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 MGT101 Financial  Accounting Current Final Term Papers Spring 2011 (15 to 26 July 2011)


Current Spring 2011 Papers, July 2011 Papers, Final Term Spring 2011 Papers, Solved Papers, Solved Past Papers, Solved MCQs

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please share your current paper here thanks....
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Mgt101 final term solve paper 2011


Question No: 1 ( Marks: 1 ) - Please choose one
Liabilities of the members of the ________ is only limited to the capital introduce by member/s.
Partnership
► Company
► Sole proprietorship
► None of the given options

Question No: 2 ( Marks: 1 ) - Please choose one
Fixed assets are also called:
► Depreciable assets
► Current assets
► Liquid assets
► Floating assets

Question No: 3 ( Marks: 1 ) - Please choose one
Stock of Trading concern consists of:
► Raw material
► Work in process
► Merchandise inventory
► All of the given options

Question No: 4 ( Marks: 1 ) - Please choose one
Which of the following would be deducted from Sundry Debtors in Balance Sheet?
► Bad debts (Trial balance item)
► Old provision for doubtful debts
► New provision for doubtful debts
► Both Bad debts (given in adjustment) and new provision for doubtful debts

Question No: 5 ( 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) 800


► Rs. 400
► Rs. 800
► Rs. 2,000
► Rs. 2,400

Question No: 6 ( Marks: 1 ) - Please choose one
Which of the following is/are the item/s of a Control Account?
► Credit sale only
► Cash sale only
► Credit purchase only
► Both Credit sales and Credit purchase

Question No: 7 ( Marks: 1 ) - Please choose one
Transaction that has been completely forgotten to enter is called:
► Error of principle
► Error of omission
► Error of commission
► Error of original entry

Question No: 8 ( Marks: 1 ) - Please choose one
A receipt of cash Rs. 10,000 from Mr. Bilal is recorded as Rs. 1,000. What amount will be adjusted in rectifying entry?
► Rs. 1,000
► Rs. 9,000
► Rs. 10,000
► Rs. 11,000

Question No: 9 ( Marks: 1 ) - Please choose one
Which of the following account will be credited when interest on capital is charged against the distribution of profit?
► Interest account
► Partner’s capital account
► Profit and Loss account
► Profit and loss appropriation account

Question No: 10 ( Marks: 1 ) - Please choose one
When the capitals are fixed, which of the following account will be debited for drawings made by a partner?
►Individual Partner’s Current Account
►Partner’s Cash Account
►Partner’s Bank Account
►Partners Capital Account

Question No: 11 ( Marks: 1 ) - Please choose one
The Joint Stock Company is formed under the Companies Ordinance:
► 1984
► I884
► 1948
► 1965

Question No: 12 ( Marks: 1 ) - Please choose one
Which of the following is NOT a cash inflow?
► Sale of fixed asset
► Issue of debentures
► Cash from business operation
► Purchase of fixed asset

Question No: 13 ( Marks: 1 ) - Please choose one
Which of the following business publishes the Financial Statements?
► Sole-Proprietorship
► Partnership
► Trust
► Public Limited Company

Question No: 14 ( Marks: 1 ) - Please choose one
When we close bad debt account, which of the following account is debited?
► Profit and loss account
► Bad debt account
► Debtor account
► Creditor account

Question No: 15 ( Marks: 1 ) - Please choose one
ABC Company received discount on its credit purchases, which of the following will be credited while entering in journal?
► Cash
► Discount received
► Creditors
► Bank

Question No: 16 ( Marks: 1 ) - Please choose one
Which of the following indicates cash discount received?
► Discount in paying debt earlier
► Discount in receiving debt earlier
► Discount in purchasing huge goods
► Discount in selling huge goods

Question No: 17 ( Marks: 1 ) - Please choose one
In the heading of financial statement, ___________ is not required?
► Title of financial statement
► Name of the person who prepares financial statement
► Period for which financial statement is prepared
► Name of business entity

