I.com Accounting 2nd Year Guess Papers 2014

I.com Accounting 2nd Year Guess Papers 2014

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Note: Attempt all questions from this section.Q.1:- Choose the correct answer for each from the given option:i)Which of the following is not required in order to calculate the straight line method of depreciation: 1. The annual cost of repairs 2. The cost of the asset 3. The expected residual value 4. The useful life of the asset ii) Depreciation is: 1. The cost of current asset wearing away 2. The cost of a replacement for a fixed asset 3. The salvage value of a fixed asset plus its original cost 4. The part of the cost of the fixed asset consumed during the period of use by the firm iii) What is the main purpose of charging depreciation: 1. To provide funds for asset replacement 2. To reduce the cost of repairing asset 3. To show the assets at their realizable values in the balance sheet 4. To spread the cost of an asset over its useful life iv) Which of the following is a part of revenue expenditure: 1. Painting the premises for first time 2. Buying tires for a new car 3. Painting the premises after 3 years 4. Buying equipment for the premises v) If someone owns a grocery store, which of the following is not capital expenditure: 1. Rent 2. Motor Van 3. Fixtures 4. Equipment vi) Single entry records are kept by: 1. All the traders 2. Partnership 3. Companies 4. Traders who do not keep or know how to keep double entry records vii) Which of the following item is usedin purchases calculation for singly entry organizations: 1. Discount recieved 2. Cash receipts from debtors 3. Discount allowed 4. Returns inward viii) Which of the following is a feature of the receipts and payments account: 1. It contains both capital and revenue items recieved or paid 2. It is virtually trading and profit and loss statement 3. It shows the balance as a surplus or a deficiency 4. It shows a summary of all credit transactions ix) Accumulated fund is another name for: 1. Receipt and payment account 2. Income and expenditure account 3. Capital 4. cash account x) Where capital accounts of partners remain fixed their share of profit is: 1. Debited to their capital account 2. Credited to their capital account 3. Debited to their current account 4. Credited to their current account xi) A partnership business end because: 1. Admission of a new partner 2. Death of one partner 3. Leave of absence taken by a partner 4. Retirement of a partner xii) If partners do not have any agreement, how should profits and losses be shared: 1. Equally 2. Equally after interest has been allowed on capital 3. In proportion to the partners individual capitals 4. In the ratio of the partners individual capitals xiii) Companies issued capital is: 1. Always the same as authorized capital 2. The same as preference shares capital 3. Equal to the number of ordinary and preference shares issued 4. None of the above xiv) One of the feature of a private Ltd company is that it can not: 1. issue bonus shares 2. Issue debentures 3. Make a right issue 4. Offer its shares to the public xv) A person who buys shares of a company is known as: 1. A shareholder 2. A director 3. A partner 4. None of the above xvi) Liability in a Limited company is: 1. The liability of the shareholders is limited 2. The liability of the company of the company is limited 3. The liability of both the shareholders and the company are limited 4. None of the above xvii) Authorized share capital of a company can be defined as: 1. The amount of share capital the company has issued 2. The amount of share capital which the directors of the company intend to issue 3. The amount of share capital stated in the company’s original memorendum of association 4. The maximum amount of share capital which the company currently has the power to issue xviii) Dividend can be described as: 1. A share of a company’s profit 2. Interest paid on a company’s borrowings 3. Always paid to banks and other creditrs 4. None of the above xix) At the end of the year the balance sheet of a limited company shows profit and loss balance under: 1. Current liabilities 2. Fixed assets 3. Current assets 4. Capital and reserves xx) Debentures are: 1. The same as ordinary shares 2. The same as preference shares 3. Certificates showing that loans have been made to the company 4. Shares which can not be paid back to the shareholders Section B: (Short Answer Questions) Q2- Important Short answer Questions: Single Entry: 2006 (Q1), 1996 (Q1), 1994 (Q1), 1989 (Q1), 1988 (Q1), 1991 (Q1), 1999 (Q1), 2000 (Q1), 2001 (Q1), 2003 ( R & P Q1), 2004 (Q1), 2002 (Q1) Partnership Formation: 1999 (Q2), 1991 (Q2), 1998 (Q3), 1991 (Q2), 2002 (R Q4), 2004 (Q5) Partnership Distribution Of Profit And Loss: 2006 (Q2), 2000 (Q3), 1998 (Q3), 1991 (Q2), 2002 R (Q4), 2003 R (Q4), 1985 (Q2), 2002 P (Q3) Partnership Admission: 2007 (Q3), 1996 (Q2), 1993 (Q2), 1992 (Q2), 1989 (Q2), 2001 (Q3), 1989 (Q3), 1990 (Q3), 1988 (Q3), 2003 R (Q2), 2004 R &P (Q6), 2005 (Q3a) Partnership Retirenment: 1988 (q4), 1996 (Q3), 1999 (Q4), 2002 P (Q5), 2005 (Q4) Accounting For Depreciation: 1999 (Q7), 1997 (Q7), 1996 (Q6), 1995 (Q7), 1994 (Q7), 1991 (Q7), 2000 (Q7), 2002 (Q6), Non Profit Organization: 2002 R (Q1), 2004 (Q3), 2006 (Q5), 2007 (Q8), 2009 (Q7) Section C: (Detailed Answer Questions) Issuance Of Shares : 1997 (Q5), 1996 (Q4), 1991 (Q5), 1995 (Q5), 1994 (Q5), 1990 (Q5), 2001 (Q5), 2002 R (Q5), 2003 P (Q5), 2004 R & P ( Q4a &b), 1998 (Q5), 2002 P (Q6) Company Disposal Of Net Income : 1990 (Q6), 2005 (Q6), 1987 (Q6), 2004 (Q7b), 2008 (Q7) Resrves And Funds: 1999 (Q8), 1997 (Q8), 1996 (Q7), 1993 (Q8), 1989 (Q8), 2002 P (Q7), 2003 R (Q7), 2004 R & P (Q7), 2003 P (Q7a) Best Of Luck