Financial Management - JNU solved assignments

 

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Subject:     Financial Management

 

 

	Multiple Choice Single Response
Question ID	Question	Options
1	Which of the following can be defined as the reporting of the financial position and performance of a firm through the financial statement issued to the external users on a periodic basis?	Financial Accounting
		Recording
		Reporting
		Transactions
	Multiple Choice Single Response
Question ID	Question	Options
2	What is concerned with providing financial results to managements, creditor, investors, bank, government, stock exchange, brokers and employees, etc., for decision making?	Recording
		Classification
		Reporting
		Controlling
	Multiple Choice Single Response
Question ID	Question	Options
3	What helps to identify strong areas of performance and also points out the individuals or departments to be rewarded?	Recording
		Controlling
		Reporting
		Classification
	Multiple Choice Single Response
Question ID	Question	Options
4	Which of the following protects the properties of the business by recording them as per the date and showing them in the balance sheet?	Protecting
		Controlling
		Reporting
		Classification
	Multiple Choice Single Response
Question ID	Question	Options
5	What is capital used to purchase fixed asset called?	Fixed capital
		Assets
		Liability
		Goods
	Multiple Choice Single Response
Question ID	Question	Options
6	Which of the following is a person who owes something to business?	Debtor
		Creditor
		Employer
		Employee
	Multiple Choice Single Response
Question ID	Question	Options
7	Which of the following is concerned with providing financial results to management?	Recording
		Controlling
		Reporting
		Classification
	Multiple Choice Single Response
Question ID	Question	Options
8	Which of the following also involves in the preparation of the trial balance which contains the summary of the balances of the ledger?	Recording
		Controlling
		Reporting
		Summarising
	Multiple Choice Single Response
Question ID	Question	Options
9	Which of the following have interest in information about the continuation of an enterprise when they have established a long term involvement the enterprise?	Employees
		Employers
		Customers
		Tax Authorities
	Multiple Choice Single Response
Question ID	Question	Options
10	Which of the following is not the function of Financial Accounting?	Recording
		Reporting
		Planning
		Classification
	Multiple Choice Single Response
Question ID	Question	Options
11	What is processing of transactions in accounting called?	The Double Entry recording
		The amount
		Reporting
		Transactions
	Multiple Choice Single Response
Question ID	Question	Options
12	Which of the following is derived from the French word ‘jour’ which means a day?	General Ledger
		Business transaction
		Record
		Journal
	Multiple Choice Single Response
Question ID	Question	Options
13	What means a daily record?	Journal
		Creditor
		Ledger
		Cash Receipts
	Multiple Choice Single Response
Question ID	Question	Options
14	Which of the following records all the purchases of inventory on credit?	Cash Payment journals
		Sales Journals
		Sales Return and Allowances Journal
		Purchase Journal
	Multiple Choice Single Response
Question ID	Question	Options
15	Which of the following records the return of credit purchases or allowances that were previously purchased on credit?	Purchase Return and Allowance Journal
		Sales Journals
		Sales Return and Allowances Journal
		Purchase Journal
	Multiple Choice Single Response
Question ID	Question	Options
16	Which of the following records all transactions that are not recorded in any of the specialised journals?	Purchase Return and Allowance Journal
		sales Journals
		General Journal
		Purchase Journal
	Multiple Choice Single Response
Question ID	Question	Options
17	Which of the following is the principle books of accounts which contain all the account information of a business?	Account
		Journals
		Ledger
		Balance Sheet
	Multiple Choice Single Response
Question ID	Question	Options
18	How many type of ledger are there?	Five
		Two
		Four
		Three
	Multiple Choice Single Response
Question ID	Question	Options
19	What is Periodical Balance Form also called?	Balance form
		T Account
		Running Form
		Nominal
	Multiple Choice Single Response
Question ID	Question	Options
20	Who cannot get the information of transactions from the journals?	Employees
		Investors
		A businessman
		Management
	Multiple Choice Single Response
Question ID	Question	Options
21	Which of the following is required to find out the financial position of the organisation?	Trading Account
		Balance sheet
		Trading & Profit
		Loss Account
	Multiple Choice Single Response
Question ID	Question	Options
22	What refers to buying and selling of goods?	Trading
		Selling
		Gross Profit
		Credit
	Multiple Choice Single Response
Question ID	Question	Options
23	If the cost price of machinery is Rs 50,000 and it is sold in Rs.60, 000 then what is the gross profit?	The gross profit is Rs. 5, 000
		The gross profit is Rs.60, 000
		The gross profit is Rs.50, 000
		The gross profit is Rs.10, 000
	Multiple Choice Single Response
Question ID	Question	Options
24	Which of the following furnishes only those data which are relevant for the decision making?	Balance form
		Management Accounting
		Accounting
		Profit
	Multiple Choice Single Response
Question ID	Question	Options
25	Which of the following reveals Gross Profit or Gross Loss?	Trading
		Gross Profit
		Direct expenses
		Indirect expenses
	Multiple Choice Single Response
Question ID	Question	Options
