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FINALTERM  EXAMINATION

Spring 2010

MGT101- Financial Accounting

Solved by AMBER SHAHEEN

 

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

       ► Large inventory - First-Out

   

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

 Which one 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:

  • Cost of machine= Rs. 425,000
  • Useful life= 5 years
  • Residual value = Rs. 25,000
  • 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

    

FINALTERM  EXAMINATION

Spring 2010

MGT101- Financial Accounting

Solved by AMBER SHAHEEN

 

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

 Direct materials costs

Rs.70,000

Direct labor costs

30,000

Manufacturing overhead costs

60,000

conversion cost

?

 

       ► Rs. 20,000

       ► Rs.40, 000

       ► Rs.90, 000

       ► Rs.160, 000

   

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

 Sale proceeds of goods are an example of:

 

       ► Revenue expense

       ► Capital expense

       ► Capital receipt

       ► Revenue receipt

   

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

 Consider the following data:

Provision created in 2006

Rs. 2,500

Bad debts in 2007

Rs. 1,500

Sundry debtors on 31-12- 2007 were Rs. 40,000 and provision is created @ 5%.

Which journal entry is Correct for the provision for doubtful debts for the year 2007.

 

       ► Profit & Loss a/c Rs. 1,000 (Dr) & Provision for doubtful debts a/c Rs. 1,000 (Cr)

       ► Provision for doubtful debts a/c Rs. 1,000 (Dr) & Profit & Loss a/c Rs. 1,000 (Cr)

       ► Profit & Loss a/c Rs. 2,000 (Dr) & Provision for doubtful debts a/c Rs. 2,000 (Cr)

       ► Provision for doubtful debts a/c Rs. 2,000 (Dr) & Profit & Loss a/c Rs. 2,000 (Cr)

   

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

 Which of the following subsidiary book(s) is (are) maintained for debtors control account?

 

       ► Sales Day Book

       ► Sales Return

       ► Debtors Ledger

       ► All of the given options

   

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

 Which of the following account(s) will be affected, while rectifying the error of Carriage paid Rs.50 for the newly purchased machinery mistakenly debited to carriage account?

       ► Only machinery account

       ► Only carriage account

       ► Both carriage and machinery account

       ► Only cash account

   

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

 Which of the following account(s) will be affected, while rectifying the error of an amount Rs.200 received from Mr.”P” wrongly credited to Mr.”Q’s” account?

       ► Only Cash Account

       ► Only P’s account

       ► Only Q’s account

       ► Both of Mr. P's & Mr.Q's Account

   

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

 Which of the following accounts would be increased with a debit?

 

       ► Contributed Capital

       ► Retained Earnings

       ► Revenues

       ► Expenses

   

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

 Which of the following would NOT be considered as a component of 'cost' of stock?

 

       ► Salaries of selling staff

       ► Transportation inward costs

       ► Import duties

       ► Purchase price

   

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

 Which of the following are the owners of a company?

       ► Proprietors

       ► Partners

       ► Shareholders

       ► Managers

   

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

 If dividend is proposed by directors of the company @ 30% for the year, it will be calculated on:

 

       ► Capital Reserve

       ► Authorized share capital

       ► Paid up share capital 

       ► Share premium

   

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

 In which of the following interim dividend is treated?

 

       ► In profit and Loss account

       ► In profit and Loss appropriation account

       ► On the asset side of the Balance Sheet

       ► In trading account 

   

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

 Which of the following documents contains rules and regulations for internal management of the company?

 

       ► Memorandum of Association

       ► Articles of Association

       ► Prospectus

       ► Statutory Declaration

   

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

 When preparing a cash flow statement, which of the following would be classified as a financing activity?

 

       ► A new long-term loan taken out to finance the purchase of fixed assets

       ► Salaries paid

       ► Interest paid on a long-term bank loan

       ► The cost of purchasing a patent

   

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

 When opening stock is Rs. 50,000, closing stock Rs. 60,000 and cost of goods sold Rs. 220,000. What will be stock turnover ratio?

 

       ► 2 times

       ► 3 times

       ► 4 times

       ► 5 times

   

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

 What does a credit balance in a partner’s current account represent to a business?

 

       ► Current Assets

       ► Current Liability

       ► Long-term liability

       ► Share of profit

   

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

 Net Profit + Expenses= _________

 

       ► Liabilities

       ► Assets

       ► Capital

       ► Income

   

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

 What would be the value of 'cost of goods manufactured' if the total factory cost of the month is Rs. 6,000, opening work in process is Rs. 2,000 and the closing work in process is Rs. 2,500? 

 

       ► Rs. 5,500

       ► Rs. 8,000

       ► Rs. 4,500

       ► Rs. 8,500

   

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

 Particulars

Rs.

Direct materials costs

80,000

Direct labor costs

50,000

Manufacturing overhead costs

60,000

Prime cost

?

 

       ► Rs.130, 000

       ► Rs.110, 000

       ► Rs.140, 000

       ► Rs.190, 000 

   

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

 "The owner of the business should be remunerated for his time spent in the business". This concept is known as:

 

       ► Inflation

       ► Money value of time

       ► Money measurement concept

       ► Realization concept

   

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

 Which of the following account will be debited, when the labor cost is charged to production?

 

       ► Finished goods account

       ► Labor cost account

       ► Work in process account

       ► Factory over head account

   

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

 Stock account is debited and creditors account is credited, which of the following is reflecting the statement?

