Mgt101 All Current Final Term Papers Spring 2013 (20 Jul 2013 ~ 31 Jul 2013)

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All Current Final Term Papers Spring 2013

From 20 Jul , 2013 to 31 Jul 2013 Spring 2013

 

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[+ M.Tariq Malik]

Please Share your Current Papers Final Term Papers Spring 2013 Questions/Pattern here to help each other.

Share your today final term paper here in reply of this discussion

 

Share Your Current Final Term Papers (Questions/Pattern) from 20 July 2013 to 31 July 2013 to help each other.

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[+Shakeel Ahmad]

Thanks to VU that at last the semester activities like assignments, GDBs and Quizes have finished prior to 2 days to Final Term Exams. So now put your head down on studies and work hard for 12 / 14 days. Best of luck to all my friends / vustudent family members. Pray also for me. BEST OF LUCK 

[Farhan MirZ@]

Kindly Tell me that we should need to prepare all book for final term or remaining half?????

[+ ℱȺℋ££M ᏕȺQǐβ]

Mostly Remaining half only 10 to 5 % will come from previous

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thanks sir

[+ M.Tariq Malik]

MGT101 Today’s Paper on 20^th July 2013

[15gyeie6n315o]

today mgt101 paper

20 july 2013

[+ M.Tariq Malik]

1 Which of the following is the end product of accounting cycle

 voucher

 Check gouneral jernal

General LEDGER

Financial statement

2 which of the following organizations prepare income and expenditure account

Public  libraries

Ngos

Labor union

All of the given

3 is the cost of sails is rupuees 60,000 sales are rupess 95000 and operating expences are rupees 20000 during the year what would be the net profit.

15,000

35,000

55,000

60,000

4 is cost of machine is = 400000 useful life is = 5 years residual value = 25000 the depreciation of machine per year using straight line method is

160,000

96,000

75,000

57600

5 configer the following data (pending)

6 which of the following accounts will be affected while rectifying the error of sales to Rahim of rupuess 500 were omitted to recored in books of accounts

Sale account

Rahim,s account

Cash account

Both sale and rahims account

7 pending

8 which of the following account will be debited if share issue against cash

Share premium account

Cash account

Share capital account

Profit and loss account

9 6% debentures account rupees 3,00,000 what amount of interest on debentures should be shown in profit and loss account

6,000

3,00,000

18,000

3,18,000

10 how dividend declared is treated in the balance sheet of the company

Provision

Current liability

Reserves and surplus

Current asset

11 when preparing a cash flow statement which of the following would be classified as a financing activity

Salaries paid

A new long term loan taken out to finance the purchase of fixed asset

Interest paid on a long term bank loan

The cost of purchasing a patent

12 the bigining balance of retained earning was 7500rs the dividend paid to stocks holders were rs 1500 the ending balance of retained earning is rs 5000 what was the net income of net loss for the accounting period

Net loss of rupuess 1000

Net income of rs 1000

Net loss of rs 2000

Net income of rs 2500

13 which of the following statement is the detail of transaction in one’s account provided by the bank

Bank statement

Bank reconciliation statement

Income statement

Financial statement

14 in the heading of financial statement -------- is not required

Tital of financial statement

Name of the person who prepare financial statement

Period of which financial statement is prepared

Name of the business entity

15 Mr A and B entered into the partnership invested rs 50,000 and rs 65,000 with an equal share profit or loss markup on capital of MR A is rs 2000 and markup on drawing of Mr B is rs 3000 the net income for the year is rs85,000 what will be the profit share of mr B

40,000

43,000

130,000

133,000

16 which of the following capital is required for the registration of the company

Issed capital

Subscribed capital

Otherized capical

Reserve capital

17 primary purpose of the cash flows statemtn is to provide the information about

Error or discrepancies b/w cash book and income statement

Receive and payment of cash in the period

None cash adjustment that effect the inome statement

Cash paid to the customer and crediters of the business

18 which of the following is also called asset test ratio

Current ratio

Debit ratio

Quick ratio

Liquidity ratio

19 vages of workmen employed for setting up new machinery should be debited to

Expenses account

Vages account

Salaries account

Machinery account

20 what is the value of closing raw material inventory based of the following information

