MIDTERM EXAMINATION Spring 2010 MGT101- Financial Accounting (Session - 6)

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1 MIDTERM EXAMINATION Spring 2010 MGT101- Financial Accounting (Session - 6) Time: 60 min Marks: 47 Question No: 1 ( Marks: 1 ) - Please choose one Double entry accounting system includes: Accrual accounting only Cash accounting only Both cash and accrual accounting None of the given options Question No: 2 ( 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: 3 ( Marks: 1 ) - Please choose one Vehicles which are used to supply finished products are called business. Tangible assets Intangible assets Capital Liabilities Question No: 4 ( Marks: 1 ) - Please choose one Accrued expenses are the example of: Current liabilities Long term liabilities Deferred costs Capital expenses Question No: 5 ( Marks: 1 ) - Please choose one Which of the following is NOT an example of Current Asset? Bank Overdraft 1

2 Accounts Receivable Notes Receivable Prepaid Expenses Question No: 6 ( Marks: 1 ) - Please choose one The unfavorable balance of Profit and Loss account should be: Added in liabilities Subtracted from current assets Subtracted from liabilities Subtracted from capital Question No: 7 ( Marks: 1 ) - Please choose one Identify the business transaction for given entry below. Vehicle Account XXX (Dr.) Bank Account XXX (Cr.) Paid for vehicle through cheque Paid for vehicle through cash Purchased vehicle on credit None of the given options Question No: 8 ( Marks: 1 ) - Please choose one If the cost of sales is Rs. 60,000, sales are Rs. 90,000 and operating expenses are Rs. 25,000 during the year. What would be the Net Profit? Rs. 5,000 Rs. 25,000 Rs. 55,000 Rs. 60,000 Question No: 9 ( Marks: 1 ) - Please choose one The amount of depreciation charged on machinery will be debited to: Machinery account Depreciation account Cash account Capital account Question No: 10 ( Marks: 1 ) - Please choose one A form that allow individuals to compare their personal bank account records to the bank's records of the individual's account balance in order to uncover any possible discrepancies is known as: Bank statement Income statement Financial statement Bank Reconciliation statement Question No: 11 ( Marks: 1 ) - Please choose one Which of the following assets are shown at written down value in balance sheet? 2

3 Current assets Liquid assets Floating assets Fixed assets Question No: 12 ( Marks: 1 ) - Please choose one If a business pays rent in advance for 12 months, it will be treated as: Prepaid expenses of business Long term liability of business Fixed assets of business Current liability of business Question No: 13 ( Marks: 1 ) - Please choose one What would be the value of 'cost of goods manufactured' if the total factory cost of the month is Rs. 6,000, opening work in process is Rs. 2,000 and the closing work in process is Rs. 2,500? Rs. 5,500 Rs. 8,000 Rs. 4,500 Rs. 8,500 Question No: 14 ( Marks: 1 ) - Please choose one Which of the following are the obligations or debts of the business? Withdrawals Expenses Assets Liabilities Question No: 15 ( Marks: 1 ) - Please choose one Which of the following is an example of expense in business enterprises? Accounts payable Accounts receivable Salary received Salary paid Question No: 16 ( Marks: 1 ) - Please choose one Which of the following statement is TRUE under double entry system of accounting? It is possible to verify the arithmetical accuracy of books through Trial Balance It is not possible to verify the arithmetical accuracy of books through Trial Balance. It is the system of incomplete records It is not possible to prepare the financial statements Question No: 17 ( Marks: 1 ) - Please choose one 3

4 Which of the following is/are TRUE with respect to the rules of Debit & Credit? Decrease in income is Debit Increase in asset is Debit All of the given options Increase in income is Credit Question No: 18 ( Marks: 1 ) - Please choose one Which of the following account would be credited in case of goods given away as charity? Charity account Purchases account Sales account Assets account Question No: 19 ( Marks: 1 ) - Please choose one Which of the following is also called "The original book of entry"? General Journal General Ledger Trial Balance Profit and Loss Account Question No: 20 ( Marks: 1 ) - Please choose one Which of the following is the excess of net sales over net cost of purchases including all expenses relating to purchases? Gross profit Operating profit Net profit Revenue Question No: 21 ( Marks: 1 ) - Please choose one Electricity bill for the month is paid by Mr. Imran Rs What is the journal entry to record this transaction? Cash a/c Rs. 325 (Dr.), Utilities Expense a/c Rs. 325 (Cr.) Utilities Expense a/c Rs. 325 (Dr.), Cash a/c Rs. 325 (Cr.) Accounts Receivable a/c Rs. 325 (Dr.), Utilities Expense a/c Rs. 325 (Cr.) Utilities Expense a/c Rs. 325 (Dr.), Accounts Receivable a/c Rs. 325 (Cr.) Question No: 22 ( Marks: 1 ) - Please choose one Which of the following is an alternate term used for Capital? Opening capital Owner s net worth Working capital Closing capital Question No: 23 ( Marks: 1 ) - Please choose one What is the best condition to finance a business? 4

