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Thread: fin621 mid term current paper 14 May 2011

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    Yelp 32 fin621 mid term current paper 14 May 2011

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    Q1. Differentiate between closing entries and adjusting entries. (3)

    Q2. Why wrong inventory valuation effects two periods? Explain (3)

    Q3. Is it necessary to review every cash transaction by its receipt? (3)

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    Q4. Explain how the adoptions of FIFO method rather than LIFO will tend to raise or lower the quality of a company’s earnings? Assume the continuance of the inflation. (5)

    Q5. Patterson Company reported net income for the current year of Rs. 666,000. During the year the company’s accounts receivable increased by Rs. 50,000, inventory decreased by Rs. 23,000, accounts payable decreased by Rs. 55,000, pre-paid expenses increased by Rs. 35,000, and accrued expenses payable increased by Rs. 14,000. Determine the amount of cash provided by or used for operating activities by the indirect method. (5)
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