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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?
Select correct option:
NGO
Trust
Society
Limited Company
QUESTION: Which of the following is NOT included in the credit side of
cash book?
Select correct option:
Discount received
Capital payments
Closing balance of cash
Revenue payments
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QUESTION: "Receipts and Payments Account" is prepared at the:
Select correct option:
End of the year
Start of the year
Mid of the financial year
None of the given options
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?
Select correct option:
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)
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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:
Select correct option:
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:
Select correct option:
Inflow of cash
Outflow of cash
Inflow of stock
Outflow of stock
REF:
http://www.accountingexplanation.com/accounting_dictionary/branch_stock_accou
nt_definition.htm
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QUESTION: The capital shall be maintained at the same figure during the
Partnership and no adjustment shall be passed in the capital account
during the period. Which method of Partnership capital account explains
this?
Select correct option:
Fluctuating capital
Fixed capital
Both of the above methods
None of the given options
Ref: http://studytesttime.com/basics-of-partnership-accounting/3-capital-account
and the Lecture slide of lec # 17
QUESTION: Rent and rates are allocated and apportioned to the different
departments on the basis of:
Select correct option:
Sale of each department
Number of employees
Purchase of each department
Area / Floor space occupied
REF page 44-45
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QUESTION: Which of the following is TRUE with respect to the sacrifice
ratio?
Select correct option:
Old profit ratio – New profit ratio
Old profit ratio – Gross profit ratio
Old profit ratio – Net profit ratio
Old profit ratio – Operating
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(Page # 84)
Question # 4
A and B are partners who share the profits in the ratio of 3/5 and 2/5 respectively
they admit C into partnership and the profit sharing ratio is agreed at 3/8 : 3/8:
2/8 respectively. Calculate the sacrifice ratio of old partners
Solution:
A‟s sacrifice ratio B‟s sacrifice ratio
Old ratio – New ratio = Old ratio – New ratio =
3/5 – 3/8= 2/5 – 3/8 =
24 -15 16 -15
40 40
= 9/40 =1/40
Sacrifice ratio = 9:1
QUESTION: A branch that works independent to the head office is also
known as:
Select correct option:
Profit centre
Investment centre
Retail centre
Whole sale branch
(Page # 51) Independent Branch
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This is the type of branch which maintains its own set of books. The method of
accounting is the double entry book keeping. Branch manager of such a branch is
given certain powers for decision making regarding procurement, selling,
advertising, staffing, pricing, and even for purchasing of fixed assets. These
branches are taken as an investment centre.
QUESTION: Individuals or institutions with activities, other than trade, are
known as:
Select correct option:
Manufacturing concerns
Non-trading concerns
Trading concerns
None of the given options
QUESTION: Which of the following statement is NOT TRUE about the
journal entry of the Cash-in-transit?
Select correct option:
It is recorded when cash is on the way
It is recorded by both Head office and the Branch
It is recorded by either of the parties
All of the given options
(Page # 72)-
Cash in transit
Cash in transit A/C
Branch A/C or Head office A/C
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QUESTION: Which of the following method of profit calculation is quite
similar to the single entry system under the branch accounting?
Select correct option:
Income statement system
Debtor system
Stock and debtor system
Final account system
(Ref Page # 57 )Income Statement of the branch we shall be using all those skills
which we have learned in the single entry system of accounting during conversion
of single entry into double entry.
QUESTION: Under single entry system, which of the following is prepared
in order to have an idea about the financial position on a particular date?
Select correct option:
Balance sheet
Stement of equity
Statement of affairs
Profit and loss account
QUESTION: Which one of the following reason occur, would change the
constitution of the Partnership (Partnership deed)?
Select correct option:
Revaluation of assets
Increase in liabilities
Retirement of an existing partner
In case of Net loss
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(Ref Page # 82)
Following changes occur in the constitution of the partnership (Partnership deed)
these changes might occur because of the following reasons:
• Admission of a new partner
• Retirement of an existing partner
• Death of a partner
QUESTION: Which of the following statement is TRUE about the branch Trial
Balance?
It is prepared by the head office
It is prepared by the all whole sale branches
It is only prepared by the independent branch
It prepare to balance the accounts under single entry system
QUESTION: Which of the following account will be credited for distribution
of profit to partners?
Select correct option:
Profit and loss account
Profit and loss appropriation account
Partner‟s capital accounts
Cash account
QUESTION: Which of the following account will be credited for salary
payable to partners against the distribution of profit?
Select correct option:
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Profit and loss account
Profit and loss appropriation account
Partner‟s capital accounts
Salaries account
SALARIES OF PARTNERS
A partner is not entitled to a salary as remuneration for his services to the
partnership unless the agreement stipulates this. One does not enter into a contract
with oneself as employer and employee.
