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0810 FA (CFA510) - Question Paper Financial...

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1 Question Paper Financial Accounting (CFA510): October 2008 Answer all 73 questions. Marks are indicated against each question. Total Marks : 100 1. Ex-post income means (a) Gross sales less returns (b) The profit which is disclosed in profit and loss account (c) Capital at the end of the period less capital at the beginning of the period (d) 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 (e) 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. (1 mark ) <Answe r> 2. Who among the following is considered as an external user of financial statements? mark ) <Answe r> 3. Under cash basis of accounting, revenue is recognized when <Answe r> 4. The categorization of assets into ‘fixed’ and ‘current’, presupposes which of the following accounting concepts? mark ) <Answe r> 5. Which of the following will not appear under the head ‘Miscellaneous Expenditure’ in the balance sheet of a company? (a) Preliminary expenses to the extent not written off (b) Interest paid out of capital during construction (c) Discount allowed on issue of shares and debentures (d) Development expenditure not adjusted (e) Loss on sale of fixed assets. (1 mark ) <Answe r> 6. Which of the following items cannot be shown as reserves and surplus? mark ) <Answe r> 7. Different valuation bases are used in accounting and in this context, present value means mark ) <Answe r>
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