Applied Accounting Universities Past Papers

By: Prof. Dr. Fazal Rehman | Last updated: March 3, 2022

Past Guess Paper of Applied Accounting.

Past Paper 1 : Applied Accounting Guess Paper

University Name – Confidential

NOTE: Q.1 is compulsory, attempt any four questions from the remaining. All questions carry equal marks. Phones and other Electronic Gadgets are not allowed. Paper :  Applied Accounting Time Allowed: 3 hours Examination:   Final, Fall – 2020 Total Marks:    70, Passing Marks (35) Applied Accounting Universities Past Pasts Q.1      Differentiate between;

1. Accounting and Book keeping
2. Ledger and Journal
3. Liabilities and Owner’s equity
4. Opening balance and ending balance
5. Accounts Receivable and Notes Receivable
6. Account payable and Notes payable
7. Horizontal and vertical analysis.
8. 2 What is ledger and why it is kept balanced by an Accountant in a Company?

Q.3      Write a detailed note on Bank reconciliation process.

1. 4 Explain the purpose of a statement of cash flows with the help of relevant examples.
2. 5 What is Depreciation? Discuss Straight line depreciation method and Reducing balance depreciation method in detail.

Q.6      Discuss importance of Income statement and Balance sheet for all Stakeholders. Q.7      Write a note on any TWO of the following.

1. Stock holders equity and retained earning .
2. Forms of business organizations.
3. Ratio Analysis.

Past Paper 2 : Applied Accounting Guess Paper

University Name – Confidential

NOTE: Q.1 is compulsory, attempt any four questions from the remaining. All questions carry equal marks. Phones and other Electronic Gadgets are not allowed. Paper :  Applied Accounting Time Allowed: 3 hours Examination:   Final, Fall – 2020 Total Marks:    70, Passing Marks (35) Q. 1 What is Applied Accounting? Explain the rules of Debt and Credit keeping in mind the five major heads of accounting. Q. 2 What is the motive of journal? What rules should be followed while posting the entries in the journal? Explain by posting five general entries into the Ledger. Q. 3 Explain Financial Leverage and Liquidity ratios with the help of numerical examples Q. 4 What is the deference between cash based accounting system and accrual based accounting system, which one is most appropriate? Q. 5 The ABC Company made the following materials purchases and issues during January. Inventory January 1. 550 units @ $1.20 Receipts 6. 250 @ $ 1.25 10 400 @ $ 1.30 25 500 @ $1.40 Issues 15 500 27 550 Req. The cost of materials consumed and the cost assigned to the inventory at the end of month. Using perpetual inventory system. (i) FIFO (ii) LIFOQ. 6 Rs. Rs. Cash 12000 Sundry Debtors 13000 Bills recevible 8000 Opening Stock 45000 Buildings 50000 Furniture and Fittings 10000 Investment (Temporary) 5000 Plant and Machinery 15000 Bills payable 9000 Sundry creditors 20000 Asim’s Capital 78200 Asim’s Drawings 100 Sales 100000 Sales discount 400Purchases 30000 Freight in 1000 Purchase Discount 500 Sales Salary Expenses 4000 Advertizing Fxpenses 4000 Miscellaneous sales expenses 500 Office salary Expenses 8000 Misc. General expenses 1000 Interest Income 1000 Interest expenses 700 Req. Prepared Income Statement from the above Asim’s Trial balance.Q. 7 Using the date given in question 6 prepared the Balance Sheet. Q. 8 Write note on any TWO of the following. (i) Bed debts and Uncollectable. (ii) Expense and expenditure. (iii) Forms of business organizations.

Past Paper 3 : Applied Accounting Guess Paper

University Name – Confidential

NOTE: Q.1 is compulsory, attempt any four questions from the remaining. All questions carry equal marks. Phones and other Electronic Gadgets are not allowed. Paper :  Applied Accounting Time Allowed: 3 hours Examination:   Final, Fall – 2020 Total Marks:    70, Passing Marks (35) Q.1         Write short note on the following

1. Define accounting.
2. Financial statements
3. What is the abbreviation for accounting terms debit and credit.
4. Explain the basic accounting equation.
5. Name different branches of accounting.

