MGT101Fall2008 FinalTerm OPKST MGT101 Financial Accounting

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{\author Mastour}{\operator Mastour}{\creatim\yr2009\mo5\dy28\hr14\min31}
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\ab\af1 \ltrch \b\insrsid6782857 FINALTERM EXAMINATION
\par Fall 2008
\par MGT101- Financial Accounting (Session - 1)
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\faauto\rin0\lin0\itap0 {\rtlch \af0
\ltrch \cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 }{\rtlch \ab\af0 \ltrch \b\f0\cf0\ulc0\insrsid6782857
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0 {\rtlch
\ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857 Question No: 1 ( Marks: 1 ) -
Please choose one
\par }\pard \ltrpar\qj \li0\ri0\widctlpar\faauto\rin0\lin0\itap0 {\rtlch \ab\af1
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0070bb1e005ae78339040000002d010100030000000000}}{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 Wages
outstanding}{\rtlch \af0 \ltrch \f0\cf0\ulc0\insrsid6782857 }{\rtlch \af1
\ltrch \cf0\ulc0\insrsid6782857 given in the trial balance will be treated as a
(an):
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0 {\rtlch \af1
\ltrch \cf0\ulc0\insrsid6782857
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Asset
\par \u9658\'3f}{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857\charrsid16019607 Liability}{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857
\par \u9658\'3f Revenue
\par }\pard \ltrpar\qj \li0\ri0\widctlpar\faauto\rin0\lin0\itap0 {\rtlch \af1
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Deferred expense
\ltrch \cf0\ulc0\insrsid6782857 }{\rtlch \ab\af0 \ltrch
\b\f0\cf0\ulc0\insrsid6782857
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
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00000fa0200000600000000000000040000002d010100
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0fa0200000000000000000000040000002d0103000700
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\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 Prepaid
interest given in the Trial Balance will be treated as a (an):
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f }{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857\charrsid9507188 Asset}{\rtlch \af1 \ltrch
\par \u9658\'3f Liability
\par \u9658\'3f Revenue
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Deferred expense
Please choose one
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\faauto\rin0\lin0\itap0 {\rtlch \ab\af1
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
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000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \insrsid6782857 If company has
distributable profit is Rs. 4, 90,000. Profit sharing share ratio of Mr. A, Mr. B
and Mr. C is 2:3:5 respectively what will be the Profit share for Mr. C in
distributable profit.
\ltrch \insrsid6782857
\ltrch \insrsid6782857 \u9658\'3f }{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 Rs. 98,000
\par \u9658\'3f Rs. 1, 47,000
\par \u9658\'3f }{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857\charrsid12398398 Rs. 2, 45,000}{\rtlch \af1 \ltrch
\par \u9658\'3f Rs. 3, 43,000
\par }{\rtlch \ab\af0 \ltrch \b\f0\cf0\ulc0\insrsid6782857
Please choose one
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000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 If the
Capitals of partners are fixed then, at the end of financial year a partner\rquote
s drawings are transferred to the:
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Credit side of the partner\rquote
s capital account
\par \u9658\'3f Credit side of the partner\rquote s current account
\par \u9658\'3f Debit side of partnership bank account
\b\cf0\ulc0\insrsid6782857\charrsid11019567 Debit side of the partner\rquote s
current account}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857
Please choose one
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000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857
If company has distributable profit of Rs. 490,000, Profit sharing share ratio of
Mr. A, Mr. B and Mr. C is 2:3:5 respectively. What will be the share of profit for
Mr. A in distributable profit?}{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857
\b\cf0\ulc0\insrsid6782857\charrsid12610667 Rs. 98,000}{\rtlch \af1 \ltrch
\par \u9658\'3f Rs. 147,000
\par \u9658\'3f Rs. 245,000
\par \u9658\'3f Rs. 343,000
Please choose one
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000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 In which
situation(s) Partnership is dissolved?
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f In case of death of partner
\par \u9658\'3f At the admission of new partner
\par \u9658\'3f If any partner resigned from partnership
\b\cf0\ulc0\insrsid6782857\charrsid2650607 All of the given options}{\rtlch \af1
Please choose one
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00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 In
calculating earning per share (EPS), the net profit is divided by which of the
following?
\b\cf0\ulc0\insrsid6782857\charrsid2650607 Number of ordinary shares}{\rtlch
\af1 \ltrch
\par \u9658\'3f Number of preference shares
\par \u9658\'3f Paid up capital
\par \u9658\'3f Authorized capital
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
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000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 Which of
the following statement in }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857 NOT
TRUE}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857
about the limited company form of business?
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f The limited company form of
business allows ownership of the business to be spread amongst many people
\par \u9658\'3f}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857\charrsid8061363
Shareholders}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 can appoint
professionals
\par }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857\charrsid13053661
\u9658\'3f Shareholders are personally liable for all the liabilities incurred by
the business
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Regular filing
of information about the affairs of the company is a legal requirement
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 A private
limited company can commence its business:
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Immediately on receiving a
certificate of incorporation
\par \u9658\'3f Without receiving a certificate of incorporation
\par \u9658\'3f Only when it receives certificate of commencement of
business
\b\cf0\ulc0\insrsid6782857\charrsid1993709 Only when it receives both, the
certificate of incorporation as well as certificate of commencement of business
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 }{\rtlch \ab\af0 \ltrch
Please choose one
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20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 An
example of financing activities in the context of cash flow statement is:
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Capital expenditures on purchase
of fixed assets
\par \u9658\'3f Long-term deposit
\u9658\'3f Financial charges paid
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Dividend paid
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
A firm may earn profit during an accounting period but have less money in the bank
at the end of the period then it had at the beginning. Which of the followings, on
its own, could explain this?
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Not paying invoices received from
creditors
\par \u9658\'3f The sale of fixed assets during the period
\b\cf0\ulc0\insrsid6782857\charrsid9906546 An increase in trade debtors over the
course of the period}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857
\par \u9658\'3f An increase in the depreciation charge relative to the
previous accounting period
Please choose one
\par }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid2522562
{\pict{\*\picprop\shplid1036{\sp{\sn shapeType}{\sv 75}}{\sp{\sn fFlipH}{\sv 0}}
{\sp{\sn fLayoutInCell}{\sv 1}}}
\
picscalex100\picscaley100\piccropl0\piccropr0\piccropt0\piccropb0\picw15584\pich26\
picwgoal8835\pichgoal15\wmetafile8\bliptag-1895836859\blipupi-161{\*\blipuid
8effd34580ace9d478c35331c42d728e}
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 The
primary purpose of preparing a cash flow statement for an entity is to provide
information about:
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Its financial position at the end
of an accounting period
\par \u9658\'3f Its cash receipts and cash payments during an accounting
period
\par \u9658\'3f Its financial position at the start of an accounting period
\u9658\'3f None of the given options
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
the following option(s) is }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857 TRUE}
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 about the Sales returns?
\par
\par
\par
\par
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Sales returns reduce the Gross
sales of the firm
\par \u9658\'3f Sales returns affect the Net income of the firm
\par \u9658\'3f Sales returns affect the flow of cash
\b\cf0\ulc0\insrsid6782857\charrsid16322563 All of the given options}{\rtlch
\af1 \ltrch
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
persons who sign articles and memorandum of the company and contribute in the
initial share capital of the company are called:
\b\cf0\ulc0\insrsid6782857\charrsid542280 Subscribers }{\rtlch \af1 \ltrch
\par \u9658\'3f Shareholders
\par \u9658\'3f Managers
\par \u9658\'3f Directors
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
charter of a company which defines the limitations and powers of the company is
called:
\b\cf0\ulc0\insrsid6782857\charrsid6782857 The memorandum of association}{\rtlch
\af1 \ltrch
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Articles of association
\par \u9658\'3f Statutory report
\par \u9658\'3f Certificate of commencement
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
the following can offer its share to general public at large?
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f A private limited company
\b\cf0\ulc0\insrsid6782857\charrsid9906546 A listed company}{\rtlch \af1 \ltrch
\par \u9658\'3f A partnership firm
\par \u9658\'3f A trust
Please choose one
\par }\pard \ltrpar\ql \li0\ri0\sl360\slmult1\widctlpar\faauto\rin0\lin0\itap0
{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid2522562
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
the following are the owners of a company?
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Proprietors
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Partners
\b\cf0\ulc0\insrsid6782857\charrsid10301690 Shareholders}{\rtlch \af1 \ltrch
\par \u9658\'3f Managers

Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 Current
accounts of the partners should be opened when the capitals are:
\par \u9658\'3f Normal
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Floating
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f}{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857\charrsid14374139 Fixed}{\rtlch \af1 \ltrch
\par \u9658\'3f Fluctuating
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 Rent
receivable (given in trial balance) is an item of_____________.
\b\cf0\ulc0\insrsid6782857\charrsid3613334 Balance Sheet}{\rtlch \af1 \ltrch
\par \u9658\'3f Profit & Loss Account

\par \u9658\'3f Trading Account
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f }{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857\charrsid3613334 Both Balance Sheet and Profit & Loss
Account}{\rtlch \af1 \ltrch
Please choose one
\
8effd34580ace9d478c35331c42d728e}
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 When
closing stock is given in trial balance, then it will effect:
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Trading account only
\par \u9658\'3f Balance sheet only
\par \u9658\'3f Owner's equity only
\b\cf0\ulc0\insrsid6782857\charrsid3678151 Both Trading account and Balance sheet
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
the following account is affected from the Drawings of cash in sole-proprietorship
business?
\b\cf0\ulc0\insrsid6782857\charrsid4291302 Capital account}{\rtlch \af1 \ltrch
\par \u9658\'3f Shareholder account

\par \u9658\'3f Liability account
\par \u9658\'3f Expense account
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 An asset
is considered to be a current asset if:
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f It has been bought recently and
was bought new and not used
\u9658\'3f It can be realized in cash or sold or consumed in the business within
one year
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f It is a piece
of new machinery that is expected to last for at least ten years
\par \u9658\'3f All of the given options
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 General
office expenses are charged to which of the following head:
\b\cf0\ulc0\insrsid6782857\charrsid3367944 Administrative expenses}{\rtlch \af1
\ltrch
\par \u9658\'3f Marketing expenses
\par \u9658\'3f Selling expenses
\par \u9658\'3f Financial expenses
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
the following would }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857 NOT}
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 be considered as a component of
'cost' of stock?

\b\cf0\ulc0\insrsid6782857\charrsid2112699 Salaries of selling staff}{\rtlch
\af1 \ltrch
\par \u9658\'3f Transportation inward costs
\par \u9658\'3f Import duties
\par \u9658\'3f Purchase price
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 A
financial statement that indicates the success or failure of a business, over a
period of time is called:
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f A cash flow statement
\par \u9658\'3f A retained earnings statement
\b\cf0\ulc0\insrsid6782857\charrsid10235484 An income statement}{\rtlch \af1 \ltrch
\par \u9658\'3f A balance sheet
Please choose one
\
8effd34580ace9d478c35331c42d728e}
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
the following is }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857 NOT}{\rtlch
\ai\af1 \ltrch \i\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch
correct about income tax?
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\tx0\faauto\rin0\lin0\itap0 {\rtlch
\af1 \ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Different companies pay tax
on different rates
\u9658\'3f It is treated as an expense and debited in Profit & Loss account
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f When financial
statements are prepared, an estimate of expected tax liability is made
\par \u9658\'3f It is treated as an expense and credited in Profit & Loss
account
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 Following
information are extracted from books of Mr. XYZ
\par
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trleft-
108\trftsWidth1\trpaddl108\trpaddr108\trpaddfl3\trpaddfr3
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10
\clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth4819\clshdrawnil
\cellx4711\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10
\clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1084\clshdrawnil \cellx5795\pard \ltrpar
\qc \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857 Particulars\cell Rs.\cell }\pard \ltrpar\ql
\li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\rtlch
\af1 \ltrch \cf0\ulc0\insrsid6782857
\trowd \irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trleft-
\cltxlrtb\clftsWidth3\clwWidth1084\clshdrawnil \cellx5795\row \ltrrow}\pard \ltrpar
\ql \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 Closing value of stock \cell }\pard \ltrpar\qr
\li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 40,000\cell }\pard \ltrpar
\ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \trowd
\irow1\irowband1\ltrrow\ts11\trqc\trgaph108\trleft-
108\trftsWidth1\trpaddl108\trpaddr108\trpaddfl3\trpaddfr3 \clvertalt\clbrdrt
\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1084\clshdrawnil \cellx5795\row \ltrrow}\pard
\ltrpar\ql \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 Write off Bad debts (given in adjustments)\cell }\pard
\ltrpar
\qr \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 2,400\cell }\pard \ltrpar\ql
\cf0\ulc0\insrsid6782857 Sundry Debtors (given in trial balance)\cell }\pard
\ltrpar\qr \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 33,200\cell
}\pard \ltrpar\ql
\af1 \ltrch \cf0\ulc0\insrsid6782857 \trowd
\clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth4819\clshdrawnil
\clbrdrb\brdrs\brdrw10 \clbrdrr
\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1084\clshdrawnil \cellx5795\row
\ltrrow}\trowd \irow4\irowband4\lastrow \ltrrow\ts11\trqc\trgaph108\trleft-
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl
\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth5903\clshdrawnil \cellx5795\pard \ltrpar\ql
Provision is created on Debtors at 10%\cell }\pard \ltrpar\ql
\af1 \ltrch \cf0\ulc0\insrsid6782857 \trowd \irow4\irowband4\lastrow \ltrrow
\ts11\trqc\trgaph108\trleft-
\cellx5795\row
}\pard \ltrpar\ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0 {\rtlch \af1
\ltrch \cf0\ulc0\insrsid6782857 Identify the Total amount deducted from Sundry
debtors.
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Rs. 460
\par \u9658\'3f Rs. 3,080
\par \u9658\'3f Rs. 5,480
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 If
(Amount of new provision + Amount of bad debts) < Amount of old provision then
amount will be shown on:
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Debit side of P & L account
\b\cf0\ulc0\insrsid6782857\charrsid4092225 Credit side of P & L account}{\rtlch
\par \u9658\'3f Asset side of Balance Sheet
\par \u9658\'3f Liability side of Balance Sheet
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
the following rectifying entry will be recorded, if sales to Mr. \'93A\'94 of
Rs.336 have been debited to Mr. \'93B\'94 account?
\b\cf0\ulc0\insrsid6782857\charrsid3613334 \u9658\'3f A\rquote s account (Dr.) and
B\rquote s account (Cr.)
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f B\rquote s
account (Dr.) and A\rquote s account (Cr.)
\par \u9658\'3f Sales account (Dr.) and}{\rtlch \af0 \ltrch
\f0\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 B\rquote
s account (cr.)
\par \u9658\'3f B\rquote s account (Dr.) and Sales account (Cr.)
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
the following account(s) will be affected, while rectifying the error of sales
Rs.100 to Mr. \'93A\'94 recorded in the purchases book?
\par
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Sales account
\par \u9658\'3f Purchase account
\par \u9658\'3f A\rquote s account and Sales account
\par \u9658\'3f }{\rtlch \ab\af1 \ltrch \b\insrsid6782857\charrsid6966905
Sales account, purchase account and A\rquote s account}{\rtlch \af1 \ltrch
\insrsid6782857
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
the following is shown on credit side of creditors control account?
\b\cf0\ulc0\insrsid6782857\charrsid735769 Bills Receivable}{\rtlch \af1 \ltrch
\par \u9658\'3f Return inwards