Question No: 18 ( Marks: 1 ) - Please choose one
A and B entered in partnership in capital ratio of 2:3. They earned a profit of Rs.6,600 during the year. What will be the share of profit of Mr. A?
► Rs.1,320
► Rs.2,640
► Rs.3,960
► Rs.6,600

Question No: 19 ( Marks: 1 ) - Please choose one
Which of the following is the major benefit of a partnership over a sole proprietorship?
► Unlimited liability
► Single tax filing
► Difficult ownership resale
Raising capital

Question No: 20 ( Marks: 1 ) - Please choose one
Interest expenses of Epler Corporation shows a debit balance of Rs.200 in its unadjusted trial balance and Rs.250 in adjusted trial balance. Which of the following account will be credited in adjusting entry?
► Interest expense
► Interest payable
► Prepaid interest
► Interest paid

Question No: 21 ( Marks: 1 ) - Please choose one
For which of the following share premium can be utilized?
► To write off preliminary expenses
► To meet the expenses of issue of shares
► To issue bonus shares
► All of the given options

Question No: 22 ( Marks: 1 ) - Please choose one
Which of the following statement is not true regarding the objective of statement of cash flows?
► It is helpful for decision making by management
► It is used for reporting the net profit of the period
► It can be used for estimations for cash flows in future
► It is used to determine the liquidity of the business

Question No: 23 ( Marks: 1 ) - Please choose one
Which of the following can maintain the secrecy in all business matters?
► Sole-proprietorship
► Partnership
► Public Limited Company
► Private Limited Company

Question No: 24 ( Marks: 1 ) - Please choose one
Expenditure is revenue in nature when it:
► Benefits the current period
► Benefits the future period
► Belong to the previous period
► None of the given options

Question No: 25 ( Marks: 1 ) - Please choose one
Which of the following is a process of transferring journal entry information to ledger account?
► Journalizing
► Posting
► Balancing
► Analyzing

Question No: 26 ( Marks: 1 ) - Please choose one
Which of the following account would be debited when the owner of business sold machinery of Rs. 10,000 on cash?
► Sales a/c
► Machinery a/c
► Owner a/c
► Cash a/c

Question No: 27 ( Marks: 1 ) - Please choose one
Which of the following account would be credited, when goods are sold on credit?
Stock account
► Accounts receivable account
Accounts payable account
► Sales account

Question No: 28 ( Marks: 1 ) - Please choose one
Which of the following account would be debited when Rs.5, 000 were paid to vendor?
► Cash
Voucher payable-vendor payable
► Sundry debtors
► Personal account of customer

Question No: 29 ( Marks: 1 ) - Please choose one
Which of the following is TRUE during the periods of deflation?
► The use of FIFO will result in greater net income than LIFO
► The use of FIFO will result in a smaller cost of goods sold than LIFO
► The use of FIFO will result in a lower net income and higher ending inventory than LIFO
► The use of FIFO will result in a lower net income and lower ending inventory than LIFO

Question No: 30 ( Marks: 1 ) - Please choose one
Which one of the following is TRUE with respect to “LIFO” in inventory valuation?
► Last-In-First-Out
► Last-In-Freight-Out
► Last-In Frequent-Out
1
of the following is a fixed asset?
► Cash in hand
► Advanced payment
► Closing stock
► Leasehold vehicle

Question No: 32 ( Marks: 1 ) - Please choose one
Purpose of charging depreciation expense is the application of:
► Matching principle
► Dual aspect concept
► Separate entity concept
► Money measurement concept

Question No: 33 ( Marks: 1 ) - Please choose one
Which of the following is/are TRUE about fixed assets?
► Fixed assets have a long life
► Fixed assets are used in the business for future generation of income
► Fixed assets are not bought with the main purpose of resale
► All of the given options