Opening stock rs1000,Cost of material dues 9500,Cost of material available for use 10000

Rupess 9000

500

11500

8500

21 a fixed asset cost rs 8000 it is sold for rs 4800 at the date of this disposal its net value is rs 3000 what is the profil or loss on disposal

Profit rs 3200

Loss rs 3200

Loss rs 1800

Profit rs 1800

22 pending

23 revaluation of asset is conducted by

Directors

Share holders

Managers

Professional quialified valuers

24 which of the following is an item of a creditors control account

Cash purchase

Cash sales

Credit sale

Credit purchase

25 which of the following would be accured in a transaction but will not be expensed until a future accounting period

Capital work in progress

Deferred cost

Provision

Un earned ravenue

26 which of the following would be included in the cost of good sold

Direct laboour cost

Distribution expenses

Selling expenses

Administrative expenses

27 which one of the following is applied to increase the share capital of the company without adverse effect on the working capital if the company has the surplus profit and reserve

Owner shares

Cash dividend

Cash bonus

Pay of any share capital that is a access of needs

28 a company has to be registered when

It gets certificate of incoropation from registrar of company

It get certificate of commensment of business from registrar of company

It actual starts its business

It filed with the registrar of the company certain documents like memorandum and articals of association

29 which of the following is true

Sale of aquipment for cash is considered at infow of cash

Sale of equipment on account is considered as inflow of cash

Purchase of equipment for cash is considered as inflow of cash

Sale of equipment for cash is considered as outlow of cash

30 if issuance of share againsed cash  is rs 2000 and payment of dividend is rs 9000 then which of the following is correct

Inflow of cash rs 11000

Outflow of cash rs 11000

Inflow of cash rs 7000

Outflow of cash rs 7000

 

 31

--------- are akhnoledgment of debt owned by the company to the

32

If there is a portion of long term loan of rupuess 30000 payable in the current accounting period where it will be shown in financial statement

Current liability

Long term liability

Current assets

Owners equity

33 pending

34 Aslam purchase goods were rs 10000 on credit from Ahmed according to the principle of double entery book keeping system the giver of benefit is credited in this example whos account will be credited in the book of Aslim

Ahmed

Purchases

Business

All of the given

35 is the cash account shows debit total of rs 15850 and credit total of rs 15850 the account will have empty balance

Abnormal balance

Zero balance

Normal balance

36  which of the following account would be credited to record the cost in the books of sultan manufacturing concern when good costing rs 25000 per sold during the accounting period

Cost of good sold

Finished goods

Work in progress

37 which of the following account  would be credited if fixed asset are purchased on cash for rs 10000

Account revievable

Fixed assets

Cash

Account payable

38 rate of depreciation is 10% for annum on cost of all fixed asset except land and he have found some in complete fixed assets amounting to rupees 100,000 at the time of preparing balance sheet how can you charge the depreciation of such asset

10,000 is deducted from fixed asset

10,000 is deducted from incomplete fixed asset

10,000 is deducted for current assets

No depreciation is charged on incomplete fixed assets

39  which of the following Is treated as deferred revinue expenditure

2000 spend on dispending removing earned reinstalling plant and machinery to a more convinion site

A sum of rs 20000 was spent by large factory overholowing its entired plan which resulted in adding 3 years to tis working life

Heavy leagal expenditure incurred by a newspaper company to defend a law suit

Carriage

40 cost of rs 100,000 incurred for experimenting a new product which didn’t result in success should be treated as

Capital expenditure

Revenue expenditure

Deferred revenue expenditure

Capital loss

41 when drawing up a band reconciliation statement if u start with an unfavourable balance as per the bank statement the credit balance of rs 1000 in the bank colum of the cash book was carried forward as its debit balance will be

Added by rs 1000

Added by rs 2000

Subtracted by rs 1000

Subtracted by rs 2000

42 company account shows debitors of rs 100000 and provision for doubtfull debit of rs 8000 the company wished to increase its provition by 10% of the debetors which of the following is true