\par \u9658\'3f Credit purchases
\par \u9658\'3f Discount allowed
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 Sales are
calculated by adding:
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Cash sales and cash received from
debtors
\par \u9658\'3f Credit sales and cash received from debtors
\b\cf0\ulc0\insrsid6782857\charrsid15738371 Cash sales and credit sales}{\rtlch
\par \u9658\'3f Cash ales and credit purchases
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch
\cf0\lang2057\langfe1033\langnp2057\ulc0\insrsid6782857 Which of the following is }
{\rtlch \ab\af1 \ltrch \b\cf0\lang2057\langfe1033\langnp2057\ulc0\insrsid6782857
NOT}{\rtlch \af1 \ltrch
\cf0\lang2057\langfe1033\langnp2057\ulc0\insrsid6782857 based on the concept of
double entry book keeping system?
\b\cf0\lang2057\langfe1033\langnp2057\ulc0\insrsid6782857\charrsid14830493
Subsidiary }{\rtlch \ab\af1
\ltrch \b\cf0\ulc0\insrsid6782857\charrsid14830493 L}{\rtlch \ab\af1 \ltrch
\b\cf0\lang2057\langfe1033\langnp2057\ulc0\insrsid6782857\charrsid14830493 edgers}
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857
\par \u9658\'3f }{\rtlch \af1 \ltrch
\cf0\lang2057\langfe1033\langnp2057\ulc0\insrsid6782857 Creditors Control Accounts}
\cf0\lang2057\langfe1033\langnp2057\ulc0\insrsid6782857 Debtors Control Accounts}
\cf0\lang2057\langfe1033\langnp2057\ulc0\insrsid6782857 All of the given options}
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 If Bad
Debts written off are given in adjustment, then which of the following entry for
bad debts written off is }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857
CORRECT}{\rtlch
\af1 \ltrch \cf0\ulc0\insrsid6782857 ?
\par
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Bad debts a/c (Dr) and Trading
a/c (Cr)
\u9658\'3f Provision for Bad and Doubtful debts a/c (Dr) and Bad debts a/c(Cr)
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Bad debts a/c
(Dr) and debtors a/c (Cr)
\par \u9658\'3f Trading a/c (Dr) and Bad debts a/c (Cr)
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 Consider
the following data:
\qj \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 Provision created in 2006\cell }\pard \ltrpar\qr
\cf0\ulc0\insrsid6782857 Rs. 2,500\cell
}\pard \ltrpar\ql
\ltrrow}\pard \ltrpar\qj \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \af1
\ltrch \cf0\ulc0\insrsid6782857 Bad debts in 2007\cell }\pard \ltrpar
\cf0\ulc0\insrsid6782857 Rs. 1,500\cell }\pard \ltrpar\ql
\cltxlrtb\clftsWidth3\clwWidth2319\clshdrawnil \cellx8532\row \ltrrow
}\trowd \irow2\irowband2\ltrrow\ts11\trqc\trgaph108\trleft-
\cltxlrtb\clftsWidth3\clwWidth8640\clshdrawnil \cellx8532\pard \ltrpar\qj
\cf0\ulc0\insrsid6782857 Sundry debtors on 31-12- 2007 were Rs. 40,000 and
provision is created @ 5%.\cell
}\pard \ltrpar\ql
\cellx8532\row \ltrrow}\pard \ltrpar\qj \li0\ri0\widctlpar\intbl\faauto\rin0\lin0
{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 Which journal entry is Correct for the provision for
doubtful debts for the year 2007. \cell }\pard \ltrpar\ql
\trowd \irow3\irowband3\lastrow \ltrrow\ts11\trqc\trgaph108\trleft-
\cltxlrtb\clftsWidth3\clwWidth8640\clshdrawnil \cellx8532\row }\pard \ltrpar\ql
\li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0 {\rtlch \af1 \ltrch
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Provision for doubtful debts a/c
Rs. 1,000 (Dr) & Profit & Loss a/c Rs. 1,000 (Cr)
\par \u9658\'3f Profit & Loss a/c Rs. 2,000 (Dr) & Provision for doubtful
debts a/c Rs. 2,000 (Cr)
\par \u9658\'3f Provision for doubtful debts a/c Rs. 2,000 (Dr) & Profit &
Loss a/c Rs. 2,000 (Cr)
\u9658\'3f Profit & Loss a/c Rs. 1,000 (Dr) & Provision for doubtful debts a/c Rs.
1,000 (Cr)
Please choose one
\b\cf0\ulc0\insrsid2522562 {\pict{\*\picprop\shplid1060{\sp{\sn shapeType}{\sv 75}}
{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn
fLayoutInCell}{\sv 1}}
1}}}\picscalex100\picscaley100\piccropl0\piccropr0\piccropt0\piccropb0\picw15584\pi
ch26\picwgoal8835\pichgoal15\wmetafile8\bliptag-1895836859\blipupi-161{\*\blipuid
8effd34580ace9d478c35331c42d728e}
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\af1 \ltrch \cf0\ulc0\insrsid6782857 \trowd \irow0\irowband0\ltrrow
\cellx5471\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10
\cellx6622\row \ltrrow}\pard \ltrpar\ql \li0\ri0\widctlpar\intbl\faauto\rin0\lin0
{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 Opening written down value of machine\cell }\pard
\cf0\ulc0\insrsid6782857 4,00,000\cell }\pard \ltrpar
\cltxlrtb\clftsWidth3\clwWidth1151\clshdrawnil \cellx6622\row \ltrrow}\trowd
\irow2\irowband2\ltrrow\ts11\trqc\trgaph108\trrh287\trleft-
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10
\cellx6622\pard \ltrpar\ql \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch
\af1 \ltrch \cf0\ulc0\insrsid6782857 Cost of machine purchased during the year\cell
}\pard \ltrpar\qr \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \af1 \ltrch
\ts11\trqc\trgaph108\trrh287\trleft-
\clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth5579\clshdrawnil \cellx5471
\cellx6622\row \ltrrow}\trowd \irow3\irowband3\ltrrow
\cellx6622\pard \ltrpar\ql \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch
Depreciation during the year\cell }\pard \ltrpar\qr
\li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\rtlch \af1
\ltrch \cf0\ulc0\insrsid6782857 \trowd
\cf0\ulc0\insrsid6782857 closing written down value (WDV) of the
Machines\cell }\pard \ltrpar\qr \li0\ri0\widctlpar\intbl\faauto\rin0\lin0
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 ?
\cell }\pard \ltrpar\ql
\cellx6622\row }\pard \ltrpar\ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0
{\rtlch \af1 \ltrch
\u9658\'3f Rs. 4, 30,000
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Rs. 4, 50,000
\par \u9658\'3f Rs. 4, 70,000
\par \u9658\'3f Rs. 70,000
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 In
accounting accumulated depreciation is:
\par \u9658\'3f Treated as a reserve
\b\cf0\ulc0\insrsid6782857\charrsid11929413 Treated as a contra asset}{\rtlch
\par \u9658\'3f Treated as a surplus
\par \u9658\'3f Treated as an expense
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 Find out
the missing value of an Accounting Equation with the help of given data:
\par
108\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10
\trbrdrr\brdrs\brdrw10 \trftsWidth1\trpaddl108\trpaddr108\trpaddfl3\trpaddfr3
\clvertalt\clbrdrt\brdrs\brdrw10
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cf0\ulc0\insrsid6782857 Cash \cell }\pard \ltrpar\qr
\irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trleft-108\trbrdrt
\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10
\trftsWidth1\trpaddl108\trpaddr108\trpaddfl3\trpaddfr3
\cf0\ulc0\insrsid6782857 Debtors\cell }\pard \ltrpar\qr
\cf0\ulc0\insrsid6782857 Rs. 500\cell }\pard \ltrpar
\irow1\irowband1\ltrrow\ts11\trqc\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10
\trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10
\cellx2106\clvertalt\clbrdrt
\cf0\ulc0\insrsid6782857 Total Assets\cell }\pard \ltrpar\qr
\cf0\ulc0\insrsid6782857 Rs. 80, 385\cell }\pard \ltrpar\ql
\li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {
\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \trowd
\irow2\irowband2\ltrrow\ts11\trqc\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10
\trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10
\ltrrow}\pard \ltrpar\ql \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \af1
\ltrch \cf0\ulc0\insrsid6782857 Accounts payable \cell }\pard \ltrpar
\trowd \irow3\irowband3\ltrrow\ts11\trqc\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10
\cf0\ulc0\insrsid6782857 Total liabilities \cell }\pard \ltrpar
\trowd \irow4\irowband4\lastrow \ltrrow\ts11\trqc\trgaph108\trleft-
\li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0 {\rtlch \af1 \ltrch
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Rs. 60,385 owner\rquote s equity

