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ECO - 02

Bachelors Degree Programme



Elective Course in Commerce


For July 2017 and January 2018 admission cycle

School of Management Studies

Indira Gandhi National Open University
Maidan Garhi, New Delhi -110 068
Elective Course in Commerce
ECO 02: Accountancy - I


Dear Students,

this Course.

given in the Programme Guide.

This assignment is valid for two admission cycles (July 2017 and January 2018). The
validity is given below:

1. Those who are enrolled in July 2017, it is valid up to June 2018.

2. Those who are enrolled in January 2018, it is valid up to December 2018.

Term-End Examination, you must submit assignments to the Coordinator of your Study
Centre latest by 15th September.
Course Code : ECO - 02
Course Title : Accountancy I
Assignment Code : ECO 02/TMA/2017-18
Coverage : All Blocks

Maximum Marks: 100

Attempt all the questions.

1. Define Accounting. Explain the accounting concepts which guide the accountant at the
recoding stage.
2. Distinguish between the following:
(a) Cash Basis and Accrual Basis of accounting
(b) Capital Expenditure and Revenue Expenditure
(c) Bill of Exchange and Promissory Note
(d) Trading Account and Manufacturing Account

3. What do you understand by invoice price? Name the items which are recorded at the invoice
price in the consignment account. Give journal entries passed for the adjustment of loading
the respect of each item.

4. (a) Discuss the drawbacks of single entry system of accounting. Briefly explain the two
methods of ascertaining profit when accounting records are incomplete.
(b) What is Sectional Balancing? How does it differ from Self-Balancing?


5. (a) State the steps involved in the preparation of Receipts and Payments Account from the
Income and Expenditure Account. Give example.
(b) Describe the methods of recording depreciation in the books of account. How is the
balance of the provision for depreciation account shown in the Balance Sheet?