Provision for doubleful debit account is debited by rs 10000

Provision for doubltfull debit account is debited by rs 2000

Profit and loss account is debited by rs 10000

Profit and loss account  is debited by rs 2000

43 being an accountant you were asked to enter the discount allowed of rs 1000 in control account the entrly should be made on the

Debit side of the creditors control account

Credit side of the creditors control accout

Debit side of debitor control account

Credit side of debitor control account

44 which of the following should be credited in correct / orginal entry is the book keeper has discover the error good sold to mr shahbaz of rs 475 has been wrongly entered in the sales book as rs 745

Sales account rs 270

Mr shahbaz account rs 270

Sale account rs 475

Mr shahbaz account 475

45 which of the following woulf be debited in rectified entry if the book keeper have discovered the error gernal expenses of rs 180 were posted as rs 80

Gernal expenses account rs 80

Gernal expenses account rs 180

Gernal expenses account rs 100

Gernal expenses accout rs 260

46

Which of the following account would be credited if the organization found unpaid rent of rupess 4500 at the end of the year

Rent account

Prepad rent account

Accured rent account

Unearned rent account

47

Which of the following account would be depited if an organsation inisially recored the rent account as a asset in trial balance and found rent expired of rs 4500 at the end of the year

Rent account

Prepared rent account

Outstanding rent account

Unearned rent account

64 following is the information of A and B of their parternership business

1 opening balance of A’s current account and B’s current account rs 10000 and rs 20000 respectedly

2 profit distributed to A and B rs 1000 and rs 2000 respectedly

3 drawing of A and B rs 3000 and 4000 respectedly

Required prepared parners current account of A and B based on the above information. 3

62 right down the common contents of memorandomm of association 5

63 what do you know about the cash flow from investing activites ? explain the help of examaples 5

48

 

 

 

[+ M.Tariq Malik]

_APPLE[BSCS] thanks for sharing ... 

Attention Related Final Term papers Spring 2013: All Fellows You don’t need to go at any other site for current Final Term papers Spring  2013, Because All discussed data/sharing of our members in this discussion are going from here to other sites. You can judge this at other sites yourself. So don’t waste your precious time with different links.

 

[amna gilani]

my today paper

it was easy mostly question were from ch 21 to 32

long question

some statement were given n we have to find out caiptal n revenue expenditure

q 2

calculate current asset

closing stock , cash was and and bad debts were given we have to reduce provision from it

q3

meaning of share at per

q4

limited company meaning

q5

make capital account

opening capital a/c closing capital a/c was given one more thing was given

all the best to alll

[+ M.Tariq Malik]

 amna gilani thanks for sharing ur paper to help other fellows..best of luck for ur result 

Attention Related Final Term papers Spring 2013: All Fellows You don’t need to go at any other site for current Final Term papers Spring  2013, Because All discussed data/sharing of our members in this discussion are going from here to other sites. You can judge this at other sites yourself. So don’t waste your precious time with different links.

 

[Amara Shahid]

Question No: 1      ( Marks: 1 ) - Please choose one

 

 

Obligations to pay cash or un-earned incomes by the business are the:

 

 

       ► Expenses

 

       ► Assets

 

       ► Liabilities

 

       ► Equities

 

Question No: 2      ( Marks: 1 ) - Please choose one

 

 

Which one of the following is NOT true about revenue expenditure?

 

 

       ► These are the running expenses of the business

 

       ► They improve the financial position of the business

 

       ► They reduce the profit of the concern

 

       ► They do not appear in the balance sheet

 

Question No: 3      ( Marks: 1 ) - Please choose one

 

 

Which of the following assets are shown at written down value in balance sheet?

 

 

       ► Current assets

 

       ► Liquid assets

 

       ► Floating assets

 

       ► Fixed assets

 

Question No: 4      ( Marks: 1 ) - Please choose one

 

 

Which one of the following is NOT true about revaluation of fixed assets?