\b\cf0\ulc0\insrsid6782857\charrsid14840124 Rs. 61,385 owner\rquote s equity}
{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch
\par \u9658\'3f Rs. 99,885 owner\rquote s equity
\par \u9658\'3f Rs. 99,385 owner\rquote s equity
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 Stock of
Trading concern consists of:
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Raw material
\par \u9658\'3f Work in process
\b\cf0\ulc0\insrsid6782857\charrsid1132386 Merchandise inventory}{\rtlch \af1
\par \u9658\'3f All of the given options
Please choose one
\par }\pard \ltrpar\ql \li-540\ri0\widctlpar\tx0\faauto\rin0\lin-540\itap0
{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid2522562
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
Consider the following inventory record:
\par
\par \ltrrow}\trowd
\irow0\irowband0\ltrrow\ts11\trgaph108\trleft252\trftsWidth1\trpaddl108\trpaddr108\
trpaddfl3\trpaddfr3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10
\cellx3917\clvertalt\clbrdrt\brdrs\brdrw10
\ql \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857 Date}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857
\cell }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857 Item}{\rtlch \af1
\cell }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857 Quantity}{\rtlch \af1
\ltrch \cf0\ulc0\insrsid6782857 \cell }{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857 Cost/Unit}{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 \cell }{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857 Total}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \cell
}\pard \ltrpar\ql
\ts11\trgaph108\trleft252\trftsWidth1\trpaddl108\trpaddr108\trpaddfl3\trpaddfr3
\cf0\ulc0\insrsid6782857 2007Jan. 2
\cell }\pard \ltrpar\ql \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \af1
\ltrch \cf0\ulc0\insrsid6782857 Opening inventory\cell 100\cell }\pard
Rs.18.00\cell Rs.1,800\cell }\pard \ltrpar\ql
\cf0\ulc0\insrsid6782857 Mar. 4\cell
}\pard \ltrpar\ql \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 Purchase\cell 400\cell }\pard \ltrpar\qr
\cf0\ulc0\insrsid6782857 19.00\cell
7,600\cell }\pard \ltrpar\ql
\cf0\ulc0\insrsid6782857 May 8\cell
\cf0\ulc0\insrsid6782857 Nov. 3\cell
\li0\ri0\widctlpar\faauto\rin0\lin0\itap0 {\rtlch \af1 \ltrch
Four hundred units are unsold, Use the FIFO method of inventory costing and
determine the value assigned to the 400 units on hand at the end of the period.
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Rs.7, 500
\par \u9658\'3f Rs.7, 978
\par \u9658\'3f Rs.8, 000
\u9658\'3f Rs.8, 400
Please choose one
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trrh345\trleft-
\clvertalt\clbrdrt
\cltxlrtb\clftsWidth3\clwWidth1284\clshdrawnil \cellx5316\pard \ltrpar\qc
\li0\ri0\widctlpar\intbl\tx720\faauto\rin0\lin0 {\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid2522562 {\pict{\*\picprop\shplid1065{\sp{\sn shapeType}{\sv 75}}
{\sp{\sn fFlipH}{\sv 0}}
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\ts11\trqc\trgaph108\trrh345\trleft-108\trbrdrt\brdrs\brdrw10
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1284\clshdrawnil \cellx5316
\row \ltrrow}\pard \ltrpar\ql \li0\ri0\widctlpar\intbl\tx720\faauto\rin0\lin0
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 Opening stock of raw
material\cell }\pard \ltrpar\qr \li0\ri0\widctlpar\intbl\tx720\faauto\rin0\lin0
{\rtlch \af1 \ltrch
\irow1\irowband1\ltrrow\ts11\trqc\trgaph108\trrh345\trleft-108\trbrdrt
\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10
}\trowd \irow2\irowband2\ltrrow\ts11\trqc\trgaph108\trrh188\trleft-
\li0\ri0\widctlpar\intbl\tx720\faauto\rin0\lin0 {\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 Closing stock of raw material\cell }\pard \ltrpar\qr
\li0\ri0\widctlpar\intbl
\tx720\faauto\rin0\lin0 {\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857
\ts11\trqc\trgaph108\trrh188\trleft-108\trbrdrt\brdrs\brdrw10
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1284\clshdrawnil \cellx5316
\row \ltrrow}\trowd \irow3\irowband3\ltrrow\ts11\trqc\trgaph108\trrh615\trleft-
\clvertalt\clbrdrt
\cf0\ulc0\insrsid6782857 Purchases of raw material during the period\cell }\pard
\ltrpar
\qr \li0\ri0\widctlpar\intbl\tx720\faauto\rin0\lin0 {\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 200, 000\cell }\pard \ltrpar\ql
\trowd \irow3\irowband3\ltrrow\ts11\trqc\trgaph108\trrh615\trleft-
\irow4\irowband4\lastrow \ltrrow\ts11\trqc\trgaph108\trrh360\trleft-
\trbrdrr\brdrs\brdrw10
\cellx4032\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl
\cf0\ulc0\insrsid6782857 Cost of Material Consumed
\cell }\pard \ltrpar\qr \li0\ri0\widctlpar\intbl\tx720\faauto\rin0\lin0 {\rtlch
\ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857 ?\cell }\pard \ltrpar\ql
\af1 \ltrch
\cf0\ulc0\insrsid6782857 \trowd \irow4\irowband4\lastrow
\ltrrow\ts11\trqc\trgaph108\trrh360\trleft-108\trbrdrt\brdrs\brdrw10
\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1284\clshdrawnil \cellx5316\row }\pard
\ltrpar\ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0 {\rtlch \af1 \ltrch
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Rs. 205,000
\par \u9658\'3f Rs. 220,000
\par \u9658\'3f Rs. 225,000
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 In cost
of goods sold statement the \lquote cost of goods manufactured\rquote is equal to:
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Total factory cost + Opening work
in process + Ending work in process
\b\cf0\ulc0\insrsid6782857\charrsid14229944 Total factory cost + Opening work in
process \endash Ending work in process}{\rtlch \af1 \ltrch
\par \u9658\'3f Total factory cost - Opening work in process + Ending work
in process
\af1 \ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Ending work in process
+Total factory cost \endash Opening work in process
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 What
would be the value of total factory cost, if the cost o
f material consumed during the month is Rs. 6,000, labor cost incurred is Rs. 2,000
and the factory over head cost is Rs. 2,500?
\af1 \ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Rs. 6,000
\par \u9658\'3f Rs. 8,000
\par \u9658\'3f Rs. 4,500
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
the following item appears in Trading Account of a business?}{\rtlch \af0 \ltrch
