helps in communicating.

State the disadvantages of Ratio analysis.

The disadvantages of Ratio analysis are as follows;
a. Ratio analysis is based on financial statements which are themselves subject to several limitations.
b. Ratio’s may makes the comparative study complicated and misleading on account of changes in price level.

What is fund flow statement?

Fund flow statement is a statement in a summary form depicting the changes in the items of financial position between two balance sheet dates and showing sources and application of funds.

What is the meaning current liability? Mention its components.

Current liabilities refers to short term obligations or liabilities which are required to be repaid within a period of one year out of existing current assets or out of creation of new current liabilities.

The components of current liabilities are as follows;
Bills payable, Sundry creditors, Bank overdraft, cash credit, short term loan, o/s or accrued expenses etc,.

What is the meaning of current asset? Mention its components.

The assets which are converted into cash within a year are called current assets.
The components of current assets are as follows;
Cash in hand, cash at bank, bills receivable, sundry debtors, stock, short term loans prepaid expense.

What is the meaning of working capital?

Working capital means the excess of current assets over current liabilities. Working capital = Current assets – Current liabilities.

Mention the steps involved in preparation of Fund flow statement.

The steps involved in preparation of Fund flow statement are as follows;
a. Preparation of changes in working capital.
b. Preparation of Adjusted profit and loss a/c
c. Preparation of Fund flow statement.

Which are the main sources and uses of funds? The main sources of funds are as follows;
a. Issue of shares.
b. Issue of debentures.
c. Sale of an asset.
d. Barrowing loan
The main applications of funds are as follows;
a. Redemption of preference shares
b. Redemption of debentures.
c. Purchase of an asset.
d. Tax paid.
e. Repayment of barrowings.

What is the meaning of funds from operation?

Fund from operation arrived at by deducting all non cash and non operating incomes and adding back all non cash and non operating expenses to the net profit.

What do you mean by Schedule of changes in working capital?

Schedule of changes in working capital is proposed to show the changes into the working capital between two balance sheet data. This statement is prepares with the help of current assets and current liabilities derived from 2 balance sheets.

How do you treat provision for taxation while preparing a fund flow statement?

a. As a current liability;
It appears in statement of changed in working capital.
b. As a non current liability:

Provision created during the year added back in profit to calculate funds from operation. Tax paid during the year is shown as an application of fund in the FFS. How do you treat proposed dividend while preparing a fund flow statement?

a. As a current liability;
It appears in statement of changed in working capital.
b. As a non current liability:

added back in profit to calculate funds from operation. Actual dividend paid during the year is shown as an application of fund in the Fund flow statement. Mention the uses of FFS?

The uses of FFS are as follows;
a. Guides proper use of available funds.
b. Acts as a basis for financial plan and budgeting
c. Helps in barrowing.

What is the meaning of fund?

Fund means net working capital i,e the excess of total current assets over current liabilities.

Give the meaning of cash and cash equivalents.

Cash; The term cash includes cash in hand and demand deposits with bank.
Cash equivalents; short term highly liquid investments that are readily convertible into known amount of cash and which are subject to an insignificant risk of changes in value.

Give the meaning of operating activities.

Cash flows from operating activities result from transactions and other events that enter into the determination of net profits or loss.
Examples;
cash inflow
cash sales and cash receives from debtors
cash received from royalty, fees, commission etc
Cash outflow

Cash purchases and cash paid to creditors Payment of wages, salaries, rent, insurance etc.

Give the meaning of investing activities.

These are the acquisition and disposal of long term assets and other investments not included in cash and cash equivalents
Examples;
Cash inflow
Sale of fixed assets, sale of investments, receipts of interest and dividends
Cash outflow
Purchase of fixed assets, purchase of an investments.

Give the meaning of operating activities.

These are the activities that result in changes in the size and composition of the owner’s capital and borrowing of the enterprise.
Examples;
Cash inflow
• Cash receipts from issue of shares and debentures
• Cash received from loans raised.
Cash outflow
• Cash payments for redemption of preference shares and debentures.
• payment of interest.

Mention the objective and uses of cash flow statements.

The objective and uses of cash flow statements are as follows;
a. Useful in cash planning.
b. Assesses cash flow from operating activities.
c. Payment of dividends.
d. Cash flow from investing activity
e. cash flow from financing activity
f. Explain reasons for surplus or shortage of cash

What is management reporting?