26	Which of the following is defined as “a Statement which sets out the Assets and Liabilities of a business firm  and which serves to ascertain the financial position of the same on any particular date?	General Ledger
		Business transaction
		Record
		Balance Sheet
	Multiple Choice Single Response
Question ID	Question	Options
27	Which of the following account is prepared to find out the difference between Selling price and Cost price?	Balance sheet
		Profit and Loss Account
		Trading Account
		Trial Balance
	Multiple Choice Single Response
Question ID	Question	Options
28	Which of the following is stock on hand at the commencement of the year or period?	Opening Stock
		Closing Stock
		Purchases
		Purchase return Inward and Outward
	Multiple Choice Single Response
Question ID	Question	Options
29	Which of the following has been defined in many ways by various experts?	Final Account
		Journals
		Managerial accounting
		Balance Sheet
	Multiple Choice Single Response
Question ID	Question	Options
30	Which of the following furnishes only those data which are relevant for the decision making?	Balance form
		Management Accounting
		Accounting
		Profit
	Multiple Choice Single Response
Question ID	Question	Options
31	_____________ decision making can be taken by the help of financial accounting	Controlling
		Market
		Employee
		Managerial
	Multiple Choice Single Response
Question ID	Question	Options
32	Current liability has to be paid within a _________.	month
		day
		period
		year
	Multiple Choice Single Response
Question ID	Question	Options
33	Financial accounting is used for ___________ and maintenance of accounts of various transactions which needs special skills and knowledge.	recording
		reporting
		managing
		accounting
	Multiple Choice Single Response
Question ID	Question	Options
34	______________ frequently requires timely financial information that deals with different aspects of the firm.	Global market
		Employers
		Management
		Customers
	Multiple Choice Single Response
Question ID	Question	Options
35	Current assets are those which are receivable within a _________.	day
		year
		month
		decade
	Multiple Choice Single Response
Question ID	Question	Options
36	Systematically __________ all the business events posting through journals and ledgers to finally prepare financial statements like profit and loss account and balance sheet.	reporting
		recording
		planning
		classification
	Multiple Choice Single Response
Question ID	Question	Options
37	The accounting information should be presented in a truthful, accurate and complete manner and capable of being verified by the potential __________.	employers
		employees
		investors
		Creditors
	Multiple Choice Single Response
Question ID	Question	Options
38	____________ and their agencies are interested in the allocation of resources and their activities of enterprises.	Employees
		Investors
		Government
		Management
	Multiple Choice Single Response
Question ID	Question	Options
39	The __________ in the entire business are either in a credit basis or in cash basis.	transactions
		profit
		business
		cost
	Multiple Choice Single Response
Question ID	Question	Options
40	In double entry accounting, a company’s _________ are equal to the company’s Liabilities plus owner’s equity.	liabilities
		assets
		profits
		losses
	Multiple Choice Single Response
Question ID	Question	Options
41	The _________ always recorded on the left-hand side while the credit is on right hand side.	cash
		record
		debit
		transactions
	Multiple Choice Single Response
Question ID	Question	Options
42	If the total debit does not equal to the total credit then there must be a _____ entry.	correct
		wrong
		two
		no
	Multiple Choice Single Response
Question ID	Question	Options
43	____________ in revenue account increases the credit balance.	Increase
		Decrease
		Loss
		Expense
	Multiple Choice Single Response
Question ID	Question	Options
44	__________ items decrease the owner’s equity so they have debit balance.	Increased
		More
		Less
		Expenses
	Multiple Choice Single Response
Question ID	Question	Options
45	The flow of information starts with _______ data and gradually transformed into financial statements.	raw
		assets
		old
		client
	Multiple Choice Single Response
Question ID	Question	Options
46	Journal is day book which ________ business history in date wise manner.	summarises
		report
		record
		knows
	Multiple Choice Single Response
Question ID	Question	Options
47	If the managers want to know that how the ________ are going on for the current year then they check out the sales of general ledger	business
		market
		sales
		management
	Multiple Choice Single Response
Question ID	Question	Options
48	There are ______ types of ledger	three
		five
		two
		four
	Multiple Choice Single Response
Question ID	Question	Options
49	_______the entries made in the journal must be posted into ledger	Record
		Higher
		All
		None of
	Multiple Choice Single Response
Question ID	Question	Options
50	Place the page of _____ where the transferred information is located in the post reference column of the ledger account.	Journal
		Ledger
		Transfer
		Posting
	Multiple Choice Single Response
Question ID	Question	Options
51	The importance of ________ account is to inform the businessman about the business progress and financial position at the right time in the right way.	final
		profit
		project
		Journal
	Multiple Choice Single Response
Question ID	Question	Options
52	________ & Profit and Loss Account is prepared to find out Profit and Loss.	Final
		Report
		Trading
		Transactions
	Multiple Choice Single Response
Question ID	Question	Options
53	If all the records are correctly recorded in the book, the _________ sheet must tally automatically.	balance
		credit
		report
		general