\f0\cf0\ulc0\insrsid6782857
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\tx720\faauto\rin0\lin0\itap0 {\rtlch \af1
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Interest expenses
\b\cf0\ulc0\insrsid6782857\charrsid2314625 Wages and salaries}{\rtlch \af1
\par \u9658\'3f Depreciation expenses
\par \u9658\'3f Discount Allowed
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 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 value of Gross Profit?
\af1 \ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Rs. 15,000
\u9658\'3f Rs. 35,000
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Rs. 55,000
\par \u9658\'3f Rs. 60,000
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 Identify
that which of the following particular(s) would }{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857 NOT}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857
be shown in the format of a Cash Book?
\par (1) Cheque number
\par (2) Date of transaction
\par (3) Amount of transaction
\b\cf0\ulc0\insrsid6782857\charrsid6097959 (1) only}{\rtlch \af1 \ltrch
\par \u9658\'3f (1) & (2) only
\par \u9658\'3f (1) & (3) only
\par \u9658\'3f (2) & (3) only
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
process of transferring journal entry information to the ledger is called:
\par
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Journalizing
\b\cf0\ulc0\insrsid6782857\charrsid6318895 Posting }{\rtlch \af1 \ltrch
\par \u9658\'3f Balancing
\par \u9658\'3f Analyzing
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 Which one
of the following is a type of General Ledger?
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Book of original entry
\u9658\'3f \lquote T\rquote Account
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Source
document
\par \u9658\'3f Day book
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
the following is }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857 CORRECT}{\rtlch
\af1 \ltrch \cf0\ulc0\insrsid6782857 about the flow of recording a transaction?}{
\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857
\b\cf0\ulc0\insrsid6782857\charrsid4270104 \u9658\'3f Occurrence of event \endash
voucher\emdash Journal\emdash Ledger
\emdash Trial Balance\emdash profit and loss account\emdash Balance Sheet
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Occurrence of event\emdash
Journal \endash voucher \emdash Ledger\emdash Trial Balance\emdash profit and loss
account\emdash
Balance Sheet
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Occurrence of event\emdash Ledger
\endash voucher\emdash Journal\emdash Trial Balance\emdash profit and loss
account\emdash
Balance Sheet
\ltrch \cf0\ulc0\insrsid6782857 \u9658\'3f Occurrence of event\emdash Trial
Balance \endash voucher\emdash Journal\emdash Ledger\emdash profit and loss
account\emdash
Balance Sheet
Please choose one
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 Economic
resources owned by a business and expected to benefit for the future operations are
called:
\par \u9658\'3f Expenses
\par \u9658\'3f Assets
\par \u9658\'3f}{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857\charrsid547765 Capital}{\rtlch \af1 \ltrch
\par \u9658\'3f Liabilities
\ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857 Question No: 51 ( Marks: 5 )
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 With the help of given data prepare Capital account of
a sole trader and calculate closing balance of capital.
\b\cf0\ulc0\insrsid6782857 \cell Rs.\cell }\pard \ltrpar\ql
\cf0\ulc0\insrsid6782857 Balance b/f \cell }\pard \ltrpar\qc
\cf0\ulc0\insrsid6782857 Drawings\cell }\pard \ltrpar\qc
\li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {
\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 50,000\cell }\pard \ltrpar\ql
\cellx4407\row \ltrrow}\pard \ltrpar\ql \li0\ri0\widctlpar\intbl\faauto\rin0\lin0
{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 Profit & Loss (debit balance)\cell }\pard \ltrpar\qc
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \trowd \irow3\irowband3\lastrow
\ltrrow\ts11\trqc\trgaph108\trleft-
108\trftsWidth1\trpaddl108\trpaddr108\trpaddfl3\trpaddfr3 \clvertalt
\li0\ri0\widctlpar\faauto\rin0\lin0\itap0 {\rtlch \af1 \ltrch
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts17\trgaph108\trleft-
\trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\tr
paddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol
\clbrdrr
\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth8856\clshdrawnil \cellx8748\pard\plain
\ltrpar\qc \li0\ri0\widctlpar\intbl\faauto\rin0\lin0\pararsid5046277\yts17
\rtlch \af1\afs24\alang1025 \ltrch
\f1\fs24\cf1\lang1033\langfe1033\cgrid\langnp1033\langfenp1033\ulc1 {\rtlch \af1
\ltrch \cf0\ulc0\insrsid5046277 CAPITAL ACCOUNT\cell }\pard\plain \ltrpar\ql
\li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch
\irow0\irowband0\ltrrow\ts17\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10
\trbrdrl\brdrs\brdrw10 \trbrdrb
\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol
\cellx8748\row \ltrrow}\trowd \irow1\irowband1\ltrrow\ts17\trgaph108\trleft-
108\trbrdrt\brdrs\brdrw10
\trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10
\
\clbrdrr
\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth4428\clshdrawnil
\cltxlrtb\clftsWidth3\clwWidth4428\clshdrawnil \cellx8748\pard\plain \ltrpar
\qc \li0\ri0\widctlpar\intbl\faauto\rin0\lin0\pararsid5046277\yts17 \rtlch
\ltrch \cf0\ulc0\insrsid5046277 DEBIT SIDE\cell CREDIT SIDE\cell
}\pard\plain \ltrpar\ql
\trowd \irow1\irowband1\ltrrow\ts17\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10
\
\clbrdrr
}\trowd \irow2\irowband2\ltrrow\ts17\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10
\
\clbrdrr
\cltxlrtb\clftsWidth3\clwWidth2214\clshdrawnil \cellx4320\clvertalt\clbrdrt
\cltxlrtb\clftsWidth3\clwWidth2214\clshdrawnil \cellx8748\pard\plain \ltrpar\ql
\li0\ri0\widctlpar\intbl\faauto\rin0\lin0\pararsid5046277\yts17 \rtlch
\f1\fs24\cf1\lang1033\langfe1033\cgrid\langnp1033\langfenp1033\ulc1 {\rtlch
\af1 \ltrch \cf0\ulc0\insrsid5046277 PARTICULARS\cell AMOUNT\cell PARTICULARS\cell
AMOUNT\cell }\pard\plain \ltrpar\ql
\trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr
\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol
\clvertalt\clbrdrt
\cltxlrtb\clftsWidth3\clwWidth2214\clshdrawnil \cellx8748\row