The process of providing information to the management is known as Management Reporting”.

Mention the different methods of Reporting.

The different methods of reporting are as follows;
a. Written reporting.
b. Graphic Reporting
c. Oral reporting.

Name any four management reports for middle level managers.

The management reports for middle level managers are as follows;
a. Reports on material price and usage variance
b. Reports on labour rate and efficiency variance
c. Overhead Varience reports.
d. Idle time report

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Comment Down the Subject Name And We Will Update Important Questions for it

1. Define marketing?
According to the E. Clark “marketing consists of those efforts which affect transfer on ownership of goods and care for their physical distribution”
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2. Define value chain analysis?
Value chain analysis is a process of dividing various activities of the business in primary and support activities and analyzing them, keeping in mind, their contribution towards value creation to the final product. And to do so, inputs consumed by the activity and outputs generated are studied, so as to decrease costs and increase differentiation.

3. What is branding?
A brand identity is simply how customers perceive your product. Your brand is reflected in everything presented to your customers, from design of your product, to communications, to how your employees interact with them. AS the product is is developing the company also will grow and well established in the society, as the company distributes the products and services.
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4. What is white labelling?
A white label product is a product or service produced by one company that other companies rebrand to make it appear as if they had made it. Brands can extend their reach and engagement with customers by providing their own insurance products, known as “white labelled insurance solutions”

5. What do you mean by the term insurer and insured?
Insured purchases the insurance policies to safeguard the assets from the financial consequences of losses or damage that occur from insured peril. An Insurer is a company who sells the insurance policies. Insurer is the one who bears the risk in return for consideration which is known as premium.

6. What is E-marketing?
E-Marketing is the process of marketing a product or service using the Internet. E-Marketing can be done to either sold lists or a current customer database.it is used to the email messages with the aim of building relationships with customers.

7. What do you mean by marketing mix?
The process of marketing or distribution of goods requires particular attention of management because production has no relevance unless products are sold. Marketing mix is the process of designing and integrating various elements of marketing in such a way to ensure the
achievement of enterprise objectives. The elements of marketing mix have been classified under four heads—product, price, place and promotion.

8. Give the meaning of consumer protection?
Consumer protection is a group of laws and organization designed to ensure the rights of consumers as well as fair trade. competition and accurate information in the market place. In India the consumer protection Act 1986 is governing consumer protection.

9. Give the meaning of value?
It is a belief system. Value have a major influence on a person’s behavior and attitude and serve as broad guidelines in all situations. Through insurance products are provided in a commercial context, both for individuals and corporate customers, they serve a wide purpose.
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10. What is positioning?
Positioning defines where your product (item or service) stands in relation to others offering similar products and services in the marketplace as well as the mind of the consumer.
. Positioning in Advertisements . Positioning in Sales Locations . Positioning through Price 11.Define the term demand?
Demand is an economic term that refers to the amount of products or services that consumers wish to purchase at any given price level. The mere desire of a consumer for a product is not demand. Demand includes the purchasing power of the consumer to acquire a given product at a given period.

12. What is organization structure?
It is the frame work companies use to outline their authority and communication process. The framework usually includes policies, rules and responsibilities for each individual in the organization. Several factors affect the organizational structure of the company.

What is product life cycle?

14. Give the meaning of bank assurance?
Bank assurance is an arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank’s client base. This is profitable for the both companies.by selling insurance products the bank can earn some revenue and insurance companies also expand without the brokers and agents.

15. What is relationship marketing?
Relationship marketing is a facet of customer relationship management (CRM) that focuses on customer loyalty and long-term customer engagement rather than shorter-term goals like customer acquisition and individual sales. The goal of relationship marketing (or customer relationship marketing) is to create strong, even emotional, customer connections to a brand that can lead to ongoing business, free word-of-mouth promotion and information from customers that can generate leads.
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16. What is supply chain analysis?
The term supply chain analysis is used to refer to the overall group of economic agents that contribute directly to the determination of a final product. It consists in a quantitative analysis of input and outputs between firms, price value added along a supply chain through agent accounts.

