Accountancy Financial Management - II | MU Solved Question Papers | B.Com 2nd Sem

[MU Solved Question Papers, Mumbai University Solved Question Papers, Accountancy Financial Management - II Solved Question Papers, 2017 to 2019 ]

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In this Post you will get MU solved question papers. Subject Covered in this post is Accountancy Financial Management - II of B.Com 2nd Sem From 2017 to 2019). Just scroll down to access full solved papers.

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MU (Mumbai University) Solved Question Papers (MCQs)

Accountancy Financial Management – II (From 2017 to 2019)

2017 (April)

ACCOUNTANCY FINANCIAL MANAGEMENT – II (CBCGS)

Q.P. Code: 07445 (3 Hours)

[Total Marks: 100]

Please check whether you have got the right question paper.

1. (a) Fill in the blanks with most appropriate words (any 10):

(i) Opening balance of Petty Cash is shown on debit side of Branch Account.

(ii) Goods Sent to a consignee for sale is called as consignment.

(iii) Good sent on consignment is credited to goods sent on consignment Account.

(iv) Goods costing 2, 00,000 were sent on consignment at cost plus 25%. Invoice values of the goods will be Rs. 2, 50,000.

(v) Ownership of the goods sent on consignment remains with the consignor.

(vi) Proforma invoice is prepared by Consignor.

(vii) Dependent branches do not maintain complete books of accounts.

(viii) Under Branch Debtors System, depreciation of branch fixed assets is not shown in branch Account.

(ix) Branch Account is prepared under Debtors method of Branch Accounting.

(x) In fire insurance, the insured gets compensation proportionate to losses incurred, in case of sufficient insurance.

(xi) Slow moving goods are called as abnormal goods.

(xii) Credit purchase can be ascertained from total creditors Account.

(b) State whether the following statements are true or false (any 10):

(i) Single Entry System is suitable to small organization.                  True

(ii) Credit sales can be ascertained from Debtors Account.            True

(iii) Under Single Entry System, closing capital is ascertained by preparing opening statement of affairs. False

(iv) The relationship between consignor and consignee is that of Principal  & Agent.                        True

(v) In case of del-Credere commission, bad debt loss is borne by the consignee.                                True

(vi) Consignment is same as sales.                            False

(vii) Discount allowed to customers is not recorded in Branch Account.                   True

(viii) Dependent branch depends on customers for supply of goods and expenses.          False, Head Office

(ix) Under Stock and Debtors system, Branch Stock account is a real account.      True

(x) Rate of gross profit need not be consistent for deciding the stock on the date of fire.                               False

(xi) Average clause has no effect on calculation of claim.                               False

(xii) In case of overvaluation of stock, it should be brought down to cost.              False, Market Price 

2017 (Nov)

ACCOUNTANCY FINANCIAL MANAGEMENT – II (CBCGS)

Q.P. Code: 07446

(3 Hours) [Total Marks: 100]

Please check whether you have got the right question paper.

Q.1 A Fill in the blanks with most appropriate words: (Any 10)             10

1. Loading is a difference between Invoice price and cost price.

2. Limited companies are not permitted to maintain their Books of Accounts as per Single Entry System.

3. Gross Profit cannot be ascertained under single Entry System.

4. Person who sends the goods on consignment is called as Consignor.

5. Goods Sent On Consignment account is closed by transfer to Trading Account.

6. Dependent Branches do not maintains complete set of books of Accounts.

7. Domestic Branches are located in the same country as that of the head office.

8. Dependent Branches do not purchase goods on their own.

9. Under Stock Debtors System, balance on branch expenses is transferred to Branch Profit and Loss account.

10. Goods saved from fire is called as Salvage.

11. In case of Average Clause Insurance Claim = (Amount of Policy/stock on the date of fire) x Actual loss.

12. Credit sales can be ascertained from Total Debtors Account.

B State whether the following statements are True or False (Any 10)            10

1. Trial balance cannot be prepared under single entry system.                  True

2. Under Conversion Method, credit purchases are ascertained from Creditors Account.               True

3. Collection from debtors is ascertained from Debtors Account.                               True

4. Profit on consignment belongs to the consignor.                          True

5. Consignee’s account is debited when goods are sent on consignment.                              False, Consignment account

6. Account Sale is sent by consignor to the consignee.                    False, Consignee to the consignor

7. Abnormal loss is credited to Branch Stock Account.                     True

8. Loading in closing stock is debited to stock reserve account under stock debtors system.   False, Credited

9. Under stock debtors system, entries are made in branch stock account at invoice price.           True       

10. Goods distributed as free samples should be credited to trading account.      False, Purchase Account

11. Memorandum Trading Account is prepared to find out amount paid by creditors.      False

12. Valuation of stock is done at market value only.         False, Cost or market price whichever is lower 

2018 (Nov)

ACCOUNTANCY FINANCIAL MANAGEMENT – II (CBCGS)

Q.P. Code: 34384

(3 Hours) [Total Marks: 100]

Please check whether you have got the right question paper.

