Financial Forensics Quiz 1: 26 February 2023, Set QPE2 (January 2023 term)

All of the following are property, plant, and equipment except:

A current asset is:

An intangible asset:

Liabilities are generally classified on a balance sheet as:

Which of the following would not be classified as a long-term liability?

An owner of a business contributes ₹ 20,00,000 as capital. 30% of the amount was brought in cash and the remaining was kept in a bank account in the name of the business. What would be the total of assets in the Balance sheet?

At the beginning of the month the company hired workers and employees for a total monthly remuneration of ₹ 65,000 payable at the end of each month. How would this transaction reflect in the income statement and balance sheet at the beginning of the month?

A company purchased machinery worth ₹ 7,50,000 on January 2nd from a vendor. The vendor offered a credit period of 50 days to the company and the same was exercised. What will be the effect in the income statement and balance sheet of the company on January 2nd?

A company purchased goods worth ₹ 3,40,000 from a supplier and the payment was made immediately through a cheque. What will be the effect in the income statement and balance sheet on the date of purchase ?

XYZ Inc. purchased a fire insurance policy for an annual premium of ₹ 6,000 towards protection of goods up to ₹ 30,00,000. The entire amount was paid in cash immediately. How will this transaction be reflected in the balance sheet and income statement of XYZ Inc. on the date of purchase of fire insurance policy?

Sold goods worth ₹ 86,000 for ₹ 98,000. A cash discount of 10% was offered to the customer if payment is settled immediately. The customer took advantage of the offer and transferred the amount immediately through internet banking. What will be the value of the sale?

A firm procured furniture with a useful life of three years for ₹ 75,000 for business purposes. The payments were made in cash. The amount spent on furniture will be treated as

Goods worth ₹ 1,20,000 sold to Mr. Steve at a mark-up of ₹ 45,000. Steve made half of the payment immediately in cash and requested for 45 days of time to repay the remaining amount. How will transaction reflect in the income statement and balance sheet on the date of sale?

Office stationeries procured for ₹ 17,800 and the payment was made through bank. The purchase of office stationaries will be treated as an _________

Mr. Steve purchased goods amounting to ₹ 1,00,000 from ABC Inc. Two days later Mr. Steve discovered that goods of ₹ 40,000 (Cost ₹ 35,000) was bought in excess. He returned the goods immediately and the same was considered worthy for resale by ABC Inc. upon evaluation. In the books of ABC Inc., this transaction will be treated as ____

An amount ₹1,00,000 was withdrawn from bank to finance working capital requirement of the business. The transaction will lead to

Goods costing ₹1,00,000 sold to Mr. Erwin for ₹ 1,55,000. Sales proceeds were realized in full. The value entered as cost of goods sold in the income statement would be

An amount of ₹ 2,50,000 was spent towards advertisement and sales promotion activities. The payment was made through cheque. The amount was decided to be amortized over a period of 5 years. What would be the amortization expense for the first year and the unamortized amount in the balance sheet at the end of the first year

Business took a loan of ₹ 5,00,000 from XYZ Bank. The transaction will result in

Goods costing ₹ 19,000 was taken by the owner from business for personal use. The value of the goods taken by the owner will be treated as __________ in the books of the company

Total salaries accrued for the month is ₹ 65,000, but only 50% of it was paid at the end of the month and the rest was outstanding. The expenses on salaries in the income statement for the month is

Based on the information from the following table, answer the given subquestions.
Alpha Corporation is a manufacturer of furniture. In a recent year, it reported the following activities. Please note that the figures in the parenthesis indicates negative values.

Based on the information from the following table, answer the given subquestions.
Alpha Corporation is a manufacturer of furniture. In a recent year, it reported the following activities. Please note that the figures in the parenthesis indicates negative values.

What is the cash flow from operating activities?

Based on the information from the following table, answer the given subquestions.
Alpha Corporation is a manufacturer of furniture. In a recent year, it reported the following activities. Please note that the figures in the parenthesis indicates negative values.

Based on the information from the following table, answer the given subquestions.
Alpha Corporation is a manufacturer of furniture. In a recent year, it reported the following activities. Please note that the figures in the parenthesis indicates negative values.

What is the cash flow from financing activities

Based on the information from the following table, answer the given subquestions.
Alpha Corporation is a manufacturer of furniture. In a recent year, it reported the following activities. Please note that the figures in the parenthesis indicates negative values.

Based on the information from the following table, answer the given subquestions.
Alpha Corporation is a manufacturer of furniture. In a recent year, it reported the following activities. Please note that the figures in the parenthesis indicates negative values.

What is the cash flow from investing activities

Based on the information from the following table, answer the given subquestions.
Alpha Corporation is a manufacturer of furniture. In a recent year, it reported the following activities. Please note that the figures in the parenthesis indicates negative values.

Based on the information from the following table, answer the given subquestions.
Alpha Corporation is a manufacturer of furniture. In a recent year, it reported the following activities. Please note that the figures in the parenthesis indicates negative values.

What is the total cash flow of the company at the end of the year