Bharatiya Vidya Bhavan’s Hazarimal Somani College of Arts and Science, Shri Manubhai

Maneklal Sheth Junior College of Arts and Science and Jayaramdas Patel College of Commerce
and Management Studies, Chowpatty, Mumbai 400 007

Programme: F.Y.B.Com.
Semester: I
Course (Subject or Paper title and Number): Accountancy and Financial Management - I

Sample Question Paper

1. Purchase of 5 Bikes by Domino’s Pizza for Delivery, for Rs 300,000. This Transaction is
___________
a. Capital Expenditure
b. Revenue Expenditure
c. Capital Receipt
d. Revenue Receipt

2. Bad Debts Recovered Rs 6000. This Transaction is ___________

a. Capital Expenditure
b. Revenue Expenditure
c. Capital Receipt
d. Revenue Receipt

3. While Preparing Final Accounts of Manufacturing Concern, Factory Rent is recorded in

_________
a. Manufacturing Account
b. Trading Account
c. Profit and Loss Account
d. Balance Sheet Liability Side

4. Calculate Raw Material Consumed, from the information given below:

Opening Stock of Raw Material – Rs 30,000
Closing Stock of Raw Material – Rs 40,000
Purchase of Raw Material – Rs 200,000
Carriage on Purchase of Raw Material – Rs 15,000
a. Rs 285,000
b. Rs 115,000
c. Rs 205,000
d. Rs 225,000

5. Mr Amit Purchased a Car, Cash Price of which was Rs 500,000. Mr Amit Agreed to Pay Rs
200,000 as Down Payment and Rs 3 installment of Rs 120,000 each. Calculate Amount of
Interest paid by My Amit.
a. Rs 20,000
b. Rs 60,000
 c. Rs 160,000
d. Rs 300,000

6. Power is allocated on the basis of ------------ of each department

a. No. of electric points
b. Rent
c. Net loss
d. Net profit

7. Depreciation is allocated on the basis of ------------ of each department.

a. Value of assets
b. General Profit & Loss A/c
c. Purchase
d. Sales

8. Which of the following will be allocated in the sales ratio?

a. Purchases
b. opening stock
c. Commission
d. closing stock

9. Accounting Standard 1 (AS 1) Deal with _________

a. Valuation of Stock
b. Disclosure of Accounting Policy
c. Revenue Recognition
d. Hire Purchase Transection

10. ABC ltd had 2000 books as opening stock valued @ Rs 24,000, during the year they
Purchased 3000 books @ Rs 14 each. Out of the total books they sold 4200 books @ Rs 20
each. Calculate value of Closing Stock.
a. Rs 9600
b. Rs 16,000
c. Rs 42,000
d. Rs 11,200

Answer Key
1- a 2- d 3- a 4- c 5- b
6- a 7- a 8- c 9- b 10- d