5 Fully financed from your own resource Fully relied on financial institutions Investment through own resources as well as rely on financial instructions None of the given options Question No: 24 ( Marks: 1 ) - Please choose one Which of the following is used to record the receipts of cash or cheque? Journal Voucher Receipt Voucher Payment Voucher Cash voucher Question No: 25 ( Marks: 1 ) - Please choose one Which one of the following is the type of stock for trading concerns? Raw Material Work in Process Finished Goods Stock in Trade Question No: 26 ( Marks: 1 ) - Please choose one Which of the following account would be credited on completion of goods? Work In Process Finished goods Stock account Sales account Question No: 27 ( Marks: 1 ) - Please choose one If: Manufacturing Cost is Rs. 30,000 Opening Work in Process Inventory is Rs. 5,000 Closing Work in Process Inventory is Rs. 10,000 Then: What is the amount of Cost of Goods Manufactured? Rs. 35,000 Rs. 25,000 Rs. 15,000 Rs. 20,000 Question No: 28 ( Marks: 1 ) - Please choose one If: Direct Material Cost is Rs. 15,000 Factory overhead is Rs. 5,000 Manufacturing Cost is Rs. 30,000 Then: What is the amount of Conversion Cost? Rs. 15,000 5

6 Rs. 20,000 Rs. 35,000 Rs. 45,000 Question No: 29 ( Marks: 1 ) - Please choose one The assets which have a limited useful life are termed as: Limited assets Depreciable assets Unlimited assets None of the given options Question No: 30 ( Marks: 1 ) - Please choose one All of the following are Fixed assets EXCEPT: Machinery Freehold land Leasehold land Marketable securities Question No: 31 ( Marks: 1 ) - Please choose one Which one of the following is NOT a fixed asset? Office equipment Vehicles Land Inventory Question No: 32 ( Marks: 1 ) - Please choose one What is the treatment of Depreciation in accounting? Written in balance sheet under the head of fixed assets Charged to profit and loss account Written in balance sheet under the head of current assets Written in balance sheet under the head of liabilities Question No: 33 ( Marks: 1 ) - Please choose one A business sells a fixed asset during the year. The following information is known: Original cost Rs. 500 Accumulated depreciation on the date of sale Rs. 240 Profit on sale Rs. 70 What would be the proceeds from the sale of the fixed asset? Rs. 170 Rs. 190 Rs. 310 Rs. 330 Question No: 34 ( Marks: 1 ) - Please choose one Particulars Rs. Opening written down value of machine 375,000 6

7 Cost of machine bought during the year 50,000 Depreciation during the year 11,000 Written down value of the Machine at the year end? Rs. 414,000 Rs. 425,000 Rs. 386,000 Rs. 61,000 Question No: 35 ( Marks: 3 ) If: Cost of fixed asset Rs. 240,000 Accumulated depreciation Rs. 40,000 Sale of fixed asset Rs. 150,000 Required: Calculate the book value and Loss on sale of fixed asset. Solution: Loss on Sale = Sale Cost of fixed Assest Accumulated Depriciation Loss on sale = Rs Book Value = = Question No: 36 ( Marks: 5 ) Following data relates to Zain & Co for the period of six months. Particulars Rs. Opening stock of raw material 80,000 Opening stock of work in process 51,000 Purchases of raw material 230,000 Direct labor cost 94,000 Factory overheads 79,000 Closing stock of raw material 66,000 Closing stock of work in process 44,000 Required: Cost of raw material consumed Total Factory cost Solution: 1-Cost of Raw Material Consumed: As, we know that : Cost of Raw Material Consumed = Opening stock of raw material+ Purchases of raw material -- Closing stock of raw material By putting the values from the given data, in the above formula, we get: 7

8 Cost of Raw Material Consumed = 80, , ,000 Cost of Raw Material Consumed = Rs Total Factory cost: As, we know that: Total Factory Cost = Cost of Material Consumed + Direct labor cost + Factory overheads By putting the values from the given data, in the above formula, we get: Total Factory Cost = , ,000 Total Factory Cost = Rs Question No: 37 ( Marks: 5 ) What do you know about the Revaluation of Fixed Assets? ANSWER: INTRODUCTION: In finance, a revaluation of fixed assets is a technique that may be required to accurately describe the true value of the capital goods a business owns. Fixed assets are held by an enterprise for the purpose of producing goods or rendering services, as opposed to being held for resale in the normal course of business. For example, machines, buildings, patents or licenses can be fixed assets of a business. The purpose of a revaluation is to bring into the books the fair market value of fixed assets. This may be helpful in order to decide whether to invest in another business. If a company wants to sell one of its assets, it is revalued in preparation for sales negotiations. Explanation: Fixed assets are purchased to be used for longer period. In the subsequent years, the value of asset could be higher or lower than its present book value due to inflationary condition of the economy. Assets are valued at Historical Cost in the books of accounts. Historical Cost is the original cost of the asset at which it was purchased plus additional costs incurred on the asset to bring it in working condition. Sometimes, the management of the business, if it thinks fit, revalues the asset to present it on current market value. Once the asset is revalued to its market value, then its value has to be constantly monitored to reflect the changes in the market value. If an asset is revalued at higher cost than its original cost, the excess amount will be treated as profit on revaluation of fixed assets and it is credited to Revaluation Reserve Account. On the other hand, if an asset is revalued at lower cost than its original cost, the balance amount will be treated as loss on revaluation of fixed assets and it is shown in the profit & loss account of that year in which asset was revalued. Rules for Revaluation Revaluation has to be carried out at regular intervals 8

9 The change in the value should be permanent Whole class of asset has to be revalued Methods Of Revaluation: The common methods used in revaluing assets are: 1. Indexation 2. Current market price (CMP) 3. Appraisal Method 9

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