Contact www.kimsharma.co.in for best and lowest cost solution or Email: amitymbaassignment@gmail.com Call: +91 8290772200 Assignment solution help, Assignment answers help, Assignment Help IMT Solved Assignment 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 Contact www.kimsharma.co.in for best and lowest cost solution or Email: amitymbaassignment@gmail.com Call: +91 8290772200 IMT Ghaziabad Assignment solution help, Assignment answers help, Assignment Help 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 Contact www.kimsharma.co.in for best and lowest cost solution or Email: amitymbaassignment@gmail.com Call: +91 8290772200 Assignment solution help, Assignment answers help, Assignment Help IMT Solved Assignment 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 Contact www.kimsharma.co.in for best and lowest cost solution or Email: amitymbaassignment@gmail.com Call: +91 8290772200 Assignment solution help, Assignment answers help, Assignment Help IMT Solved Assignment