BCom In Accounting & Finance (BCAF) SEM I 2014 2015 2014-15 BAF I SEM F.A. Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 standard 4 d) NO longer valid Makes statements more reliable. d) All of the above ) should be generally valued of lower of cost +) Valuation of inventories is by Under this method assumed that the with are issued at a random order
   • a) b) LIFO is a capital expenditure
   • a) of a goods b) Cost of repair Wages paid for installation of machinery d) Rent of a factory
2. Q7 Drawings are deducted
   • a) Sales b) Purchase
3. Q8 If books are kept under single entry system, Credit sales are ascertained by 9)Average clause in an insurance policy applies only incase
   • c) Under insurance d)None of the above means an expenditure carrying probable future benefits
   • c) Deferred d) Outstanding “Write the sentence, State whether the following statement is True or False and rewrite the {Any (7) potictes are same for all concerns in India are by the apply to consumable awalling use in the production
4. Q7 AS 2 does not ‘O for stock Valuation
5. Q4 As 2 does not recognize LIFO methad fo
6. Q5 Interest is recognized when actually received,
7. Q6 As 10 deals with recognition of revenue
8. Q7 All intangible assets are fictitious Assets
9. Q8 Gross profit is to capital Account 9} Single follows the basic accounting Principle accrual,
10. Q10 Memorandum Trading Account can be Prepared if proper stock records are ava
11. Q2 Slow and Steady Limited follows the First In First method of inventory The following Particulars are available in respect of an item of raw material for the month o Calculate the value of closing stock on the basis of FIFO Method and Weighted Average method
12. Q2 You are required to Prepare Trading and Profit and loss A/C for the year ended Dec 2003 anda balance sheet as on 31-12-2003 from the following information. (15) Cash in hand and at Bank 6960 8080 Details of the year’s transaction are: Cash and discount Credited to Debtors 64000 Return from Debtors 1450 Sales- Cash and credit 71810 Of Ms stock. Following Average percentage of gross Ouse was for Rs. was : AS
    • a) Stock i the was is available
    • b) Purchase includes You are required to Th? State with whether the 1} Cost of ren! OF ) Cost of of 4 the
13. Q3 Expenditure for
14. Q5 of
15. Q3 Cost of Goodwil!
16. Q6 Payment for of
17. Q7 Brokerage paid om of land
18. Q8 Sales fax of 4]From the following Trai! Bal 7 the Prepare the ao rading and profit and loss and the

Read from the scan above, so a character or two may differ. The scan is the original.