MGT101 Final Term Past Paper Fall 2008 Session 3

FINALTERM EXAMINATION · Fall 2008 · MGT101- Financial Accounting (Session - 3)

Q1. Debenture is also named as: (1 marks)

1. Share
2. Bond
3. Equity
4. Reserve

Q2. In which situation(s) Partnership is dissolved? (1 marks)

1. In case of death of partner
2. At the admission of new partner
3. If any partner resigned from partnership
4. All of the given options

Q3. Rs. (1 marks)

Debentures 1, 50, 000 Equity Capital 2, 00,000 General Reserve 90, 000 Accumulated profit 60,000

What is debt equity ratio

1. 15: 20 (or 3:4)
2. 15:24 (or 5: 8)
3. 15:29
4. 15:35 (or 3: 7)

Q4. Rs. (1 marks)

Share capital of Rs. 10 each 1,000,000 Profit before tax 150,000 Taxes 10,000

Earning per share

1. Rs. 1.50 per share
2. Rs. 1.40 per share
3. Rs. 1.15 per share
4. Rs. 1.25 per share

Q5. In calculating earning per share (EPS), the net profit is divided by which of the following? (1 marks)

1. Number of ordinary shares
2. Number of preference shares
3. Paid up capital
4. Authorized capital

Q6. Which of the following statement in NOT TRUE about the limited company form of business? (1 marks)

1. The limited company form of business allows ownership of the business to be spread amongst many people
2. Shareholders can appoint professionals
3. Shareholders are personally liable for all the liabilities incurred by the business
4. Regular filing of information about the affairs of the company is a legal requirement

Q7. Which of the following is the most important document of the company? (1 marks)

1. Memorandum of Association
2. Articles of Association
3. Prospectus
4. Annual Report

Q8. In which of the following interim dividend is treated? (1 marks)

1. In profit and Loss account
2. In profit and Loss appropriation account
3. On the asset side of the Balance Sheet
4. In trading account

Q9. The income statement of the Limited company is also known as: (1 marks)

1. Manufacturing account
2. Profit and Loss account
3. Profit and Loss Appropriation account
4. Current Account

Q10. In which of the following auditor’s remuneration payable is shown? (1 marks)

1. In balance sheet under the head of current liabilities only
2. In balance sheet under the head of current assets only
3. In income statement under the administrative expense only
4. In both balance sheet under the head of current liabilities and income statement under the administrative expense

Q11. Preliminary Expenses of the company may write off against: (1 marks)

1. Share premium account
2. Share holder account
3. Debtors control account
4. Creditor control account

Q12. The amount received; in excess of the face value of the shares is transferred to which of the following? (1 marks)

1. Share premium account
2. Share holder account
3. Share capital account
4. Right share

Q13. The maximum amount with which the company is registered is called: (1 marks)

1. Authorized Share Capital
2. Issued Share Capital
3. Paid up capital
4. Called up capital

Q14. When the capitals are fixed, which of the following account will be debited for drawings (1 marks)

1. Individual Partner’s Current Account
2. Partner’s Cash Account
3. Partner’s Bank Account
4. Partners Capital Account