Financial Accounting

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FINC512. Assignment

1.Which of the following is an operating item?
Interest paid
salry paid
share capital issued
2 . Accounting Standards are issued by which of the following entity, in India?
ICAI
SEBI
RBI
IFRS
3 . A business has paid the rent for the period Jan-March 2016 in June’2016, in which year financial statements this rent expenses will be recorded?
2015
2016
2017
All of the above
4 . Both assets and owner’s equity would be increased by __________________
capital brought in
Purchase of an asset on credit.
Payment of creditors.
Proprietors drawings.
5 . Who approves the financial statements of a company?
Auditors
Shareholders
Management
Board of Directors
6 . Which of the following can be categorized as discretionary Expense
Purchase
Salary
Repair & Maintenance
R&D Expense
7 . The Share Capital of a company is Rs 10 Cr divided in 10 Lac number of shares. Calculate the face value of share
Rs 100
Rs 1000
Rs10
Rs1
8 . Which of the following statement shows the financial position of a business entity as on date?
Income Statement
Balance Sheet
Trial Balance
Cash Flow Statement
9 . Which of the following self generated intangible asset can be recorded in books of account?
Goodwill
Technical Know-How
Software
All of the Above
10 . If manufacturing expenses are Rs 20000, interest expenses Rs 4000, cash sales is Rs 30000. Increase in inventory and debtors is Rs 5000 and Rs 7000 respectively. While increase in accounts payable is 9000. Calculate the cash flow from operations?
Rs 9000
Rs 3000
Rs 7000
Rs 12000
11 . Proceeds on the sale of fixed assets will be shown in which part of the cash flow statement, if indirect method is followed?
Operating Cash Flow
Financing Cash Flow
Investing Cash Flow
None of the above
12 . XYZ Ltd paid Salaries of Rs 200000 in the month of March’2016. Journalize the transaction.
Cash A’c Debited to Salary
Salary A/c Debited to Cash
Employees A/c Debited to Cash
Employees A/c Debited to Salary
13 . Security Premium Reserve is an example of ________________
Revenue Reserve
Capital Reserve
Reserve Capital
Revaluation Reserve

14 . Which of the following can be categorised as Revenue?
Sale of goods
Sale of Old Furniture
Dividend Received
All of the above
15 . In which of the following books, seprate account is maintained for each item?
Ledger
Accounting Equation
Trial Balance
Journal
16 . Credit sales for the year is Rs 100000 and closing debtors are Rs10000. Calculate the collection period of the firms?
10 days
36.5 days
27.39 days
None of the above

17 . Capital contributed by owners is recorded as liability as per which of the following concept?
Monetary Unit
Economic Entity
Going Concern
Dual Aspect

18 . ABC Ltd Purchased Machinery on 1st October 2017 at cost price of Rs 5 Lacs. There is no salvage value and estimated useful life of Machinery is 5 years. How much depreciation should be charged for Year 2017-18?
1 Lac
Zero
50000
None of these
19 . A new firm commenced business on 1st January 20016 and purchased goods costing Rs. 90,000 during the year. A sum of Rs. 6,000 was spent on freight inwards. At the end of the year the cost of goods still unsold was Rs. 12,000. Sales during the year Rs.1,20,000. What is the gross profit earned by the firm?
Rs 36000
Rs 30000
Rs 42000
Rs 38000
20 . Loss on the sale of Fixed Assets will be shown in which part of the cash flow statement, if indirect method is followed?
Operating Cash Flow
Financing Cash Flow
Investing Cash Flow
None of the above
21 . Which of the following is liquidity ratio
Debt to Equity Ratio
Return on Investment
Total Asset Turnover Ratio
Current Ratio

22 . In which of the following books, transactions are first time recorded?
Ledger
Accounting Equation
Trial Balance
Journal
23 . Operating expenses of Moon Ltd are Rs 18000, Interest expenses Rs 5000, Tax paid Rs 4000. If Sales is Rs 35000 then calculate the Net Profit Margin?
0.2285
0.7714
0.51
0 0.0657
24 . Purchase of machinery against issue of shares will be shown in which part of the cash flow statement?
Operating Cash Flow
Financing Cash Flow
Investing Cash Flow
None of the above
25 . A credit sale of goods to Mohan should be debited to
Sales account
Mohan account
Goods account
Purchase account

26 . Which of the following is an financing item?
Interest paid
Salary paid
Dividend received
Share capital issued

27 . While preparing cash flow statements, the repayments of a loan during the year should be included under the heading of
Operating Cash Flow
Financing Cash Flow
Investing Cash Flow
None of the above

28 . The balance of cash account indicates______________
Net income for the period
Net loss for the period
Net cash on hand
Net worth of the business

29 . Which of the following statement shows the Net Profit/Loss earned by a business entity?
Income Statement
Balance Sheet
Trial Balance
Cash Flow Statement
30 . Every accounting transaction must at least affect -_________accounts?
One
Two
Three
Four
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Test-1 (2019) FNC-512
1. A business has paid the rent for the period Jan-March 2016 in Jllle 2016, in which year financial statements this rent expenses will be recorded?