17. Define the term attitude?
According to professors David krech and Richard crutchifield, ”an attitude is an enduring organization of motivational, emotional, perceptual and cognitive processes with respect to some aspect of the individual’s world”

18. What do you mean by marketing segmentation?
Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations.

19. What do you mean by value chain analysis?
Value chain analysis is the process of looking at the activities that go into changing the inputs for a product or service into an output that is valued by the customer. It is a process where a firm identifies its primary and support activities that add value to its final product and then analyze these activities to reduce costs or increase differentiation. Value chain represents the
internal activities a firm engages in when transforming inputs into outputs.

20.Name any 4 insurance companies in India?

life insurance companies

Aditya Birla sun life insurance company
3.General insurance company
4.SBI Life Insurance company

TATA AIG Life Insurance

21.Who is an insurance customer?

22. What do you mean by advertising copy?
An advertising copy is a term used to describe the main text used in the advertisement It is a
print, radio or TV advertising message that aims at developing and retaining an interest of the target customer and prompting him to purchase the product within a couple of seconds.
Advertisement Copy is the soul of an advertisement. An advertisement copy is all the written or spoken matter in an advertisement expressed in words or sentences and figures designed to convey the desired message to the target consumers.

23. What is insurance cycle?
A cycle begins when insurers tighten their underwriting standards and sharply raise premiums after a period of severe underwriting losses or negative stocks to capital (e.g., investment losses) These cycles are particularly important in the insurance and re-insurance industry as
they are especially unpredictable.
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24. What is meant by strategic marketing plan?
Strategic Market Planning is an ongoing process through which the company creates marketing strategies and plans its implementations in the target market. The process taken into account the current position of the company, helps in identifying the promotional opportunities & then evaluating these opportunities.

25. What are the characteristics of an effective marketing mix?
Therefore, the marketing mix indicates the appropriate combination of four P’s—product, price, promotion, and place—for achieving marketing objectives. The components are also known as marketing mix variables or controllable variables as they can be used according to business requirements. 1.Helps to achieve organizational goals,2. Applicable to business and non- business organization, and 3. Changes taking place within the firm also necessitate changes.

26. What is competition driven pricing strategy?
Competition-driven pricing is a method of pricing in which the seller makes a decision based on the prices of its competition. This type of pricing focuses on how that price will achieve the most profitable market share but does not necessarily mean it will be the same as the competition.

27. What do you mean by insurance coverage?
Insurance coverage refers to the amount of risk or liability that is covered for an individual or entity by way of insurance services. Insurance coverage helps consumers recover financially from unexpected events, such as car accidents or the loss of an income-producing adult supporting a family.
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28. Who is a customer?
A customer is an individual or business that purchases another company’s goods or services. Customer are important because they drive revenue without them business have nothing to offer.

29. What is marketing strategy?
It is a process or model to allow a company or organization to focus limited resources on the best opportunities to increase sales and thereby achieve a sustainable goal into one comprehensive plan.
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30. What is edaphic factors?
Edaphic factors deal with different aspects of soil, such as the structure and composition of soil, its physical and chemical features. A galaxy of complex factor constitutes of soil.

B.Com. stands for Bachelor of Commerce. It is a 3 years long Graduation program. Usually, it is Commerce stream students who choose this course after 12th standard schooling. But technically, even Science, as well as Arts stream students, are eligible to pursue this course! In the past, B. Com. used to have many takers. In fact, it was one of the most sought-after and valuable Degree programs.

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Risk Management Solved Question Paper

B.Com. stands for Bachelor of Commerce. It is a 3 years long Graduation program. Usually, it is Commerce stream students who choose this course after 12th standard schooling. But technically, even Science, as well as Arts stream students, are eligible to pursue this course! In the past, B. Com. used to have many takers. In fact, it was one of the most sought-after and valuable Degree programs.

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risk management question papers bangalore university
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risk management question paper pdf
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Business taxation 2 marks Questions with Answers

1 . What Is custom Duty?
Custom duty means a tax which is levied by the government on import of goods into india and export out of India. It is a central tax and mainly imposed on imported goods.

2.What are the types of customs Duty?
• Basic customs duty (BCD)
• Additional countervailing duty (CVD)
• Special Additional Duty (SAD)
• Protective duties
• Safeguard duty etc

3.What Is anti-dumping Duty?
A penalty imposed on suspiciously low-priced imports, to increase their price in the importing country and so protect local industry from unfair competition

4.What is CST?
Central Sales Tax or CST is imposed on sale or purchase of goods occurring the the course of inter-state trade or commerce.

