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Financial Accounting-1 (Mgt-101) Quiz-1
Spring Semester 2008
Student ID: ______________ Total Marks: 10
Please read the following instructions carefully before attempting the Quiz;
• Last date for submission of Quiz is May 06, 2008.
• You can consult the concerned chapters of the recommended book
accounting by M.Arif and Sohail Afzal for Financial Accounting-1
(Mgt101) for this quiz.
• You must go through, thoroughly lecture 11-15 for this quiz.
• For each MCQ, read the choices available carefully and “Select” one
which you consider is the most suitable answer.
• Make sure that you upload the Quiz before due date. No quiz will be
accepted through E-mail after the due date.
• Plagiarism is strictly prohibited; No credit will be given to copied quiz.
• Once you upload the quiz on LMS, it will not be replaced under any
condition.
• Please submit your solution files (a word document) as illustrated
below.
Answer Sheet
• Draw this table in a word document and solve your quiz.
• In the “selected option” column, write the option number (a, b, c, d)
which you think is the correct option for MCQs.
• Upload only the answer sheet on LMS. Don’t upload the whole quiz.
Q. No Selected Option
1
2
3
4
5
6
7
8
9
10
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1) Mr. X, the sole proprietor of Company XY does not list his personal house on the
balance sheet of Company XY; Example shows which one of the following
concept?
a) Business Entity
b) Matching Concept
c) Going Concern Concept
d) Full Disclosure
2) Which one of the following is a current liability?
(a) Closing inventory
(b) Opening inventory
(c) Petty cash
(d) Bank overdraft
3) The primary purpose of the balance sheet is to
a) Report the financial position of the reporting entity at a particular point of
time
b) Measure the net income of a business up to a particular point in time
c) Determine cash flow for the period
d) Report the difference between cash inflows and cash outflows for the
period
4) In Accrual Accounting an expense is recorded when it is
a) Paid
b) Incurred
c) 15 days after receipt of invoice
d) Earned
5) Which one of the following items will appear on the balance sheet of a company
as current asset?
a) Prepaid expenses
b) Outstanding expenses
c) Furniture and equipment
d) Building
6) Which of the following is correct about the drawings?
a) They reduce the Gross profit
b) They reduce the capital & Net Profit
c) They increase in liabilities
d) They are treated as asset
7) For the purposes of measuring business income, the life of a business is:
a) Divided into specific point of time
b) Divided into irregular cycles
c) Divided into discrete accounting periods
d) Considered to be a continuous cycle
8) Consider the following totals:

Revenues Rs.100,000
Cost and expenses Rs. 45,000
Income taxes Rs. 18,000
Net income Rs. 42,000
What was the total of operating income?
a) Rs. 42,000
b) Rs. 55,000
c) Rs. 60,000
d) Rs. 37,000
9) Office salaries, insurance, advertising, sales commissions and rent are the
examples of;
a) Financial Expenses
b) Operating expenses
c) Marketing expenses
d) All of the given options
10) _______shows how much of a mark-up a company is achieving between the cost
of what it sells and the selling price.
a) Cost of goods sold
b) Gross profit
c) Gross margin
d) Net profit
Solution of Quiz 1
1) Mr. X, the sole proprietor of Company XY does not list his personal house on the
balance sheet of Company XY; Example shows which one of the following
concept?
a) Business Entity
b) Matching Concept
c) Going Concern Concept
d) Full Disclosure
2) Which one of the following is a current liability?
(a) Closing inventory
(b) Opening inventory
(c) Petty cash
(d) Bank overdraft
3) The primary purpose of the balance sheet is to
a) Report the financial position of the reporting entity at a particular
point of time
b) Measure the net income of a business up to a particular point in time
c) Determine cash flow for the period
d) Report the difference between cash inflows and cash outflows for the
period
4) In Accrual Accounting an expense is recorded when it is
a) Paid
b) Incurred
c) 15 days after receipt of invoice
d) Earned
5) Which one of the following items will appear on the balance sheet of a company
as current assets?
a) Prepaid expenses
b) Outstanding expenses
c) Furniture and equipment
d) Building
6) Which of the following is correct about the drawings?
They reduce the Gross profit
They reduce the capital & Net Profit
They increase in liabilities
They are treated as asset
7) For purposes of measuring business income, the life of a business is:
a) Divided into specific point of time
b) Divided into irregular cycles
c) Divided into discrete accounting periods
d) Considered to be a continuous cycle
8) Consider the following totals:

Revenues Rs. 100,000
Cost and expenses Rs. 45,000
Income taxes Rs. 18,000
Net income Rs. 42,000
What was the total of operating income?
a. Rs. 42,000
b. Rs. 55,000
c. Rs. 60,000
d. Rs. 37,000
9) Office salaries, insurance, advertising, sales commissions and rent are the
examples of:
a. Financial Expenses
b. Operating expenses
c. Marketing expenses
d. All of the given options
10) _______shows how much of a mark-up a company is achieving between the cost
of what it sells and the selling price
a. Cost of goods sold
b. Gross profit
c. Gross margin
d. Net profit
Financial Accounting-1 (Mgt-101) Assignment-2
Please read the following instructions carefully before attempting the

Assignment:
• Last date for submission of Assignment is July 02, 2008.

(Mgt101) for this assignment.
• You must go through, thoroughly lecture 23-26 for this Assignment.
• Read question carefully and answer every point, you are required to
explain.
• Make sure that you upload the Assignment before due date. No
assignment will be accepted through E-mail after the due date.
• Cheating or copying of assignment is strictly prohibited; No credit will
be given to copied assignment.
• Once you upload the assignment on LMS, it will not be replaced under any
condition
Question:-
On 31st March, 2008, the Cash Book of Mr. David showed an Overdraft Balance
of Rs. 19,000. This balance did not agree with the balance as per Pass Book. The
following discrepancies were noted on comparing Cash Book with Pass Book.
1. Cheque for Rs. 5,000 paid into the bank for collection on 20th March, 2008
has not yet been collected.
2. Cheques for Rs. 15,000 Issued on 24th March, 2008, out of which cheques
for Rs. 10,000 presented during March, 2008.
3. An amount of Rs. 1,000 for interest on overdraft was debited in the Pass
Book but was intimated to Mr. David on 4th April, 2008.
4. Mr. David paid into his bank account an amount of Rs. 3,000 but it was
wrongly credited to Mr. Denial’s Account.
5. On 20th March, 2008 the bank received dividend of Rs. 10,000 from a
company where Mr. David's has invested his money, the same had been
recorded in Cash Book on 31st March, 2008.
6. Cheque of Rs. 2,500 was shown in Pass Book as dishonoured.
Required:
You are required to prepare Bank Reconciliation Statement as at 31st March, 2008.
On 31st March, 2008, the Cash Book of Mr. David showed an Overdraft Balance
of Rs. 19,000. This balance did not agree with the balance as per Pass Book. The
following discrepancies were noted on comparing Cash Book with Pass Book.
1. Cheque for Rs. 5,000 paid into the bank for collection on 20th March, 2008
has not yet been collected.
2. Cheques for Rs. 15,000 Issued on 24th March, 2008, out of which cheques
for Rs. 10,000 presented during March, 2008.
3. An amount of Rs. 1,000 for interest on overdraft was debited in the Pass
Book but was intimated to Mr. David on 4th April, 2008.
4. Mr. David paid into his bank account an amount of Rs. 3,000 but it was
wrongly credited to Mr. Denial’s Account.
5. On 20th March, 2008 the bank received dividend of Rs. 10,000 from a
company where Mr. David's has invested his money, the same had been
recorded in Cash Book on 31st March, 2008.
6. Cheque of Rs. 2,500 was shown in Pass Book as dishonoured.
Solution:
You are required to find out the balance as per Pass Book.
MR. DAVID
Bank Reconciliation Statement
As on 31st March, 2008
Details Amount
Rs. Rs.
Bank Balance as per Cash Book overdraft 19,000 (Cr.)
Add Cheques paid into bank but not collected 5,000 (Cr.)
Add Interest on overdraft not recorded in Cash Book 1,000 (Cr.)
Add amount paid to Bank but wrongly credited to another account 3,000 (Cr.)
Add Dishonoured Cheque 2,500 (Cr.)
11,500 (Cr.)
30,500 (Cr.)
Less Cheque issued but not presented (15,000 – 10,000) 5,000 (Dr.)
5,000 (Dr.)
Balance as per Pass Book (Dr.) 25,500 (Cr.)
Financial Accounting (mgt101) Quiz02
For Spring 2008
NOTE: READ AND STRICTLY FOLLOW ALL THESE