 

 

       ► Revaluation should be made after regular intervals

 

       ► Change in value should be permanent

 

       ► Only relevant asset should be revalued in the whole class of asset

 

       ► The profit or loss will be transferred to revaluation account

 

Question No: 5      ( Marks: 1 ) - Please choose one

 

 

If the provision for doubtful debts is not created, which of the following entry is passed to record the bad debts in control account?

 

       ► Debtors Control A/c (Dr) and Allowance for doubtful debts (Cr)

 

       ► Bade debts (Dr) and Debtors Control A/c (Cr)

 

       ► Allowance for doubtful debts (Dr) and Debtors Control A/c (Cr)

 

       ► Allowance for doubtful debts (Dr) and Debtors A/c (Cr)

 

Question No: 6      ( Marks: 1 ) - Please choose one

 

 

Which of the following entry will be passed to record discount received in control account?

 

 

       ► Discount Received (Dr) and Creditors Control A/c (Cr)

 

       ► Discount Received (Dr) and Creditors A/c (Cr)

 

       ► Creditors Control A/c (Dr) and Discount Received (Cr)

 

       ► Creditors A/c (Dr) and Discount Received (Cr)

 

Question No: 7      ( Marks: 1 ) - Please choose one

 

 

Consider the following data and identify the amount which will be deducted from Sundry Debtors in Balance Sheet.                               

Particulars	Rs.
Bad debts (from trial balance)	1,600
Provision for doubtful debts (old)	2,000
Current year’s provision (new)	1,000

 

 

       ► Rs. 600

 

       ► Rs. 1,000

 

       ► Rs. 2,000

 

       ► Rs. 2,600

 

Question No: 8      ( Marks: 1 ) - Please choose one

 

 

Which of the following statement is TRUE about the Accounts receivable?

 

       ► Accounts receivable arises when a company buys goods or services from another party on credit

 

       ► Accounts receivable is a miscellaneous category that may include loans to employees

 

       ► Accounts receivable are more formal than notes receivable

 

       ► Accounts receivable are often called trade receivables

 

Question No: 9      ( Marks: 1 ) - Please choose one

 

 

A, B, C are partners. Their profit sharing ratio is equal. Capital balance on July 1^st of Partner A --- Rs. 40,000 Partner B --- Rs. 30,000 and Partner C--- Rs. 20,000.Their private property of Partner A is Rs.15,000, Partner B is Rs. 7,000 and Partner C is Rs. 1,500. What is the level of their liabilities under the partnership firm?

 

       ► Partner A—Rs. 40,000, Partner B---- Rs. 30,000, Partner C – 20,000

 

       ► Partner A—Rs. 40,000, Partner B---- Rs. 30,000, Partner C – 21,500

 

       ► Partner A—Rs. 40,000, Partner B---- Rs. 37,000, Partner C – 20,000

 

       ► Partner A—Rs. 55,000, Partner B---- Rs. 37,000, Partner C – 21,500

 

Question No: 10      ( Marks: 1 ) - Please choose one

 

 

Particulars	Rs.
Share capital of Rs. 10 each	1,000,000
Profit before tax	150,000
Taxes	10,000
Earning per share	= ?

 

 

       ► Rs. 1.50 per share

 

       ► Rs. 1.40 per share

 

       ► Rs. 1.15 per share

 

       ► Rs. 1.25 per share

 

Question No: 11      ( Marks: 1 ) - Please choose one

 

 

If one partner receives a salary which is credited to him at the end of the year, the share of profit available for distribution will be:

 

 

       ► Increased

 

       ► Decreased

 

       ► Unchanged

 

       ► Changed and become negative

 

Question No: 12      ( Marks: 1 ) - Please choose one

 

 

If the Capitals of partners are fixed then, at the end of financial year a partner’s drawings are transferred to the:

 

 

       ► Credit side of the partner’s capital account

 

       ► Credit side of the partner’s current account

 

       ► Debit side of partnership bank account

 

       ► Debit side of the partner’s current account

 

Question No: 13      ( Marks: 1 ) - Please choose one

 

 

Payment is made of a company’s purchases on credit, which of the following is correct:

 