However, when a partnership agreement does make provision for the payment of a
salary to a partner, this must be allocated to him even if there is insufficient profit
for appropriation of profit. Therefore the salaries of partners will be shown in the
Appropriation account and not in the Profit and Loss account. A partner does not
necessarily receive a monthly salary. An annual allowance is made in terms of the
partnership agreement.
• MONTHLY SALARY PAID TO PARTNERS
DEBIT: Drawings: A and/or Drawings B
CREDIT: Bank
• CLOSING TRANSFER AT THE END OF THE YEAR
DEBIT: Current Account: A and Current Account: B
CREDIT: Drawings: A and Drawings: B
(TWO ENTRIES)
• ANNUAL SALARY ALLOWANCES
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DEBIT: Salary: A and/or Salary: B
CREDIT: Current Account: A and Current Account:
B
• CLOSING TRANSFER AT THE END OF THE YEAR
DEBIT: Appropriation Account
CREDIT:Salary: A and/or Salary: B
THE EFFECT ON THE ACCOUNTING EQUATION
ACCOUNT DEBIT ACCOUNT CREDIT ASSETS OWNERS‟EQUITY
LIABILITIES
Drawings: A Bank (favourable) - - 0
Or
Salary: A Current Account: A 0 +/-
0
QUESTION: Capital fund of Non-trading concern is equal to:
Select correct option:
Assets + Income
Assets + Liabilities
Expenditure + Liabilities
Assets – Liabilities
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QUESTION: Which of the following is used to extract the opening balance
of fixed assets in single entry system?
Select correct option:
Debtors account
Cash account
Statement of affairs
Assets account
The opening balance of Capital Fund is calculated through the Statement of Affairs
as on the opening date.
Statement of Affairs From examination stand point, Drawings and Fresh capital
will be given in the questions but often the students will be required to calculate the
opening and closing balances of Owner‟s Equity as these will not be given in the
question as a single amount. (Ref: page # 2)
QUESTION: Which of the following is NOT a feature of goods sent to branch
account, under the stock and debtor system?
Select correct option:
It is debited with the goods return to the head office
It is debited with the loading (net) on goods sent to branch
It is debited with the goods return by the debtors
None of the given options
Read page # 64 to confirm the answer
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QUESTION: What would be the value of total sales by head office if the
goods sent to independent branch are Rs. 50,000 and sales by Head office
is Rs. 40,000?
Select correct option:
Rs. 10,000
Rs. 40,000
Rs. 50,000
Rs. 90,000
QUESTION: The “credit balance” in the Income and Expenditure Account
indicates:
Select correct option:
The excess of income over expenditure
The excess of expenditure over income
The excess of cash receipts over cash payments
The excess of cash payments over cash receipts
Obtain surplus (excess of incomes over the expenses) or deficit (excess of expenses
over the incomes).
QUESTION: If the Sales of Department „A‟ & Department „B‟ are Rs. 1,200
and Rs. 300 respectively, total selling expenses are Rs. 150, then the
selling expense allocated to the Department „B‟ is:
Select correct option:
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Rs. 150
Rs. 120
Rs. 300
Rs. 30
SOLUTION
A : B
1200 : 300
12 : 3
4 : 1
Total Ratio = 5, selling exp. = 150
so, Selling Expenses allocated to Dep. B = 150 * 1 / 5 = 30
If the value of whole business is Rs. 600,000 and Net assets or capital is
Rs. 320,000. What is the value of Goodwill?
Select correct option:
Rs. 280,000
Rs. 320,000
Rs. 560,000
Rs. 920,000
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Which of the following represents the partnership agreement in writing?
Select correct option:
Partnership registration
Partnership deed
Partnership-at-will
Partnership certification
Mr. A is the incoming partner, is to bring Rs. 6,000 by way of goodwill for
1/5th share in the firms profit. The total goodwill
of the firm will be valued at:
Select correct option:
Rs. 1,200
Rs. 17,000
Rs. 33,000
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Rs. 30,000
The difference between the cost price and the invoice price is known as:
Select correct option:
Gross Profit
Net Profit
Loading
Sale price
Difference between cost and pro-forma invoice price is known as loading
In Non-profit organization, the excess of total assets over total external
liabilities is called:
Select correct option:
Surplus
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Deficit
Capital fund
Profit
Under the net wroth method of single entry the Net profit is equal to:
Select correct option:
Closing capital -Opening Capital
Opening Capital - Closing capital
Opening Capital + Closing capital
Total Assets + Total Liabilities
Fin611 solved Quiz
Total Marks = 10
1. Profit of the business can be measured as an increase in:
A. The net worth of the business
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B. The net liabilities of the business
C. The net working capital of the business
D. The net drawings of the business
2. Which of the following is similar to the statement of affairs?
A. Income statement
B. Balance sheet
C. Statement of changes in equity
D. Bank reconciliation statement
3. Under the net worth method of single entry system, profit is ascertained by
calculating _________ and adjusting the drawings.
