Fin611 Final Term Current Paper (Feb 2011)

Fin611 Final Term Current Paper (Feb 2011)

mcqs 56
short questions 4 (3 marks each) 1Q of departmental account and 3 Qs of account
long questions 4 (5 marks each) 1Q of EPS, 3Qs of  Account,

..............

Question # 1 of 15 ( Start time: 07:49:17 PM ) Total Marks: 1 
What will be the expense if the gross profit is Rs. 5,000 and net profit is 25% of the gross profit? 
Select correct option: 

Rs. 1,250
Rs. 3,750
Rs. 4,150
Rs. 6,250

Question # 2 of 15 ( Start time: 07:49:54 PM ) Total Marks: 1 
Which of the following is/are NOT allocated and apportioned on the basis of "Number of employees" by each department? 
Select correct option: 

Rent expense
Bad debts provision
Depreciation expense
All of the given options 

Question # 3 of 15 ( Start time: 07:51:23 PM ) Total Marks: 1 
Which of the following expense is NOT allocated and apportioned on the basis of purchase of raw material made by each department? 
Select correct option: 

Discount receive
Import duty
Carriage inward
Canteen expense

Question # 4 of 15 ( Start time: 07:52:31 PM ) Total Marks: 1 
Which one of the following represents a capital receipt? 
Select correct option: 

Receipt of rent
Receipt of commission
Receipt from sale of goods
Long-term loan received from bank

Question # 5 of 15 ( Start time: 07:53:56 PM ) Total Marks: 1 
Which of the following is NOT included in the credit side of cash book? 
Select correct option: 

Discount received
Capital payments
Closing balance of cash 
Revenue payments 

Question # 6 of 15 ( Start time: 07:55:04 PM ) Total Marks: 1 
If the owners' equity and liabilities of the business ABC are worth Rs. 70,000 and Rs.19,000 respectively then the Total Assets consist of: 
Select correct option: 

Rs.60,000
Rs.89,000 
Rs.41,000
Rs.19,000

Question # 7 of 15 ( Start time: 07:55:45 PM ) Total Marks: 1 
Which one of the following items will NOT appear in the Balance Sheet of a club? 
Select correct option: 

Subscriptions received in advance
Donations received in advance
Entrance fee paid by the member
Locker's rent accrued

Question # 8 of 15 ( Start time: 07:56:58 PM ) Total Marks: 1 
In Non-Profit Organizations, excess of income over expenditure is called: 
Select correct option: 

Deficit
Surplus
Net profit
Net loss

Question # 9 of 15 ( Start time: 07:57:50 PM ) Total Marks: 1 
Capital fund of Non-trading concern is equal to: 
Select correct option: 

Assets + Income
Assets + Liabilities
Expenditure + Liabilities
Assets – Liabilities 

Question # 10 of 15 ( Start time: 07:59:04 PM ) Total Marks: 1 
Which of the following is NOT a capital receipt? 
Select correct option: 

Receipt from sale of fixed assets
Receipt of commission
Receipt of bank loan (Long-term)
Receipt of owners' equity 

Question # 11 of 15 ( Start time: 08:00:26 PM ) Total Marks: 1 
Under the net worth method of single entry system, profit is ascertained by calculating _________ and adjusting the drawings. 
Select correct option: 

Increase in liabilities
Increase in assets
Increase in expenses
Increase in capital

Question # 12 of 15 ( Start time: 08:01:57 PM ) Total Marks: 1 
What would be the value of 'Outstanding subscriptions' at beginning of the year, if the subscription realized were Rs. 900 and the balance reported in the Balance sheet is Rs. 400? 
Select correct option: 

Rs. 900
Rs. 400
Rs. 500
Rs. 1,300

Question # 13 of 15 ( Start time: 08:02:48 PM ) Total Marks: 1 
Individuals or institutions with activities, other than trade, are known as: 
Select correct option: 

Manufacturing concerns
Non-trading concerns
Trading concerns
None of the given options

Question # 14 of 15 ( Start time: 08:04:19 PM ) Total Marks: 1 
If the profit is 1/4 of the sales then it is: 
Select correct option: 

1/4 of the cost price
1/5 of the cost price
1/2 of the cost price
1/3 of the cost price

Question # 15 of 15 ( Start time: 08:04:43 PM ) Total Marks: 1 
Which of the following statement shows the financial position of a business at a certain point of time? 
Select correct option: 

Income statement
Balance sheet
Statement of changes in equity
Statement of cash flows