2015
2016
2017
All of the above

2. Security Premium Reserve is an example of
Revenue Reserve
Capital Reserve
Reserve Capital
Revaluation Reserve
3. In which of the following books, separate account is maintained for each item?
Ledger
Accounting Equation
Trial Balance
Journal
4. Credit sales for the year is Rs 100000 and closing debtors are RslOOOO. Calculate the collection period of the firm
10 days
36.5 days
27.39 days
None of the above
5. Advance from Customers is a example of
Asset
Liability
lncome
Expense
6. Both assets and owner’s equity would be increased by
capital brought in
Purchase of an asset on credit.
Payment of creditors.
Proprietors drawings.
7. The balance cash account it indicates
Net income for the period
Net loss for the period
Net cash on hand
Net worth of the business

8. Capital continued by owners is recorded as liability as per which of the following concept.
Monetary Unit
Economic Entity
Going Concern
Dual Aspect
9. Which of the following can be categorized as discretionary Expense
Purchase
Salary
Repair & Maintenance
R&D Expense
10. Which of the following self-generated intangible asset can be recorded in books of account.
Goodwill
Technical Know-How
Software
All of the Above
11. On 1st April 2017 P Ltd sells 100000 shares of Dabur India Ltd to Q Ltd at Rs 400 per share (Market price on that day) with an agreement to repurchase the same at Rs 4 12 per share on 31st Dec 2017. How the transaction should be presented in financial statements of P Ltd
Sale of Investment
Sale of Shares
Borrowings
Investment
12. A credit sale of goods to Mohan should be credited to
Sales account
Mohan account
Goods account
Purchase account
13. Which of the following statement shows the financial position of a business entity as on date?
Income Statement
Balance Sheet
Trial Balance
Cash Flow Statement
14. XYZ Ltd paid Salaries of Rs 200000 in the month of March’2016. Journalize the transaction.
Cash Ale Debited to Salary
Salary Ale Debited to Cash
Employees Ale Debited to Cash
Employees Ale Debited to Salary
15. Proceeds on the sale of fixed assets will be shown in which part of the cash flow statement, if indirect method is followed?
Operating Cash Flow
Financing Cash Flow
Investing Cash Flow
None of the above
16. A credit sale of goods to Mohan should be debited to
Sales account
Mohan account
Goods account
Purchase account
17. Which of the following is a financing item?
Interest paid
salary paid
dividend received
share capital issued
18. Which of the following is basic accounting equation?
Capital-Liabilities =Assets
Assets + Liabilities = Capital
Assets+ Capital = Liabilities
Liabities+ Capital =Assets
19. Wages paid to workers must be debited to account
Wages
Machinary
Factory Expenses
Office Expenses
20. Which of the following is an example out Business liability?
Land
Building
Cash
Creditors
21. In which of the following firm structure liability of owners is limited
Sole Proprietorship
Ltd Liability Partnership
Pvt. Ltd Company
Public Ltd Company

22. Decline in the value of intangible assets in a given year is known as.
Depreciation
Amortization
Depletion
Any of the above_
23. If manufacturing expenses are Rs 20000, interest expenses Rs 4000, cash sales is Rs 30000. Increase in inventory and debtors is Rs 5000 and Rs 7000 respectively. While increase in accounts payable is 9000. Calculate the cash flow from operations?
Rs 9000
Rs 3000
Rs 7000
Rs 12000
24. Higher Debt-Equity ratio indicates
High Operating Risk
Low Operating Risk
High Financial Risk
Low Financial Risk
25. in which of the following firm structure compliance cost is maximum
Sole Proprietorship
Ltd Liability Partnership
Pvt. Ltd Company
Public Ltd Company
26. In which of the following form of business, income is taxed separately from its owners
Sole Proprietorship
Partnership
Corporation
All of the above

27. In which of the following statement, final balances of all the accounts are prepared in the form of a list
Ledger
Accounting Equation
Trial Balance
Journal

28. If total liabilities decreased by Rs20000 and stockholders’ equity increased by Rs5,000 during a period of time, then total assets ” must change by what amount and direction during that same time period?
Rs l5000 increase
Rs l5000 decrease
Rs 25000 increase
Rs 25000 decrease

