FIN621 Financial Statement Analysis Solved midterm paper with mcq's and subjective

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FIN621- Financial Statement Analysis

PAPER NO 1:
Question No: 1 (Marks: 1) - Please choose one
How much duration does an accounting period usually have?
· Three months
· Two years
· One year PAGE#1
· Five years
REFERENCE:
Accounting Period
Accounting period is the period of time covered by an Income Statement. It is usually one year. It can either be calendar year (Jan to Dec) or financial year (July to June). Financial Statements are prepared at the end of accounting period and are the end product of accounting process/cycle.
Question No: 2 (Marks: 1) - Please choose one
Which of the following statement shows the effects of cash inflows and outflows?
· Balance Sheet
· Statement of Owner’s Equity
· Income Statement
· Statement of Cash Flows PAGE#1
REFERENCE:
Statement of cash flows giving a picture of cash inflows (receipts) and cash outflows

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(payments) over/during the accounting period. It is prepared from the two major financial statements viz Income Statement and Balance Sheet.
Question No: 3 (Marks: 1) - Please choose one
To determine the balance of a particular account, one should refer to which of the following?
· Ledger
· Source document
· Chart of accounts
· Journal
Question No: 4 (Marks: 1) - Please choose one
A business has purchased a building on credit, how it would be recorded in the journal?
· Building - Credit; Accounts payable - Debit
· Building - Debit; Notes payable -Credit
· Building - Debit; Owner’s equity- Credit
· Building - Debit; Accounts payable – Credit
REFERENCE: PAGE#8
Question No: 5 (Marks: 1) - Please choose one
An entry that affects more than one accounts is knows as______________ .
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