Financial Statements analysis Current Midterm Paper 2015
Short Questions : 18
Long Questions : 5 Two Qs of 3 Marks and 3 Qs of 5 Marks each. S
Objective were 80% from past papers:
and Subjective Questions are:
Question# 19: ABC company has net sales for the year 84000.Account Receivables increased from 90000 rupees to 162000 at the end of year. Compute amount of cash collected from customers? Marks :3
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Question# 20: What do you understand by audit report? Marks:3
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Question# 21: Marks Bank owner of a Company has ownership interest of 50,000 at the beginning of the year 2001. During the year invested additional 10,000 to the company and company reported the net income of 25,000.
What is owner's equity calculate on the basis of above data and how we articulate this Owner's equity in balance sheet. Marks :5
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Question# 22: One question was about LIFO method..I forgot the complete statements but the question was asked about Why LIFO method always causes tax payments and taxable income to rises.What is the main issue which rises it.
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And the last was:
Question# 23: Classify the following activities as cash flow from operating, investing and Financing activities. Marks: 5
1. Payment for repurchase of company shares.
2. Collections on loan principal and sales of other firms' debt instruments.
3. Tax payment.
4. Expenditure for purchase of other firms' equity instruments.
5. Payments to suppliers for goods and service.
Overall papers was easy.........