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Title Name Amity solve assignment for BSc. IT on INTRO. TO FINANCIAL ACCOUNTING
University AMITY
Service Type Assignment
Course B.Sc-(IT)
Semester Semester-I Course: B.Sc-(IT)
Session Jun-2018
Short Name or Subject Code INTRODUCTION TO FINANCIAL ACCOUNTING
Commerce line item Type Semester-I Course: B.Sc-(IT)
Product Assignment of B.Sc-(IT) Semester-I (AMITY)
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Questions:-


Introduction to Financial Accounting (ABI 106) - Semester I

Section A

  1. What is the process of accounting?
  2. What is the difference between trial balance and Balance sheet?
  3. Discuss the concept of separate legal entity.
  4. Explain conservatism convention.
  5. Difference between journal and ledger.
  6. Explain Subsidiary books.
  7. Discuss the format of a balance sheet.
  8. Elaborate the concept of double entry system of book keeping.

Section B

QUESTION 1

  1. Define depreciation. Differentiate, with suitable example, between Diminishing Balance Method & Straight Line Method of charging depreciation.

QUESTION 2

  1. Define Bills of Exchange and explain the parties involved in it.

QUESTION 3

  1. Distinguish between capital expenditure & revenue expenditure 

Section C

QUESTION 1

The external events that involve transfer of value between two entities is known as

  1. Transactions
  2. Events
  3. Divisions
  4. Happenings

QUESTION 2

Which of the following is TRUE?

  1. Assets=Liablities+Equity
  2. Assets=Liabilities-Equity
  3. Assets= Liabilities-Losses
  4. Assets=Liabilities+Profits

QUESTION 3

The personal expense of Proprietor are known as

  1. Proprietary Expenses
  2. Personal Expense
  3. Drawings
  4. Business Expense

QUESTION 4

"Which ""Book"" records all residual transactions?"

  1. Cash Book
  2. Journal proper
  3. Purchase Day Book
  4. Sales Day book

QUESTION 5

"A ""Debit"" balance in Cash Book shows"

  1. Cash Sales
  2. Cash paid to creditors
  3. Cash expenses made
  4. Cash paid for buying land

QUESTION 6

"Which of the following is a type of ""reserve""?"

  1. Losses reserve
  2. Payment Reserves
  3. Non-free reserves
  4. Specific Reserves

QUESTION 7

"Which of the following is a part of ""Petty Expenses""?"

  1. Postage Stamps purchased
  2. Purchased Truck
  3. Paid Carriage for goods purchased
  4. Tools purchased

QUESTION 8

"Which of the following is recorded on ""Credit"" side of ""trial Balance""?"

  1. Trade Expenses
  2. Sales
  3. Carriage Inward
  4. Carriage Outward

QUESTION 9

DRR refers to

  1. Debenture Rate Reserve
  2. Debtors Rate Reserve
  3. Dividend Rates Reserve
  4. Debentive Redemption Reserve

QUESTION 10

A Trial Balance is prepared to locate

  1. Errors of principle
  2. Errors of omission
  3. Compensating Errors
  4. none of these

QUESTION 11

Stock can be classified as

  1. Fixed Asset
  2. Intangible Asset
  3. Current Asset

 4. Current Liability

QUESTION 12

Bills Receivables is

  1. An Asset
  2. A Liability
  3. An Expense
  4. Part of Equity

QUESTION 13

The basic purpose of an acounting system is to

  1. Develop financial statements in conformity with generally accepted accounting principles.
  2. "Provide as much useful information to decision makers as possible, regardless of cost"
  3. Record changes in the financial position of an organization by applying the concepts of double-entry accounting
  4. Meet an organization´s need for accounting information as efficiently as possible

QUESTION 14

Information is cost effective when

1The information aids management in controlling costs

  1. "The information is based upon historical costs, rather than upon estimated market values"
  2. The value of the information exceeds the cost of producing it
  3. The information is generated by a computer-based accounting system

QUESTION 15

"A complete set of financial statements for Hartman Company, at December 31, 1999, would include each of the following, except"

  1. "Balance sheet as of December 31, 1999"
  2. "Income statement for the year ended December 31, 1999
  3. Statement of projected cash flows for 2000
  4. Notes containing additional information that is useful in interpreting the financial statements

QUESTION 16

"An artificial account that appears in ""trial balance"" to account for undetected errors is called"

  1. Trading Account
  2. Rectification Account
  3. Suspense Account
  4. Artificial Account

QUESTION 17

An income statement communicates information regarding revenues and expense

  1. For a period of time
  2. At a given point in time
  3. For some point of time in the future
  4. At the beginning of the fiscal year

QUESTION 18

Which of the following is a part of Fixed Assets

  1. Debtors
  2. Bills Receivable
  3. CapitaL
  4. Building

QUESTION 19

"Although accounting information is used by a wide variety of external parties, financial reporting is primarily directed toward the information needs of