 

       ► Discount received

       ► Goods returned

       ► Purchase of goods on credit

       ► Payment of goods

   

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

 The financial year of Atif Brothers & Co. is closed on June 30, 2009. Total cash sales are Rs. 150,000, credit sales are Rs. 180,000 and total receipts are Rs. 250,000. Credit receipts will be:

       ► Rs. 150,000

       ► Rs. 100,000

       ► Rs. 220,000

       ► Rs. 280,000

   

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

 Which of the following is usually not an accrued expense?

       ► Interest payable

       ► Wages payable

       ► Taxes payable

       ► Notes payable

   

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

 Which of the following financial statements is generally prepared first?

       ► Income statement

       ► Balance sheet

       ► Statement of retained earnings

       ► Statement of cash flow

   

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

 Which of the following is known as an asset account?

       ► Gains

       ► Prepaid insurance

       ► Unearned revenue

       ► Accounts payable

   

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

 Puget Sound Co. sold marketable securities Costing Rs.80,000 for Rs.92,000 cash. In the company’s income statement and statement of cash flows, respectively, this will appear as:

       ► A Rs.12,000 gain and a Rs.92,000 cash receipt

       ► A Rs.92,000 gain and a Rs.8,000 cash receipt

       ► A Rs.12,000 gain and a Rs.80,000 cash receipt

       ► A Rs.92,000 sale and a Rs.92,000 cash receipt

   

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

 Mr. A & B entered into a partnership invested Rs.50,000 and Rs.65,000 with an equal share in profit or loss. Markup on drawings of Mr. A is Rs.1,500 and of Mr. B is Rs.1,800. The net income for the year is Rs.85,000. What will be the profit share of Mr. B?

       ► Rs.42,350

       ► Rs.44,150

       ► Rs.41,600

       ► Rs.40,850

   

Question No: 28    ( 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: 29    ( Marks: 1 )    - Please choose one

 According to the statement of cash flows following are the examples of investing activities except:

       ► Sales of machinery

       ► Capital invested by the owners

       ► Purchase of building for the business use

       ► Cash received from the disposal of equipment

   

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

 Which of the following account would be credited in case of loss of goods by fire?

       ► Purchase account

       ► Sales account

       ► Loss by fire account

       ► Capital account

   

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

 Which of the following result would be shown if Gross Profit is greater than the Operating Expenses in profit and loss account?

       ► Net Profit

       ► Operating profit

       ► Net Loss

       ► Gross Loss

   

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

 Which of the following is/are NOT the example of intangible assets?

       ► Copyright

       ► Goodwill

       ► Patent

       ► Land

   

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

 If salaries expense is Rs. 2,500, purchases are Rs. 16,000 and rent (office building) is Rs. 300 during the year, what would be the total "General & administrative expenses"?

       ► Rs. 300

       ► Rs. 2,500

       ► Rs. 2,800

       ► Rs.18,800

   

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

 Which one of the following methods for inventory valuation is based on the assumption that the first merchandise purchased is the first merchandise sold?

       ► LIFO Method

       ► Weighted Average Method

       ► Specific Identification Method

       ► FIFO Method

   

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

 A machine, which was bought at a cost of Rs. 4,000, is not expected to have any residual value. If it is depreciated at a rate of 10% per annum using Straight line method, its net book value after two years will be:

       ► Rs. 3,200

       ► Rs. 800

       ► Rs. 3,600

       ► Rs. 3,240

   

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

 Particulars

Rs.

Written down value of asset at the time of sale

10,000

Original cost of asset

20,000

Depreciation expense during the year

700

Disposal value of asset

?

Loss on disposal of asset

1,000

 

       ► Rs. 9,000

       ► Rs. 19,000

       ► Rs. 8,300

       ► Rs.10,000

   

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

 Accounts receivables are shown in balance sheet at:

       ► Net realizable value

       ► Total amount

       ► Market value

       ► Residual value

   

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

 Which of the following is NOT included in Debtors Control Account?

 

       ► Cash sale

       ► Credit sale

       ► Bills receivable

       ► Discount allowed

   

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

 Which of the following would be shown on the credit side of creditors control account?

       ► Bills Receivable

       ► Return outwards

       ► Credit purchases

       ► Discount allowed

   

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

 Which of the following is INCORRECT about subsidiary account?

       ► It is not a summary account

       ► It reduces the burden of control account

       ► It provides detailed information about individual accounts

       ► It summarizes the total of related items from other accounts

   

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

 Which of the following would be occurred in a transaction, but will not be expensed until a future accounting period?

       ► Deferred cost

       ► Provision

       ► Unearned revenue

       ► Capital work in progress

   

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

 Deferred revenues will become revenue when they are:

       ► Unearned

       ► Earned

       ► Incurred

       ► Paid

   

Question No: 43    ( 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: 44    ( Marks: 1 )    - Please choose one

 Which of the following is old name of Cash Flow Statement?

       ► Sources and Application of Funds

       ► Sources and Application of Liabilities

       ► Sources and Application of Activities

       ► Sources and Application of Income

   

Question No: 45    ( 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: 46    ( 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: 47    ( 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: 48    ( Marks: 1 )    - Please choose one

 Which of the given Asset is Not included in the calculation acid test ratio?

       ► Stock

       ► Cash

       ► Debtors

       ► Bills Receivable

Following information are extracted from books of Mr. XYZ
Particulars Rs.
Closing value of stock 40,000
Write off Bad debts (given in
adjustments)
2,400
Sundry Debtors (given in trial balance) 33,200
Provision is created on Debtors at 5%
Requirement: Identify the Total amount which will deduct from Sundry
debtors

Naina Shah thanks for sharing 

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