Exam (elaborations)
CMA FOUNDATION Q & A
- Course
- Institution
- Book
Providing a depth of cost management of accountant foundation questions and answers material the exam questions officially it covers 75%
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
BUS 5115 Discussion Forum Unit 1
-
BUS 5115 Discussion Forum Unit 2
-
BUS 5115 Discussion Forum Unit 2
Seller
Follow
thed24
Content preview
FOUNDATION EXAMINATION SET 1MODEL QUESTION PAPER TERM – JUNE 2023
PAPER - 2
FUNDAMENTALS OF FINANCIAL AND COST ACCOUNTING
Time Allowed: 1 Hour Full Marks: 100
Answer all questions. Each question carries 2 marks.
1. The main Purpose of Financial Accounting is?
(a) To Provide financial information to shareholders О
(b) To maintain Balance Sheet O
(c) To minimize taxes O
(d) To keep track of liabilities O
2. Trial Balance is used to check the accuracy of _________________.
(a) Balance Sheet balances О
(b) Ledger Accounts balances O
(c) Cash Flow Statement balances O
(d) Income Statement balances O
3. Money spent ₹ 12,000 as travelling expenses of the directors on trips abroad
for purchase of capital assets is ____________________.
(a) Capital Expenditure О
(b) Revenue Expenditure O
(c) Deferred Revenue Expenditures O
(d) None of the above O
4. Which of these errors affect two or more accounts ____________________.
(a) Errors of complete omission О
(b) Errors of principle O
(c) Errors of posting to wrong account O
(d) All the three O
5. Purchase price of machine ₹8,90,000, freight and cartage ₹7,000, installation
charges ₹30,000, Insurance charges ₹20000, residual value is ₹40,000,
estimated useful life 5 years. Calculate the amount of annual depreciation under
straight line method?
(a) ₹ 1,77,400 О
(b) ₹ 1,81,400 O
(c) ₹ 1,97,400 O
(d) ₹ 1,77,900 O
1
Directorate of Studies, The Institute of Cost Accountants of India
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller thed24. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R61,41. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79271 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now