Accounting Fundamentals (ACCT102)-Semester I

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1st Module Assessment

Which of the following is/are objective(s) of Accounting?

Select one:

Ascertainment of Results of above Transactions

All of the above

Providing Information to the Users for Rational Decision-making

Systematic Recording of Transactions

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Which of the following is/are function(s) of Accounting?

Select one:

All of the above

Forecasting

Measurement

Decision-making

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Which of the following statements gives the best definition of the objective of accounting?

Select one:

To record, categorise and summarise financial transactions.

To provide useful information to users

To calculate the amount of dividend to pay to shareholders.

To calculate the taxation due to the government.

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Business is an economic activity undertaken ___________________.

Select one:

None of the above

to maximize the wealth for the owners.

with the motive of earning profits and to maximize the wealth for the owners.

with the motive of earning profits

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Accounting is considered as a/an ___________ of the business.

Select one:

Art

Face

Language

None of the above

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The art of recording transactions in a set of books is referred to as __________.

Select one:

Auditing

Book Keeping

Writing

Accounting

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Which of the following is a basic assumption?

Select one:

None of the above

Matching concept

Conservatism concept

Historical cost concept

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“The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by the users of accounting”. This definition was given by ____________________.

Select one:

None of the above

British Accounting Association

American Accounting Association

Indian Accounting Association

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Who issues International Financial Reporting Standards?

Select one:

The International Accounting Standards Board

The government

The stock exchange

The IFRS Advisory Committee

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What is the role of the IASB?

Select one:

Review defective accounts

Formulate international financial reporting standards

Control the accountancy profession

Oversee the standard setting and regulatory process

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The IASB Conceptual framework identifies user groups. Which of the following is not an information need for the ‘Investor’ group?

Select one:

Measuring performance, risk and return

Taking buy/sell decisions

Assessment of repayment ability of an entity

Taking decisions regarding holding investments

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Which of the following statements is/are true? 1 The IFRS Interpretations Committee is a forum for the IASB to consult with the outside world. 2 The IFRS Foundation produces IFRSs. The IFRS Foundation is overseen by the IASB. 3 One of the objectives of the IFRS Foundation is to bring about convergence of national accounting standards and IFRSs.

Select one:

3 only

1 and 3 only

2 only

2 and 3 only

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Which of the following is not an accounting convention?

Select one:

Accruals

Prudence

Depreciation

Consistency

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According to the IASB Conceptual framework which of the following is not an objective of financial statements?

Select one:

Enabling users to assess the performance of management to aid decision making()

Helping to assess the going concern status of a business

Providing information regarding the financial position of a business

Providing information regarding the performance of a business

The insistence of the concept of ________ would result in avoidance of window dressing the results by choosing the accounting method by convenience and thereby either inflating or understating net income.

Consistency

Matching

Dual aspect

Revenue Realisation

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In times of rising prices, the historical cost convention:

Select one:

overstates asset values and understates profi ts.

understates asset values and profits.

overstates asset values and profi ts.

understates asset values and overstates profi ts.

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Which of the following correctly defines ‘equity’ according to the IASB’s Conceptual Framework for Financial Reporting?

Select one:

Equity is the residual interest in the assets of the entity after deducting all its liabilities.

Equity is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefit.

Equity is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities.

Equity is a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity.

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If, at the end of the financial year, a company makes a charge against the profits for stationery consumed but not yet invoiced, this adjustment is in accordance with the convention of:

Select one:

accruals.

materiality

objectivity

consistency

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2nd Module Assessment

Accounts related to assets or properties or possessions.

Select one:

Artificial Personal Account

Nominal Account

Personal Account

Real Account

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Accounts that normally have debit balances are:

Select one:

assets, liabilities, and dividends

assets, dividends, and expenses

assets, expenses, and share capital—ordinary

assets, expenses, and revenues

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Which of the following is a type of Voucher?

