Two complete 2023 question papers on Accounting and Cost Management (TEM 303) from the Level-3 Term-I finals held by Bangladesh University of Textiles for affiliated colleges, covering journal entries, ledgers, trial balances, and transaction analysis.
Q1
Level-3 Term-I, Final Exám-2023
Subject: Accounting and Cost Management (Code: TEM 303)
Time: 3.0 Hrs. Full Marks: 72
(Use separate answer script for Part: A and Part: B)
(All parts of a question must be answered consecutively)
Part: A
(Answer any three questions)
1. (a) Write your understanding on accounting.
(b) Who are the users of accounting and information systems? Describe.
(c) Define the terms assets, liabilities, owners’ equity, revenues and expenses with examples.
[3+4+5 = 12]
2. Mr. Lablu started Lablu’s laundry in Gulshan, Dhaka on January 1, 2024. The following transactions took place in January, 2024.
Jan 01 Mr. Lablu invested cash Tk. 2,00,000.
02 Purchased supplies on credit Tk. 18,000.
05 Paid house rent for the month Tk. 24,000.
12 Purchased equipment for cash Tk. 40,000.
28 Received laundry revenue Tk. 85,000.
29 Paid Tk. 6,000 for balance due on January 2.
31 Paid salaries Tk. 6,000.
Required: i) Journal entries.
ii) Ledger accounts, and
iii) Trial balance at 31 January, 2024.
[12]
3. (a) “All the transactions are events but all the events are not transactions”-Explain this statement.
(b) Akash Repair shop was started on May 1 by Mr. Akash. A summary of May transactions is presented below.
May 1 Invested Tk. 20,000 cash to start the repair shop.
5 Purchased equipment for Tk. 15,000 cash.
8 Paid Tk. 4000 cash for May office rent.
12 Paid utility bills Tk. 1600 cash.
15 Received Tk. 5100 in cash from customers for repair service.
18 Withdrew Tk. 10,000 cash for personal use.
20 Borrowed Tk. 7000 cash from a bank on a note payable.
22 Paid part-time employee salaries Tk. 2,000.
25 Provided repair service on account to customers Tk. 7500.
30 Purchased supplies for Tk. 1000 on account.
Prepare a tabular analysis of the above mentioned transactions.
[2+10 = 12]
4. Mr. Hasan is a clothes trader. His business is situated at Lalmonirhat, Dhaka. He kept the record of his books under double entry system. On June, 2021 the following transactions occurred in his business.
June 1 Mr. Hasan started business in Tk. 50,000.
Q2
Level-3 Term-II, Final Exám-2023
Subject: Accounting and Cost Management (Code: TEM 303)
Time: 3.0 Hrs. Full Marks: 72
(Use separate answer script for Part: A and Part: B)
(All parts of a question must be answered consecutively)
Part: A
(Answer any three questions)
1. (a) What is accounting? Explain the users of accounting.
(b) Write down five differences between financial and managerial accounting.
(c) What is the difference between accrual and cash basis accounting?
[3+5+4=12]
2. Joan Robinson opens her own law office on July 1, 2010. During the first month of operations, the following transactions occurred.
1. Joan invested $11,000 in cash in the law practice.
2. Paid $800 for July rent on office space.
3. Purchased office equipment on account $3,000.
4. Provided legal services to clients for cash $1,500.
5. Borrowed $700 cash from a bank on a note payable.
6. Performed legal services for clients on account $2,000.
7. Paid monthly expenses: salaries $500, utilities $300, and telephone $100.
8. Joan withdraws $1,000 cash for personal use.
Instructions:
(a) Prepare a tabular summary of the transactions.
(b) Prepare the income statement, owner’s equity statement, and balance sheet at July 31 for Joan Robinson, Attorney.
[6+6=12]
3. (a) Discuss the modern rules of determining debit and credit.
(b) The following transactions took place during the month of April, 2023 on account of Brother’s corporation, Dhaka:
April 1. Invested Tk. 10,00,000 cash to start the business.
1. Paid Tk. 4,000 cash for office rent.
7. Purchase office equipment for Tk. 25,000 cash.
9. Incurred Tk. 30,000 of advertising cost in the Bangladesh Times on account.
14. Paid Tk. 6,000 cash for office supplies.
19. Withdraw Tk. 20,000 cash for personal use of the owner.
22. Paid the “Bangladesh Times” due on advertising on April 09.
26. Paid employee salaries Tk. 22,000.
28. Performed services to the clients on account Tk.35,000.
30. Received provided on account April 28.
Instructions:
a. Journalize April transaction.
b. Open Ledger accounts and post the September transactions.
c. Prepare a Trial balance at April 30, 2023.
[3+9=12]
4. (a) Define financial statement. What is the importance of financial statements?
(b) Big box store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s fiscal year on November 30, 2017, the following accounts appeared in two of its trial balances.
Account titles | Unadjusted | Adjusted | Account Titles | Unadjusted | Adjusted |
Accounts payable | 25,200 | 25,200 | Notes payable | 37,000 | 37,000 |
Accounts receivable | 30,500 | 30,500 | Owner’s capital | 1,01,700 | 1,01,700 |
Accumulated depreciation-equipment | 34,000 | 45,000 | Owner’s drawing | 10,000 | 10,000 |
Cash | 26,000 |