5.When CST is applicable?
CST applicable only when there is sale or purchase. For a sale or purchase to have occurred under CST regulations, the re must be transfer of document of title to the goods during the movement of goods from one stat e to another.

6.What is FOB?
FOB means Freight On Board or Free On Board. If terms of delivery of a transact ion is on FOB means, the cost of movement of goods on board of Airlines or on board of ship is borne by the seller. Rest of all expenses to arrive the goods at buyer’s premise has to be met by the buyer.

7.What is CIF Value?
Cost, Insurance and Freight (CIF) means the seller pays costs, freight and insurance against the buyer’s risk of loss or damage in transit to destination.

8.Goods and services not covered under GST.

• Alcohol for human consumption
• Petroleum Products
• Electricity
• Services by an employee to the employer in relat ion to his
employment.
• Court/ Tribunal Services i.e passing judgement.
• Duties performed by:
• The Members of Parliament, State Legislature, Panchayats, Municipalities and other local authorities.
• Any person who holds a post under Constitution.
• Chairperson/ Member/Director in a body established by the government or a local body and who is not an employee of the same.

9.Definition of 'Partner’
As per S.2(23)(ii) of Income Tax Act, 1961, unless the context otherwise requires, the term “partner” shall have the meaning assigned to it in the Indian Partnership Act, 1932, and shall include-

a) any person who, being a minor, has been admitted to the benefits of partnership; and

b) a partner of a limited liability partn ership as defined in the Limited Liability Partnership Act, 2008.

10.Definition of Partnership

As per S.2(23)(iii) of Income Tax Act, 1961, unless the context otherwise requires,the term “partnership” shall have the meaning assigned to it in the Indian Partnership Act, 1932, and shall include a limited liability partnership as defined in the Limited Liability Partnership Act, 2008

11.Who Is Working Partner

Working partner means an individual who is actively engaged in t he affairs of business firm where he is a partner and he is not a sleeping partner who merely enjoys the prof its of business of profession. Any remuneration paid to working partner is allowed as expense as per section 40(b) of income tax act.

Remuneration To partners under section 40(b)
As per Section 40(b) of income tax act any interest, salary, bonus, commission or remuneration paid to partners by the partnership firm are allowed to be deducted as an expenses subject to such conditions mentioned in the income t ax act. Remuneration means any payment made towards services rendered.

Conditions for payment of remuneration to partners
► Remuneration ion shall be allowed as deduction only if it is paid to working Partner.
► Remuneration must be written /authorized and should be quantified in partnership deed.
► Remuneration must be related to t he period after the partnership deed.
► Interest paid to partner should not exceed 12%.
► I t s h ou l d not exceed limits specified in section 40(b).

Limits of Remuneration
Limit on the amount of remuneration payable to partners is specified in section 40(b) of income tax act. Remuneration is not allowed as deduction if total amount does not exceed following limits

a. On first 3 lakhs of book profit or loss Rs 150,000 or 90% of book profits (whichever is higher)

b. On the balance book profit 60% of book profit

12.What Is Book Profit?

Book profit means the net profit as shown in the profit and loss account which is computed according to the manner laid down in the chapter IV-D as increased by amount of remuneration paid to partners which is allowed as deduction in the profit and loss account.
Book profit is calculatedin the following way:

Net prof it as per profit and loss accou nt Add remunerat ion if already debited Deduct interest if it is not deducted Make adjustments for expenses as per section 28 to 44D.

13.What Is Partnership Deed?

A Partnership Deed is a writt en agreement among the partners specifying rules and regulations and is signed by all the partners and stamped as per the Stamp Act with an aim to prevent possible disputes & disagreements among the partners at a future date.

14.Define Company?

As per S.2(36A) of Income Tax Act, 1961, unless the context otherwise requires, the term “public sector company” means any corporation established by or under any Central, State or Provincial Act or a Government company as defined in section 617 of the Companies Act, 1956 [* Now section 2(45) of the Companies Act, 2013).
Definition of ‘Domestic Company’ - Incom e Tax

15.What is Domestic Company?

As per S.2(22A) of t he Income Tax Act, 1961, unless the context otherwise requires, the term “domestic company” means an Indian company, or any other company which, in respect of its income liable to tax under this Act, has made the prescribed arrangements for the declaration and payment, within India, of the dividends (including dividends on preference shares) payable out of such income.

