Advanced Financial Accounting (FIN611)

1. "Receipts and Payments Account" is prepared at the:

   1. End of the year
   2. Start of the year
   3. Mid of the financial year
   4. None of the given

2. Under single entry system, which of the following is prepared in order to have an idea about the financial position on a particular date?

   1. Balance sheet
   2. Statement of equity
   3. Statement of affairs
   4. Profit and loss account

3. Which of the following is NOT a capital payment?

   1. Purchase of fixed assets
   2. Repayment of bank loans (Long-term)
   3. Payments of rent
   4. All of the given

4. Under Single-entry system, if the capital at the end of the year is less than the capital at the beginning of the year, the difference will represent:

   1. Net Profit
   2. Net loss
   3. Gross loss
   4. Gross profit

5. Under the net worth method of single entry the Net profit is equal to:

   1. Closing capital - Opening Capital
   2. Opening Capital - Closing capital
   3. Opening Capital + Closing capital
   4. Total Assets + Total Liabilities

6. All of the following can be the key characteristics of a non-profit organization; EXCEPT:

   1. Multiple stakeholders
   2. Revenue orientation
   3. Welfare orientation
   4. Fund generation and utilization

7. 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:

   1. Rs.60,000
   2. Rs.89,000
   3. Rs.41,000
   4. Rs.19,000

8. The particulars of profit and loss Statement in single entry system may include the following EXCEPT:

   1. Opening capital
   2. Closing capital
   3. Expenses
   4. Drawings

9. Which of the following is used to extract the opening balance of fixed assets in single entry system?

   1. Debtors account
   2. Cash account
   3. Statement of affairs
   4. Assets account

10. Which of the following is NOT a capital receipt?

    1. Receipt from sale of fixed assets
    2. Receipt of commission
    3. Receipt of bank loan (Long-term)
    4. Receipt of owners' equity

Select a course code for Objective Questions:

ACC311 ACC501 BIF101 BIF401 BIF501 BIO101 BIO201 BIO202 BIO203 BIO204 BIO301 BIO302 BIO303 BIO401 BIO503 BNK603 BT101 BT201 BT301 BT302 BT401 BT402 BT403 BT404 BT405 BT406 BT501 BT504 BT505 BT604 CHE201 CHE301 CS001 CS101 CS201 CS202 CS204 CS301 CS302 CS304 CS311 CS401 CS402 CS403 CS408 CS501 CS502 CS504 CS506 CS508 CS601 CS602 CS604 CS605 CS607 CS609 CS610 CS614 CS707 CS710 ECO401 ECO402 ECO403 ECO404 EDU302 EDU401 EDU402 EDU501 EDU601 ENG101 ENG201 ENG301 ENG501 FIN611 FIN624 FIN625 ISL201 IT430 MCM101 MCM301 MGMT623 MGT101 MGT211 MGT301 MGT401 MGT402 MGT501 MGT502 MGT503 MGT510 MGT601 MGT603 MKT501 MKT610 MKT630 MTH101 MTH202 MTH302 MTH501 MTH601 MTH634 PAK301 PHY101 PHY301 PSY101 PSY403 PSY502 PSY512 SOC101 SOC301 SOC401 STA301 STA630 STA641 ZOO102 ZOO401 ZOO501 ZOO502 ZOO503 ZOO504 ZOO505 ZOO506 ZOO510 ZOO630

Select a course code for Subjective Questions:

ACC311 CS001 CS101 CS201 CS301 CS607 CS701 CS702 CS703 CS704 CS707 CS708 CS710 CS711 CS718 CS721 CS724 ECO401 ECO403 ENG101 ENG301 MGT703 MTH501 STA301