\ltrrow}\pard\plain \ltrpar\ql
\af1\afs24\alang1025
\ltrch \f1\fs24\cf1\lang1033\langfe1033\cgrid\langnp1033\langfenp1033\ulc1
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid16528798 Profit and loss}{\rtlch \af1
\ltrch \cf0\ulc0\insrsid5046277 \cell }{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid16528798 45000}{\rtlch \af1
\ltrch \cf0\ulc0\insrsid5046277 \cell }{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid16528798 Balance b/f}{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid5046277 \cell }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid16528798
550,000}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid5046277 \cell
\trowd \irow3\irowband3\ltrrow\ts17\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10
\
\clbrdrr
\ltrch \cf0\ulc0\insrsid16528798 Drawings}{\rtlch \af1 \ltrch
50,000}{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid5046277 \cell \cell \cell }\pard\plain \ltrpar\ql
\
\clbrdrr
\f1\fs24\cf1\lang1033\langfe1033\cgrid\langnp1033\langfenp1033\ulc1 {\rtlch \ab\af1
\ltrch \b\cf0\ulc0\insrsid16528798\charrsid16528798 Balance c/f}{\rtlch \ab\af1
\ltrch \b\cf0\ulc0\insrsid5046277\charrsid16528798 \cell }{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid16528798\charrsid16528798 455,000}{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid5046277\charrsid16528798 \cell }{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid5046277 \cell \cell }\pard\plain \ltrpar
\ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch
\ltrch \cf0\ulc0\insrsid5046277 \trowd \irow5\irowband5\ltrrow
\ts17\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10
\trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10
\trbrdrv\brdrs\brdrw10
\
\clbrdrr
\ltrch \cf0\ulc0\insrsid16528798 TOTAL}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid5046277
\cell }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid16528798 550,000}{\rtlch \af1 \ltrch
TOTAL}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid5046277 \cell }{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid16528798 550,000}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid5046277
\cell
\trowd \irow6\irowband6\lastrow \ltrrow\ts17\trgaph108\trleft-
\trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10
\
\clbrdrr
\li0\ri0\widctlpar\faauto\rin0\lin0\itap0\pararsid5046277 {\rtlch \af1 \ltrch
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 Briefly explain the financial statements prepared by
the organization. Why these are important for manufacturing concern?
\par ANSWER:}{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6707439 }{\rtlch \af1
\ltrch \cf0\ulc0\insrsid6707439 The financial statements prepared by any
organization are as follows:}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid16528798
\par {\listtext\pard\plain\ltrpar \rtlch \ab\af0 \ltrch
\b\f1\insrsid6707439\charrsid6707439 \hich\af1\dbch\af0\loch\f1 1.\tab}}\pard
\ltrpar\ql \fi-
360\li720\ri0\widctlpar\jclisttab\tx720\faauto\ls1\rin0\lin720\itap0\pararsid670743
9 {\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6707439\charrsid6707439 Profit and loss account}{\rtlch
\ab\af1 \ltrch \b\cf0\ulc0\insrsid6707439 : }{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6707439 It shows the performance of the business in a given
period.}{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6707439 }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6707439 It shows
the profitability of business which shows the success or failure of the
business. }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6707439\charrsid6707439
\b\f1\insrsid6707439\charrsid6707439 \hich\af1\dbch\af0\loch\f1 2.\tab}Balance
sheet}{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6707439 : }{\rtlch \af1 \ltrch
Balance sheet shows the position of business at a given point. It shows the
resources available by the business and the resources invested by the owner and
other loans. }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6707439\charrsid6707439
\b\f1\insrsid6707439\charrsid6707439 \hich\af1\dbch\af0\loch\f1 3.\tab}Cash flow
statements}{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6707439 : }{\rtlch \af1 \ltrch
Cash flow statements show}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6707439 the
generation of cash an}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid7213058 d its usage over
a given period. }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid7213058\charrsid7213058
\par }\pard \ltrpar\ql
\li360\ri0\widctlpar\faauto\rin0\lin360\itap0\pararsid7213058 {\rtlch \ab\af1
\ltrch \b\cf0\ulc0\insrsid7213058 IMPORTANCE OF FINANCIAL STATEMENTS FOR
MANUFACTURING CONCERN:}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid7213058 }{\rtlch
\ab\af1 \ltrch \cf0\ulc0\insrsid7213058 These financial statements are important
for manufactu
ring concern organization as they provide information related to financial affairs
of the organization. The profitability and liquidity, the resources available to
the company and the generation of cash and its usage over a given period which
provides rea
sonable information to the management to take decisions. }{\rtlch \ab\af1 \ltrch
\cf0\ulc0\insrsid6707439\charrsid7213058
\par }\pard \ltrpar\ql
\li360\ri0\widctlpar\faauto\rin0\lin360\itap0\pararsid6707439 {\rtlch \af1
\ltrch \cf0\ulc0\insrsid6707439 }{\rtlch \af1 \ltrch
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 The comparative financial statement data for XYZ
Company is given below:
\ltrch \cf0\ulc0\insrsid6782857 \tab \tab \tab \tab \tab \tab \tab \tab }
{\rtlch \ab\af1 \ltrch \b\ul\cf0\ulc0\insrsid6782857
\qj \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \ab\af1 \ltrch
\b\ul\cf0\ulc0\insrsid6782857 \cell }\pard \ltrpar\qj
\li1062\ri0\widctlpar\intbl\faauto\rin0\lin1062 {\rtlch \ab\af1 \ltrch
\b\ul\cf0\ulc0\insrsid6782857 December 31}{\rtlch \ab\af1
\ltrch \b\cf0\ulc0\insrsid6782857 \tab }{\rtlch \ab\af1 \ltrch
\b\ul\cf0\ulc0\insrsid6782857 \cell }\pard \ltrpar\ql
\ab\af1 \ltrch \b\ul\cf0\ulc0\insrsid6782857
}\trowd \irow1\irowband1\ltrrow\ts11\trqc\trgaph108\trleft-
\cltxlrtb\clftsWidth3\clwWidth1790\clshdrawnil \cellx8257\pard \ltrpar\qj
\li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857 Assets:\cell
}\pard \ltrpar\qc \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \ab\af1