	Multiple Choice Single Response
Question ID	Question	Options
54	Sales return must be ___________ from the Total Sales to get Net Sale	divided
		multiplyied
		added
		subtracted
	Multiple Choice Single Response
Question ID	Question	Options
55	The presentation of accounting ____________ in such a way as to assists management in the creation of policy and day to day operation of an undertaking.	journal
		information
		management
		policy
	Multiple Choice Single Response
Question ID	Question	Options
56	Management Accounting Information is useful to _____________.	business
		market
		management
		accounts
	Multiple Choice Single Response
Question ID	Question	Options
57	The main motive of Management Accounting is to serve the management while making the _________ for the organisation.	work
		function
		decision
		schedule
	Multiple Choice Single Response
Question ID	Question	Options
58	There should be a _________ approach for a logical decision-making process.	management
		quantitative
		profit
		qualitative
	Multiple Choice Single Response
Question ID	Question	Options
59	_______________ of accounting is much useful than Financial Report as it provides some insight impact of rise in price of the product.	Journal
		Log book
		Cost Book
		Ledger
	Multiple Choice Single Response
Question ID	Question	Options
60	In ____________ accounting there is a great importance to figures worked out accurately.	general
		financial
		management
		project
	True/False
Question ID	Questions	Options
61	Controlling also points out people who are underperformed	TRUE
		FALSE
	True/False
Question ID	Questions	Options
62	Financial accounting is used for recording and maintenance of accounts of various transactions which needs special skills and knowledge.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
63	Accounting does not follow certain policies, procedures and principles.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
64	Buildings, plants are immovable assets.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
65	Fixed assets are used in the production of goods and services.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
66	If a sugar dealer purchase sugar for resale then the sugar is called goods.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
67	Fixed assets are those which can be easily converted into cash.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
68	A person to whom goods are sold on credit becomes a trade debtor to the business.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
69	Every business involves exchange of goods and services.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
70	Business transaction takes place throughout the year.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
71	The amount is recorded as debit with a corresponding amount being recorded as debit.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
72	For every debit account there must be one credit account.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
73	The Double Entry rule can be helpful when there are no mistakes in the Financial Records.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
74	First stage of preparing financial statements starts with source documents of the business.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
75	There is a ledger account for every Assets, Liabilities, expenses and revenue.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
76	The trial balance shows all the accounts in the General Ledger.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
77	The statement of financial performance does not show the results of the firm.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
78	No the entries made in the journal must be posted into ledger.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
79	A manager cannot get the information of transactions from the journals.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
80	Once the journals are posted, the monetary amounts are then transferred to the general ledgers.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
81	It is quite natural that businessman is interested in knowing whether his business is running in profit or in loss.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
82	Preparation of Final Account is only possible after the preparation of Balance Sheet.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
83	If the final price exceeds the Cost price then it will bring Gross Profit.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
84	The difference between the two sides of the Trading Account shows that either it is profit or a loss.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
85	All the expenses occurred in the business is divided into two parts.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
86	The total of assets and Liabilities must tally with each other.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
87	With the help of the management-decision the managers cannot maintain their work scheduled properly	TRUE
		FALSE
	True/False
Question ID	Questions	Options
88	Price of a company product is to be revised twice or more than that as per the market demand.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
89	The voluminous data in the financial report does not show the performance of the business.	TRUE
		FALSE
	True/False
Question ID	Questions	Options
90	Management Accounting deals with the internal operation of the organization.	TRUE
		FALSE
	Match the following
Question ID	Question	Options
91	Classification	It is concerned with the systematic analysis of recorded data in such a way that the transactions of similar classes are classified under appropriate heading.
