Fin621 VU Midterm Current Papers Spring May 2012 of Virtual University of Pakistan


Fin621 VU Midterm Current Papers Spring 2012 of Virtual University of Pakistan [May 2012]
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QUESTION:
What is the difference between expense and expenditure? (3)
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Question:
What is the principle advantage of using direct method of cash flow statement? (3)
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Question:
Why should company prefer to use LIFO instead of FIFO?
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QUESTION:
Complete the table :
sales Beginning inventory Net purchases Ending inventory Cost of good sold Gross profit Operating expenses Net income
300,000 95,000 130,000 44000 ? 119,000 90000 ?
600,000 90,000 340,000 ? 330,000 ? ? 25000
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Question:
Classify the following activities as cash flow from operating, investing and financing activities
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1.proceed from issuing shares
2.interest received on loans
3.repayment of debt principal,capital lease
4.loans made and acquired of other firmís debt
5.divinded received from scurities.

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