A. Increase in liabilities
B. Increase in capital
C. Increase in assets
D. Increase in expenses
4. Which one of the following represents a capital receipt?
A. Receipt from sale of goods
B. Receipt of rent
C. Receipt of commission
D. Long-term loan received from bank
5. If the profit is 1/4 of the sales then it is:
A. 1/4 of the cost price
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B. 1/5 of the cost price
C. 1/2 of the cost price
D. 1/3 of the cost price
6. Subscription received in advance by the Non-profit organization is treated as:
A. A Liability
B. An Income
C. An Asset
D. An Expense
7. The difference of two sides of “Receipts & Payments Account” represents:
A. Opening cash balance
B. Closing creditors
C. Closing cash or bank balance
D. Closing debtors
8. What would be the value of „Outstanding subscriptions‟ at beginning of the year,
if the subscription realized were Rs. 900 and the balance reported in the Balance
sheet is Rs. 400?
A. Rs. 1,300
B. Rs. 900
C. Rs. 500
D. Rs. 400
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9. Which of the following expense is NOT allocated and apportioned on the basis of
purchase of raw material made by each department?
A. Discount receive
B. Import duty
C. Carriage inward
D. Canteen expense
10. What would be the value of depreciation allocated to Department 'X‟, if the total
depreciation on building is Rs. 3,000 and the area covered by Department „X‟ &
„Y‟ is 2/3 and 1/3 respectively?
A. Rs. 2,000
B. Rs. 3,000
C. Rs. 1,000
D. Rs. 1,500
Total Marks = 10
1. A branch that works independent to the head office is also known as:
A. Investment centre
B. Profit centre
C. Retail centre
D. Whole sale branch
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2. If the head office send cash Rs. 49,000 for the payment of salaries during the
year, under the debtor system Rs. 49,000 would be considered as:
A. An expense for the branch
B. Fresh capital for the branch
C. An asset for the branch
D. A liability for the branch
3. The difference between the cost price and the invoice price is known as:
A. Gross Profit
B. Loading
C. Sale price
D. Net Profit
4. Which one of the following is TRUE about the independent branch?
A. It is wholly controlled by the head office
B. It is also called a service branch
C. It has a separate legal entity
D. Books are prepared on double entry system
5. Which of the following account is NOT attributed to the books of an independent
branch?
A. Cash Account
B. Goods-in-Transit Account
C. Creditors Account
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D. Capital Account
6. Which of the following represents the partnership agreement in writing?
A. Partnership registration
B. Partnership-at-will
C. Partnership deed
D. Partnership certification
7. Which of the following statement is NOT TRUE about the branch Trial Balance?
A. It is prepared by the head office
B. It is only prepared by the independent branch
C. It shows the accuracy of debits and credits
D. All the closing balances of ledger accounts appear in Trial Balance
8. Mr. A is the incoming partner, is to bring Rs. 6,000 by way of goodwill for 1/5th
share in the firms profit. The total goodwill of the firm will be valued at:
A. Rs. 1,200
B. Rs. 17,000
C. Rs. 33,000
D. Rs. 30,000
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9. If the value of whole business is Rs. 600,000 and Net assets or capital is Rs.
320,000. What is the value of Goodwill under the capitalization method?
A. Rs. 280,000
B. Rs. 320,000
C. Rs. 560,000
D. Rs. 920,000
10. Which of the following is TRUE with respect to the loss on revaluation of assets
and liabilities?
A. Revaluation account is credited
B. Capital of old partners are credited
C. Revaluation account is debited
D. New profit ratio is utilized for loss distribution
Question # 1 of 10 ( Start time: 04:22:04 PM ) Total Marks: 1
Which of the following account will be credited in case of decrease in the value of
Machinery to make a revaluation of all assets and liabilities?
Select correct option:
Machinery Account
Salaries Account
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Sales Account
Current Assets Account
Question # 2 of 10 ( Start time: 04:22:54 PM ) Total Marks: 1
Which of the following entity is profit oriented?
Select correct option:
NGO
Trust
Society
Limited Company
Question # 3 of 10 ( Start time: 04:23:15 PM ) Total Marks: 1
Which of the following method of profit calculation is quite similar to the single
entry system under the branch accounting?