Question No: 34 ( Marks: 1 ) - Please choose one
If:
Ø Cost of machine= Rs. 425,000
Ø Useful life= 5 years
Ø Residual value = Rs. 25,000
Ø Sale price= Rs. 40,000
What will be book value of machine after four years using straight line method?
► Rs. 65,000
► Rs. 400,000
► Rs. 85,000
► Rs. 105,000

Question No: 35 ( Marks: 1 ) - Please choose one
It is supposed that on 31st December, 2007, the sundry debtors are amounted to Rs. 40,000. On the basis of past experience, it is estimated that 5 % of the sundry debtors are doubtful. Actual bad debts are Rs. 1,600 appeared in trial balance. What is amount of new provision for doubtful debts?
► Rs. 3,600
► Rs. 2,000
► Rs. 1,600
► Rs. 400

Question No: 36 ( Marks: 1 ) - Please choose one
Which of the following statement is correct, if a company fails to record estimated bad debts expense?
► Net realizable value is understated
► Expenses are understated
► Revenues are understated
► Receivables are understated

Question No: 37 ( Marks: 1 ) - Please choose one
Insurance paid in advance would be treated as:
► Non current asset
► Current asset
► Intangible asset
► Deferred expense

Question No: 38 ( Marks: 1 ) - Please choose one
Which of the following is/are NOT included in the cost of goods sold?
► Distribution expenses
► Selling expenses
► Administrative expenses
► All of the given options

Question No: 39 ( Marks: 1 ) - Please choose one
Which of the following would be added in purchases in order to get the value of Net purchases?
► Purchases returns
► Carriage inwards
► Trade discount and rebates
► All of the given options

Question No: 40 ( Marks: 1 ) - Please choose one
The amount received in excess of the face value of the shares is transferred to:
► Share capital account
► Right shares
► Share premium account
► Shareholders account

Question No: 41 ( Marks: 1 ) - Please choose one
Preliminary Expenses of the company may write off against:
► Share premium account
► Shareholders account
► Debtors control account
► Creditors control account

Question No: 42 ( Marks: 1 ) - Please choose one
Which of the following can be utilized to issue bonus shares?
► Share premium
► Term finance certificates
► Bonds
► Debentures

Question No: 43 ( 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: 44 ( Marks: 1 ) - Please choose one
A corporation has retained earning of Rs. 100,000 and Rs. 150,000 for the year ended 2006 and 2007 respectively. The corporations had net profits after taxes of Rs. 80,000 in 2007. What will be the amount of dividend paid in the year 2007?
► Rs. 30,000
► Rs. 70,000
► Rs. 50,000
► Rs. 20,000
Question No: 45 ( Marks: 1 ) - Please choose one
Which of the following is the CORRECT statement with respect to the liquidity and profitability?
► Liquidity and Profitability is the same thing
► The importance of Liquidity > The importance of Profitability
► The importance of Liquidity < The importance of Profitability
► The liquidity and profitability is not the same thing but both have equal importance

Question No: 46 ( Marks: 1 ) - Please choose one
Which of the following is adjusted as working capital change in operating activities section of a cash flow statement?
► Decrease in trade receivable
► Repayment of dividend
► Payment of goodwill
► Investment in associated companies

Question No: 47 ( Marks: 1 ) - Please choose one
In statement of cash flows, which of the following would not be considered as an investing activity?
► Sales of fixed assets
► Purchase of long term securities
► Purchase of fixed assets
► Payments of dividends

Question No: 48 ( Marks: 1 ) - Please choose one
A company ABC purchased an asset for Rs. 40,000, paying Rs. 30,000 in cash and issuing a long term note payable for remaining balance. The amount will be recorded in statement of cash flows as:
► Rs. 40,000 cash outflow as an investing activity
► Rs. 30,000 cash outflow as an investing activity
► Rs. 10,000 cash inflow as an investing activity
► Rs. 70,000 cash inflow as an investing activity

Question No: 49 ( Marks: 3 )
What do you know about the Profit and loss appropriation account in case of partnership?
Answer:
The profit account does not included the salary of partner nor the markup on capital or interest on drawing, this all we do after calculating the net income in profit and loss appropriation account to get to the distributable income/profit among the partners as per the profit/loss sharing ratio.

