8/8/23, 10:33 AM Financial Accounting and Analysis - - Unit 4 - Week 3: A Closer Look at the Income Statement, Cash Flow

h Flow Statement and Stateme…

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IIMB (https://swayam.gov.in/explorer?ncCode=IIMB) » Financial Accounting and Analysis (course)

Course Mid term

outline The due date for submitting this assignment has passed.
Due on 2023-04-28, 23:59 IST.
Week 0 -
Introduction
to the Course
Assignment submitted on 2023-04-12, 18:32 IST
() 1) Accounting deals with ______________ of business transactions 1 point

Week 1: Measurement and reconciliation

Introduction Measurement and counting
to Financial
Measurement and reporting 
Accounting ()
Measurement and analysis

Week 2: A Yes, the answer is correct.

Closer Look Score: 1
at the Accepted Answers:
Balance Measurement and reporting 
Sheet ()
2) IFRS refers to 1 point
Week 3: A
International Financial Reporting Standards
Closer Look
at the Income Internal finance reporting Standards
Statement, International Financial Recovery Reporting
Cash Flow
Internal Federal Reports and Standards
Statement
and Yes, the answer is correct.
Score: 1
Statement of
Changes in Accepted Answers:
International Financial Reporting Standards
Equity ()

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8/8/23, 10:33 AM Financial Accounting and Analysis - - Unit 4 - Week 3: A Closer Look at the Income Statement, Cash Flow Statement and Stateme…

Welcome to 3) As per the accounting equation equity can be represented as.......... 1 point
Week 3 (unit?
unit=90&lesson=91) Excess of Assets over Liabilities of the business
Total Assets and Liabilities of the Business
In
Conversation: Excess of Liabilities over Assets of the Business
Clever & Product of Assets and liabilities of the business
Trigger (unit?
Yes, the answer is correct.
unit=90&lesson=92)
Score: 1
Learning Accepted Answers:
Objectives Excess of Assets over Liabilities of the business
(unit?
unit=90&lesson=93) 4) Lisa co Purchased the goods$ 10000 on credit payable after 3months. what would be 1 point
Week 3
the effect of this transaction on the accounting equation?
Overview (unit?
Assets will decrease by $ 10000 and liabilities will decrease by $ 10000
unit=90&lesson=94)
Assets will increase by $ 10000 and Liabilities will decrease by $ 10000
Introduction to
Assets will Increase by $ 10000 and Liabilities will Increase by $ 10000
the Income
Statement Assets and Liabilities will remain unchanged
(unit?
Yes, the answer is correct.
unit=90&lesson=95) Score: 1
Revenues & Accepted Answers:
Expenses Assets will Increase by $ 10000 and Liabilities will Increase by $ 10000
(unit?
unit=90&lesson=96) 5) Which of the following represents an obligation in the Company 1 point

Unravel Your
Liability
Company (unit?
unit=90&lesson=97)
Assets
Owner's Equity 
Depreciation,
Amortization Liabilities  of it  Competitors
and Impairment Yes, the answer is correct.
(unit? Score: 1
unit=90&lesson=98) Accepted Answers:
Liability
Practical
Exposure to
Income 6) Cost includes all the cost necessary to bring the assets working condition for intended 1 point
Statement to use.
(unit? Which of these costs are taken as a part of cost of Assets
unit=90&lesson=99) I. Invoice price
II. Transportation Price
Unravel your
Company (unit? III. Installation Charges  
unit=90&lesson=100)
I and II
Explore &
II and III
Learn (unit?
unit=90&lesson=101) I II and III
I and III

Y h i

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8/8/23, 10:33 AM Financial Accounting and Analysis - - Unit 4 - Week 3: A Closer Look at the Income Statement, Cash Flow Statement and Stateme…

Yes, the answer is correct.

Cash Flow
Score: 1
Statement
Accepted Answers:
(unit?
I II and III
unit=90&lesson=102)
7) Which of the following types of subsequent expenses is not normally Capitalized 1 point
Practical
Exposure to
Improvements
Cash Flow
Statement Additions that increases the output
(unit? Regular repairs and Maintenance
unit=90&lesson=103)
Installation of New parts
Explore &
Yes, the answer is correct.
Learn (unit? Score: 1
unit=90&lesson=104)
Accepted Answers:
Statement of
Regular repairs and Maintenance
Comprehensive
Income and 8) Which of the assets is not an intangible assets ? 1 point
Statement of
Changes in Equipment
Equity (unit? Copyright
unit=90&lesson=105)
Goodwill
Practical Trademark
Exposure to
Comprehensive Yes, the answer is correct.
Income and
Score: 1
Statement of Accepted Answers:
Changes in Equipment
Equity (unit?
unit=90&lesson=106) Which
9) of the following is not Current Assets 1 point

Unravel Your Inventory

Company (unit?
unit=90&lesson=107)
Trade receivable
Building
Recap (unit?
unit=90&lesson=108) Cash at Bank

Yes, the answer is correct.

Week 3
Score: 1
Handout (unit?
Accepted Answers:
unit=90&lesson=109)
Building
Week 3 :
Practice Quiz 10) A current asset that is convertible to cash within 3 months can be referred to1 point
(unit? as ......
unit=90&lesson=110)
Cash in Hand
Quiz: Mid term
(assessment? Cash at Bank
name=181) Inventory

Week 4: Cash and cash equivalents

Traditional Yes, the answer is correct.
Accounting –
S 1

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8/8/23, 10:33 AM Financial Accounting and Analysis - - Unit 4 - Week 3: A Closer Look at the Income Statement, Cash Flow Statement and Stateme…

Learning Score: 1
Accounting in Accepted Answers:
Accountant’s Cash and cash equivalents
Way ()
11) When can a Manufacturing company recognize the revenue? 1 point

Week 5 - The goods are Manufactured are ready for Shipment 

Financial
Significant risk and Rewards of ownership have been transferred to the buyer 
Statement
Analysis - I () The Invoice for the sale is Prepared
Significant amount of advance is received from the customer 
Week 6 - Yes, the answer is correct.
Financial Score: 1
Statement Accepted Answers:
Analysis - II () Significant risk and Rewards of ownership have been transferred to the buyer 

 
12) A company purchases machinery for $5,00,000. It estimates that the 1 point
equipment will have a salvage value of $30,000 and its useful life will be 5
years. Calculate the amount of depreciation to be charged every year, assuming the
company follows straight-line depreciation
$100000
$90000
$106000
$94000
Yes, the answer is correct.
Score: 1
Accepted Answers:
$94000

13) A company is in the business of buying and selling pens. During the year it 1 point
purchased 1000 pens that cost $20,000. Of these it sold 400 pens for
$10,000. What is the profit/loss on this transaction?
Loss of $ 10000
Profit of $ 2000
Loss of $ 2000
Profit o$ 10000

Yes, the answer is correct.

Score: 1
Accepted Answers:
Profit of $ 2000

14) During the Current year, goods sold in cash was $ 40000 and $ 100000 on credit 1 point
.The cost of goods sold is $ 70000. What is the amount of gross profit?

$ 70000
$30000

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8/8/23, 10:33 AM Financial Accounting and Analysis - - Unit 4 - Week 3: A Closer Look at the Income Statement, Cash Flow Statement and Stateme…

$130000
$140000

Yes, the answer is correct.

Score: 1
Accepted Answers:
$ 70000

15) Depreciation means 1 point

Reduction in value of an Asset

Process of allocation of depreciable cost
Amount set aside for new assets
Cash set aside for Profits

Yes, the answer is correct.

Score: 1
Accepted Answers:
Process of allocation of depreciable cost

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