INSTRUCTIONS BEFORE ATTEMPTING THE QUIZ.
INSTRUCTIONS
• This quiz covers Lesson # 24-38
• Do not use red color in your quiz. It is used only for marking purpose.
• Last date for submission of quiz is 29-07-2008. It means you can submit
your quiz till 30-07-2008, 12’O clock mid night.
• Upload your quiz with in due date and time. No quiz will be accepted after
due date and time via email.
• Write down only one option in the answer box which you think is correct.
More than one answer will be marked zero.
• Submit your quiz in the word document not as a PDF file.
• Use Office 2003 version for creating your files, any file created under any
other version will not be accepted.
ANSWER SHEET TO SOLVE THE QUIZ

• Copy the following table in a word document and solve your quiz by
providing answer in the given column.
• In the “Selected Option” column, write down only the option number (e-g
A, B, C and D) against each question number which you consider is the
correct one.
• Upload only the answer sheet on VULMS. Don’t upload the whole quiz.
Question Selected
Number Option
1
2
3
4
5
6
7
8
9
10
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For Spring 2008
MARKS: 10
1) Percentage of proposed dividend is calculated on ___________.
a) Issued capital
b) Authorized capital
c) Reserves
d) Retained earnings
2) Financial year for Mr. Ali Company decided by partnership agreement is 1st
July to 30th June. Mr. Ali is partner and having capital amount of Rs. 15, 00,000
on July 1st 2007. He introduced more capital of amount 5, 00,000 on April 01st
2007. Mark up rate is 10%. Calculate mark up on Mr. Ali’s capital.
a) Rs.12, 500
b) Rs.1, 50,000
c) Rs.1, 62,500
d) Rs. 1,64,500
3) Remuneration of director includes __________.

a) TA/DA
b) Car
c) House
4) Balance of statement of changes in Equity must equal to the balance of

___________ in balance sheet.
a) Owner’s equity
b) Current Asset
c) Current liability
d) Working capital
5) Consider the following table:
Items Rs.
Accumulated depreciation 3,00,000
Depreciating rate 10%
Building at cost Rs. 7, 50,000
Calculate WDV of building ?
a) Rs. 3, 00,000
b) Rs. 3, 75,000
c) Rs. 7, 50,000
d) Rs. 10,50,000
6) Which of the following will appear in debtor’s control account?

For Spring 2008
a) Bad debts
b) Reserves
c) Provision for doubtful debts
d) Retained Earnings
7) Consider the following table

Accumulated profit b/f (dr.) Rs.4,00,000
Profit before tax Rs.7,46,000
Tax rate 40%
Calculate net profit ?
a) Rs.47,600
b) Rs.2, 98,400
c) Rs.4, 47,600
d) Rs.8, 47,600
8) One share has a nominal value of Rs. 100. If the company is doing well, it may
be able to sell a share for more than Rs.100. it means company issues share
at:
a) Premium
b) Discount
c) Par
d) Half premium and half at par
9) Partnership comes to an end when a partner:

a) Die
b) Resign from partnership
c) Declared bank corrupt
10) Goods returned worth Rs. 500 to “B” but the return was entered in the sales
book. What would be the correct entry to rectify this error?
a) “B” a/c 500 (dr.)
Goods return 500 (cr.)
b) “B” a/c 500 (dr.)

Sales a/c 500 (cr.)
c) Sales a/c 500 (dr.)

Gods return 500 (cr.)
d) Sales a/c 1,000 (dr.)

