ACC311 Tma – Financial Accounting

ACC311
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1. The following is not one of the advantages of cash flow statement

Statement of financial position

It provides a better platform to compare the result of different companies

Journal of a company depends on its ability to generate cash

Forecasts can be monitored using variance statement which companies actual cash flow against the forecast

2. The following is not an objective of financial statement

Know the earning potentials of an enterprise

Providing financial independence – Answer

Changes in noteworthy

To be provided with reliable facts & figures about economic resources and also the obligations that an enterprise has to undertake.

3. The benefit of bond is that

The coupon/interest income from the saving bond are tax free

It discourages financial inclusion

It offers guaranteed returns – Answer

none of the options

4. The following is not one of the contents of memorandum of association

The name of the company, followed by the word limited

The domicile of the company (i.e where its registered office is situated)

The object of the company

The staff strength – Answer

5. A document containing the dos and don’ts of partnership business is called

Partnership Agreement

Partnership Deed – Answer

Partnership Association

none of the options

6. The following is not one of the prices of shares

Open prices – Answer

Nominal price

Premium Price

Discount Price

7. Equity financing means

Money borrowed on fair (equity) basis

Borrowed money that is paid back as interest

Project financed equitably

Money that stays in the business as ownership interest – Answer

8. The following is not a type of preference share

Cumulative preference share

Participating preference shares

Dividend preference share – Answer

Redeemable preference shares

9. Capital gains tax means

Taxes on debentures

Taxes on dividends

Taxes on indirect goods

All gains accruing to a taxpayer from the sale or lease or other transfers – Answer

10. V.A.T means

Various Advertisement Techniques

Value added transaction

Value added tax – Answer

Value and Treasury

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