FIN621 Financial Statement Analysis mid term paper 2011

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MIDTERM EXAMINATION
Spring 2009
FIN621- Financial Statement Analysis (Session - 1)
Question No: 1 ( Marks: 1 ) - Please choose one
Which of the following is NOT a purpose of the accounting?
To identify the financial transactions
To organize the financial data into useful information
To give information about the profitability of the company
To measure the value of these information in terms of money
Question No: 2 ( Marks: 1 ) - Please choose one
After recording the transactions in journal, posting is made to which of the following?
Trial Balance
Financial Statements
Ledger
After-closing Trial Balance
Question No: 3 ( Marks: 1 ) - Please choose one
Balance Sheet and Accounting Cycle are based on which of the following?
Adjusting entries
Closing entries
Financial position
Accounting Equation
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
Question No: 5 ( Marks: 1 ) - Please choose one
Which of the following is an advantage of the Trial Balance?
All transactions have been correctly analyzed and recorded in proper accounts
All the transactions have been recorded and nothing has been omitted
Preparation of final accounts is not possible without preparing trial balance first
Each and every type of error is revealed by the Trial Balance

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