FIN611 Midterm Past Paper

FIN611 MEGA FILE SOLVED BY TEAM HADI

Q1. of 20 ( Start time: 03:44:00 PM ) Total Marks: 1

Which of the following is equal to sales?

Cost of goods sold + Net profit Gross profit – Cost of goods sold Cost of goods sold + Gross profit Cost of goods sold – Gross profit

Q2. of 20 ( Start time: 03:45:21 PM ) Total Marks: 1

Changes in accounting estimates

are accounted for prospectively. When a company revises a previous estimate, prior financial statements are not revised. Instead, the company merely incorporates the new estimate in any related accounting determinations from then on. So, it usually will affect some aspects of both the balance sheet and the income statement in the current period and future periods. A disclosure note should describe the effect of a change in estimate on income before extraordinary items, net income, and related per share amounts for the current period. to light.

a change in an estimate when new information comes

Rs. 1,000 Rs. 1,500

sec(s)

Q4. of 20 ( Start time: 03:47:27 PM ) Total Marks: 1

value?

Q5. of 20 ( Start time: 03:48:11 PM ) Total Marks: 1

The debit side of the Branch stock account indicates:

Inflow of cash Outflow of cash

Inflow of stock

Outflow of stock

Q6. of 20 ( Start time: 03:48:56 PM ) Total Marks: 1

Which one of the following reason occur, would change the constitution of the Partnership (Partnership deed)?

Revaluation of assets Increase in liabilities Retirement of an existing partner In case of Net loss [3:50:20 PM] Huma Rbab: 3 [3:50:24 PM] sweet Poison:

Q7. of 20 ( Start time: 03:49:30 PM ) Total Marks: 1

Q8. of 20 ( Start time: 03:50:42 PM ) Total Marks: 1

In branch accounting, under the debtors system of profit calculation, which of the following is not accounted for in the books of head office?

Cash sales of Branch Credit sales of Branch Branch opening balance of assets Branch closing liabilities

Q9. of 20 ( Start time: 03:51:50 PM ) Total Marks: 1

Which of the following entity is profit oriented?

NGO Trust Society Limited Company

Q10. of 20 ( Start time: 03:52:08 PM ) Total Marks: 1

Which of the following is TRUE with respect to the sacrifice ratio?

Old profit ratio – New profit ratio Old profit ratio – Gross profit ratio Old profit ratio – Net profit ratio Old profit ratio – Operating profit ratio