UNIVERSITY OF MUMBAI

ALKESH DINESH MODI INSTITUTE OF FINANCIAL AND MANAGEMENT STUDIES

VIDYANAGARI, MUMBAI – 400098
MMS – Semester – I
CLASS TEST
SUBJECT - FINANCIAL ACCOUNTING

Date: November, 2013 Max. Marks : 20

Duration : 1 Hour Faculty : Prof. Subhash Dalvi
Instructions
: 1. Answer any 2 questions. Each question carries 10 Marks
2. Neatness is expected. Begin answer to a new question on a fresh page
3. Use of simple calculator is allowed
Q.1 Journalise the following transactions in the books of Ms. Mayuri for January,2013
1 Amit started business with cash Rs.20,000/-
5 Opened an account with Canara Bank by depositing cash Rs.5,000/-
10 Purchased goods worth Rs.2000/- and Machinery worth Rs.10000/- for cash
15 Credit sales to Baban Rs.1500/-
20 Received commission Rs.2500/-
25 Paid carriage on goods Rs.50/-
27 Purchased office Furniture for Rs.2000/-
30 Office cash used for personal needs Rs.50/-
All above transactions should also have proper narration along with the Journal Entry.

Q.2 Explain in details various "Accounting Concepts"

Q.3. Explain in detail various stake-holders of Book-Keeping & Accountancy

Q.4 A. Write Short Notes on (Any 2)

1 Subsidiary Books 2. Methods of Depreciation
3 State any 4 Accounting Standards with its correct AS No.
4 Features of Capital Expenditure

Q.5 A. State whether the following statements are True or False

1. Profit & Loss A/c is real account in nature
2. Credit balance in Profit & Loss A/c Indicates net profit
3. Debit means recording the details on left hand side of the account
4. Balance sheet is an account
5. Only events of financial nature can be accounted in the books of accounts

B. Fill in the blanks with appropriate alternative & Re-write the Sentences
1 Purpose of accounting is to provide information for ____________ decision
(Economic, Non-Economic, Useful)
2 Financial accounting is performed according to ________________
(GAAP, SAP, Assurance Standards)
3 By law all businesses must keep _____________ records
(Accounting, Medical, Audit working papers)
4 ___________ are owned resources of the business
(Assets, Liabilities, Incomes)
5 ___________ are owed debts of the business
(Liabilities, Bank Overdraft, Expenses)

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