MGT101 Final Term Past Paper Fall 2005 Session 2

Questions · Total · Marks · FINAL TERM EXAMINATION · SEMESTER Fall 2005 · MGT101-Financial Accounting(Paper 2)

Name: ………………………………………………………………………………………….

Student ID: …………………………………………………………………………………….

INSTRUCTIONS:

Q

The duration of this examination is 120 minutes.

All questions are compulsory.

This exam consists of 5 Multiple Choice Questions (MCQ’s) carrying 2 marks each, 6 Short questions carrying 5 marks each and 2 Descriptive questions carrying 10 marks.

You are required to show all the working of short questions as well as Descriptive questions.

This examination is closed book, closed notes, closed neighbors.

The use of calculator is allowed.

You may wish to pace yourself with your own watch, but the Supervisor will be the official timekeeper of the test.

Failure to comply with the Supervisor’s directions will result in your test being cancelled. Please comply with supervisor’s directions to avoid any unpleasant event. Marks: 2

Which of the following is not a component of Financial Statement?

1. Balance Sheet
2. Profit and Loss account
3. Bank Reconciliation Statement
4. Cash Flow statement

Q4. Marks: 2

Cost of goods sold does not contain which of the following heads of Accounts:

1. Purchase of raw material/goods
2. Wages paid to employees for manufacturing of goods
3. Commission is paid on purchases from third parties
4. Any expense incurred on carriage/transportation of purchased items

Q5. Marks: 2

Marks: 2

Debtors are:

1. The third persons/parties, from whom business owes money
2. These are receivables of the business against sales of goods
3. It is an asset of the business and is shown in the balance sheet under the heading of ‘current assets’
4. All of the given Options

Q2. Marks: 2

Advance insurance is an example of

1. Current Asset
2. Administrative expense
3. Insurance expense
4. Current Liability

Paid up Capital is:

1. 2. 3. 4. The amount raised by the company by the issue of its shares to general public The maximum amount with which a company gets Registration/Incorporation Amount collected on issuance of prospectus and debentures None of the given Options

Q6. What is meant by Prepaid expenses? Explain with example.

Q7. Ascertain the amount of Net Profit for the year ended 31st December by the following data:

Marks: 5

Marks: 5

Opening Capital Ending Capital Owner’s Drawings Additional Capital Introduced during the year

Q8. 26,500

34,800 9,000 5,000

Marks: 5

What do you mean by Current Ratio? How it is calculated? What should be its ratio for a business Organization?

Q9. Define SUBSIDIARY BOOKS.

Q10. Differentiate between Reserve and Provision.

Marks: 5

Marks: 5