Q.1 (A) Fill in the blanks choosing the correct alternative (Any Ten)        (10)

1. Goods sent to consignee for sale is called as________________. (Goods sent on approval/Consignment sale/Commission basis sale)

2. Consignor-consignee relationship is ___________. (Employer-employee relationship/ Principal-Agent relationship/ Master-servant relationship)

3. Credit Purchases can be ascertained by preparing ___________ Account. (Debtors / Creditors / Bills Receivable)

4. Closing Stock Reserve is _________to Branch Account in Branch Debtors Method. (Added/Debited/Credited)

5. In single entry to find out credit sale_______ is prepared. (Debtors Account/ Cash and Bank Account/Creditors Account)

6. Closing stock lying with consignee is property and risk of ________________ (Customer/ Consignor/Consignee)

7. _____________is required to find out closing stock lying in the godown on the date of fire. (Net profit ratio/ Gross profit ratio/ Expenses ratio)

8. Proforma invoice is prepared by__________ (Consignor/Consignee/ Accountant)

9. Goods costing 2, 10,000 were sent to branch at 25% margin on selling price. Its value to be charged to the Branch Account is at ___________. (2, 80,000/ 2, 62,500/ 2, 10,000)

10. Memorandum Trading Account is prepared to find ____________ (Closing stock on the date of fire/Gross profit on the date of fire/Salvage on the date of fire)

11. If Del-Credere commission is not paid to consignee, bad debts loss is assumed by __________. (Consignee/ Consignor/ Customer)

12. Goods saved from fire are called as ____________ (Abnormal goods/Salvage/Claim)

(B) State whether following statements are true or false. (Any Ten)        (10)

1. Opening balance payable to creditors is shown to the debit side of creditors Account.                False, Credit Side

2. Sales Return is debited to debtors Account.                    False, Credited

3. Consignee prepares consignment Account.                    False, Consignor

4. Consignee pays commission to consignor on the bases sales made by him.      True

5. To find closing balance of Debtors Account, Head office needs to prepare Creditors Account. False, Debtors a/c

6. Bills dishonored are credited to Bills Receivable Accounts.        True

7. Collection from Debtors can be ascertained from Cash/Bank Account.                               True

8. Average clause has no effect on calculation of insurance claim.              False

9. Profit on consignment belongs to consignor.                  True

10. Account Sale is sent by the consignor to the consignee.          False, Consignee to the Consignor

11. In single entry Final Accounts are prepared with the help of Trial Balance.      False

12. Insured gets compensation equal to the amount of policy, in case of full insurance.                  False

2018 (April)

ACCOUNTANCY FINANCIAL MANAGEMENT – II (CBCGS)

Q.P. Code: 34385

(3 Hours) [Total Marks: 100]

Please check whether you have got the right question paper.

Q.1 (A) Fill in the blanks choosing the correct alternative (Any Ten)          (10)

1. ___________is a statement sent by the consignor to the consignee showing the details of goods sent on Consignment. (Pro-forma invoice/ Account sale/ Invoice)

2. Bills Receivables dishonored are recorded on _____________side of Debtors account. (Debit/ Credit/Asset)

3. Goods sent on Consignment account is closed by transferring balance to __________ account of consignor. (Consignment Account/ Goods Account/ Trading Account)

4. Opening stock reserve is _________to branch A/c in Branch Debtors Method. (Added/Debited/Credited)

5. _________ is prepared in single entry to find out credit purchases. (Debtors Account/ Cash and Bank Account/ Creditors Account)

6. Cash remitted by Head office to branch is ____________ to Branch A/c in head office books under Branch Debtors method. (Debited/ Credited/ Added)

7. Fire insurance covers a risk due to___________. (Fire /Flood/Earthquake)

8. Actual loss of stock due to Fire = Stock on the date of fire less_______________. (Insurance premium/ Salvage/ Compensation)

9. Memorandum Trading Account is prepared to find ____________ (Closing stock on the date of fire / Gross profit on the date of fire/ Salvage on the date of fire)

10. If Del Credere commission is paid to consignee bad debts loss is assumed by __________. (Consignee/ Consignor/ Customer)

11. In calculating Fire Insurance claims undervaluation of stock needs to be brought to __________. (Market Price/ Cost Price/ Undervalued Price.)

