Model Paper “Financial Accounting-II” For D.Com-Part-II Annual Examinations 2013

Model Paper “Financial Accounting-II” For D.Com-Part-II Annual Examinations 2013 & Onward Part-A Objective Time: 30 Minutes Marks: 20 Note:- This part is compulsory. It should be attempted on the question paper and returned to the Supervisory staff after the prescribed time. Cutting, overwriting and use of lead pencil is not allowed. Supervisory staff is required to attach it with the Answer Book. Q.1. Choose the correct answer and encircle it. (20 x 1) = 20 1. IASC was established in 1973 at: (a) London (b) New York (c) Paris (d) Islamabad 2. If applied factory overhead is greater than the actual factory overhead it is called as: (a) Under applied F.O.H (b) Over-applied FOH (c) Actual FOH (d) None of

these 3. Interest received is: (a) Gross Income (b) Net Income (c) Other Income (d) Operating income 4. Freight in is: (a) Direct labour (b) Direct expenses (c) Factory overhead (d) Indirect expenses 5. When material is issued, it is recorded in: (a) Receipts section (b) Issued section (c) Balance section (d) Sales section 6. Receipt and Payment Account Shows: (a) Income & Expenses (b) Cash Received and Paid (c) Assets & Liabilities (d) Capital and Profit 7. If debit side of receipt and payment account exceeds credit, it represents: (a) Cash at bank (b) Bank overdraft (c) Deficit balance (d) Surplus balance 8. Non-trading institutions prepare: (a) Trading account (b) Profit and loss account (c) Income and expenditure account (d) Income statement 9. A partner who invest in the business but does not take active part is: (a) Secret partner (b) Sleeping partner (c) Active partner (d) Nominal Partner 10. An intangible asset regarding the reputation of a business is known as: (a) Trade mark rights (b) Patent rights (c) Goodwill (d) Bonus Roll No. _______ 11. Revaluation account is a: (a) Real account (b) Personal account (c) Cash account (d) Nominal account 12. Sacrificing ratio is calculated by the formula: (a) Capital ratio-Old ratio (b) New ratio-Old ratio (c) Old ratio-New ratio (d) Gaining ratio-Profit ratio 13. Loss on Realization is divided among the partners: (a) In Capital Ratio (b) In Profit Sharing Ratio (c) In Equal Ratio (d) None of these 14. A corporation is managed by:- (a) Owners (b) Promoters (c) Directors (d) Managers 15. The shares of public limited company are: (a) Not refundable (b) Not transferable (c) Transferable (d) Transferable with the permission of registrar 16. Shares discount is shown in the Balance Sheet as an: (a) Assets (b) Deduction from paid up capital (c) Separate item on liability side (d) None of above 17. Statement of retained earning is also known as: (a) Profit loss appropriation account (b) Statement of affairs (c) Income statement (d) None of these 18. If depreciation is not charged, the profit is: (a) Overstated (b) Understated (c) No effect (d) None of these 19. Under the straight line method of providing depreciation it: (a) Increases every year (b) Decreases every year (c) Remains constant every year (d) None of these 20. Depreciation is necessary to calculate: (a) Net profit (b) Net financial position (c) Tax (d) None of...

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