MGT401 Financial Accounting II Current Mid Term Papers May 2011

[Vuhelper]

my todays mgt401 paper
there were total 27 questions
22 MCQs which were about IAS ,significant influence, NRV and Cost ,
5 short question
3 of 3 3 marks
1) differentiate between impairment and depreciation
2) authorized and paid up capital difference
3) numerical of COST and NRV calculation and the treatment in balance sheet
two question of 5 5 marks
4) entries of assets and liability were given and we have to calculate the amount of capital
5) expected selling price of asset = 2500
expected cost of completion = 400
expected cost of selling = 100
required:
what value will be shown in balance sheet if carrying amount of asset is 1500?
what value will be shown in balance sheet if carrying amount of asset is 2500?

[Vuhelper]

otal question were 27
22 msqz n 5 short qes.....

Q01: Differentiate between Benchmark Treatment and Allowed Alternative Treatment for the Borrowing cost (3 marks)

Q02: Write down the types of stocks for Trading and Manufacturing concerns (3marks)

Q03: Trade Debts considered as good_ unsecured 11000 Rs
Trade Debts considered doubtful _unsecured 41000 Rs
Provision for doubtful debts 41000 Rs

Then:
You are required to show the above information in Note to the account of Trade (3 marks)


Q04: Define Current Liabilities. What heads should be included in Current Liabilities? (5 marks)

Q05: Suppose a Company has

• Partially completed inventory item at the year end
• Expected selling price of the item when completed is 2600 Rs
• A further cost of Rs 500 is required to complete the item
• Expected selling cost of item is Rs 100
Required
a) what will be the carrying value of the inventory item if the cost incurred at date is Rs 1500
b) what will be the carrying value of the inventory item if the cost incurred at date is Rs 2500