Thursday, May 17, 2012

FIN621 Current Paper May 2012 Mid term


Q1. Differentiate between closing entries and adjusting entries. (3)

Q2. Why wrong inventory valuation effects two periods? Explain (3)

Q3. Is it necessary to review every cash transaction by its receipt? (3)

Q4. Explain how the adoptions of FIFO method rather than LIFO will tend to raise or lower the quality of a company’s earnings? Assume the continuance of the inflation. (5)

Q5. Patterson Company reported net income for the current year of Rs. 666,000. During the year the company’s accounts receivable increased by Rs. 50,000, inventory decreased by Rs. 23,000, accounts payable decreased by Rs. 55,000, pre-paid expenses increased by Rs. 35,000, and accrued expenses payable increased by Rs. 14,000. Determine the amount of cash provided by or used for operating activities by the indirect method. (5



Total questions 27
Mcqs 22 1 mark
3 short questions 3 marks
2 long questions 5 marks
Is depreciation a source of fund or not? Give reasons (3)
How cash dividend effect our financial statements (3)
Income statement or cash flow statement which among these give better profitability? Give reason(3)
Calculate Net cash flow from from operating activities using Direct method. (5)
Rs.
a- Cash received from customers --
b- Interest and dividend received --
c- Proceed from sale of Plant --
d- Cash paid to suppliers&Employees --
e- Cash paid for purchase of Investment --
f- Cash paid for purchase of Treasury Stock --
On march 29,1998 Global co. purchased new equipment costing 100,000. Its estimated life is 5 years and Paper copy from vu thirty nine dot com residual value 10,000. For income tax purpose this is classified as a 5-year property and has a depreciation rate rate of 40%. (5)
Required:
Compute annual depreciation expense for each year until equipment is fully depreciated using 200% declining method, with half year convention.(limit the depreciation expense to year 2003)

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