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Mgt101 Current Final Term Paper 2012 Election

mgt101
mcqs from past paper
Q.1 Determine Sales For The Current Period From The Following Information For Ali Baba(Pvt)Ltd.Show Complete Working.
Total Factory Cost Rs 500,000
Opening Inventory W.I.P =300,000
Closing Inventory W.I.P =150,000
Finish Good Inventory Decrease By= 75,000
Gross Profit In 25% Of Cost Of Good Sold
Q.2 Net Cash Flow From Financing Activities 
Operating Profit Before Working Capital Changes =37,154
Debenture Certificate Matured =120,000
Dividend And Interest Received =5,500
Dividend Paid = 7,000
Loss On Disposal Of Fixed Asset= 5,000
Issues Of Share In Current Year =75.000
Q.3 M.R Ali Purchased Goods Amounting Rs 50,000 From Mr.Akram On Credit.Mr Akram Offered Discount 10% If They Would Receive The Due Amount 10 Days From The Date Of Transaction Mr Ali Paid The Due Amount Of Rs 50,000 With In Discount Period Plz Necessary Journal Enteries In The Book Of Mr.Ali?
Q.4 Following Information Is Available for Abc Trader
Opening Balance Of Creditors Control Account Rs= 150.000
Total of Cash Sales = 44,000
Total Sale Journal =35,000
Total Purchase Journals = 55,000
Bad Debts Written Off = 10,000
Total Receipts From Debtors = 25,000
Q.5 Public Limited Company Have Many Option To Increase It Share In The Stock Market .You Are Write Just Three?
Q.6 Plz Explain The Fixed Capital Expense With Determine To Partnership?


MIDTERM  EXAMINATION

Fall 2009

MGT101- Financial Accounting (Session - 3)

Ref No: 1048092

Time: 60 min

Marks: 50

Student Info

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 Center:

 

 ExamDate:

  12/19/2009 12:00:00 AM

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Question No: 1    ( Marks: 1 )    - Please choose one

 We can say that the business is in profit, when:

       ► Assets exceed Expenditure

       ► Assets exceed Liabilities

       ► Income exceeds Expenditure

       ► Income exceeds Liabilities

   

Question No: 2    ( Marks: 1 )    - Please choose one

 Cost incurred for the maintenance of shop is considered as _________.

       ► Deferred expense

       ► Capital expense

       ► Revenue expense

       ► Preliminary expense

   

Question No: 3    ( Marks: 1 )    - Please choose one

 If a business purchases machinery for Rs. 30,000 on 31st January 2008 having life of 10 years, this expense will be realized ___________ under the concept of accrual accounting.

       ► For the year 2008 only

       ► For the last day of 10th year only

       ► Over 10 years

       ► Nothing can be said about it

   

Question No: 4    ( Marks: 1 )    - Please choose one

 Word “Credit” is derived from ______ language.

       ► Latin

       ► English

       ► French

       ► Chinese

   

Question No: 5    ( Marks: 1 )    - Please choose one

 According to the double entry system of accounting, an account that obtains benefit is:

       ► Debit

       ► Credit

       ► Income

       ► No need to show as accounting record

   

Question No: 6    ( Marks: 1 )    - Please choose one

 An Asset that is NOT physical in nature is called _________.

       ► Intangible Asset

       ► Liquid Asset

       ► Current Asset

       ► Fixed Asset

   

Question No: 7    ( Marks: 1 )    - Please choose one

 What would be the affect on the components of the accounting equation, if goods are purchased on cash? 

       ► Increase in cash and decrease in equity

       ► Increase in cash and increase in goods

       ► Increase in goods and decrease in cash

       ► Increase in equipment and increase in equity

   

Question No: 8    ( Marks: 1 )    - Please choose one

 Which of the following is CORRECT about the flow of recording a transaction?

       ► Occurrence of event – voucher—Journal—Ledger—Trial Balance—profit and loss account—Balance Sheet 

       ► Occurrence of event—Journal – voucher —Ledger—Trial Balance—profit and loss account—Balance Sheet

       ► Occurrence of event—Ledger – voucher—Journal—Trial Balance—profit and loss account—Balance Sheet 

       ► Occurrence of event—Trial Balance – voucher—Journal—Ledger—profit and loss account—Balance Sheet 

   

Question No: 9    ( Marks: 1 )    - Please choose one

 In an account, if credit side < debit side then the balance is known as:

       ► Negative Balance

       ► Debit Balance

       ► Positive Balance

       ► Credit Balance

   

Question No: 10    ( Marks: 1 )    - Please choose one

 Bank book is part of:

       ► Voucher

       ► General Journal

       ► General Ledger

       ► Trial Balance

   

Question No: 11    ( Marks: 1 )    - Please choose one

 While making Income & Expenditure account, Excess of income over expenses in a specified accounting period is called:

       ► Profit

       ► Loss

       ► Surplus

       ► Deficit

   

Question No: 12    ( Marks: 1 )    - Please choose one

 Gross Profit > Operating Expenses=?

       ► Net Profit

       ► Cost of Goods Sold

       ► Net Loss

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