Select one:

Payment Voucher

Non-Cash or Transfer Voucher

All of the above

Receipt Voucher

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Posting:

Select one:

normally occurs before journalizing.

transfers ledger transaction data to the journal

transfers journal entries to ledger accounts

is an optional step in the recording process

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The purchase of supplies on account should result in:

Select one:

a debit to Supplies Expense and a credit to Supplies

a debit to Supplies and a credit to Accounts Receivable.

a debit to Supplies and a credit to Accounts Payable

a debit to Supplies Expense and a credit to Cash.

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Debits:

Select one:

decrease assets and increase liabilities

increase both assets and liabilities

increase assets and decrease liabilities

decrease both assets and liabilities

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A ledger:

Select one:

should show accounts in alphabetical order

is a book of original entry.

contains only asset and liability accounts.

is a collection of the entire group of accounts maintained by a company

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Imprest system is used in-

Select one:

Ledger

Petty cash book

Journal

Cash book

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The following account has a credit balance

Select one:

Purchase A/c

None of the above

Sundry Creditors A/c

Plant and Equipment A/c

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A revenue account:

Select one:

is decreased by credits

is increased by credits

has a normal balance of a debit

is increased by debits

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Which of the following statements about a journal is false?

Select one:

It discloses in one place the complete effect of a transaction.

It is not a book of original entry.

It helps to locate errors because the debit and credit amounts for each entry can be readily compared.

It provides a chronological record of transactions

Which of the following would be recorded in the sales day book? Select one: a. Trade discounts b. Credit notes received c. Sales invoices d. Discounts allowed

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In which book of prime entry will a business record debit notes in respect of goods which have been sent back to suppliers?

Select one:

The purchase day book

The sales returns day book

The purchase returns day book

The cash book

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Ram purchased a car INR. 10,000 paid INR. 3000 as cash and balance amount will be paid in three equal installments due to this __________________.

Select one:

Assets will increase by 7000 with corresponding increase in liability by 7000

Total assets increase by 10,000

Both (b) and (c)

Total liabilities increase by 3000

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From the following details estimate the capital as on 31.03.2017, Capital as on 01.04.2016 INR. 4,10,000. Drawings INR. 40,000, Profit during the year INR. 50,000

Select one:

4,50,000

4,20,000

4,10,000

4,00,000

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Before posting a payment of €5,000, the Accounts Payable of Senator Company had a normal balance of €16,000. The balance after posting this transaction was:

Select one:

€ 21,000

€ 11,000

€ 5,000

Cannot be determined

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At 30 November 20X5 Jenny had a bank loan of $8,500 and a balance of $678 in hand in her bank account. How should these amounts be recorded on Jenny’s opening trial balance at 1 December 20X5?

Select one:

Credit $7,822

Debit $8,500 and Credit $678

Credit $8,500 and Debit $678

Debit $7,822

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The trial balance of Clooney Corporation had accounts with the following normal balances: Cash $5,000, Service Revenue $85,000, Salaries and Wages Payable $4,000, Salaries and Wages Expense $40,000, Rent Expense $10,000, Share Capital— Ordinary $42,000, Dividends $15,000, and Equipment $61,000. In preparing a trial balance, the total in the debit column is: ………..

Select one:

$131,000

$216,000

$116,000

$91,000

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3rd Module Assessment

Gross profit is the difference between

Select one:

a.

Sales and operating expenses

b.

Sales and cost of goods sold

c.

None of the above

d.

Sales and non-operating expenses

The financial statements of an organisation are drafted using the ___________.

(a) Transactions

(b) Events

(c) Ledger balances

(d) None of the above.

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Among the financial statements, ___________ is/ are referred to as ‘period statement’.

Select one:

a.

Both (a) and (b)

b.

Trading Account.

c.

Balance Sheet

d.

Profit & Loss Account

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The financial statement that reflects information about the financial performance of an entity is referred to as the ___________.

Select one:

a.

Balance Sheet

b.

None of the above

c.

Cash Flow Statement

d.

