MGT401 VU Current Midterm Fall 2012 Paper 14 December 2012

MGT401 VU Current Midterm Fall 2012 Paper 14 December 2012

This was My Paper of Financial Accounting-II

What qualitative characteristics make the financial information reliable? 5 marks

Bad debts & doubtful debts & factors that makes it baddebts.5marks

Types of Stock in Trade regarding Trading concerns and Manufacturing Concerns .3 marks

Benchmark Treatment and Allowed Alternative Treatment for Recognition of Fixed Assets. 3 marks
Information to be disclosed for the Classes of Share capital .3marks

Another Paper:

Difference between periodic and perpetual inventory system
Describe the objectives of IASBs under financial accounting
Describe the equity method of accounting statement “other long terms investments”
Difference between benchmark treatment and alternative allowance treatment

Another Paper:

Total Question: 27
3 Questio=3
2 Question=5
1what are Requirements of Companies Ordinance 1984 on loans and adnavces statements.
2. Difference between LIFO And FIFO method
3.Describe Assumption going concern
4. A company has an asset which originally cost Rs. 1250,000, revalued upwards to Rs. 1750,000 two years ago. The value has now fallen to Rs. 140,000.
5.Give Example of Depriciation and imparient loses