\ltrch \b\cf0\ulc0\insrsid6782857 2007\cell 2006\cell }\pard \ltrpar\ql
\ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857 \trowd
\ltrpar\qj \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857 \cell
}\pard \ltrpar\qc \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \ab\af1
\ltrch \b\cf0\ulc0\insrsid6782857 Rs.\cell Rs.\cell }\pard \ltrpar\ql
\ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857 \trowd
\irow3\irowband3\ltrrow
\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1790\clshdrawnil \cellx8257\pard
\ltrpar\qj \li0\ri0\widctlpar\intbl\tx720\faauto\rin0\lin0 {\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 Cash\cell }\pard \ltrpar\qr \li0\ri0\widctlpar\intbl
\tx720\faauto\rin0\lin0 {\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 4,000
\par }\pard \ltrpar\qr \li1092\ri0\widctlpar\intbl\tx720\faauto\rin0\lin1092
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \tab \cell }\pard \ltrpar\qr
}\pard \ltrpar\ql
\ltrrow}\trowd \irow4\irowband4\ltrrow\ts11\trqc\trgaph108\trleft-
\qj \li0\ri0\widctlpar\intbl\tx720\faauto\rin0\lin0 {\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 Accounts receivable\cell }\pard \ltrpar\qr
29,000\tab \cell }\pard \ltrpar\ql
\cf0\ulc0\insrsid6782857 Inventory\cell }\pard \ltrpar\qr \li0\ri0\widctlpar\intbl
\tx720\faauto\rin0\lin0 {\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 75,000\cell
Plant and equipment\cell }\pard \ltrpar\qr
\cf0\ulc0\insrsid6782857 210,000\cell 180,000\cell }\pard \ltrpar\ql
\li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {
\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \trowd
\clbrdrr
\cf0\ulc0\insrsid6782857 Accumulated depreciation}{\rtlch \af1 \ltrch
\ul\cf0\ulc0\insrsid6782857 \cell }\pard \ltrpar\qr
\ul\cf0\ulc0\insrsid6782857 (40,000)\cell }{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 (}{\rtlch \af1 \ltrch \ul\cf0\ulc0\insrsid6782857
30,000)\cell }\pard \ltrpar\ql
\af1 \ltrch \ul\cf0\ulc0\insrsid6782857 \trowd \irow7\irowband7\ltrrow
\b\cf0\ulc0\insrsid6782857 Total Assets\cell }\pard \ltrpar
\qr \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \ab\af1 \ltrch
\b\ul\cf0\chbrdr\brdrs\brdrw10 \ulc0\insrsid6782857 285,000}{\rtlch \ab\af1
\ltrch \b\cf0\ulc0\insrsid6782857 \cell }{\rtlch \ab\af1 \ltrch
\b\ul\cf0\chbrdr\brdrs\brdrw10
\ulc0\insrsid6782857 247,000}{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857
\cell }\pard \ltrpar\ql
\ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857 \trowd \irow8\irowband8\ltrrow
\b\cf0\ulc0\insrsid6782857 Liabilities & Stockholder\rquote s
equity:\cell }\pard \ltrpar
\qr \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857 \cell \cell }\pard \ltrpar\ql
\ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857
Accounts payable\cell }\pard \ltrpar\qr
\cf0\ulc0\insrsid6782857 45,000\cell 39,000\cell }\pard \ltrpar\ql
\clbrdrr
\cf0\ulc0\insrsid6782857 Common stock\cell }\pard \ltrpar\qr
\cf0\ulc0\insrsid6782857 90,000\cell 70,000\tab \cell }\pard \ltrpar
\qj \li0\ri0\widctlpar\intbl\tx720\faauto\rin0\lin0 {\rtlch \af1 \ltrch
\cf0\ulc0\insrsid6782857 Retain earnings\cell }\pard \ltrpar\qr
\cf0\ulc0\insrsid6782857 150,000\cell 138,000\cell
}\pard \ltrpar\ql
}\pard \ltrpar\qj \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch \ab\af1
\ltrch \b\cf0\ulc0\insrsid6782857 Total liabilities & Stockholder\rquote s
equity\cell }\pard \ltrpar\qr \li0\ri0\widctlpar\intbl\faauto\rin0\lin0 {\rtlch
\ab\af1 \ltrch \b\ul\cf0
\chbrdr\brdrs\brdrw10 \ulc0\insrsid6782857 285,000}{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857 \cell }{\rtlch \ab\af1 \ltrch
\b\ul\cf0\chbrdr\brdrs\brdrw10 \ulc0\insrsid6782857 247,000}{\rtlch \ab\af1
\ltrch \b\cf0\ulc0\insrsid6782857 \cell
}\pard \ltrpar\ql
\ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857 \trowd \irow13\irowband13\lastrow \ltrrow
\cltxlrtb\clftsWidth3\clwWidth1790\clshdrawnil \cellx8257\row }\pard \ltrpar\qj
\li0\ri0\widctlpar\faauto\rin0\lin0\itap0 {\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid6782857 \tab
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857
\par }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857 For 2007, the company
reported net income as follows:
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\faauto\rin0\lin0\itap0 {\rtlch \af1
\ltrch \cf0\ulc0\insrsid6782857 XYZ Company
\par Income Statement
\par For the year ended 31}{\rtlch \af1 \ltrch \cf0\super\ulc0\insrsid6782857 st}
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 December, 2007
\ltrch \cf0\ulc0\insrsid6782857 \tab \tab \tab \tab \tab \tab \tab \tab
\par }\pard \ltrpar\qj \fi720\li5040\ri0\widctlpar\faauto\rin0\lin5040\itap0
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 \tab \tab Rs.
\par }\pard \ltrpar\qj \fi720\li720\ri0\widctlpar\faauto\rin0\lin720\itap0
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857 Sales\tab \tab \tab \tab \tab \tab
\tab \tab 500,000
\par Less: Cost of goods sold\tab \tab \tab \tab \tab }{\rtlch \af1 \ltrch
\ul\cf0\ulc0\insrsid6782857 300,000}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857
\tab
\par Gross margin\tab \tab \tab \tab \tab \tab \tab 200,000
\par Less Operating expenses\tab \tab \tab \tab \tab }{\rtlch \af1 \ltrch
\ul\cf0\ulc0\insrsid6782857 180,000}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6782857
\par Net Income\tab \tab \tab \tab \tab \tab }{\rtlch \af1 \ltrch
\ul\cf0\chbrdr\brdrs\brdrw10 \ulc0\insrsid6782857 20,000}{\rtlch \af1 \ltrch
\ltrch \b\cf0\ulc0\insrsid6782857 Required:}{\rtlch \af1 \ltrch
\par }\pard \ltrpar\qj \li0\ri0\widctlpar\tx720\faauto\rin0\lin0\itap0 {\rtlch \af1
Prepare a Statement of Cash Flows if dividend of Rs. 8,000 was declared and paid
during the year 2007. There were no sales of plant and equipment during the year.
\par }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid11344282\charrsid11344282 ANSWER:}
{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857\charrsid11344282 }{\rtlch
\par
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid11344282 Starting balance:
\par }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid11344282\charrsid13921566 Net
income
20,000
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\faauto\rin0\lin0\itap0\pararsid11344282
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid11344282 Add: adjustment for non cash items

