1. (a) Indicate the correct answer : (5×2 = 10)
A. The output of financial accounting is
i. The measurement of accounting income
ii. The measurement of taxable income
iii. The preparation of financial statements
iv. The preparation of financial Position
B. The basic objective of financial accounting is to:
i. Provide quantitative information to users of financial statements
ii. Satisfy the legal requirements
iii. Report income to the shareholders
iv. Satisfy listing requirements of stock exchanges
C. Information about performance is disclosed by:
i. Balance sheet
ii. Statement of cash flows
iii. Profit and loss account
iv. Both (I) and (ii)
Test Papers — Intermediate Group I
3
D. The lessee’s right to recover the short working is related to:
i. First five years
ii. Last three years
iii. Terms of the agreement
iv. None of the above.
E. In the books of lessee, short workings recoverable in future years are:
i. A revenue expense
ii. A normal loss
iii. An asset
iv. A liability.
F. Define in one sentence each : (5×2 = 10)
(I) Expenses, (ii) Equity, (iii) Liability, (iv) Asset and (v) Income.

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