	Controlling	It helps to identify strong areas of performance and also points out the individuals or departments to be rewarded.
	Protecting	It protects the properties of the business by recording them as per the date and showing them in the balance sheet.
	Summarising	It is concerned with the presentation of classified data in such a manner that the management can figure out which data is required for them in decision making
	Match the following
Question ID	Question	Options
92	Management	It needs accounting information to review the firm’s activity, short term planning, long term planning and profitability etc
	Creditors	They are both short term and long term.
	Employees	They need the account information to know about the stability and profitability of the employers
	Tax authorities	This need information to access the tax liabilities of an enterprise.
	Match the following
Question ID	Question	Options
93	Capital	Funds brought by the owners to start a business
	Assets	It may be fixed, current and liquid.
	Liability	The amount which is to be paid in future with respect to payment towards acquisition of an asset or performance of a service.
	Goods	Commodities and articles purchased for resale.
	Match the following
Question ID	Question	Options
94	Accounting equation	In double entry accounting, a company’s assets are equal to the company’s Liabilities plus owner’s equity.
	Personal accounts	They are accounts of person, firms, organizations, companies and institutions etc.
	Real accounts	Accounts related to properties and assets of a businessman.
	Nominal accounts	All items of expenses and losses, income and gain come under this account
	Match the following
Question ID	Question	Options
95	Cash Receipts Journals	It records all the funds coming to the business in the form of either cash or cheque.
	Cash Payment journals	It records all cash and cheque paid.
	Sales Journals	It records all sales trading stocks like, inventories on credit.
	Sales Return and Allowances Journal	It records the returns of credit sales.
	Match the following
Question ID	Question	Options
96	Date Column	It is not necessary to write the year because it already mentioned in the beginning of the page.
	Particular Column	It is one of the most important columns in the Journal.
	Debit Amount Column	In this column, the amount of transaction is written against the word “Or” in particular column on that time.
	Credit Amount Column	In this column, the amount of transaction is written against the name of the account credited on that time.
	Match the following
Question ID	Question	Options
97	Periodical Balance Form	In this type of ledger the page is divided into two halves, left hand side is called debit side and right hand side is called as credit side.
	Running Balance Form	This form of ledger is much similar structure of Journal, with a single difference is that it contains an extra column with heading “Balance” at the end.
	In the Ledger	Locate the corresponding account
	In the Journal	Posting the ledger is usually made periodically.
	Match the following
Question ID	Question	Options
98	Error of Commission	These errors are clerical in nature.
	Error of Omission	This may be recorded at the time of recording the transaction in the book of original entry or while posting to the ledger.
	Error of Principle	There are some rules while making entries in the book of accounts.
	Offsetting Error (Compensating Error)	When two or more errors are committed in such a way that the net effect of such errors on debit and credit side becomes nil, then that type of error
	Match the following
Question ID	Question	Options
99	Opening Stock	Stock on hand at the commencement of the year or period
	Closing Stock	It represents the value of goods at the end of the Trading Account
	Purchases	It indicates total purchases both in credit and cash
	Direct Expenses	Wages
	Match the following
Question ID	Question	Options
100	Selling Expenses	Carriage Outward, Travelling Expenses, Advertising
	Office Expenses	Office salary, Rent, Tax, Stationary etc
	Maintenance Expenses	Repairs, Renewals and Depreciation
	Financial Expenses	Interest paid on loan, Discount allowed etc