Fin611 Mid Term Current Paper (Dec 2010)
Mid Term 2010
Fin611
Objective Types, Mostly about claculation of Total Assets ot total liabilities.
i.e
1. If net assets are Rs.8000 and Total Liablities are Rs.6000 clacualte Total Assets.
- 8000
- 14000
- 6000
- 2000
2. The total lighting expenses are Rs.3000, If depertment M and N have the ratio of 2/5 and 3/5 respectively, calculate the portion of Department N.
- 1800
- 3000
- 1200
- 900
3. The Debit Side of the Trial Balance Contains
· Assets
· Liabilities
· Expenses
· Income
4. What is true about the Independent Branch
- It's a separate Legal Entity
- Most Branches maintain double entry system
- Manager is allowed to make decisions
- Branches are allowed to purchase goods from local market
5. Gross Profit is ascertain by
- Cost of goods sold – Sales
- Opening Stock – Sales
- Purchases+ Freight Inward - Closing Stock
- Closing Stock – Sales
6. Income from the Sale of old Furniture is
- Revenue Income
- Capital Income
- Accrued Income
- Operating Income
7. **Dividend is paid out of
- Capital Reserve
- Revenue Reserve
- Profit
- Owner's Equity
8. **What will be total Liabilities If total assets are Rs.12000 and Liabilities Rs.6000
- 12000
- 18000
- 6000
- 10000
4. *There were many other objective types from Branch Stock and Debtors method Chapter.
Subjective/Detailed Questions: (Not exactly remember)
- **What will be entries in the books of Head Office regarding the following trnasactions, (3 Marks)
- Goods returned by the branch to head office Rs.5000
- Closing stock of Furniture Rs.4000 transferred to P&L a/c.
- Cash sent for expenses to branch Rs.2000.
- What do you know about Good Will? (3 Marks)
- **A Question regrading the preparation of branch A/c , where stock is received by the branch on Cost Plus Invoice percentage, also calculate the Branch Stock A/c. (5 Marks)
- What are the important factors in the valuation of Good Will. (5)
**Not exact figures remembered.
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