Aviation Management

Test REVISED SYLLABUS I2008 Papers — Intermediate Group  1

TEST PAPERS

Intermediate Group I

QUESTION PAPERS FOR POSTAL STUDENTS ONLY (FOR JUNE/DECEMBER 2013)

THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA DIRECTORATE OF STUDIES

© Copyright Reserved by the Institute of Cost and Works Accountants of India

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Test Papers — Intermediate Group I

PAPER 5 FINANCIAL ACCOUNTING TEST PAPER — I/5/FAC/2008/T-1

Time Allowed : 3 hours

Full Marks : 100

(Answer Question No. 1 and any four questions from the rest) 1. (a) Indicate the correct answer : A. The output of financial accounting is i. The measurement of accounting income ii. The measurement of taxable income iii. The preparation of financial statements iv. The preparation of financial Position B. The basic objective of financial accounting is to: i. Provide quantitative information to users of financial statements ii. Satisfy the legal requirements iii. Report income to the shareholders iv. Satisfy listing requirements of stock exchanges C. Information about performance is disclosed by: i. Balance sheet ii. Statement of cash flows iii. Profit and loss account iv. Both (i) and (ii) (5×2 = 10)

Test Papers — Intermediate Group I

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D. The lessee’s right to recover the short working is related to: i. First five years ii. Last three years iii. Terms of the agreement iv. None of the above. E. In the books of lessee, short workings recoverable in future years are: i. A revenue expense ii. A normal loss iii. An asset iv. A liability. (b) Define in one sentence each : (i) Expenses, (ii) Equity, (iii) Liability, (iv) Asset and (v) Income. 2. (a) Write short notes on : (i) Materiality (ii) Principles of Government Accounting (iii) Consolidated Fund (iv) Proprietary ratio (b) Indicate any three areas in respect of which different accounting policies may adopted by different enterprises. Also indicate the requirements with regard to disclosure of accounting policies. (3×4+8 = 20) 3. On 31st March, 2009 P. Ltd.,...