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Old January 13th, 2014, 11:11 AM
Aakashd
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Join Date: Jun 2013
Posts: 44,192
Default Re: Required Question paper of Financial Accountancy

Few questions of Financial Accountancy exam is given below:
A government grant of €/£45,000 to help meet the cost of wages and salaries incurred during the year to train staff was treated as deferred income in error. What journal entries are required to correct this error?
(a) debit deferred income, credit wages and salaries
(b) debit wages and salaries, credit deferred income
(c) debit bank, credit deferred income
(d) debit bank, credit wages and salaries

[If the balance sheets at 1 January 2006 and 31 December 2006 show a liability for tax of
€/£21,000 and €/£28,000 respectively and the charge for the year is 35% of operating profit. What figure for tax will appear in the cash flow statement for the year ended 31 December 2009 if operating profit is €/£110,000.
(a) €/£38,500
(b) €/£45,500
(c) €/£28,000
(d) €/£31,500

Under the terms of IAS 2 the net realisable value of an inventory item is the:
(a) estimated selling price in the ordinary course of business, less the estimated costs of
completion and estimated costs necessary to make the sale
(b) estimated selling price in the ordinary course of business
(c) actual selling price in the ordinary course of business less selling costs
(d) estimated selling price in the ordinary course of business less the estimated costs of
Completion

Under the terms of IAS 37 contingent liabilities should:
(a) only be disclosed by way of note to the financial statements if material in nature
(b) be recognised in financial statements as it is probable that a cost will be incurred
(c) only be recognised in the financial statements if material in nature
(d) not be recognised in financial statements or disclosed by way of note

Overvaluing closing inventory in the Statement of Profit & Loss results in:
(a) the understatement of Cost of Sales and overstatement of operating profit
(b) the overstatement of Cost of Sales and understatement of operating profit
(c) the understatement of Cost of Sales and understatement of operating profit
(d) the overstatement of Cost of Sales and overstatement of operating profit

What is the ratio for Acid test?
(a) Current assets –closing inventory / non-current liabilities
(b) Current assets – closing inventory / current liabilities
(c) Current assets – average inventory / current liabilities
(d) Current assets – average inventory / non-current liabilities

For more questions, here I am giving attachment
Attached Files
File Type: pdf Financial Accountancy Question paper.pdf (604.9 KB, 46 views)
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  #3  
Old December 18th, 2014, 02:09 PM
Rahul Parik
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Join Date: Dec 2011
Posts: 14,224
Default Re: Required Question paper of Financial Accountancy

You are asking for the CA Foundation Financial Accountancy Question paper. Here I am providing you the CA Foundation Financial Accountancy Question paper. this is as follows:

1 (a) Write the most appropriate answer from the given options in respect of the following :
(i) For a non-trading concern, subscription received in advance is —
(a) An income
(b) An expense
(c) An asset
(d) A liability.

(ii) A manager is entitled to a commission @ 5% on profits before deducting such
commission. In an accounting year, gross profit is `96,000 while selling and
office expenses, other than commission to manager, totalled `12,000. Manager’s
commission for the year will be —
(a) `4,000
(b) `4,200
(c) `4,800
(d) `4,562.

(iii) If an amount written off as a bad debt is recovered subsequently, it will be —
(a) Debited to the debtor’s personal account
(b) Credited to the debtor’s personal account
(c) Debited to bad debts recovered account
(d) Credited to bad debts recovered account

Here I am also uploading a file that contains the CA Foundation Financial Accountancy Question paper. You can download this is from here.

CA Foundation Financial Accountancy Question paper










CA Foundation Financial Accountancy Question paper in Hindi
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