Income Statement

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Current Liabilities means

Select one:

a.

Liabilities which are readable within 3 months

b.

Liabilities which are payable immediately

c.

Liabilities which are payable within 12 months

d.

Liabilities which payable after one accounting year

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A trial balance will have no balance, if ____

Select one:

a.

The purchase on credit basis is debited to purchases and credited to cash

b.

500 cash payment to creditors is debited to creditors for 50 and credited to cash as 500

c.

correct entry is posted twice

d.

None of the above

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Payment to a creditor

Select one:

a.

Only reduce an asset.

b.

Increase an asset, reduce a liability

c.

Only reduce a liability

d.

Reduce an asset, reduce a liability

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Which of the following is a position statement?

Select one:

a.

Profit and loss account

b.

Trial balance

c.

funds flow statement

d.

Balance sheet

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________ Account charges the COGS and other direct expenses and losses against the sales revenue to determine the gross operating result of the concern during a particular accounting period.

Select one:

a.

Receipts & Payments

b.

Income & Expenditure

c.

Profit & Loss

d.

Trading

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Assets are listed on the balance sheet in the order of their

Select one:

a.

balance.

b.

adjustments

c.

liquidity.

d.

purchase date.

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Balance sheet is prepared

Select one:

a.

At a particular date

b.

For the close of a period

c.

For showing performance of an organisation

d.

At the close of a day

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What does carriage inwards effect

Select one:

a.

Capital

b.

Drawing

c.

Purchases

d.

Sales

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Where is discount received disclosed?

Select one:

a.

Trial balance

b.

Trading account

c.

Profit and loss account

d.

Balance sheet

Which of the following is the correct formula for cost of sales?

Select one:

a.

Purchases – closing inventory + sales

b.

Opening inventory – purchases + closing inventory

c.

Opening inventory – closing inventory + purchases

d.

Opening inventory + closing inventory – purchases

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Carriage outwards is disclosed in

Select one:

a.

Balance sheet

b.

Trading account

c.

Trial balance

d.

Profit and loss account

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Where is carriage inwards disclosed?

Select one:

a.

Trial balance

b.

Trading account

c.

Profit and loss account

d.

Balance sheet

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Given that values of opening inventory, purchases and Cost of Goods Sold for a particular accounting period are INR. 1,00,000, INR. 9,30,000 and INR. 7,50,000, the closing inventory will be:

Select one:

a.

4,80,000

b.

8,20,000

c.

2,40,000

d.

2,80,000

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Prisha has not kept accurate accounting records during the financial year. She had opening inventory of $6,700 and purchased goods costing $84,000 during the year. At the year end she had $5,400 left in inventory. All sales are made at a mark up on cost of 20%. What is Prisha’s gross profit for the year?

Select one:

a.

$16,540

b.

$17,060

c.

$20,675

d.

$13,750

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If a company wants to earn a 25% profit on sales, what will be the profit mark up on the cost.

Select one:

a.

33.33%

b.

25%

c.

30%

d.

20%

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4th Module Assessment

Comparisons of data within a company are an example of the following comparative basis:

Select one:

Intracompany.

Industry averages.

Both intracompany and intercompany.

Intercompany.

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A measure useful in evaluating the effi ciency in managing inventories is:

Select one:

average days to sell inventory.

Both (a) and (b).

inventory turnover

return on shareholders’ equity.

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Which of the following is technique of financial statement analysis?

Select one:

All

Comparative statement

Trend analysis

Common‐size statement

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Free cash flow provides an indication of a company’s ability to:

Select one:

generate net income.

generate cash to pay dividends

generate cash to invest in new capital expenditures.

Both (b) and (c).

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In horizontal analysis, each item is expressed as a percentage of the:

Select one:

base year amount

equity amount

net income amount

total assets amount

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Which technique used for figures of two or more periods are placed side by side to facilitate easy and meaningful comparisons?

