FIN611 Mega File

FIN611 Quiz no 2 mega file · Attempted and Solved by · Ulfat Abbas Jafery, Abdul saboor · Sweet Poisons

QUESTION: Which of the following entity is profit oriented?

NGO Trust Society Limited Company

QUESTION: Which of the following is NOT included in the credit side of cash book?

Discount received Capital payments Closing balance of cash Revenue payments

QUESTION: "Receipts and Payments Account" is prepared at the:

End of the year Start of the year Mid of the financial year

QUESTION: What is the value of sales, if the cost of goods sold is Rs. 3,000 and the gross profit is 20 % of sales?

Rs. 3,600 Rs. 3,750

Rs. 6,000 Rs.15,000

SOLUTION: If gross profit is 20% of sale than the rest of %age is 80 (cost of goods sold) Gross profit = Cost of good sold x 20/80

= 3000 x ¼ = 750

Sales = Cost of good sold + Gross Profit = 3000+750 = 3750

QUESTION: 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:

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

ASSETS · = OWNER‟S EQUITY + LIABILITIES · = 70000 + 19000 · = 89000

QUESTION: The debit side of the Branch stock account indicates:

Inflow of cash Outflow of cash Inflow of stock Outflow of stock

REF:

nt_definition.htm