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0707 FA (CFA510) - Question Paper Financial...

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Question Paper Financial Accounting (CFA510): July 2007 Answer all questions. Marks are indicated against each question. 1. Under Hybrid system of accounting for revenue and expenses, (1 mark) (a) Accrual basis for revenue and cash basis for expenses is used (b) Accrual basis for expenses and cash basis for revenue is used (c) Accrual basis is used irrespective of whether an item is revenue or an expense (d) Cash basis is used irrespective of whether an item is revenue or an expenses (e) Varies according to the nature of the items of revenue and expenses. < Answer > 2. Revenue reserve represents (1 mark) < Answer > 3. Who among the following is not an internal user of ‘Financial Statements’? (1 mark) < Answer > 4. Which of the following is not considered as an accounting transaction? (1 mark) < Answer > 5. Ex-post income means (1 mark) (a) Original expectation of expected future cash flows at the end of the period less original expectation of expected future benefits at the beginning of the period (b) Capital at the end of the period less capital at the beginning of the period (c) Revised expectation of expected future cash flows at the end of the period less original expectation of expected future benefits at the beginning of the period (d) Gross sales less returns (e) The profit which is disclosed in profit and loss account. < Answer > 6. The net amount collectible in the event of an asset’s disposal is known as < Answer >
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(1 mark) 7. Which of the following is not a current asset? (1 mark) < Answer > 8. The concept which states that every transaction has two aspects is known as (1 mark) < Answer > 9. A purchase day book is used to record (1 mark) (a) All credit purchases of fixed assets (b) All cash purchases only (c) All credit and cash purchases (d) All credit purchases of goods only (e) All credit purchases and cash discount. < Answer >
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