Select one:

Trend Analysis

Comparative statement

None

Common‐size statement

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Which of the following is the main objective of a financial statement?

Select one:

to know the earning capacity

to know the solvency

to know the debt capacity

All

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The term financial statement refers to…

Select one:

Cash flow and Fund Flow

Balance sheet

Income statement

All

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The process of comparing various financial factors of a company over a period of time is known as …

Select one:

Intra‐firm comparison

Inter‐firm comparison

Inter‐industry comparison

Ratio Analysis

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What is followed while preparing the financial statements?

Select one:

Accounting concepts

Accounting principles

Accounting conventions

All

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Which of the following items is reported on a statement of cash fl ows prepared by the direct method?

Select one:

Cash payments to suppliers

Increase in accounts receivable.

Depreciation expense.

Loss on disposal of building

Which of the following measures is an evaluation of a firm’s ability to pay current liabilities?

a. Return on assets.

b. Current ratio.

c. Both (a) and (b).

d. Acid-test ratio.

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The statement of cash flows classifies cash receipts and cash payments by these activities:

Select one:

investing, financing, and non-operating.

financing, operating, and non-operating.

operating and non-operating.

investing, financing, and operating.

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Which of the following is incorrect about the statement of cash flows?

Select one:

The statement shows the cash provided (used) for three categories of activity.

The operating section is the last section of the statement.

The indirect method may be used to report cash provided by operations.

The direct method may be used to report cash provided by operations.

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Which is an example of a cash flow from an operating activity?

Select one:

Payment of cash to reacquire shares.

None of the above.

Receipt of cash from the sale of ordinary shares

Payment of cash to lenders for interest

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Sammy Company reported net sales of £300,000, £330,000, and £360,000 in the years, 2012, 2013, and 2014, respectively. If 2012 is the base year, what is the trend percentage for 2014?

Select one:

130%

108%.

120%.

77%.

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Tiger Equipment Sales Co. had accounts receivable at the beginning and end of the year of $200,000 and $300,000, respectively. The net sales were $1,000,000. Determine the accounts receivable turnover and number of days’ sales in accounts receivable.

Select one:

3.3, 109

3.3, 91

4.0, 109

4.0, 91.25

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Horizon Company has the following current account information for a recent balance sheet: Cash $ 25,000;Temporary investments 25,000; Accounts receivable 125,000; Merchandise inventory 100,000; Accounts payable 75,000; Accrued expenses 25,000 What are the current and quick ratios?

Select one:

2.50, 1.50

1.75, 2.50

2.75, 1.75

2.75, 0.50

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5th Module Assessment

(24)

Which of the following statement is true in case of a Foreign Company?

Select one:

A Company incorporated in India and has place of business outside India

A Company incorporated outside India and has a place of business in India

None of the above

A Company incorporated in India and has a place of business in India.

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If expenses of liquidation of the vendor company are paid by the purchasing company then, in purchasing company’s book, the account debited is

Select one:

None of the above

Liquidation expense account.

Goodwill account

Vendor company account

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Debenture interest

Select one:

Accumulates in case of losses or inadequate profi ts

None of the above

Is payable before the payment of any dividend on shares

Is payable after the payment of preference dividend but before the payment of equity dividend ___.

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The Securities Premium amount may be utilized by a company for __________.

Select one:

Writing off any loss of revenue nature

Writing off any loss on sale of fi xed asset

None of the above

Writing off the expenses/discount on the issue of debentures

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The accumulated losses under scheme of internal reconstruction are written off against

Select one:

Capital Reduction account

None of the above

Shareholders’ account

Share Capital account

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When the object of reconstruction is usually to re-organise capital or to compound with creditors or to effect economies then such type of reconstruction is called

Select one:

Internal reconstruction without liquidation of the company

Internal reconstruction with liquidation

None of the above

External reconstruction

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The excess price received over the par value of shares, should be credited to __________.

