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Which of the following would NOT be the characteristics

1 Which of the following would NOT be the characteristics of current assets?ABCDLikely to change before the next accounting period is overNot bought for resaleUse as part of the firm’s trading operationsLiquidity2 ABC Company has Rs. 150,000 cash, Rs. 80,000 as accounts receivables, Rs. 20,000as allowance for doubtful accounts, Rs. 10,000 as work in progress inventory, Rs. 55,000as prepaid expenses, Rs. 50,000 land purchased in the current year. Calculate the value ofcurrent assets.ABCDRs. 275,000Rs. 315,000Rs. 365,000Rs. 220,000Which of the following would be considered a cash-flow item from a "financing"activity?3.ABCDA cash outflow to the government for taxesA cash outflow to repurchase the firm’s own common stockA cash outflow to lenders as interestA cash outflow to purchase bonds issued by another company4 Which of the following is NOT an example of cash equivalents?ABCDCertificates of DepositMoney market accountsMoney market mutual fundsEuro Bond5 Which of the following would NOT be considered a cash flow from “operating”activities?ABCDPayments for the sale of loansInterest received on loansTax paymentsPayment of debt principle6 Depreciation is added back to profit when arriving at the cash flow from operatingactivities because:ABCDDepreciation is only an estimated amountDepreciation does not affect profitDepreciation does not result in a flow of cashDepreciation only affects the balance sheet, not the profit and loss account7 If net profit before taxation and interest was Rs. 95,000, depreciation for the year wasRs. 17,000, stock has decreased during the year by Rs. 7,000, debtors have increased byRs. 11,000 and creditors have decreased by Rs. 4,000, what is the overall cash flow fromoperating activities?ABCDRs. 104,000Rs. 112,000Rs. 98,000Rs. 134,0008 In the long run, a business must generate positive net cash flow from which of thefollowing activities, if it is to survive?ABCDInvesting activitiesFinancing activitiesOperating activitiesNon cash activities9 The income statement of the UBL shows the interest revenue of Rs. 6,000, and theamount of accrued interest receivable has increased from Rs. 3000 to Rs. 4000 during theyear. Calculate the amount of interest received.ABCDRs. 7000Rs. 8000Rs. 5000Rs. 100010 The statement of cash flow does NOT assist investors, creditors and othersin assessing such factors as:ABCDThe company’s ability to generate positive cash flows in future periodsThe company’s ability to meet its obligations and to pay dividendsThe company’s ability to forecast future lossesThe company’s needs for external financing11 Which of the following should NOT be called “Sales”?ABCDGoods sold for cashOffice fixtures soldGoods sold on creditSale of item previously included in ‘Purchases’12 An incorrect inventory balance would NOT cause an error in the calculation of___________.ABCDCost of goods soldNet incomeGross profitDividends13 Which of the following is NOT true about the specific identification method?ABCDIt requires a very detailed physical countThis method allows management to easily manipulate ending inventory costThis method is very hard to use on interchangeable goodsThis results in an overstated inventory account during the period of inflation14 Under the periodic inventory system, which of the following is a correct closingentry?ABCDDebit – Income Summary; Credit – SalesCredit – Income Summary; Debit – Purchase Returns & AllowancesDebit – Income Summary; Credit Merchandise InventoryDebit Purchases; Credit – Income Summary15 In a periodic inventory system, when merchandise is purchased its cost is debited to________ account.ABCDInventoryInventory expensePurchasesCost of goods sold16 Which of the following is NOT a financial asset?ABCDMarketable securitiesReceivablesInventoryShort-term investments17 Notes to financial statements are beneficial in meeting the disclosure requirements offinancial reporting. The note should NOT be used to:ABCDDescribe significant accounting policiesDescribe depreciation methods employed by the companyDescribe principles and methods peculiar to the industryCorrect an improper presentation in the financial statements18 A company purchased the land in exchange for the capital stock; it would affectwhich of the following?ABCDCash flow from operating activitiesCash flow from investing activitiesCash flow from financing activitiesIt would not affect any section19 Which of the following would NOT represent the cash outflows for the business?ABCDPurchase of building for cashThe sale of land for cashRetirement of long term debtThe payment of cash for dividends20 The balance sheet reported a beginning balance of Rs. 20,000 in Accounts Receivableand an ending balance of Rs. 15,000. The income statement reported Sales Revenue ofRs. 200,000. Using this information, compute cash collected from customers.ABCDRs. 215,000Rs. 205,000Rs. 195,000Rs. 200,000

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