Gods return 1,000 (cr.)
Financial Accounting (mgt101) Quiz
Spring 2008
NOTE: READ AND STRICTLY FOLLOW ALL THESE

INSTRUCTIONS BEFORE ATTEMPTING THE QUIZ.
INSTRUCTIONS
• This quiz covers Lesson # 38-44
• Do not use red color in your quiz. It is used only for marking
purpose.
• Last date for submission of quiz is 05-08-2008. It means you can
submit your quiz till 06-08-2008, 12’O clock mid night.
• Upload your quiz with in due date and time. No quiz will be
accepted after due date and time via email.
• Write down only one option in the answer box which you think is
correct. More than one answer will be marked zero.
• Submit your quiz in the word document not as a PDF file.
• Use Office 2003 version for creating your files, any file created
under any other version will not be accepted.
ANSWER SHEET TO SOLVE THE QUIZ

• Copy the following table in a word document and solve your quiz
by providing answer in the given column.
• In the “Selected Option” column, write down only the option
number (e-g A, B, C and D) against each question number which
you consider is the correct one.
• Upload only the answer sheet on VULMS. Don’t upload the whole
quiz.
Question Selected
Number Option
1
2
3
4
5
6
7
8
9
10
Spring 2008
MARKS: 10 (1*10=10)
1. If Accumulated profit brought forward has credit nature, what will be its
treatment?
a. It will be added in net profit for the year
b. It will be subtracted from the net profit for the year
c. It will be deducted from current Assets
d. It will be added in current assets
2. Fixed Assets at WDV + working capital =?

a. Total shareholders equity
b. Net capital employed
c. Long term loan
d. Current liability
3. Keeping in view the following data, what will be Net Cash Flow from
Investing Activities?
Particulars Rs.
Purchases from short term borrowing 45,000
Purchases of marketable securities (65,000)
Proceeds from marketable securities 40,000
Loans made to borrowers (17,000)
Cash paid acquire plant assets (160,000)
Proceeds from sales of sales of plant Assets 75,000
Collection on loans 12,000
a. Rs. (115,000)
b. Rs. 100,000
c. Rs. 55,000
d. None of the given options
4. Keeping in view the following data, what will be Net cash provided by
operating activities?
Particulars Rs.
Net income 65,000
Depreciation expenses 40,000
Decrease in accrued interest receivable 1,000
Spring 2008
Increase in accounts payable 15,000
Increase in accrued liabilities 7,000
Non operating loss on sales of marketable securities 4,000
Increase in accounts receivable 30,000
Increase in inventory 10,000
Decrease in accrued liabilities 8,000
Increase in prepayments 3,000
Non operating gain on sales of plant assets 31,000
Net cash provided by operating activities ?
a. Rs. 115,000
b. Rs. 100,000
c. Rs. 50,000
5. Advances from customers are shown in which of the following heads in

Balance Sheet?
a. Current Assets
b. Current liabilities
c. Fixed Assets
d. Long term liabilities
6. While preparing cash flow statements, the repayments of a loan during the
year should be included under the heading of:
a. Operating activities
b. Financing activities
c. Investing activities
7. Which of the following statement is also known as a source and use

statements?
a. Income Statements
b. Statement of Cash Flows
c. Balance Sheet
d. Statement of Retained Earnings
Spring 2008
8. Calculate depreciation for the year.
Building at cost = Rs. 1, 00,000
Depreciation rate = 10%
a. Rs. 10,000
b. Rs. 1,000
c. Rs. 500
d. Rs. 0
9. Mr. A, Mr. B and Mr. C are three partners of a partnership firm. The profit
sharing ratio is 2:3:5. If company has distributable profit of Rs. 4, 90,000,
determine the profit of Mr. A.
a. Rs. 98,000
b. Rs. 1, 47,000
c. Rs. 2, 45,000
d. Rs. 3, 43,000
10. An example of financing activities in the context of cash flow statement is:
a. Fixed capital expenditure

b. Long-term deposit
c. Financial charges paid
d. Dividend paid
MGT101
SPRING 2008
SOLUTION: QUIZ
Question Number Correct Option
1 A
2 B
3 A
4 D
5 B
6 B
7 B
8 A
9 A
10 D
BEST OF LUCK

Assignment:
• Last date for submission of Assignment is April 23, 2008.

