Total Marks: 78 Total MCQs: 54 (Each of 1 Mark) Total Short Questions: 3 (Each of 3 Mark) Total Long Questions: 3 (Each of 5 Mark)
Question: 55 An asset, whose book value is Rs 89000 as discovered by fire after the balance sheetdate, Required: • identify the types of event • what will be the accounting treatment
Question: 56 What types of provision created to reduce the asset?
Question: 57 List down the items that should be included in Cash flow from financing activities?
Question: 58 Describe the basic terms for meaning the elements of Financial Statement with respect to the IASB’s framework. • Historical cost • Current cost • Realizable cost
Question: 59 if account receivable at beginning Rs 250,000 Account receivable at end 190,000 Credit sale 30,000 Then calculate cash receipts from sale with the help of account receivable ledger account.
Question: 60 What do you know about the administrative cost? Give 3 examples
A provision is a liability of uncertain timing or amount.For a provision following
points must be kept in mind:
Arising from thepastevent
Probable outflow of resources in future
Amount can be estimatedreliably.
Provision is created for two motives:
One to reduce Assets
Second to create a liabilityagainstlosses
Provisionthat is created for reduction in assets is of two types:
1. Provisionagainstreceivables(also known as contra to receivables
Provision for doubtful debts)
2. Provisionagainsttheexpiry of economicbenefits of fixed assets
(Provision for depreciation/amortization)
Q. No : 57
Cash Flow Statement:
1. Cash flow statement shows the movement in cash resources of the business.
2. This statement shows the sources from which business generated cash and its application.
Cash flow from investing activities includes cash receipts and payments that arise from Fixed and Long Term assets of the organization.
Examples of cash flows from investing activities are:
• Cash payments to acquire property plant and equipment. These also include payments made for self- constructed assets.
• Cash receipts from sale of property plant and equipment.
• Cash payments and receipts from acquisition and disposal other long term assets e.g. Shares, debentures, TFC, long term loans given etc.
• If assets are held for trading purposes or in normal course of business e.g. car / property dealers and loans given by banks, then cash flows from them are included in Operating Cash Flow.
Q. No: 58
Consideration paid (payable) or received (receivable) at the time of recording of transaction (no relation to current costs).
The consideration that would have to be paid if a same or an equivalent asset is acquired. The undisclosed amount of cash or cash equivalents, that would be required to settle an obligation currently.
The consideration that would be realized by selling an asset in an orderly disposal
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Q. No 60:
Administrative expenses are costs that are associated with the management and general functions of an organization and are not directly related to a specific department. Sometimes considered part of general business expenses, these costs can be for basic needs such as rental space for the business, utilities or office supplies. Administrative costs also can include the salaries of people who are not involved in sales, production or other departments within the company, such as senior executives, secretaries and receptionists.
Mgt401 todays ppr What do you know the term restrospective restatement with respect to IAS 8?3
List down the component of cash flow?3
What is term joint venture?3
Calculate the profit and loss appropriation account?3
Calculate the required provision for warranty?5
Calculate the deprication for 2nd year by straight line method5
List down the item of Cash flow in operating activities?5
One question is about provision:/ 5
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