Fin611 Final Term Current Paper (Feb 2011)
mcqs 56 short questions 4 (3 marks each) 1Q of departmental account and 3 Qs of account long questions 4 (5 marks each) 1Q of EPS, 3Qs of Account,
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Question # 1 of 15 ( Start time: 07:49:17 PM ) Total Marks: 1 What will be the expense if the gross profit is Rs. 5,000 and net profit is 25% of the gross profit? Select correct option: Rs. 1,250 Rs. 3,750 Rs. 4,150 Rs. 6,250 Question # 2 of 15 ( Start time: 07:49:54 PM ) Total Marks: 1 Which of the following is/are NOT allocated and apportioned on the basis of "Number of employees" by each department? Select correct option: Rent expense Bad debts provision Depreciation expense All of the given options Question # 3 of 15 ( Start time: 07:51:23 PM ) Total Marks: 1 Which of the following expense is NOT allocated and apportioned on the basis of purchase of raw material made by each department? Select correct option: Discount receive Import duty Carriage inward Canteen expense Question # 4 of 15 ( Start time: 07:52:31 PM ) Total Marks: 1 Which one of the following represents a capital receipt? Select correct option: Receipt of rent Receipt of commission Receipt from sale of goods Long-term loan received from bank Question # 5 of 15 ( Start time: 07:53:56 PM ) Total Marks: 1 Which of the following is NOT included in the credit side of cash book? Select correct option: Discount received Capital payments Closing balance of cash Revenue payments Question # 6 of 15 ( Start time: 07:55:04 PM ) Total Marks: 1 If the owners' equity and liabilities of the business ABC are worth Rs. 70,000 and Rs.19,000 respectively then the Total Assets consist of: Select correct option: Rs.60,000 Rs.89,000 Rs.41,000 Rs.19,000 Question # 7 of 15 ( Start time: 07:55:45 PM ) Total Marks: 1 Which one of the following items will NOT appear in the Balance Sheet of a club? Select correct option: Subscriptions received in advance Donations received in advance Entrance fee paid by the member Locker's rent accrued Question # 8 of 15 ( Start time: 07:56:58 PM ) Total Marks: 1 In Non-Profit Organizations, excess of income over expenditure is called: Select correct option: Deficit Surplus Net profit Net loss
Question # 9 of 15 ( Start time: 07:57:50 PM ) Total Marks: 1 Capital fund of Non-trading concern is equal to: Select correct option: Assets + Income Assets + Liabilities Expenditure + Liabilities Assets – Liabilities
Question # 10 of 15 ( Start time: 07:59:04 PM ) Total Marks: 1 Which of the following is NOT a capital receipt? Select correct option: Receipt from sale of fixed assets Receipt of commission Receipt of bank loan (Long-term) Receipt of owners' equity Question # 11 of 15 ( Start time: 08:00:26 PM ) Total Marks: 1 Under the net worth method of single entry system, profit is ascertained by calculating _________ and adjusting the drawings. Select correct option: Increase in liabilities Increase in assets Increase in expenses Increase in capital Question # 12 of 15 ( Start time: 08:01:57 PM ) Total Marks: 1 What would be the value of 'Outstanding subscriptions' at beginning of the year, if the subscription realized were Rs. 900 and the balance reported in the Balance sheet is Rs. 400? Select correct option: Rs. 900 Rs. 400 Rs. 500 Rs. 1,300 Question # 13 of 15 ( Start time: 08:02:48 PM ) Total Marks: 1 Individuals or institutions with activities, other than trade, are known as: Select correct option: Manufacturing concerns Non-trading concerns Trading concerns None of the given options
Question # 14 of 15 ( Start time: 08:04:19 PM ) Total Marks: 1 If the profit is 1/4 of the sales then it is: Select correct option: 1/4 of the cost price 1/5 of the cost price 1/2 of the cost price 1/3 of the cost price Question # 15 of 15 ( Start time: 08:04:43 PM ) Total Marks: 1 Which of the following statement shows the financial position of a business at a certain point of time? Select correct option: Income statement Balance sheet Statement of changes in equity Statement of cash flows