\ltrch \cf0\ulc0\insrsid11344282 Depreciation }{\rtlch \af1 \ltrch
38,000}{
\rtlch \af1 \ltrch \cf0\ulc0\insrsid11344282
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid13052579 Operating profit before working
capital changes}{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid13052579\charrsid13052579
: 58,000}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid13052579

\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid13052579 Working capital changes:
\par Add: cash
3,000
\par Less: accounts receivable
(7,000)
\par Add: accounts payable
}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid11344282 }{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid13052579 7,000
\par Cash generated from operations
}{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid13052579\charrsid13052579 61,000
}{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid11344282\charrsid13052579
}{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid13052579\charrsid13052579 }{\rtlch
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid2952419 Cash flow from investing activities
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid2952419 Cash flow from financing
activities:
\par Common Stock}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid15154431
20,000}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid2952419 }{\rtlch \af1 \ltrch
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid15154431 Net decrease in cash}{\rtlch
}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid15154431 3,000}
{\rtlch \af1
{\rtlch \af1 \ltrch \cf0\ulc0\insrsid2952419 Net cash flow
}{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid15154431 78}{\rtlch \ab\af1 \ltrch
\b\cf0\ulc0\insrsid336669\charrsid69557 ,000}{\rtlch \af1 \ltrch
{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6782857\charrsid11344282 }{\rtlch
\af1 \ltrch \cf0\ulc0\insrsid6782857\charrsid15408880
010009000003b500000005001c00000000000400000003010800050000000b0200000000050000000c0
20d006c0e040000002e0118001c000000fb029cff0000
000000009001000000000440001254696d6573204e657720526f6d616e0000000000000000000000000
000000000040000002d01000004000000020101000500
00000fa0200000600000000000000040000002d010100
07000000fc020100000000000000040000002d0102000800000025030200040003005f0e03000800000
0fa0200000000000000000000040000002d0103000700
21000070000000000bc02000000000102022253797374656d000000000000fd99807c58bd1e0010f923
\b\cf0\ulc0\insrsid6782857 Write a note on legal documents required for the
formation of company.
\par }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid10183174\charrsid10183174 ANSWER:
\b\cf0\ulc0\insrsid10183174 LEGAL DOCUMENTS REQUIRED FOR FORMATION OF COMPANY:
\par }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid221724 MEMORENDUM OF ASSOCIATION}
{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6058196 : }{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid14759486 It contains the following information}{\rtlch \af1 \ltrch
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6058196 }{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid16733897 1. Name}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6058196 of
company.
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid16733897 }{\rtlch \af1
\ltrch \cf0\ulc0\insrsid6058196 2. Place of registered office
\ltrch \cf0\ulc0\insrsid6058196 3. Objective
\ltrch \cf0\ulc0\insrsid6058196 4. Amount of share capital with which company
registers.
\par }{\rtlch \af1 \ltrch \cf0\ulc0\insrsid6058196\charrsid6058196
\par }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid4276504 ARTICLES OF ASSOCIATION:}
{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid14759486 }{\rtlch \af1 \ltrch
\cf0\ulc0\insrsid14759486 It contains the following information}{\rtlch \af1 \ltrch
\par }{\rtlch \ab\af1 \ltrch \b\cf0\ulc0\insrsid6058196 }{\rtlch \af1
A document that contains all the policies and other matters necessary to run the
business of the company. It is signed by all the members of the company.}{\rtlch
\par
\par }}

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MGT101Fall2008 FinalTerm OPKST MGT101 Financial Accounting

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{\rtf1\adeflang1025\ansi\ansicpg1256\uc1\adeff1\deff1\stshfdbch0\stshfloch0\stshfhi

\par \u9658\'3f Managers

\par \u9658\'3f Profit & Loss Account

\par \u9658\'3f Shareholder account

\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0 {\rtlch \af1

\par \u9658\'3f Return inwards

\par \u9658\'3f }{\rtlch \ab\af1 \ltrch

\par }\pard \ltrpar\ql \li0\ri0\widctlpar\faauto\rin0\lin0\itap0 {\rtlch \af1

: 58,000}{\rtlch \af1 \ltrch \cf0\ulc0\insrsid13052579

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