Institute of Chartered Financial Analysts of India (ICFAI) University 2007 Certification Finance Financial Accounting – I (111) : - Question Paper

Rs. 10,000
The total amount of credit sales was
(a)
Rs.6,00,000
(b)
Rs.5,20,000
(c)
Rs.5,10,000
(d)
Rs.5,00,000
(e)
Rs.4,90,000.
(1 mark)
< ans >
13.
Which of the subsequent is false?
(a)
Recording the transactions in the subsidiary books is the 1st step in the accounting cycle
(b)
Subsidiary books are also called the books of original entry
(c)
In case of real accounts debit what comes in and credit what goes out
(d)
Sales journal is used for recording credit sales
(e)
Purchase return book is used for recording return of goods purchased from suppliers against cash.
(1 mark)
< ans >
14.
The noting charges levied on dishonour of an endorsed bill by the Notary Public are to be borne by
(a)
The drawer of the bill
(b)
The person responsible for dishonour
(c)
The holder of the bill
(d)
The endorser of the bill
(e)
The endorsee of the bill.
(1 mark)
< ans >
15.
Sumesh drew a bill on Sanjay for Rs.4,500 for mutual accommodation in the ratioof 2:1. Sanjay accepted the bill andreturned it to Sumesh. Sumesh discounted the bill for Rs.4,230 and remitted 1/3 rd proceeds to Sanjay. Before the duedate, not having funds to meet the bill, Sanjay drew a bill on Sumesh for Rs.6,300 on the identical terms as to mutual accommodation. The 2nd bill was discounted for Rs.6,120. The 1st bill was honoured on the due date and a ne
tamount of Rs.1,080 was remitted to Sumesh by Sanjay. The proportionate discount charge on both the bills that is tobe borne by Sumesh is
(a)
Rs.180
(b)
Rs.150
(c)
Rs.300
(d)
Rs.120
(e)
Rs. 40.
(2 marks)
< ans >
16.
At the time of drawing a bill, the drawer credits
(a)
Debtor’s account
(b)
Creditor’s account
(c)
Bills receivable account
(d)
Sales account
(e)
Cash account.
(1 mark)
< ans >
17.
A bill discounted with a bank when retired, the drawer credits
(a)
Bank account
(b)
Acceptor’s account
(c)
Third party’s account
(d)
Bills receivable account
(e)
No entry is passed.
(1 mark)
< ans >
18.
In case of accommodation bill, the discount charge is
(a)
Shared equally ranging from the drawer and the drawee
(b)
Borne completely by the drawer
(c)
Borne completely by the drawee
(d)
Shared in the ratio of funds received ranging from the drawer and drawee
(e)
Shared ranging from the drawee and the endorsee.
(1 mark)
< ans >
19.

Earning:   Approval pending.