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    Sowmya Ramakrishnan
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    This document is a test paper for the CMA Intermediate Examination in Financial Accounting. It contains 100 multiple choice and fill-in-the-blank questions across four sections - Section A has 10 multiple choice questions worth 1 mark each, Section B has 5 matching questions worth 1 mark each, Section C has 5 fill-in-the-blank questions worth 1 mark each, and Section D has 5 true/false questions worth 1 mark each. The remaining sections contains 5 long-form questions worth 15 marks each. The test covers topics in financial accounting, including accounts, statements, partnerships, provisions, depreciation, inventories and more.

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    This document is a test paper for the CMA Intermediate Examination in Financial Accounting. It contains 100 multiple choice and fill-in-the-blank questions across four sections - Section A has 10 multiple choice questions worth 1 mark each, Section B has 5 matching questions worth 1 mark each, Section C has 5 fill-in-the-blank questions worth 1 mark each, and Section D has 5 true/false questions worth 1 mark each. The remaining sections contains 5 long-form questions worth 15 marks each. The test covers topics in financial accounting, including accounts, statements, partnerships, provisions, depreciation, inventories and more.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Download as pdf or txt
    20 views10 pages

    Test Paper CMA FA

    Uploaded by

    Sowmya Ramakrishnan
    This document is a test paper for the CMA Intermediate Examination in Financial Accounting. It contains 100 multiple choice and fill-in-the-blank questions across four sections - Section A has 10 multiple choice questions worth 1 mark each, Section B has 5 matching questions worth 1 mark each, Section C has 5 fill-in-the-blank questions worth 1 mark each, and Section D has 5 true/false questions worth 1 mark each. The remaining sections contains 5 long-form questions worth 15 marks each. The test covers topics in financial accounting, including accounts, statements, partnerships, provisions, depreciation, inventories and more.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 10

    Test Paper – CMA Intermediate Examination

    Financial Accounting

    Full Marks: 100 Marks


    Section A
    A - Choose the Most Appropriate Alternative - 10 X 1 = 10 Marks
    01.Creditors ledger adjustment account is opened in
    (a) General Ledger
    (b) Debtors Ledger
    (c) Creditors Ledger
    (d) Either (b) or (c)

    02. Receipts and Payments account is a


    (a) Nominal Account
    (b) Real Account
    (c) Personal Account
    (d) Artificial Personal Account

    03. A resource owned by the business with purpose of using it for generating future
    profit, is known as
    (a) Capital
    (b) Asset
    (c) Liability
    (d) Surplus

    04. Outward Invoice issued is a source document of


    (a) Purchase Book
    (b) Sales Book
    (c) Return Inward Book
    (d) Return Outward Book
    05. Which of the following is of capital nature?
    (a) Commission on purchases
    (b) Cost of repairs
    (c) Rent of factory
    (d) Wages paid for installation of machinery

    06. If any stock is taken by a co-venturer, it will be treated as


    (a) an income of the joint venture.
    (b) an expense of the joint venture.
    (c) to be ignored from joint venture.
    (d) it will be treated in the personal books of the co-venturer.

    07. Contingent liability would appear


    (a) on the liability side of the Balance Sheet.
    (b) on the assets side of the Balance Sheet.
    (c) do not shown in the books of accounts.
    (d) as a note in Balance Sheet.

    08. Income statement of a Charitable Institution is known as


    (a) Statement of profit and loss
    (b) Receipts and Payments Account
    (c) Income and Expenditure Account
    (d) Profit and Loss Account

    09. Which of the following account is mainly prepared at the time of dissolution of
    the firm
    (a) Revaluation A/c
    (b) Goodwill A/c
    (c) Realization A/c
    (d) Memorandum Revaluation A/c
    10. Advertisement expenses are apportioned among departments in the proportion
    of
    (a) sales of each department
    (b) purchases of each department
    (c) no. of units sold by each department
    (d) cost of sales of each department

    B - Match the following 5 x 1= 5 Marks

    Column I Column II
    i. Garner Vs. Murray Case A AS – 10
    ii. Repossession of Goods B Computerized Accounting System
    iii. Provision for unrealized profit C Insolvency of a Partner
    iv. Property, Plant and Equipment D Royalty Accounts
    v. Automatic Financial Statements E Hire Vendor
    F Inter-departmental transfer at invoice
    price
    G Retirement of a Partner

    C - Fill in the Blanks 5 X 1= 5 Marks


    1.A bill of exchange drawn on 12th April, 2017 for four months, the date of
    maturity will be ________________.
    2. The parties of joint venture is called ______________.
    3. Outstanding subscription is shown in the _________ side of Balance Sheet.
    4. According to AS-2 inventories should be valued at lower of cost and
    ________________value.
    5. Revenue expenditure is incurred to earn revenue of the ___________ period.

    D - True or False – 5X 1 = 5 Marks


    1.One of the objectives achieved by providing depreciation is saving cash resources
    for future replacement of assets.
    2. Royalty account is a real account in nature.
    3. As per AS-7 expenses recognized in the period in which the work to which
    expenses relate is performed.
    4. Expenses incurred by branch out of petty cash balance are debited to branch
    account by the head office.
    5. In absence of partnership deed the profit or loss should be distributed among
    partners in their capital ratio.
    Section B
    Any Five of Following
    5 X 15 = 75 Marks

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