explain.
condition
Question:-
From the following transactions, state the nature of accounts and state which account will be debited and
which account will be credited by filling up the appropriate boxes.
Transaction Accounts Nature of account Debit Credit Reason

involved Rs. Rs.
Mr. A started business with Rs. Cash Asset 100,000 Increase in asset
100,000 Capital Owners Equity 100,000 Increase in owners
equity
Goods sold to Ali for Cash ? ? ? ?
Rs.5,000 ? ? ? ?
Goods of Rs. 1000 returned by ? ? ? ?
Ali ? ? ? ?
Paid telephone bill Rs.4,000 ? ? ? ?
? ? ? ?
Receive commission Rs.1,000 ? ? ? ?
? ? ? ?
Purchase furniture for cash ? ? ? ?
Rs.15,000 ? ? ? ?
Helping Material
Rules of Debit and Credit

• Increase in assets / expenses ---------------------------------------------- (Debit)
• Decrease in assets / expenses--------------------------------------------- (Credit)
• Increase in income or revenue / liabilities / owners equity-------------- (Credit)
• Decrease in income or revenue / liabilities /owners equity-------------- (Debit)

Assignment:
• Last date for submission of Assignment is April 23, 2008.

explain.
condition
Question:-
From the following transactions, state the nature of accounts and state which account will be debited and
which account will be credited by filling up the appropriate boxes.
Transaction Accounts Nature of account Debit Credit Reason

involved Rs. Rs.
Mr. A started business with Rs. Cash Asset 100,000 Increase in asset
100,000 Capital Owners Equity 100,000 Increase in owners
equity
Goods sold to Ali for Cash Cash Asset 5,000 Increase in asset
Rs.5,000 Sales Income /Revenue 5,000 Increase in Income
Goods of Rs. 1000 returned by Sales return Income / Revenue 1,000 Decrease in Income
Ali Cash Asset 1,000 Decrease in asset
Paid telephone bill Rs.4,000 Utility Expense Expense 4,000 Increase in expense
Cash Asset 4,000 Decrease in asset
Receive commission Rs.1,000 Cash Asset 1,000 Increase in asset

Commission Income 1,000 Increase in income
income
Purchase furniture for cash Furniture Asset 15,000 Increase in asset
Rs.15,000 Cash Asset 15,000 Decrease in asset
Helping Material
Rules of Debit and Credit

• Increase in assets / expenses ---------------------------------------------- (Debit)
• Decrease in assets / expenses--------------------------------------------- (Credit)
• Increase in income or revenue / liabilities / owners equity-------------- (Credit)
• Decrease in income or revenue / liabilities /owners equity-------------- (Debit)
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Spring Semester 2008

Student ID: ______________ Total Marks: 10

Spring Semester 2008

Spring Semester 2008

8) Consider the following totals:

Spring Semester 2008

Spring Semester 2008

8) Consider the following totals:

Spring Semester 2008

Student ID: ______________ Total Marks: 10

Please read the following instructions carefully before attempting the

• Last date for submission of Assignment is July 02, 2008.

NOTE: READ AND STRICTLY FOLLOW ALL THESE

ANSWER SHEET TO SOLVE THE QUIZ

3) Remuneration of director includes __________.

4) Balance of statement of changes in Equity must equal to the balance of

5) Consider the following table:

6) Which of the following will appear in debtor’s control account?

7) Consider the following table

9) Partnership comes to an end when a partner:

b) “B” a/c 500 (dr.)

c) Sales a/c 500 (dr.)

d) Sales a/c 1,000 (dr.)

NOTE: READ AND STRICTLY FOLLOW ALL THESE

ANSWER SHEET TO SOLVE THE QUIZ

2. Fixed Assets at WDV + working capital =?

5. Advances from customers are shown in which of the following heads in

7. Which of the following statement is also known as a source and use

a. Fixed capital expenditure

Spring Semester 2008

Student ID: ______________ Total Marks: 10

Please read the following instructions carefully before attempting the

• Last date for submission of Assignment is April 23, 2008.

Transaction Accounts Nature of account Debit Credit Reason

Spring Semester 2008

Rules of Debit and Credit

Spring Semester 2008

Student ID: ______________ Total Marks: 10

Please read the following instructions carefully before attempting the

• Last date for submission of Assignment is April 23, 2008.

Transaction Accounts Nature of account Debit Credit Reason

Receive commission Rs.1,000 Cash Asset 1,000 Increase in asset

Spring Semester 2008

Rules of Debit and Credit

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