Select correct option:
Income statement system
Debtor system
Stock and debtor system
Final account system
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Question # 4 of 10 ( Start time: 04:23:49 PM ) Total Marks: 1
Which of the following is NOT a feature of branch cash account, under the stock and
debtor system?
Select correct option:
It is debited with the cash sent to branch
It is debited with the cash received from branch debtors
it is debited with the branch expenses during the year
it is debited with the opening balance of cash
Question # 5 of 10 ( Start time: 04:24:40 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?
Select correct option:
Cash sales of Branch not sure
Credit sales of Branch
Branch opening balance of assets
Branch closing liabilities
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Question # 6 of 10 ( Start time: 04:26:12 PM ) Total Marks: 1
Which of the following account will be debited for distribution of profit to partners?
Select correct option:
Profit and loss account
Profit and loss appropriation account
Partner‟s capital accounts
Cash account
Question # 7 of 10 ( Start time: 04:26:38 PM ) Total Marks: 1
A branch that works independent to the head office is also known as:
Select correct option:
Profit centre
Investment centre
Retail centre
Whole sale branch
Question # 8 of 10 ( Start time: 04:27:28 PM ) Total Marks: 1
Under single entry system, which of the following is prepared in order to have an
idea about the financial position on a particular date?
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Select correct option:
Balance sheet
Stement of equity
Statement of affairs
Profit and loss account
Question # 9 of 10 ( Start time: 04:28:36 PM ) Total Marks: 1
Which of the following is NOT included in the debit side of the cash book?
Select correct option:
Capital receipts
Revenue receipts
Discount allowed
Opening balance of cash
Question # 10 of 10 ( Start time: 04:29:29 PM ) Total Marks: 1
Under the net worth method of single entry system, profit is ascertained by
calculating _________ and adjusting the drawings.
Select correct option:
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Increase in liabilities
Increase in assets
Increase in expenses
Increase in capital
Question # 1 of 10 ( Start time: 04:34:31 PM)
Total Marks: 1
Under single entry system, which of the following is prepared in order to have an
idea about the financial position on a particular date?
Select correct option:
Balance sheet
Stement of equity
Statement of affairs
Profit and loss account
Question # 2 of 10 ( Start time: 04:35:12 PM)
Total Marks: 1
Which of the following statement is NOT TRUE about the journal entry of the Cash-
in-transit?
Select correct option:
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It is recorded when cash is on the way
It is recorded by both Head office and the Branch
It is recorded by either of the parties
All of the given options
Question # 3 of 10 ( Start time: 04:36:27 PM)
Total Marks: 1
The difference between the cost price and the invoice price is known as:
Select correct option:
Gross Profit
Net Profit
Loading
Sale price
Question # 4 of 10 ( Start time: 04:37:16 PM)
Total Marks: 1
Which of the following is NOT a capital payment?
Select correct option:
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Purchase of fixed assets
Repayment of bank loans (Long-term)
Drawings
Payments of rent
Question # 5 of 10 ( Start time: 04:38:37 PM)
Total Marks: 1
Which of the following is not a feature of branch debtor account, under the stock
and debtor system?
Select correct option:
It is credited with the discount allowed
It is credited with the credit sales
It is credited with the sales returns from debtors
It is credited with the bad debt during the year
Question # 6 of 10 ( Start time: 04:39:54 PM)
Total Marks: 1
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Which of the following is NOT a feature of branch expense account, under the stock
and debtor system?
Select correct option:
It is debited with the cash sent to branch
It is debited with the discount allowed to branch debtors
It is debited with the depriciation of branch fixed assets
It is debited with the branch bad debts during the year
Question # 7 of 10 ( Start time: 04:41:18 PM)
Total Marks: 1
What will be the expense if the gross profit is Rs. 5,000 and net profit is 25% of the
gross profit?
Select correct option:
Rs. 1,250
Rs. 3,750
Rs. 4,150
Rs. 6,250
Question # 8 of 10 ( Start time: 04:42:49 PM)
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Total Marks: 1
An independent branch also prepares a trial balance because it records the
transactions based on:
Select correct option:
Single entry system
Cash accounting
Double entry system
Stock & Debtor system
Question # 9 of 10 ( Start time: 04:43:40 PM)
Total Marks: 1
Which of the following is/are NOT allocated and apportioned on the basis of
purchase of raw material by each department?
Select correct option:
Repair and Renewals
Works manager‟s salary
Selling expense
All of the given options
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Question # 10 of 10 ( Start time: 04:44:27 PM)
Total Marks: 1
"Income and Expenditure Account" is debited with all:
Select correct option:
Expenses
Earnings
Liabilities
Assets
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