16.What Is limited liability partnership?

A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limit ed liabilities. It therefore exhibits elements of partnerships and corporations.111 In an LLP, each partner is not responsible or liable for another partner’s misconduct or negligence

17.What Is Block of Assets?

Block of assets means group of assets falling within a class of assets for which same rate of depreciation is prescribed.

18.What is Depreciation?

Depreciation is the reduction in the value of assets due to wear and tear. It is a method of allocation of cost of the asset over its useful life.

19.What is Additional depreciation?

The newly substituted section 32 (1)(iia) provides for additional depreciation in the case of any new machinery and plant, other than ships and aircraft . Such machinery and plant have to be acquired and installed after 31.03.2005 by the assessee engaged in the-

• business of manufacture; or
• production of any article or a thing or
• in the business of generation or generation and distribution of power (inserted vide Finance Act, 2013 with effect from 01.04.2013)

20.What is MAT?

MAT stands for Minimum Alternate Tax, described as a direct t ax that has to be paid by the companies that are enjoying tax benefits or tax exemptions, instead of having huge profits, under various schemes framed under Income Tax Act.

Now after the insertion of MAT they have to pay a particul ar amount of tax termed as MAT, so they come under the tax net under section 115JB.

21.What Is Tax Credit under MAT?
The amount of credit to be given shall be the difference between tax paid for any assessment year u/s 115J A (1) or u/s 115J B (as the case may be) and the amount of tax payable by the assessee on its total income.

In other words
Amount of tax credit= MAT - Tax payable on total income computed as per normal provisions of Income Tax Act.

22.What are zero tax companies?

The companies were showing book profits and declaring dividends to the shareholders, they were not paying any income tax. These companies are popularly known as Zero tax companies.

23.What is widely held company?

A company in which the public are substantially interested is known as widely held company.

Expansions.

MAT - Minimum Alternate Tax

AMT - Alternate Minimum Tax

CBDT -Central Board of Direct Taxes

PFAS - Partnership Firm Assessed As Such.

AOP - Associations of Persons.

CBEC - Central Board of Excise and Customs.

Credits:
MUNIRAJU.G
Asst. Professor GCW Kolar

Bangalore University Performance Management Syllabus

UNIT 1: SPECIALIST COST AND MANAGEMENT ACCOUNTING TECHNIQUES
UNIT 2: DECISION MAKING TECHNIQUES
Unit 3: BUDGETING AND CONTROL
Unit 4: PERFORMANCE MEASUREMENT AND CONTROL

Performance Management Important Topic

14 Marks Questions

Cash budget Flexible budget Labour variances ABC costing BEP problems

Process of Performance management systems
Steps in Target costing

Risk management and it’s types

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6mark Questions

Difference between Traditional costing and ABC costing

Note on Transfer pricing

Flexible budget

ABC costing problem

Labour Variance problem

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B.Com. stands for Bachelor of Commerce. It is a 3 years long Graduation program. Usually, it is Commerce stream students who choose this course after 12th standard schooling. But technically, even Science, as well as Arts stream students, are eligible to pursue this course! In the past, B. Com. used to have many takers. In fact, it was one of the most sought-after and valuable Degree programs. But with the introduction of technical courses like Engineering, B Sc etc, B. Com. had lost some of its old glory. As of now, B. Com. has managed to reinvent itself with the introduction of new areas of specializations! And still today, it is a favorite among Commerce stream students! In this article, we will check out some important details related to B. Com. course, such as- advantages of pursuing this course, areas of specializations, career prospects, scope etc.bangalore-university-BCom-6th-semester-

Download B.Com 6th Sem Business Taxation Solved Question Paper

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1.What is Profession?
Ans. It refers to rendering personal service to others using educational qualification, talent, experience, skill etc, in consideration for fees is called profession.

2. Mention any four admissible expenses while calculating income from business?
Ans. Purchase of goods, printing and stationery, advertisement expenses, discount allowed, sales tax paid, general expenses.

3. What is long term capital gain?
Ans. Capital gain arising from the transfer of a long-term capital assets is termed as long-term capital gain it is taxed at a higher rate.

4. What is Tax free Government Securities?
Ans. Tax free Government securities are those securities which are fully exempted from tax under Section 10 (15).

5. Define Business?
Ans. Business is an economic activity, production goods and services for the purpose of earning profit is called business.

