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FIN611 Advanced Financial Accounting MCQs

FIN611-Advanced Financial Accounting study material for students of virtual university of Pakistan. Download Past(old) Papers solved/unsolved, past assignments, quiz, mcqs, lecture notes, video lectures, handouts, books of FIN611-Advanced Financial Accounting

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If the profit is 1/4 of the sales then it must be equal to:
  • 1/4 of the cost price
  • 1/5 of the cost price
  • 1/2 of the cost price
  • 1/3 of the cost price
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Which of the following is used to extract the opening balance of fixed assets in single entry system?
  • Assets account
  • Debtors account
  • Cash account
  • Statement of affairs
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What is the value of sales, if the cost of goods sold is Rs. 3,000 and the gross profit is 20 % of sales?
  • Rs. 3,600
  • Rs. 3,750
  • Rs. 6,000
  • Rs.15,000
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What will be the amount of expenses if the gross profit of a business is Rs. 5,000 and net profit is 25% of the gross profit?
  • Rs. 1,250
  • Rs. 3,750
  • Rs. 4,150
  • Rs. 6,250
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Which one of the following is an example of a capital receipt?
  • Receipt of rent
  • Receipt of commission
  • Receipt from sale of goods
  • Long-term loan received from bank
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Mr. Asghar introduced opening capital of Rs. 6,500 and further capital of Rs. 3,000 during the year in the business. His capital at the end of the year was Rs.11,000. Calculate the profit of the business?
  • Rs. 1,500
  • Rs. 4,500
  • Rs. 7,000
  • Rs. 20,500
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What would be the total assets for XYZ Company Ltd, if the owners’ equity and liabilities are reported Rs. 70,000 and Rs.19,000 respectively ?
  • Rs. 60,000
  • Rs. 89,000
  • Rs. 41,000
  • Rs.19,000
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Under the net worth method of single entry system, profit is ascertained by calculating _________ and adjusting the drawings.
  • Increase in liabilities
  • Increase in assets
  • Increase in expenses
  • Increase in capital
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What would be the value of total sales if cost of goods sold is Rs. 15,000 and rate of gross loss is 20% of sales
  • Rs. 100,000
  • Rs. 12,500
  • Rs. 180,000
  • Rs. 187,500
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Financial accounting mainly focuses on the financial information which is/are:
  • Based on happening of future events
  • Valuable for the investors
  • Measurable in terms of money
  • Immaterial
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