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Acc 501: Current Assets, Fixed Assets and Revenues

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Acc 501: Current Assets, Fixed Assets and Revenues
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ACC501 Current 11 Solved Finalterm Papers and Important
MCQS
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EXAMINATION
Question No: 1 ( Marks: 1 ) - Please choose one
The accounting definition of income is:
►Income = Current Assets -Current Liabilities
►Income = Fixed Assets - Current Assets
►Income = Revenues - Current Liabilities
►Income = Revenues - Expenses pg 17
Question No: 2 ( Marks: 1 ) - Please choose one
What would be the capital spending for an organization who has purchased fixed assets of Rs. 200,000 and sold fixed assets of Rs. 45,000?
►Rs. 245,000
►Rs. 200,000
►Rs.1 55 , 0 0 0
►Rs. 45,000
200000-
45000=155000
Question No: 3 ( Marks: 1 ) - Please choose one
Selected information from SNT Company's accounting records is as follows: o Cash paid to retired common shares Rs. 15,000 o Proceeds from issuance of preferred shares Rs. 20,000 o
Cash dividends paid Rs. 8,000 www.virtualinspire.com o Proceeds from sale of equipment Rs. 25,000
On its cash flow statement for the year, SNT Company should report net cash flow from financing activities as:
►Rs. 3,000 net cash inflow
►Rs. 3,000 net cash outflow
►Rs. 8,000 net cash inflow
►Rs. 8,000 net cash inflow
Question No: 4 ( Marks: 1 ) - Please choose one
SNT Company has a current ratio of 3:2. Current Liabilities reported by the company are Rs. 30,000 . What would be the Net Working Capital for the company? ►Rs. 45,000
►Rs. 15,000
► ( R s . 4 5 ,0 0 0 )
►( Rs. 15,000)
Question No: 5 ( Marks: 1 ) - Please choose one
Which of the following would not improve the current ratio?
►Borrow short-term to finance additional fixed assets
►Issue long-term debt to buy inventory
►Sell common stock to reduce current liabilities
►Sell fixed assets to reduce accounts payable
Question No: 6 ( Marks: 1 ) - Please choose one www.virtualinspire.com Which of the following are incorporated into the calculation of the Du -Pont
Identity?
I. Return on assets II.
Equity Multiplier
III. Total Assets
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