Question No: 50 ( Marks: 3 )
Assume that a company repays Rs. 300,000 loan taken from its bank and then later, in the same year company borrows Rs. 500,000. How will these items be treated on the current year’s Statement of Cash Flows?

Answer : In the section of Financing Activities
300,000 will appear as (300,000) showing outflow/repayment of loan
500,000 will appear as 500,000 showing inflow of cash borrowed.

Question No: 51 ( Marks: 5 )
What types of changes are made when a new partner joins partnership? Mention those situations in which partnership comes to an end.
Answer:
In case of admission of any new partner all the assets and liabilities is revalued as well as the good will of the partnership company. The new ratio get sets for profit/loss sharing among the partner.
Usually In Case of death or retirement of partner from partnership, partnership comes to an end or in a state of dissolution.
Question No: 52 ( Marks: 5 )
Define cash flow from operating activities with some examples.
Answer:
Extract from Cash Flow Statement.
Net profit 100,000
Add Back : Non Cash Transaction
Depreciation Exp 5000
Gain on Currency Exchange 10,000
Gain on Sale of Disposal of Asset 2,000
Cash from Opening Activities before working
Capital Change 117,000
Less: Increase in Assets -10,000
Add: Decrease in Assets 5,000
Add: Increase in Liabilities 6000
Less: Decrease in Liabilities -3000
Cash Generated from Operating Activities 115,000
Question No: 53 ( Marks: 5 )
Given the following data:
Purchases Rs.26,000, Returns outwards Rs.1,470, Returns inwards Rs.2,100, Carriage outwards Rs.1,230, Carriage inwards Rs.890, Opening stock Rs.4,500, and closing stock Rs.6,130.
What would be the value of the cost of goods sold?
Solution:

Cost of Good Sold Amount
Opening Stock 4,500
Add: Purchases 26,000
Less: Return Outward -1,470
Add: Carriage Inward 890
Goods available for Sale 29,920
Less: Closing Stock -6,130
Cost of Good Sold 23,790

THANK U SO MUCH :-)

 

 

Well, today it was my first paper of MGT101. It was wonderful. But I am sorry, I don't remember the questions, since we were not allowed to take any piece of paper out side of examination center so I couldn't write the questions on my rough sheet. :-(

Mgt101 Final Term Current Paper 
mostly mcqs from cash flow statement, type of business and rectifying errors.
Q1. Difference between list companies and non list companies.
Q2. What is fixed capital in partnership.
Q3. Prepare Profit and lost account from given data.
Q4. Positive and negative cash flow statement to identify activity.
Q5. Define following.
Premium shares
cash flow statement
debenture
note for account.
Q6. identify cost of good sold.
Q7. preparing control account.

Q:What are the limitations on "Restrospective Restatements" with respect to IAS-08?

Q:A customer of company ABC seems to be doubtful at ba;ance sheet date.therefore,comapny made the provision for the customer @ 5%.After the balance sheet date,customer paid 80% of the total amount.Required:Identify the type of event?What will be the accounting treatment of this event?

Q:What do you know about the cost of goods sold?

Q:What is the accounting treatment of surplus on revaluation of fixed assets with respect to the section 235 of the companies Ordinance 1984?

 

Q:Which of the following term represents the total par value of shares offeered to the general public for contribution?

Registered capital

Issued Capital

Subscribed capital

Paid up capital

 

Q:Which of the following fulfill the definition of cash equivalents?

Cash equivalent are those short term investment that can be converted into cash at any time

Investment upto three months of maturity

Short term investment papers up to two months of maturity

All of the given

 

Q:Depreciation calculation which is at a lesser amount for every following period:

Reducing balance method

Straight line method

Sum of digit method

Output method

 

Q:The part of the cost of the fixed asset consumed during its period of use by the firm is:

Amortized

Depreciated

Deteriotion

Depleted

 

Q:which of the following is/are included in finance costs?