       ► Debit stock account and credit creditors account

 

       ► Debit creditors account and credit cash account

 

       ► Debit cash account and credit creditors account

 

       ► Debit stock account and credit cash account

 

Question No: 14      ( Marks: 1 ) - Please choose one

 

 

ABC company makes payment of Rs.50,000 to Mr. Ali Zafar, who is a debtor, is wrongly recorded in the account of Zafar Ali. The error is classified as:

 

       ► Error of commission

 

       ► Error of omission

 

       ► Error of original entry

 

       ► Error of principle

 

Question No: 15      ( Marks: 1 ) - Please choose one

 

 

Which of the following is NOT a financial statement?

 

       ► Balance sheet

 

       ► Audit report

 

       ► Income statement

 

       ► Cash flow statement

 

Question No: 16      ( Marks: 1 ) - Please choose one

 

 

Mr. A & B entered into a partnership with an equal share in profit or loss. The agreement provides that Mr. A will receive Rs.10,000 and Mr. B will receive Rs.8,000 as salary allowance. The net income for the year is Rs.85,000. What will be the total share of Mr. B?

 

       ► Rs.52,500

 

       ► Rs.42,500

 

       ► Rs.41,500

 

       ► Rs.50,500

 

Question No: 17      ( Marks: 1 ) - Please choose one

 

 

Short term investments in marketable securities and treasury bills that will mature within ninety days from the date of acquisition, must be classified as:

 

       ► Receivables

 

       ► Receipts from Capital

 

       ► Current and intangible assets

 

       ► Cash equivalents

 

Question No: 18      ( Marks: 1 ) - Please choose one

 

 

Which of the following is an example of liability in a business enterprise?

 

       ► Accounts payable

 

       ► Accounts receivable

 

       ► Commission received

 

       ► Commission paid

 

Question No: 19      ( Marks: 1 ) - Please choose one

 

 

The assets which have a limited useful life are termed as:

 

       ► Limited assets

 

       ► Depreciable assets

 

       ► Unlimited assets

 

       ► None of the given options

 

Question No: 20      ( Marks: 1 ) - Please choose one

 

 

What is the treatment of Accumulated Depreciation in accounting?

 

       ► Charged to profit and loss account

 

       ► Written in balance sheet under the head of current assets

 

       ► Written in balance sheet under the head of liabilities

 

       ► Written in balance sheet as a reduction in relevant fixed asset

 

Question No: 21      ( Marks: 1 ) - Please choose one

 

 

Particulars	Rs.
Opening written down value of machine	375,000
Cost of machine bought during the year	50,000
Depreciation during the year	11,000
Written down value of the Machine at the year end	?

 

 

       ► Rs. 414,000

 

       ► Rs. 425,000

 

       ► Rs. 386,000

 

       ► Rs. 61,000

 

Question No: 22      ( Marks: 1 ) - Please choose one

 

 

In which of the following case(s) a bank can refuse the payment?

 

       ► Stale cheque

 

       ► Insolvency of the customer

 

       ► Post dated cheque

 

       ► All of the given options

 

Question No: 23      ( Marks: 1 ) - Please choose one

 

 

Control accounts are based on:

 

       ► Double entry book keeping system

 

       ► Single entry book keeping system

 

       ► Cash accounting system

 

       ► All of the given options

 

Question No: 24      ( Marks: 1 ) - Please choose one

 

 

Prepayments would be treated as:

 

       ► Non current asset

 

       ► Current asset

 

       ► Intangible asset

 

       ► Deferred expense

 

Question No: 25      ( Marks: 1 ) - Please choose one

 

 

In balance sheet, liabilities are categorized as current and

 

       ► Outstanding

 

       ► Unearned

 

       ► Long-term

 

       ► Accrued

 

Question No: 26      ( Marks: 1 ) - Please choose one

 

 

Which of the following is the direct cost of manufacturing the goods that were sold by the entity during the reporting period?

