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Mid term exam for uit student's, Assignments of Calculus

NED University of Engineering and Technology Karachi (NEDUETK)Calculus

Mid term exam for uit /ned student

Typology: Assignments

2020/2021

Uploaded on 06/06/2021

Shaheerali
Shaheerali 🇵🇰

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Usman Institute of Technology
Mid-Term Examinations
Spring 2020 Semester
Course: Financial Accounting Course Code: HS151
Date: August 11, 2020 Batch: 19B Software Engineering
Time Allowed: 120 minutes (for downloading, solving, and uploading the paper)
This is an open book examination
Student’s Name Shaheer ali
UIT Roll Number 19B-002-SE
Course Title Finacial Accounting
Course Code HS151
Date of the Examination 1-08-2020
Section
Faculty Member’s Name Miss Urooj Mohsin
Ethical Compliance / Integrity Undertaking
I guarantee that all this is my independent work and is done without any unauthorized help. All
activities are completed with full adherence to the “Ethics Policy” of the Institute. I understand that
any breach would result in disciplinary action against me as per the Institute rules.
Please make sure to check the following before you proceed.
☐ I have read and understood the ethical compliance / integrity undertaking and will comply.
Instructions
Please read the following instruction carefully before you proceed:
Page | 1 – Mid Term Examinations – Usman Insitute of Technology
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Usman Institute of Technology

Mid-Term Examinations

Spring 2020 Semester

Course : Financial Accounting Course Code : HS Date : August 11, 2020 Batch : 19B Software Engineering Time Allowed : 120 minutes (for downloading, solving, and uploading the paper) This is an open book examination Student’s Name Shaheer ali UIT Roll Number 19B-002-SE Course Title Finacial Accounting Course Code HS Date of the Examination 1-08- Section Faculty Member’s Name Miss Urooj Mohsin Ethical Compliance / Integrity Undertaking I guarantee that all this is my independent work and is done without any unauthorized help. All activities are completed with full adherence to the “Ethics Policy” of the Institute. I understand that any breach would result in disciplinary action against me as per the Institute rules. Please make sure to check the following before you proceed. ☐ I have read and understood the ethical compliance / integrity undertaking and will comply. Instructions

Please read the following instruction carefully before you proceed:

1. Please solve all questions on this word document only. Please do not

submit any other document as it will not be graded.

2. Wherever needed, you may insert scanned images, tables, equations,

and diagrams.

a. These can be scanned and pasted (screenshots will also work)

b. You may make the tables, equations etc. on another Word file

and then paste here.

3. Please download the paper immediately after it is made available to

protect yourself from any power failure Internet issues.

4. Solve the paper on your computer and, once done, upload on

Microsoft Teams assignment created to receive your paper. You would

require the Internet only to download and upload the paper.

5. The time provided (2 hours) is for downloading, solving, and uploading

your solution.

6. Once you are done with your paper, save it as a pdf file and upload.

7. This is an open book examination. You are allowed only to consult

your textbook, reference books, and class notes. You are not allowed

to use any other source.

8. All work submitted will tested with Turnitin. Any work considered

suspicious may be tested through a viva.

☐ I have read and understood the instructions and will comply.

  1. A debit balance of £100 in a cash account shows that (A) There was £100 cash in hand (B) Cash has been overspent by £ (C) £100 was the total of cash paid out (D) The total of cash received was less than £100. Click or tap here to enter text.
  2. Which of these best describes fixed assets? (A) Are bought to be used in the business (B) Are items which will not wear out quickly (C) Are expensive items bought for the business (D) Are of long life and are not bought specifically for resale. Click or tap here to enter text.
  3. The costs of putting goods into a saleable condition should be charged to (A) Trading account (B) Profit and loss account (C) Balance sheet (D) None of these. Click or tap here to enter text.
  4. If you want to make sure that your money will be safe if cheques sent are lost in the post, you should (A) Not use the postal service in future (B) Always pay by cash (C) Always take the money in person (D) Cross your cheques ‘Account Payee only, Not Negotiable’. Click or tap here to enter text.
  5. Which of the following statements is incorrect? (A) Assets – Capital Liabilities (B) Liabilities Capital Assets (C) Liabilities Assets Capital (D) Assets – Liabilities Capital Click or tap here to enter text.

Q.

ARENA LIMITED has a authorized capital of $ 2,000,000- divided into 20,

shares of $ 100 EACH.

The following is its trial balance on August 31, 2019, the end of the fiscal year.

Debit $

cash 17,000.

Debtors 30,000.

stock 140,000.

Adjustment Data:

  1. Depreciation for the year on machinery at 10% and building at 15%.
  2. INSURANCE expired $ 1000.
  3. Rent expense for the year was $ 6000.
  4. Allowance for bad debts is to be increased by 2% on debtors.
  5. Accrued interest on bond of the year.
  6. Closing merchandise inventory was valued $ 65000. Requirement  Record the adjusting entries.  Prepare Adjusted Trial Balance.  Prepare an Income statement for the year ended August 31, 2019.  Prepare Balance sheet as on August 31, 2019. Note: Do all your working in a proper format and copy paste your tables following in the following chat box. Click or tap here to enter text.

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