Select one:

Securities premium account

Calls-in-advance account

Share capital account

None of the above

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In case of amalgamation, the entry for elimination of unrealized profit or loss on stock is made

Select one:

By the vendor company

None of the above

By the third party

By the purchasing company

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Amalgamation adjustment reserve is opened in the books of the amalgamating company to incorporate

Select one:

Assets of the amalgamating company

Non- Statutory reserves of the amalgamating company

Statutory reserves of the amalgamating company

None of the above

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Which of the following statement is not a feature of a Company?

Select one:

None of the above

Members have unlimited liability

Perpetual Existence

Separate legal entity

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Reconstruction is a process by which affairs of a company are reorganized by

Select one:

Both (a) and (b)

Revaluation of assets and Reassessment of liabilities.

Writing off the losses already suffered by reducing the paid up value of shares and/or varying the rights attached to different classes of shares.

None of the above

A process of reconstruction, which is carried out without liquidating the company and forming a new one is called

Select one:

None of the above

Internal reconstruction.

External reconstruction

Amalgamation

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When shares are forfeited, the share capital account is debited with ________ and the share forfeiture account is credited with __________.

Select one:

Paid-up capital of shares forfeited; Called up capital of shares forfeited

Called up capital of shares forfeited; Calls in arrear of shares forfeited

None of the above

Called up capital of shares forfeited; Amount received on shares forfeited

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Under the ‘pooling of interests’ method, the difference between the purchase consideration and share capital of the transferee company should be adjusted to

Select one:

Goodwill or capital reserve

Amalgamation adjustment account

None of the above

General reserve

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At the time of amalgamation, purchase consideration does not include

Select one:

None of the above

Preference shares issued by the transferee company to the preference shareholders of the transferor company

The sum which the transferee company will directly pay to the creditors of the transferor company

Payments made in the form of assets by the transferee company to the shareholders of the transferor company

Question 15

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G Ltd. acquired assets worth INR. 7,50,000 from H Ltd. by issue of shares of INR. 100 at a premium of 25%. The number of shares to be issued by G Ltd. to settle the purchase consideration = ?

Select one:

8,550 shares

7,500 shares

6,000 shares

9,375 shares

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F Ltd. purchased Machinery from G Company for a book value of INR. 4,00,000. The consideration was paid by issue of 10% debentures of INR. 100 each at a premium of 25%. The debenture account was credited with ______.

Select one:

5,00,000

4,00,000

3,20,000

4,20,000

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T Ltd. proposed to issue 6,000 equity shares of INR. 100 each at a premium of 40%. The minimum amount of application money to be collected per share as per the Companies Act, 2013

Select one:

INR. 10.00

INR. 6.00

INR. 7.00

INR. 5.00

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Assignment 2

Case Study

Use the following financial statement information as of the end of each year to answer following Questions.
	2014	2013
Inventory	$54,000	$48,000
Current assets	81,000	1,06,000
Total assets	3,82,000	3,26,000
Current liabilities	27,000	36,000
Total liabilities	1,02,000	88,000
Share capital—preference	40,000	40,000
Ordinary shareholders’ equity	2,40,000	1,98,000
Net sales	7,84,000	6,97,000
Cost of goods sold	3,06,000	2,77,000
Net income	1,34,000	90,000
Tax expense	22,000	18,000
Interest expense	12,000	12,000
Dividends paid to preference shareholders	4,000	4,000
Dividends paid to ordinary shareholders	15,000	10,000

Compute the times interest earned for 2014.

65.3 times

13.0 times

14.0 times.

11.2 times.

Question 2. Compute the days in inventory for 2014.

6 days.

64.4 days

24 days.

60.8 days.

Question 3. Compute the current ratio for 2014.

1.26:1.

3.0:1.

3.75:1.

.80:1.

Question 4. Compute the profi t margin for 2014.

18.10%

5.90%

37.9%.

17.1%.

Question 5. Compute the return on ordinary shareholders’ equity for 2014.

61.2%.

47.9%.

51.7%.

59.40%

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