 

       ► Cost of Goods Sold

 

       ► Revenue

 

       ► Asset

 

       ► Liability

 

Question No: 27      ( Marks: 1 ) - Please choose one

 

 

The statement of changes in equity basically shows the movement of:

 

       ► Share capital during the year

 

       ► General reserves during the year

 

       ► Share premium during the year

 

       ► All of the given options

 

Question No: 28      ( Marks: 1 ) - Please choose one

 

 

Which of the following is TRUE?

 

       ► Sale of equipment for cash is considered as inflow of cash

 

       ► Sale of equipment on account is considered as inflow of cash

 

       ► Purchases of equipment for cash is considered as inflow of cash

 

       ► Sale of equipment for cash is considered as outflow of cash

 

Question No: 29      ( Marks: 1 ) - Please choose one

 

 

Which of the following is TRUE with respect to the application of Cash Flow Statement?

 

       ► Purchase of equipment for cash is considered as inflow of cash

 

       ► Purchase of equipment on account is considered as outflow of cash

 

       ► Sale of equipment on credit is considered as outflow of cash

 

       ► Purchase of equipment for cash is considered as outflow of cash

 

Question No: 30      ( Marks: 1 ) - Please choose one

 

 

Which of the following is the new name of Sources and Application of Funds?

 

       ► Income Statement

 

       ► Cash Flow Statement

 

       ► Statement of Changes in Owners Equity

 

       ► Balance Sheet

 

Question No: 31      ( Marks: 1 ) - Please choose one

 

 

Which of the following is an example of cash outflow for a company?

 

       ► Writing off an uncollectible accounts receivable

 

       ► Reclassifying accounts payable to notes payable

 

       ► Cash collected from customers

 

       ► Cash paid for merchandise inventory

 

Question No: 32      ( Marks: 1 ) - Please choose one

 

 

Which of the following shows sources from which business generated cash and its application?

 

       ► Income Statement

 

       ► Cash Flow Statement

 

       ► Statement of Changes in Owners Equity

 

       ► Balance Sheet

 

Question No: 33      ( Marks: 1 ) - Please choose one

 

 

If assets are held for trading purposes or in normal course of business e.g. car / property dealers and loans given by banks, then cash flows from them are included in which of the following activities?

 

       ► Cash flow from operating activities

 

       ► Cash flow from investing activities

 

       ► Cash flow from financing activities

 

       ► It is a non cash flow activity

 

Question No: 34      ( Marks: 1 ) - Please choose one

 

 

A company issues a long-term notes payable for the amount of Rs. 18,500. When preparing the cash flow statement, this amount would:

 

       ► Be considered to be a use of cash in future accounting periods

 

       ► Not be considered to be a cash item as no cash has been paid out in this transaction

 

       ► Be considered to be an investing activity

 

       ► Be considered to be a source (or inflow) of cash

 

Question No: 35      ( Marks: 1 ) - Please choose one

 

 

Which of the following would be a suitable head for short term advances from customers in Balance Sheet?

 

       ► Current asset

 

       ► Intangible asset

 

       ► Tangible asset

 

       ► Current liability

 

Question No: 36      ( Marks: 1 ) - Please choose one

 

 

To make the results favourable, the businessman needs to:

 

       ► prepare his budget.

 

       ► control deviations from the budgets.

 

       ► compare actual results with the budget.

 

       ► all of the given options.

 

Question No: 37      ( Marks: 1 ) - Please choose one

 

 

Mr. ABC has recently hired a professional accountant, because he:

 

       ► wants to learn accounting tactics used by the accountants.

 

       ► needs to have correct financial information at the time of need.

 

       ► likes the accounting profession.

 

       ► wants more profits in the business.

 

Question No: 38      ( Marks: 1 ) - Please choose one

 

 

If Mr. ABC purchased Car Rs. 250,000; Furniture Rs. 25,000 and Office Equipment Rs. 5,000 for cash. Then he should credit Cash account by:

 

 

       ► Rs. 250,000

 

       ► Rs. 25,000

 

       ► Rs. 5,000

 

       ► Rs. 280,000

 

Question No: 39      ( Marks: 1 ) - Please choose one

 

 

Which of the following account would be credited, when amount of Rs. 5,000 were paid to factory workers?

