Sikkim-Manipal University of Health Medical and Technological Sciences (SMUHMTS) 2006 M.B.A Financial Management FINANCE

Debtors and Creditors
Bills Receivable and Bills Payable
Cash at Bank
Cash in hand
Salaries



7,600
89,000
89,00
12,000
8,000
2,20,000
20,000
2,000
2,400

1,300
65,000
15,000
12,000
1,900
8,000

4,67,000 2,90,000

1,50,000
4,500






3,500

12,000
7,000




4,67,000

Adjustments:
1. Stock on 31st December, 2002 was valued at Rs.15,000.
2. Insurance was prepaid to the extent of Rs.400
3. Outstanding liabilities were: Salaries Rs.2,000, Taxes Rs.1,300.
4. Depreciate Building at 2% p.a.

Q 70. The gross profit is
a. 35,000
b. 36,700
c. 37,700
d. 38,700

Q 71. The net profit is
a. 20,000
b. 20,200
c. 21,000
d. 21,200

Q 72. The balance for tax and insurance posted in P&L account is
a. 2,000
b. 2,200
c. 2,500
d. 3,000

Q 73. The total amount in balance sheet of assets side is
a. 3,50,900
b. 3,34,900
c. 3,54,900
d. 3,24,900

Q 74. The capital amount to be posted in liability side is
a. 3,02,600
b. 3,06,200
c. 3,03,000
d. 3,10,200
FINANCIAL ACCOUNTING AND
MANAGEMENT

1. A business is an artificial entity distinct from its proprietors. This is based on which concept ?
a) accrual concept b)money measurement concept
c)entity concept d)periodicity concept

2. --------------- has more than 1 owner who have agreed to share profits of a business, carried on by all or any of them acting for all.
a)Corporate entity b)partnership firm
c)all business entity d)sole proprietorship firm

3. “Anticipate no profit but give all possible losses”.Which concept says so?
a)the realization concept b) the matching concept
c)concept of prudence d)the accrual concept

4. The evaluation of assets & liabilities principle depends on which concept ?
a)the cost concept b)money measurement concept
c)the periodicity concept d)the going concern concept

5. According to the income tax law,1961 , business unit should follow a uniform
accounting period ie:
a)fiscal year b)calender year
c)both of the years d)none.

6. A happening of consequence to an entity known as--------------
a)event b)vouchers

Earning:   Approval pending.