CUET Accountancy Mock Test, Test Series, Sample Questions

The July CUET 2022 will be a computer-based paper. The students who are going to take this exam have already begun their preparations. We at myCBSEguide present you subject-wise sample questions aided with online mock tests for the same. The focus on the domain subject for CUET UG becomes even more important for the aspirants who plan their further studies in the subject. Accountancy is one of the most common subjects that students going in the commerce stream select. In this section, we will discuss all the details related to CUET Accountancy.

CUET 2022 Accountancy Syllabus

The July 2022 CUET exam format has been divided into three parts. It is an objective exam having a variety of Multiple Choice Questions (MCQs). Section I (IA and IB) is the language skills, Section II is for the core subjects (students' choice of subject at undergraduate level) and Section III is a general test. CUET Accountancy is one of the 27 domain-specific subjects. A candidate may choose a maximum of six (06) Domains as desired by the applicable University/University. Our CUET UG test series is specially designed and dishes up a variety of questions. 

Here is the detailed syllabus for CUET Accountancy, for chapter-wise analysis and more details click here.

Unit I: Accounting Not-for-Profit Organisation

• Not-for-profit organization: Meaning and Examples.
• Receipts and Payments: Meaning and Concept of fund-based and non-fund-based accounting.
• Preparation of Income and Expenditure Account and Balance sheet from receipt and payment account with additional information.

Unit II: Accounting for Partnership

• Nature of Partnership Firm: Partnership deed (meaning, importance).
• Final Accounts of Partnership: Fixed v/s Fluctuating capital, Division of profit among partners, Profit, and Loss Appropriation account.

Unit III: Reconstitution of Partnership

• Changes in profit sharing ratio among the existing partners – Sacrificing ratio and Gaining ratio.
• Accounting for Revaluation of Assets and Liabilities and Distribution of reserves and accumulated profits.
• Goodwill: Nature, Factors affecting and Methods of valuation: Average profit, Super profit, Multiplier, and Capitalisation methods.
• Admission of a Partner: Effect of admission of a partner, Change in profit sharing ratio, the Accounting treatment for goodwill, Revaluation of assets and liabilities, Reserves (accumulated profits), and Adjustment of capitals.
• Retirement/Death of a Partner: Change in profit sharing ratio, Accounting treatment of goodwill, Revaluation of assets and liabilities, Adjustment of accumulated profits (Reserves).

Unit IV: Dissolution of Partnership Firm

• Meaning, Settlement of accounts: Preparation of realization account and related accounts (excluding piecemeal distribution, sale to a company and insolvency of a Partner)

Company Accounts and Financial Statement Analysis

Unit V: Accounting for Share and Debenture Capital

• Share Capital: Meaning, Nature and Types.
• Accounting for Share Capital: Issue and Allotment of Equity and Preference Shares; Oversubscription and Under subscription; Issue at par, premium, and at discount; Calls in advance, Calls in arrears, Issue of shares for consideration other than cash.
• Forfeiture of Shares: Accounting treatment, Re-issue of forfeited shares.
• Presentation of shares and Debentures Capital in the company’s balance sheet.
• Issue of Debenture – At par, premium, and discount; Issue of debentures for consideration other than cash.
• Redemption of the debenture.
• Out of proceeds of fresh issue, accumulated profits, and sinking fund.

Unit VI: Analysis of Financial Statements

• Financial Statements of a Company: Preparation of simple financial statements of a company in the prescribed form with major headings only.
• Financial Analysis: Meaning, Significance, Purpose, Limitations.
• Tools for Financial Analysis: Comparative statements, Common size statements.
• Accounting Ratios: Meaning and Objectives, Types of ratios: Liquidity Ratios: Current ratio, Liquidity ratio. Solvency Ratio: Debt to equity, Total assets to debt, Proprietary ratio. Activity Ratio: Inventory turnover, Debtors turnover, Payables turnover, Working capital turnover, Fixed assets turnover, Current assets turnover. Profitability Ratio: Gross profit, Operating ratio, Net profit ratio, Return on Investment, Earning per Share, Dividend per Share, Profit Earning ratio.

Unit VII: Statement of Changes in Financial Position

• Cash Flow Statement: Meaning and Objectives, Preparation, Adjustments related to depreciation, dividend, and tax, sale and purchase of non-current assets (as per revised standard issued by ICAI).

Computerized Accounting System

Unit I: Overview of Computerised Accounting System

• Concept and Types of Computerised Accounting System (CAS).
• Features of a Computerised Accounting System.
• Structure of a Computerised Accounting System.

Unit II: Using Computerised Accounting System

• Steps in the installation of CAS, Preparation of chart of accounts, Codification, and Hierarchy of account heads.
• Data entry, Data validation, and Data verification.
• Adjusting Entries, Preparation of financial statements, Closing entries, and Opening entries.
• Security of CAS and Security features are generally available in CAS (Students are expected to understand and practice the entire accounting process using an accounting package.)

Unit III: Accounting Using Database Management System (DBMS)

• Concepts of DBMS.Objects in DBMS: Tables, Queries, Forms, Reports.
• Creating data tables for accounting.
• Using queries, forms, and reports for generating accounting information. Applications of DBMS in generating accounting information such as shareholders’ records, sales reports, customers’ profiles, suppliers’ profiles payroll, employees’ profiles, and petty cash registers.

Unit IV: Accounting Applications of Electronic Spreadsheet

• Concept of an Electronic Spreadsheet (ES).
• Features offered by Electronic Spreadsheet.
• Applications of Electronic Spreadsheet in generating accounting information, preparing depreciation schedules, loan repayment schedules, payroll accounting, and other such companies.

CUET Accountancy Question type

As we can see, the Accountancy syllabus of CUET-UG 2022 is mostly based on CBSE Class XII. Therefore, candidates need not feel under pressure to learn something extra for their CUET Accountancy exam. The contents and subject matter will be the same as that of class 12. There are only two differences here:

• Students' will face a computer-based exam of CUET
• CUET Accountancy will be an objective MCQs with different typology (e.g. accountancy case study questions)

The MCQs will be based on the syllabus given on the NTA  website. Input text can be used for MCQ Based Questions. The total time allotted for CUET Accountancy is forty-five (45) Minutes. In fact, every domain-specific subject has 45 minutes whereby candidates need to attempt 40 questions out of  50.  Although it will be objective type MCQs, there are major changes in the typology of the question, they will be completely different from the standalone MCQs,

CUET Accountancy Mock Tests

Therefore, here students do not have to focus on hard work, because they have already done that for their Board Examinations. What can play a major role here is smart work. The effort that would be required to do well at CUET-UG Accountancy is a lot of practice. The examinees need to attempt a time-bound practice or else they will miss out on attempting the required number of questions within the limited timeframe.

It becomes important to practice the exact pattern of the mock papers as the actual July 2022 computer-based paper. There are several books available in the market with a variety of questions. What they miss out the actual feeling of taking a computer-based exam. Our mock test will give you a real feel of the CUET examination. Just download the myCBSEguide app and log in to get unlimited access to the mock tests from the material provided in the CUET Accountancy section.

With every mock paper and online test, the students will move a step ahead in their preparation. Thereby, fortifying and strengthening their learning. You can also access the mock paper of (Language) Section I (Hindi, English) and Section III (General Test) on the Students' Dashboard of myCBSEguide.