 

       ► Labour/Wages

 

       ► Cash

 

       ► Work In Process

 

       ► Factory overhead cost

 

Question No: 40      ( Marks: 1 ) - Please choose one

 

 

An estimate of the income and expenses needed to carry out business plans for a fiscal year is known as:

 

       ► Budget

 

       ► Cost

 

       ► Management

 

       ► Audit

 

Question No: 41      ( Marks: 1 ) - Please choose one

 

 

Which of the following account would be credited if fixed assets are purchased and payment is made through cheque?

 

       ► Bank

 

       ► Fixed assets

 

       ► Cash

 

       ► Accounts payable

 

Question No: 42      ( Marks: 1 ) - Please choose one

 

 

Which of the following account would be credited when there is a transaction for advances given to staff by T ltd. amounting to Rs. 2,000?

 

       ► Other receivables Rs. 2,000

 

       ► Cash Rs. 2,000

 

       ► Trade creditors Rs. 2,000

 

       ► Trade debtors Rs. 2,000

 

Question No: 43      ( Marks: 1 ) - Please choose one

 

 

Which of the following account would be credited when rent expenses of Rs. 1,000 incurred but not yet paid till the end of accounting period?

 

       ► Cash Rs. 1,000

 

       ► Rent expense Rs. 1,000

 

       ► Accrued rent Rs. 1,000

 

       ► Prepaid rent Rs. 1,000

 

Question No: 44      ( Marks: 1 ) - Please choose one

 

 

Being an accountant you are asked to enter the discount received of Rs. 1,000 in control account. The entry should be made on the:

 

       ► Debit side of creditors control account

 

       ► Credit side of creditors control account

 

       ► Debit side of debtors control account

 

       ► Credit side of debtors control account

 

Question No: 45      ( Marks: 1 ) - Please choose one

 

 

Which of the following has been debited in wrong recorded entry if the book-keeper discovers the error “Wages paid to the firm’s workmen for making certain additions to plant and machinery amounting to Rs. 5,000 was charged to Wages Account”?

 

       ► Plant and Machinery Account Rs. 5,000

 

       ► Wages Account Rs. 5,000

 

       ► Cash Account Rs. 5,000

 

       ► Sundry Debtors Account Rs. 5,000

 

Question No: 46      ( Marks: 1 ) - Please choose one

 

 

Purchases return day book undercast by Rs. 5,000. The rectification of this entry will:

 

       ► Increase net profit by Rs. 5,000

 

       ► Decrease net profit by Rs. 5,000

 

       ► Increase assets by Rs. 5,000

 

       ► Decrease assets by Rs. 5,000

 

Question No: 47      ( Marks: 1 ) - Please choose one

 

 

Which of the following would be credited in rectified entry if the book-keeper has discovered the error “The purchase of office furniture costing Rs, 6,000 has been passed through the Purchases Day Book”?

 

       ► Purchase Account Rs. 6,000

 

       ► Office Furniture Account Rs. 6,000

 

       ► Cash Account Rs. 6,000

 

       ► Sundry Creditors Account Rs. 6,000

 

Question No: 48      ( Marks: 1 ) - Please choose one

 

 

If, cost of machinery is Rs. 200,000, opening balance of accumulated depreciation is Rs. 40,000 and depreciation is charged @ 10% per annum on fixed installment basis. What would be the deprecation expense for the year?

 

       ► Rs. 20,000

 

       ► Rs. 16,000

 

       ► Rs. 60,000

 

       ► Rs. 140,000

 

Question No: 49      ( Marks: 1 ) - Please choose one

 

 

Suppose that stock in hand Rs. 10,000; accounts receivable Rs. 20,000; prepaid insurance Rs. 5,000: accounts payable Rs. 2,000; and accrued expenses Rs. 1,000. Which of the following would be the amount of current assets?