  1. Investors and creditors
  2. Government agencies such as the Internal Revenue Service
  3. Customers
  4. Trade associations and labor unions

QUESTION 20

The financial statement which shows cash activity (receipts and disbursements) during the accounting period is called a(n)

  1. Bank statement
  2. Income statement
  3. Statement of cash flows
  4. Bank reconciliation

QUESTION 21

A company which uses the direct write-off method recognizes uncollectible accounts expense

  1. As a percentage of net sales during the period
  2. As a percentage of net credit sales during the period
  3. As indicated by aging the accounts receivable at the end of the period
  4. As specific accounts receivable are determined to be worthless

QUESTION 22

A triple column cash book records

  1. "Cash, Bank, Discount"
  2. "Cash, Bank, Sales"
  3. "Cash, Discount, Sales"
  4. "Cash, Bank, Gains"

QUESTION 23

"Which of the following denotes ""Gross Block""?"

  1. Depreciated costs of fixed Assets
  2. Historical cost of fixed assets
  3. Liabilities payable
  4. Gross Profits

QUESTION 24

"All of the following are characteristics of managerial accounting, except"

  1. Reports are used primarily by insiders rather than by persons outside of the business entity
  2. Its purpose is to assist managers in planning and controlling business operations
  3. Information must be developed in conformity with generally accepted accounting principles or with income tax regulations
  4. Information may be tailored to assist in specific managerial decisions

QUESTION 25

Which of the following statements is correct

  1. Accounting profit is the difference between cash receipts and cash paid in a period
  2. Accounting profit is the total of cash sales in the year less the expenses for the period
  3. Accounting profit is the difference between revenue income and expenses for the period
  4. Accounting profit is the difference between revenue income and cash payments for the period

QUESTION 26

Which of the following is NOT a type of Voucher

  1. Journal Voucher
  2. Receipt Voucher
  3. Asset Voucher
  4. Payment Voucher

QUESTION 27

An ordinary share dividend is:

  1. Part of the company profits used to reward the shareholders for their investment
  2. Interest on money lent to the company by its shareholders
  3. An expense of running the company
  4. The directors remuneration

QUESTION 28

"When an item appears in the trial balance, it appears in final accounts"

  1. only once
  2. twice
  3. three times
  4. will not appear again in final accounts

QUESTION 29

Outstanding Expense is an item of

  1. Assets
  2. Liabilities
  3. Debtors
  4. Investments

QUESTION 30

"Marshalling of ""Balance Sheet"" means"

  1. The ordering of Assets and Liabilities
  2. The totaling of Assets and Liabilities
  3. Assets - Liabilities
  4. Separate heading of Fixed Assets and Long-term Liabilities

QUESTION 31

The profitability and solvency of a business should be measure

  1. After each transaction
  2. At the end of Accounting Period
  3. At the end of each month
  4. Every Day

QUESTION 32

Sales are recognized as ´Income 

  1. At the point of Sale
  2. After the expiry of Credit period allowed to debtors
  3. At the end of Accounting Period
  4. after the money is collected from debtors

QUESTION 33

"The Term ""Goodwill"" comes under the heading of"

  1. Liabilities
  2. Assets
  3. Debtors
  4. Equity

QUESTION 34

Financial Year is also called as

  1. Accounting Year
  2. Accounts Year
  3. Accountability Year
  4. Accountable Year

QUESTION 35

The nature of an asset is best described as

  1. Something with physical form that is valued at cost in the accounting records
  2. An economic resource owned by a business and expected to benefit future operations
  3. An economic resource representing cash or the right to receive cash in the near future
  4. Something owned by a business that has a ready market value

QUESTION 36

Which of the following statements best describes the purpose of financial accounting in a limited liability company?

  1. To assist in the day-to-day management of the company
  2. To enable the business to pay the correct amount of tax.
  3. To ensure that the business pays the correct dividend
  4. To help the directors discharge their obligations to the shareholders

QUESTION 37

Which of the following should not be included as part of cash on the balance sheet

  1. The amount of petty cash at year-end
  2. Outstanding cheques at year-end
  3. Deposits in transit at year-end
  4. Cheques received from customers

QUESTION 38

"If the ´Closing Stock´ is appearing in trial balance, it is shown in the"

  1. Trading Account
  2. profit & Loss Account
  3. Balance Sheet
  4. Trading Account and Balance Sheet both

QUESTION 39

"In an Accounting Equation, Where do you show the item ""Advance to the Suppliers""?"

  1. Assets
  2. Liabilities
  3. Equity
  4. Vendors

QUESTION 40

A financial Statement is

  1. An event
  2. Measurable in non-monetary terms
  3. must effect the financial position of business entity
  4. expressed in terms of either loss or profit


Questions:-



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