Mark up paid on loans

Mark up paid on leases

Costs paid to obtain finacial services

All of the given

Q:Which of the following meeting is held,once in the life of a company?

Statutory Meeting

Annual General meeting

Extraordinary meeting

Board meeting

 

Q:Preparation and pesentation of financial statements are governed by:

Companies ordinance 1984

International accounting standards

International Financial Reporting standards

All of teh given

 

Q:which of the following is recorded in the current liabilities section of the balance sheet?Debentures

Obligation under finance lease

Deffered taxation

Creditors

 

Q:Which of the following is True about the uses of provision IAS-37?

A provision should be used only for expenditure for which the provision was originally recognized

A provision should be used only for which the provision was originally recognized

A provision should bot be used only for expnditure for which the provision was originally recognized

None of the given

 

Q:which of the following document present the information abou Underwriters?

prospectus

statement in lieu of prospectus

Articles of association

Memorandum of association

 

Q:If you  plan to save Rs 8,000 with a bank at an interest rate of 8%,what will be the worth of your amount after 4 years if interest is compunded annually?

RS 8.640

RS10,560

RS10,884

RS11,000

 
Mgt101 Final Term Current Paper 
mostly mcqs from cash flow statement, type of business and rectifying errors.
Q1. Difference between list companies and non list companies.
Q2. What is fixed capital in partnership.
Q3. Prepare Profit and lost account from given data.
Q4. Positive and negative cash flow statement to identify activity.
Q5. Define following.
Premium shares
cash flow statement
debenture
note for account.
Q6. identify cost of good sold.
Q7. preparing control account.
MGT 101 
mgt101 latest final term paper spring 2011:


25 % MCQs were from the past papers given by vu askari...
Subjective portion:
Q1:what is retailing?define 
Q2:what are liabilities?explain the 2 types..short term and long term??
Q3:Define financial statement?whats the nature and purpose of it?
Q4:whats business plan?explain briefly
Q5:Factors required for industrial location
Q6:Explain how culture,economy,social problems are international trade barrier?



One should for sure revise all the chapters for MCQs purpose...
Find below my today’s Subjective paper of MGT101 for your information:-



1. Calculate Net profit / Net loss from the information given below; (5 Marks)

Gross Loss: 5800 Rs

Sales Salaries: 3,000

Custom duty on purchases: 6000

Freight on sales: 1000

Interest on loan: 500



2. Mr. X & Y were partners in business sharing profits in the ratio of 3:1 their capital were Rs: 30,000 and Rs: 10,000 respectively. They earned a net profit of Rs 160,000 Mr. Y was entitled to salary of Rs. 200 P/M. Prepare Profit distribution account of X & Y Partnership. (5 Marks)



3. When closing stock is given in trail balance only, then what will be its effect in profit and loss account and balance sheet and why ?

When depreciation is given in trial balance only, then what will be its effect in profit & loss account and Balance sheet and why ? (5 Marks)



4. Write note on the following terms:- (5 Marks)

Net capital employed

Share holder's Equity

Gain on sale of Fixed Assets

Return on Investment.



5. Mr. AB & C entered into a partnership. At the beginning of the year their 

capital balances were Rs. 50,000 , Rs. 60,000 and Rs. 70,000 respectively. Profit or loss is to be divided with the ratio of 3:2:1 among Mr. A,B & C respectively.

If loss is Rs. 168,000 calculate the share of loss for all the partners. (3 Marks)



6. Cost of assets is Rs. 50,000 on 1st January 2008.

Depreciation rate is 10% P.A

Financial year is January 01 to December 31.

Calculate Depreciation expense and written down value. (3 Marks)



7. Differentiate between debtor's turnover ratio and creditor’s turnover ratio. 
(3 marks)

MCQ -56 Nos. ( 30 % Past papers)



May Allah Bless All of US.

MGT101 Final Term Paper Spring 2011 

See the attached file please

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