 

       ► Rs. 30,000

 

       ► Rs. 35,000

 

       ► Rs. 32,000

 

       ► Rs. 3,000

 

Question No: 50      ( Marks: 1 ) - Please choose one

 

 

Accounting record of a partnership business having two partners “A” and “B” shows that opening balance of A’s current account is Rs. 20,000, salary of partner – “A” is Rs. 17,000, and closing balance of A’s current account is Rs. 30,000. Which of the following is amount of loss shared by “A” in partnership firm?

 

       ► Rs. 7,000

 

       ► Rs. 10,000

 

       ► Rs. 13,000

 

       ► Rs. 3,000

 

Question No: 51      ( Marks: 1 ) - Please choose one

 

 

Accounting record of a partnership business having two partners “A” and “B” shows that opening and closing balance of A’s current account is Rs. 55,000 and Rs. 45,000 respectively, mark up on capital of partner – “A” is Rs. ?  , and loss suffered by “A” is Rs. 15,000. Which of the following is the mark up on capital of partner – “A” in the partnership firm?

 

       ► Rs. 10,000

 

       ► Rs. 40,000

 

       ► Rs. 30,000

 

       ► Rs. 5,000

 

Question No: 52      ( Marks: 1 ) - Please choose one

 

 

Which of the following is NOT true about Double Entry System?

 

       ► Both credit and debit transactions are recorded

 

       ► Accurate profit and loss is calculated

 

       ► It does not follow the principles of dual aspect concept of accounting

 

       ► Complete record of a transaction is maintained

 

Question No: 53      ( Marks: 3 )

 

 

Why an organization is needed to prepare a cash flow statement.

 

 

Question No: 54      ( Marks: 3 )

 

 

Calculate Net Profit from the information given below:

 

• Sales                                            Rs. 350,000
• Gross profit                                        150,000
• Financial expenses                           20,000
• Operating expenses                          10,000

 

 

Question No: 55      ( Marks: 3 )

 

 

Accounting record of a partnership business having two partners “X” and “Y” shows that distributable profit for the year is Rs. 250,000, salaries of partner – “X” and “Y” are Rs. 10,000 Rs. 20,000 respectively. Profit and loss distribution ratio among “X” and “Y” is 2:3 respectively.

 

Required:

Calculate the profit share of partners “X” and “Y”.

 

 

Question No: 56      ( Marks: 5 )

 

 

What is bank overdraft? Mention an example for this. Why companies have to pay mark up on it. Under which head mark up paid on overdraft is shown in financial statement. 

 

 

 

 

Question No: 57      ( Marks: 5 )

 

 

Define cash flow from operating activities with some examples.

 

 

 

Question No: 58      ( Marks: 5 )

 

 

Mr.Shahbaz bought the desired machine on 1^st January, 2010 for Rs. 65,000 and the erection charges associated to erect the units are Rs. 5,000. The machine was depreciated @ 10% per annum at end of each year on the original cost basis. On 1^st July, 2011, a single unit which cost Rs. 10,000 originally was sold for a cash price of Rs. 7,000. Calculate the depreciation expense for the year 2010 and 2011.

Question No: 59      ( Marks: 5 )

 

 

Following information is available for ABC Co. Ltd on 31^st December, 2010:

• Wages of Rs. 40,000 earned by the employees but not paid till the end December, 2010.
• Rent due was Rs. 10,000 out of which Rs. 2,000 is paid at the end of December, 2010
• The accounts are closed at the end of December each year.

Required:

Pass necessary journal entries in the books of ABC Co. Ltd on December, 2010

 

Question No: 60      ( Marks: 5 )

 

 

Following information is available of a sole trader Mr. Shahbaz.

 

Particulars	Rs.
Capital balance at the start of the year	35,000
Capital balance at the end of the year	37,500
Withdrawals	?
Profit for the period	5,000

 

Required:

Calculate the amount of Withdrawals for the year with the help of capital account.

 

Capital Account of Mr.Shahbaz
Date	Particulars	Debit Amount               Rs.	Credit Amount               Rs.	Balance Amount Rs.
	Capital balance in the beginning of year Profit Capital balance at the end of year	35,000   5000	37,500     Balance 2500	35,000   40000 2500
		40,000	40,000

So Withdrawls during years are Rs.2500