Institute of Chartered Financial Analysts of India (ICFAI) University 2007 Certification Finance Financial Accounting (CFA510):2009 - Question Paper
Monday, 17 June 2013 10:55Web
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Page one of 30
ques. Paper
Financial Accounting (CFA510): January 2009
? ans all 75 ques..
? Marks are indicated against every ques..
Total Marks : 100
1. Under Hybrid system of accounting for revenue and expenses,
(a) Accrual basis for revenues and cash basis for expenses is used
(b) Accrual basis for expenses and cash basis for revenues is used
(c) Accrual basis is used irrespective of whether an item is a revenue or an expense
(d) Cash basis is used irrespective of whether an item is a revenue or an expense
(e) Accrual basis for capital items and cash basis for revenue items is used. (1 mark)
2. Who among the subsequent is an external user of ‘Financial Statements’?
(a) Board of Directors
(b) Partners
(c) Investors
(d) Managers
(e) Officers. (1 mark)
3. Unidentified intangible assets are amortized in recognition of
(a) Conservatism concept
(b) Going concern concept
(c) Matching concept
(d) Time period concept
(e) Business entity concept. (1 mark)
4. When the convention of conservatism is applied to the Balance Sheet, it outcomes in an
(a) Understatement of assets
(b) Understatement of liabilities
(c) Overstatement of both assets and liabilities
(d) Understatement of both assets and liabilities
(e) Understatement of both liabilities and capital. (1 mark)
5. Which of the subsequent statements is false?
(a) Ledger is the main book of account in which all accounts are maintained
(b) The credit balance of a nominal account shows income received
(c) Debit balance in commission account shows commission received in advance
(d) Cash account always indicates debit balance
(e) Credit balance of bank account shows bank overdraft. (1 mark)
Page two of 30
6. Raasi Electronics, a dealer in electronic goods, has furnished the subsequent info with respect to
credit purchases for the month of December 2008:
Date Particulars
No. of
units
Rate per
unit (Rs.)
Trade
Discount (%)
Dec.01 LCD TV (21”) 50 20,000 10
Dec.01 Colour TVs 20 12,000 10
Dec.09 Six-in-one Music System 20 8,000 10
Dec.09 Two-in-one Music System 20 3,000 10
Dec.19 DVD packs 200 60 5
Dec.22 Scribbling pads 240 70 5
Dec.22 Bill books 200 50 5
The total of purchase day book for the month of December 2008, was
(a) Rs.13,25,400
(b) Rs.13,53,800
(c) Rs.13,14,000
(d) Rs.13,41,800
(e) Rs.13,37,000. (1 mark)
| Earning: Approval pending. |
