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# MGT101 Current Mid Term Papers Nov 2011, (Fall 2011)

Current Mid Term Papers Nov 2011, (Fall 2011)

Current Fall 2011 Papers, November 2011 Papers, Mid Term Fall 2011 Papers, Solved Papers, Solved Past Papers, Solved MCQs

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Please Share your Current Papers Questions/Pattern here to help each other. Thanks

MGT101 Current midterm paper_26-11-2011

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sir papaer sub ka ak hi atta ha ya different ???/

Hi

Today I had MGT101 paper. It was good.

There were 32 Questions in all, 28 MCQ and other 3,3, and 5,5 marks question respectively

MCQ were all from past papers

Subjective

Question 1 ) Rule of Asset Revaluation?

Question 2 ) Prepare Account Recv from the given data

Question 3 and Question 4 are given below.

Question
Cost of Asset 120,000
Residual Value 20,000 Life 4 Years
Find Depreciation and Written Down Value

1)     Per Year Depreciation

=(120,000 – 20,000)/4

=25,000 Per Year Depreciation

2)

 Particulars Depreciation Written Down Value Asset Cost 120,000 1st Year (25,000) 95,000 2nd Year (25,000) 70,000 3rd Year (25,000) 45,000 4th Year (25,000) 20,000

Question Calculate Working Capital

Cash in Hand 51000 Bills Recv 6000 Closing Stock 70000 Sundry Debtos 90000 Sundry Creditos 140000 Accounts Payable 67000

Working Capital = Current Asset – Current Liabilities

Working Capital = (51,000 + 6,000 + 70,000 + 90,000) – (67,000 + 140,000)

Working Capital = 217,000 – 207,000

= 10000

Yaar Salman Can you give us the old paper from which you got all mcqs?? or suggest any site where i can got them for Spring 2010 papers.

salamn main nay bih paper bohat acha kia tah aur solution matchg kia tah but i dint get mnuch number only one question making profit loss account mujhay woh yadd nahi tah kay is liay , lakin number meri expectation sa kamm aay hain ??? koi khass waja

MID- TERM Examination

MGT-101 Financial Accounting

Current Paper dated 26-11-2011 Time 8.00 am in North Nazimabad Campus Karachi

Time :: 60 min Total Marks 40

Qno.1 Why we use financial accounting

Accounting need

Financial need

Managerial need

Qno.2 Which of the following shows a debit balance under normal circumstances?

Asset

Capital

Liability

Profit

Qno.3 Normally the practice of Book Keeping under Single Entry System is followed by:

Governments only

Qno.4 An accounting system is used by a business to:

Analyze transactions

Classify and summarize financial information

All of the given options

Qno.5 All the costs incurred on the incomplete assets up to the balance sheet date

must be transferred to:

Capital account

Capital work in progress account

Relevant asset account

Owner's equity account

Qno.6 Which of the following is TRUE for Company’s negative working capital?

Current Asset > Current Liability

Current Asset = Current Liability

Current Asset < Current Liability

None of the given options

Qno.7 What will be the effect of decrease in closing stock on gross profit?

Gross profit increased

Gross profit decreased

No effect on Gross profit

Gross profit will become positive

Qno.8 Which one of the following is NOT true about Capital Expenditure?

Creates future benefits

Incurred to acquire fixed assets

Incurred to increase the economic life of existing fixed assets

Reduce the profit of the concern

Qno.9 Consider the following:

Beginning inventory 10 units @ Rs. 10 per unit

First purchase 35 units @ Rs. 11 per unit

Second purchase 40 units @ Rs. 12 per unit

Third purchase 20 units @ Rs. 13 per unit

Sold 10 units @ 10

35 units @ 11

40 units @ 12

Eighty-five units were sold, what is the value of the ending inventory using the

FIFO method of inventory costing?

Rs.260

Rs.232

Rs.284

Rs.268

Qno.10 If, Cost of machine = Rs.400, 000

Useful life = 5 years

Residual value = Rs.25, 000

The depreciation of machine per year using straight line method is?

Rs. 160,000

Rs. 96,000

Rs. 75,000

Rs. 57,600

Qno.11 A decrease in value of a fixed asset due to age, wear and tear is known as:

Depreciation

Accumulated Depreciation

Appreciation

Written Down Value

Qno.11 Which of the following shows summary of a company's financial position at a

specific date?

Profit & Loss Account

Cash Flow Statement

Balance Sheet

Income & Expenditure Account

Qno.12 Which of the following item will appear on the Balance Sheet as current assets?

Prepaid expenses

Accrued expenses

Furniture and Equipment

Unearned revenue

Qno.13 which of the following entities is not profit oriented entity?

Sole - proprietorship

Partnership

Companies

Trust

Qno.14 Which concept of an accounting describes that for every debit there is a credit?

Dual aspect concept

Matching concept

Separate entity concept

Money measurement concept

Qno15 Which of the following is the act of recording each transaction in the Journal?

Journalizing

Posting

Folioing

Transferring

Qno.16 Which of the following account would be debited when direct material is

purchased on cash of Rs. 2,000?

Indirect material

FOH

Material/Stock

Cash

Qno.17 Which one of the following methods for inventory valuation may increase income

tax due during the period of inflation?

FIFO Method

Weighted Average Method

Specific Identification Method

LIFO Method

Qno.18 Which of the following is another name of salvage value?

Face value

Fair value

Break up value

Book value

Qno.19 What is the treatment of Depreciation in accounting?

Written in balance sheet under the head of fixed assets

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

Qno.20 If:

· Cost of machine = Rs.