Q.2         What are accounting standards? How important is documentation when it comes to accounting? Q.3         What is reconciliation in accounting? Explain procurement process in brief. Q.4         What is ratio analysis? Also explain the financial impact of buying fix assets. Q.5.     Libra pharmacy acquired a delivery truck at a cost of $ 14400. Estimated life of the truck is four years.             Management of Libra pharmacy elects to use the straight line method of depreciation for vehicles.

1. state the amount of depreciation expense per year and per month. Give the adjusting entry to record depreciation on the truck at the end of first month and explain where the accounts involved would appear in financial statements.
2. assume the delivery truck was acquired on September 1, 2001, and that this vehicle is only delivery truck owned by the business. Show how this truck would be reported in Libra Pharmacy’s balance sheet at December 31, 2001.
3. compare the amount credited to Accumulated Depreciation in the adjusting entry in part a to the accumulated depreciation reported in the balance sheet at December 31, 2001 (part b). are these two amounts the same? Explain briefly.

Q.6      Shown below are selected transactions of the law firm of Rodenberry & associates. Closes its accounts at             the end of each calendar year.

1. March 19, drafted a trust agreement for Patrick Stewart. Sent stewart an invoice for $1200 requesting payment within 30 days. ( the appropriate revenue account is entitled legal fees earned.)
2. May 15, Owner Jean, Rodenberry withdraws $6000 from the business for personal use.
3. May 31, received a bill from lawyers Delivery services for process service during the month of May, $2050. Payment due by June 10.
4. June 9, paid the amount due on May 31 invoice from lawyers Delivery service.
5. Dec 31, Made a year ending adjusting entry to record depreciation expense on the firm’s library, $5100.

Q.7        Attempt any TWO of the following.

1. Differentiate fixed and variable cost
2. Tangible and intangible assets
3. what is window dressing?

Past Paper 4 : Applied Accounting Guess Paper

University Name – Confidential

NOTE: Q.1 is compulsory, attempt any four questions from the remaining. All questions carry equal marks. Phones and other Electronic Gadgets are not allowed. Paper :  Applied Accounting Time Allowed: 3 hours Examination:   Final, Fall – 2020 Total Marks:    70, Passing Marks (35) Q.1Write short note on the following. a.What is accounting?             b.Ratio analysis                       c.Intangible assets d.Difference between financial and management accounting.           e.What is petty cash? Q.2      What according to you is the important of budget in any organization? Q.3      Assume you are given of financial statements of three different competitors. You are required to ascertain which of these three is in the best financial shape. What are the two main parameters that you will use to judge? Q.4      What does the cash flow statement about the company? Also give suggestions for improving the working             capital flow of the company. Q.5.      Libra pharmacy acquired a delivery truck at a cost of $ 14400. Estimated life of the truck is four                            years. Management of Libra pharmacy elects to use the straight line method of depreciation for                               vehicles.

1. state the amount of depreciation expense per year and per month. Give the adjusting entry to record depreciation on the truck at the end of first month and explain where the accounts involved would appear in financial statements.
2. assume the delivery truck was acquired on September 1, 2001, and that this vehicle is only delivery truck owned by the business. Show how this truck would be reported in Libra Pharmacy’s balance sheet at December 31, 2001.
3. compare the amount credited to Accumulated Depreciation in the adjusting entry in part a to the accumulated depreciation reported in the balance sheet at December 31, 2001 (part b). are these two amounts the same? Explain briefly.

Q.6      Shown below are selected transactions of the law firm of Rodenberry & associates. Closes its accounts at             the end of each calendar year.

1. March 19, drafted a trust agreement for Patrick Stewart. Sent stewart an invoice for $1200 requesting payment within 30 days. ( the appropriate revenue account is entitled legal fees earned.)
2. May 15, Owner Jean, Rodenberry withdraws $6000 from the business for personal use.
3. May 31, received a bill from lawyers Delivery services for process service during the month of May, $2050. Payment due by June 10.
4. June 9, paid the amount due on May 31 invoice from lawyers Delivery service.
5. Dec 31, Made a year ending adjusting entry to record depreciation expense on the firm’s library, $5100.

Q.7.     Attempt any TWO of the following.

1. what is opportunity cost? b. What is the difference between inventory and cost of good sold?
2. Explain current ratio in detail.