12. Goods which are slow moving are called as ______ (Abnormal goods/ Salvage/ Claim)

(B) State whether following statements are true or false (Any Ten)     (10)

1. If gross profit is 20% of sales that means it is 25% of cost.          True

2. Purchase Return is debited to creditors Account.         True

3. Consignee prepares consignment Account.                    False, Consignor

4. Debtors Account shows opening balance to the debit side of Debtors Account.                             True

5. To find credit sales, head office prepares Debtors Account.     True

6. Bills Receivable dishonored are credited to Creditors Accounts.                             False, Bills Receivable account

7. Payment to Creditors can be ascertained from cash / Bank Account.   True

8. Average clause is applicable in case of underinsurance.             True

9. Stock on consignment belongs to the consignor.                          True

10. Account sale is sent by the consignor to the consignee.                          False, Consignee to the consignor

11. In Statement of Affairs method of single entry, complete records are converted into incomplete records.   False

12. Insurer gets compensation less than the amount of policy, in case of full insurance.  True

2019 (April)

ACCOUNTANCY FINANCIAL MANAGEMENT – II (CBCGS)

(3 Hours)

[Total Marks: 100]

Please check whether you have got the right question paper.

Q. 1 A) State whether the following statements are True or False (Any Ten)      (10)

a) For ascertaining credit purchases, sundry debtors account is prepared.             False, Credit Sales

b) Bills receivable dishonored are credited to bills payables Account.       False, Bills receivable account

c) A statement of assets and liabilities as on a particular date with missing figure is called as Balance Sheet.  False, Statement of affairs

d) Profit/Loss on consignment belongs to the consignor.                               True

e) Consignor is a person who consigns goods.     True

f) Invoice price is always higher than cost.            True

g) Under Stock and Debtors method, Branch Debtors account is maintained.       True/False, Separate Account for various particulars are maintained.

h) Credit sales are debited to Branch Debtors account under Stock and Debtors Method.                              True

i) Loading on opening stock is credited to Branch Account under Debtors Method.           True

j) Fire Insurance covers death of human beings due to fire.         False

k) RBI governs insurance business in India.           False, IRDAI

l) Memorandum Trading Account is prepared to ascertain the amount of salvage.             False

B) Fill in the blanks choosing the correct alternatives. (Any Ten)         (10)

a) Bills Payable dishonored are debited to _______ Account.

i) Bill Receivable

 ii) Bills Payable

iii) Sundry Debtors

iv) Sundry Creditors

b) With the available information a trader needs to convert the incomplete records into complete records, it is known as _______.

i) Complete records method

ii) Statement of affairs method

iii) Conversion method

iv) None of these

c) If the rate of gross profit is 25% on sales and the cost of goods sold is Rs. 10,000/- the gross profit will be _______.

i) Rs. 2500

ii) Rs. 3333

iii) Rs.2800

iv) None of these

d) The relationship between Consignor and Consignee is that of _______.

i) Principal and Agent

ii) Debtor and Creditor

iii) Buyer and seller

iv) Owner and Servant

e) If the consignee gets _______, he will bear bad debts.

i) Commission

ii) Del-Credere commission

iii) Discount

iv) None of these

f) Consignment account is a _______ Account.

i) Personal

ii) Real

iii) Nominal

iv) None of these

g) Goods sent by head office to the branch but not received by the branch are termed as _______.

i) Branch Account

ii) Goods in Transit

iii) Neither (i) nor (ii)

iv) Both (i) and (ii)

h) Under _______ method, goods returned by Branch are credited to Branch Account.

i) Stock & Debtors

ii) Debtors

iii) Both (i) & (ii)

iv) None of these

i) The branch is said to be _______ when its accounts are maintained by Head office.

i) Independent

 ii) Dependent

iii) Foreign

 iv) None of these

j) Stock for the purpose of claim should be _______.

i) At marginal cost

ii) At market value

iii) At cost

iv) At realizable value

k) The amount to be paid by insurance company in the event of loss is called as _______.

i) Premium

 ii) Insurance

iii) Sum assured

iv) None of these

l) If Gross profit is 20% on cost, then it is _______ on sales.

i) 25%

ii) 50%

iii) 1/6th

iv) 1/5th