· Useful life = 5 years

· Sale price at the end of

What will be the profit or loss?

Loss of Rs. 40,000

Profit of Rs. 40,000

Profit of Rs. 80,000

Loss of Rs. 80,000

Qno.21 The main goal of Bank Reconciliation Statement is to determine:

If the discrepancy is due to error rather than timing

If the discrepancy is due to timing rather than error

If the discrepancy is due to error rather than amount

If the discrepancy is due to amount rather than timing

Qno.22 Which of the following item appears in Trading Account of a business?

Interest expenses

Wages and salaries

Depreciation expenses

Discount Allowed

Qno.23 Which of the following journal entry will be recorded, if the goods are sold on credit to Mr. 'Been'?

Mr. “Been” / Accounts Receivable account (Dr) and Sales account (Cr)

Cash account (Dr) and sales account (Cr)

Sales account (Dr) and Mr. Been / Accounts Receivable account (Cr)

Goods Sold account (Dr) and Mr. Been / Accounts Receivable account (Cr)

Qno.24 Which of the following particulars are included in the specimen of a cash receipt

voucher?

1) Name of the organization

2) Cash code

3) Date of transaction

(1) & (2) only

(1) & (3) only

(2) & (3) only

(1), (2) & (3)

Qno.25Partially completed products that are not yet ready for sale are known as:

Raw material

Work in process

Finished goods

Closing stock

Qno.26 Which of the following organizations prepare Income & Expenditure account?

Public libraries

NGOs

Labor unions

All of the given options

Qno.27 Which of the following shows summary of a company's financial position at a specific

date?

Profit & Loss Account

Cash Flow Statement

Balance Sheet

Income & Expenditure Account

Qno.28 An informal accounting statement that lists the ledger account balances at a

point in time and compares the total of debit balances with the total of credit

balances is known as:

Income Statement

Balance Sheet

Trial Balance

Cash Book

Qno.29 If the cost of sales is Rs. 60,000, sales are Rs. 95,000 and operating expenses

are Rs.20,000 during the year. What would be the Net Profit?

Rs.15,000

Rs. 35,000

Rs. 55,000

Rs. 60,000

Qno.30 difference between journal voucher and payment voucher Marks3

Payment Voucher

The purpose of the payment vouchers is to provide a means for paying any taxes due on income which is not subject to withholding. This is to ensure that taxpayers are able to meet the statutory requirement that taxes due are paid periodically as income is received during the year.

Journal Voucher

A journal voucher is an integral part of the audit trail, and carries

(1) a serial number,

(2) transaction date,

(3) transaction amount,

(4) ledger account(s) affected,

(5) reference(s) to documentary evidence (such as invoices or receipts) supporting the entry,

(6) brief description of the transaction, and the

(7) signature(s) or initials of one or more authorized signatories. A journal is, in effect, a collection of financial data culled from journal vouchers.

2 Question mein bhool gaya hoon mager woh accumulated depreciation se related they,

difference between journal voucher and payment voucher Marks3

Payment Voucher
The purpose of the payment vouchers is to provide a means for paying any taxes due on income which is not subject to withholding. This is to ensure that taxpayers are able to meet the statutory requirement that taxes due are paid periodically as income is received during the year.

Journal Voucher
A journal voucher is an integral part of the audit trail, and carries
(1) a serial number,
(2) transaction date,
(3) transaction amount,
(4) ledger account(s) affected,
(5) reference(s) to documentary evidence (such as invoices or receipts) supporting the entry,
(6) brief description of the transaction, and the
(7) signature(s) or initials of one or more authorized signatories. A journal is, in effect, a collection of financial data culled from journal vouchers.

2 Questions related accumulated depreciation

Q:1 what are drawns ? and their importance in financial statements? (2 marks)

Q:2 accounts receivable and payable was given to draw. (5marks)

my papers questions:

may U pLs guide URL wher from U get past papers........

.This question was in my today's paper og MGT101.
28 mcqs and 4 ques

1) Prepare T account for Accounts Receivable for date i dont remeber (5 marks)
Cash collected 585000
Total Sale 515062
Cash Sales 25% of total Sale
Balance of A/r Rec May 31 2011 55950
Amount NOTnot recvd from Debtors 2500

2)Prepare T account for cash a/c (3 marks)

Balance 50000
Total receipt 500000
Total Payments 480000

Third was closing stock value by weighted average method.(5 marks) it was easy
Fourth was book value and profit on sale (3 marks)

MGT101 All MidTerm papers of Nov 2011

MCQs 50% from past papers
4 subjective were:
1: Find depreciation with the help of given data. 3 marks

Cost of the asset Rs. 200,000
Residual Value Rs. 80,000
Expected Life 4 years

2: From the information given below, you are required to prepare an Accounts Payable (A/P) Account for the month of March 2011 to find out the amount of cash paid during the month of March: 3 marks
Rs.
Goods purchased during the year 387,280
Balance of A/P as on May 01, 2011 254,360
Balance of A/P as on Many 31, 2011. 55,910

3: Ahmad Limited acquires an asset costing Rs. 40,000. The company estimates its useful life for 7 years with a residual value of Rs. 5,000. The company charges depreciation using straight-line method. In second year, the company estimates its residual value Rs. 10,000 and remaining useful life of 5 years. 5 marks

Required:
Compute the Book value of the asset at the end of 2nd year.

4: From the following data find out the amount of operating expenses. Also show your working. 5 marks
Rs.
Purchases 485,360
Sales returns and allowances 15,250
Opening stock 157,690
Closing stock 50,730
Freight inward 7,680

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