29. ABC Ltd Purchased Machinery on 1st October 2017 at cost price of Rs 5 Lacs. There is no salvage value and estimated useful ” life of Machinery is 5 years. How much depreciation should be charged for Year 2017- 18?
1 Lac
Zero
50000
None of the above

30. While preparing cash flow statements, the repayments of a loan during the year should be included wider the heading of.
Operating Cash Flow
Financing Cash Flow
Investing Cash Flow
None of the above
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Assignment -2 ( 2019 ) FNC -512
1. Wages paid to workers must be debited to account
Wages
Machinary
Factory Expenses
Office Expenses
2. When a Liability is increased, it is recorded on the
Credit Side
Debit Side
Left Hand Side
Any of the above
3. Capital continued by owners is recorded as liability as per which of the following concept?
Monetary Unit
Economic Entity
Going Concern
Dual Aspect
4. Operating expenses of Moon Ltd are Rs 18000, Interest expenses Rs 5000, Tax paid Rs 4000. If Sales is Rs 35000 then calculate the Net Profit Margin?

00.2285
00.77 14
00.51
00.0657
5. Credit sales for the year is Rs I 00000 and closing debtors are Rs I 0000. Calculate the collection period of the firm?
10 days
036.5 days
027.39 days
None of the above
6. On 1st April 2017 P Ltd sells 100000 shares of Dabur India Ltd to Q Ltd at Rs 400 per share (Market price on that day) with an agreement to repurchase the same at Rs 412 per share on 31st Dec 2017 . How the transaction should be presented in financial statements of P Ltd.
Sale of Investment
Sale of Shares
Borrowings
Investment
7. In order to reflect the efficiency in debtor’s management, Debtor turnover ratio should be. ?
lncreased
Decreased
Kept Constant
None of the above
8. Ram’s account in the accounts payable ledger has a Rs.2000 beginning balance. After a transaction for Rs.500 is posted from the plD’chasesjolnal, the balance in Ram’s account is __
1500 Credit
1500 Debit
2500 Credit
2500 it

9. credit sale of goods to Mohan should be credited to
Sales account
Mohan account
Goods account
Purchase account
10. Every accounting transaction must at least affect accounts?
One
Two
Three
four
11. loss on the sale of fixed assets will shown in which part of the cash flow statement . if indirect method is followed.
operating cash flow
financing cash flow
investing cash
none of the above
12. Advance from Customers is a example of ?
Asset
Liability
lncome
Expense

13. Both assets and owner ‘s equity would be increased by _
capital brought in
Purchase of an asset on credit.
Payment of creditors.
Proprietors drawings

14. Security Premiwn Reserve is an example of.
Revenue Reserve
Capital Reserve
Reserve Capital
Revaluation Reserve
15. A credit sale of goods to Mohan should be debited to __
Sales account
Mohan account
Goods account
Purchase account
16. Which of the following is an financing item
Interest paid
salary paid
dividend received
share capital issued

17. which of the following is an example ot business liability?
land
Building
Cash
Creditors
18. XYZ Ltd paid Salaries of Rs 200000 in the month of March’2016. Journalize the transaction
Cash Ale Debited to Salary
Salary Ale Debited to Cash
Employees Ale Debited to Cash
Employees Ale Debited to Salary
19. In which of the following firm structure liability of owners is unlimited
Sole Proprietorship
Ltd Liability Partnership
Pvt. Ltd Company
Public Ltd Company
20. which of the following is an operating item?
Interest paid
salary paid
dividend received
share capital issued
21. There was a fire in M Ltd Godown. It resulted into loss of Rs 5 Cr goods. However the insurance company accepted the claim of Rs 4 .5 Cr only. This will result in equity by Rs _
Increase, 4.5 Cr
Decrease, 0.5 Cr
Increase, 0.5 Cr
Decrease, 5 Cr
22. Who approves the financial statements of a company
Auditors
Shareholders
Management
Board of Directors
23. higher Debt-Equity ratio indicates
High Operating Risk
Low Operating Risk
High Financial Risk
Low Financial Risk

24. accounting Standards are issued by which of the following entity, in India?

ICAI
SEBI
RBI
IFRS
25. If Net Profit is Rs 10000, Preference Dividend is Rs 2000 and Number of Shares are 600, calculate the EPS?
16.66
20
13.33
None of the above
25. which of the following can be categorized as discretionary Expense
Purchase
Salary
Repair & Maintenance
R&D Expense

26. In which of the following statement, final balances of all the accounts are prepared in the form of a list?
Ledger
Accounting Equation
Trial Balance
Journal
27. Which of the following statement shows the financial position of a business entity as on date
Income Statement
Balance Sheet
Trial Balance
Cash Flow Statement

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Email: amitymbaassignment@gmail.com
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