March, 2022 ATS Part II Financial Accounting Past Questions

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March, 2022

An account that an entity prepares, when it sends goods to another person to sell or return on its behalf is called __________

March, 2022

Income received in advanced is shown as __________ in the statement of financial position.

March, 2022

Loss on revaluation of property, plant and equipment is recognised in the statement of ________.

March, 2022

The formula for the computation of rate of return on sales or profit margin is

March, 2022

In partnership business, state the condition(s) that will warrant the preparation of Revaluation account.

March, 2022

The necessary accounting entries required to record profit on goods sent to branch when adjustment account method is used are

March, 2022

The necessary accounting entries required to record the cash sale price of the goods on hire when Hire Purchase Interest suspense account method is used are

March, 2022

Which users of financial statement will be interested in the gearing ratio of a company?

March, 2022

The condition where a company increases its sales revenue without having adequate financial capacity to cope with rate of expansion is called __________.

March, 2022

TWO reasons why partners of a firm may decide to dissolve a partnership are _ and _.

March, 2022

When a partnership is converted into a company, the purchase consideration could be in the form of ___ and _.

March, 2022

TWO standard headings in statement of cash flows according to IAS 7 are _ and __.

March, 2022

The fact that provisions are made against doubtful debts upholds the concept of _______.

March, 2022

With regards to a not-for-profit organisation, a debit balance on the subscription account is reported in ___________.

March, 2022

The accounting ratio that shows the relationship existing between the shareholders’ fund and long-term liabilities is called _________

March, 2022

The principal who owns the goods and sends them to an agent for sale is called _______.

March, 2022

The accounting entries to record goods bought for sale on credit later returned are _ and _.

March, 2022

An accounting concept that says every transaction has two folds, for every credit, a corresponding debit is made is called

March, 2022

An error in Trial Balance where an account which should have been debited was credited while an account that should have been credited was debited with similar amounts is called

March, 2022

An expenditure which would normally be treated as revenue expenditure but is not written off in one period is called

March, 2022 ATS Part II Financial Accounting Past Questions

An account that an entity prepares, when it sends goods to another person to sell or return on its behalf is called __________

Income received in advanced is shown as __________ in the statement of financial position.

Loss on revaluation of property, plant and equipment is recognised in the statement of ________.

The formula for the computation of rate of return on sales or profit margin is

In partnership business, state the condition(s) that will warrant the preparation of Revaluation account.

The necessary accounting entries required to record profit on goods sent to branch when adjustment account method is used are

The necessary accounting entries required to record the cash sale price of the goods on hire when Hire Purchase Interest suspense account method is used are

Which users of financial statement will be interested in the gearing ratio of a company?

The condition where a company increases its sales revenue without having adequate financial capacity to cope with rate of expansion is called __________.

TWO reasons why partners of a firm may decide to dissolve a partnership are _______ and _______.

When a partnership is converted into a company, the purchase consideration could be in the form of _________ and _______.

TWO standard headings in statement of cash flows according to IAS 7 are _______ and ________.

The fact that provisions are made against doubtful debts upholds the concept of _______.

With regards to a not-for-profit organisation, a debit balance on the subscription account is reported in ___________.

The accounting ratio that shows the relationship existing between the shareholders’ fund and long-term liabilities is called _________

The principal who owns the goods and sends them to an agent for sale is called _______.

The accounting entries to record goods bought for sale on credit later returned are _____ and _____.

An accounting concept that says every transaction has two folds, for every credit, a corresponding debit is made is called

An error in Trial Balance where an account which should have been debited was credited while an account that should have been credited was debited with similar amounts is called

An expenditure which would normally be treated as revenue expenditure but is not written off in one period is called

TWO reasons why partners of a firm may decide to dissolve a partnership are _ and _.

When a partnership is converted into a company, the purchase consideration could be in the form of ___ and _.

TWO standard headings in statement of cash flows according to IAS 7 are _ and __.

The accounting entries to record goods bought for sale on credit later returned are _ and _.