6. Mention any four disallowed expense, in calculation of profit from Business?
Ans. Land and building, All provisions and reserve, Income tax, wealth tax.

7. What is short term capital assets?
Ans. Short term capital assets refers to a capital asset held by an assessee for not more then 12 months immediately preceding the Date of transfer.

8. What do you mean by Less Tax securities?
Ans. Less tax securities can be issued either by government or non-government institutions. They are taxable securities but however no tax is deducted at source on there and interest on these will not be grossed.

9. What is vocation?
Ans. It refers to all those activities which are undertaken by a person other than profession for the purpose of earning income from livelihood.

10. What is casual Income?
Ans. Casual Income are those incomes which are non-recurring in nature and are received by a nature of windfall.
1. Winning from lottery.
2. Winning from horse race.

11. Explain the treatment of family pension received by an assesee?
Ans. Family pension received by an assesse in chargeable is subject to standard deduction 1\3rd of total amount received and 15,000 whichever is less.

12. What is Gross total Income?
Ans. Gross total income is the sum total various heads of Income from salary, Income from house property, Income from business and profession, Income from Capital gain and Income from other sources.

13. Expand TDS and DTC
Ans. TDS: Tax Deducted at Source
DTC: Direct tax code.

14. State any four items chargeable to tax under the head income from other source?
Ans. Interest received, Casual Income, Director Fees, Income from subletting.

15. What is dividend under the IT Act?
Ans. It is a share of over all profits of the company received by the shareholder based on number of share he holds. The term dividends include both interim as well as final dividend.

16. State any four long term capital assets for which benefit indexation is not available?
Ans. Bonds, Debentures, repurchase of units acquired, Depreciable Assets, Global Depositary Receipts.

17. What is long term capital Assets?
Ans. Long term capital assets are those assets which are held for more than 12 months however in certain exceptional cases if shares listed securities units of mutual fund.

18. What is Indexed Cost of Acquisition?
Ans. Indexed cost of acquisition mean an amount which bears to the cost of acquisition in the same proportion as cost inflation index.

19. What is a Block of Asset?
Ans. Block of assets means group of assets falling with in a class of assets, comprising of tangible assets being building, machinery, plant and furniture and intangible assets being know how.

20. Define Speculative Transaction?
Ans. According to section 43 (5) of the income tax act speculative transaction is a transaction in which contract for the purchase or sale of any commodity including stocks and shares is periodically.

21. What do you mean by expressly admissible expenses?
Ans. Admissible expenses are those expenses which are allowed during the regular course of business these expenses are specified Under Section 30 to 37 of the Income tax act at 1961.

22. What is Bond Washing Transaction?
Ans. It is a tool adopted by high income earning group assesses for the purpose of avoiding and reducing the tax
.
23. Mention the provision for deduction under section 80D?
Ans. It pertains to expenditure incurred on the medical treatment including missing, training and rehabilitation of handicapped or mentally retarded dependent relative in the case of an individual or any member of the family in case of HUF.

24. Explain the provisions of Section 80E?
Ans. Deduction is allowed to an individual in respect of the repayment of loan including interest there on taken by him for higher studies.

25. What is Total Income?
Ans. Total Income is the difference between gross total income and deduction under section 80 C to 80 U.

26. What is Set off of losses?
Ans. Carry forward such unobserved losses for set off against his incomes in the succeeding assessment years.

2 Marks Imp Questions

1.What is Assessable value in customs?
2.Expand NCCD & CBEC , BCA?
3.Mention any two features of partnership
4.Mention any four example of disallowed expenses
5.What is a widely held Company
6.What do you mean by block of assets ?
7.What is custom duty?
8.What is zero tax companies?
9.Define Partnership firm?
10.Who is working Partners ?
11.Give the Meaning of Book profit
12.Expand MAT and CBDT?

6 Marks Imp Questions

1.State Whether the following are admissible or inadmissible expenses (VVIMP)
2.Depreciation calculation
3.Calculation of admissible remuneration
4.Assessable value calculation
5.Various types of custom duty?
6.types of company, + TDS & Advance Tax Instalment Calculation

14 Marks Imp Questions

1.Custom duty calculation
2.Total income & Advance Tax Calculation
3. Taxable Income (Assessment Of Firm )
4.Taxable Income ((Assessment Of Group )

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