MAN1061/13/SEMR1 2019/0 UNIVERSITY OF SURREY © Faculty of Arts and Social Sciences Surrey Business School Undergraduate Programme in Accounting & Finance Module MAN1061: 15 credits FINANCIAL ACCOUNTING 1 (Closed Book In semester Test) Time allowed: 50 minutes 2019/0 URN: Semester 1 Answer ALL questions Instructions to candidates: The paper consists of TWENTY questions. Answer ALL questions. This question booklet is also your answer booklet. You must write your answers on this booklet only as no other booklets will be marked. You are required to hand this entire booklet including the Workings pages to an invigilator at the end of the test. Calculators are permitted providing they are non-programmable and not wireless enabled 1 Page] [See Next
MAN1061/13/SEMR1 2019/0 Please note that this exam paper is copyright of the University of Surrey and may not be reproduced, republished or redistributed without written permission. Section A (1 mark per question) 1. Which of the following is a current liability to a business? a. Trade Payables b. VAT payment due to HMRC c. A credit balance in the business bank account d. All of the above 2. The Sales day book records: a. Credit sales b. Cash and credit sales c. Invoices issued to suppliers d. None of the above 3. Which of the following business documents is issued by the seller and sent to the buyer relating to an order of goods? a. Credit note b. Purchase Order c. Invoice d. Sales Order 4. Which of the following is a non-current asset to a business? a. Long term loan repayable after 12 months of the SFP date b. Inventory c. A car used in the business for its day to day operations d. Trade Payables 5. A firm bought a motor van for £65,000. It expects to use the van for 8 years and then sell it for £10,000. If the firm calculates depreciation by reference to the straight line method, the annual depreciation charge in respect of the motor van will be: a. £5875 b. £6875 c. £8125 d. £10000 2 Page] [See Next
MAN1061/13/SEMR1 2019/0 6. Which ONE of the following applies to the preparation of financial statements? a. They include forecast costs and revenues b. They are prepared mainly for internal users c. They are usually prepared every year d. They include financial and non-financial information 3 Page] [See Next