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Dit 302 Financial Management Question Paper

Dit 302 Financial Management

Course:Diploma In Information Technology

Institution: Kca University question papers

Exam Year:2014

UNIVERSITY EXAMINATIONS: 2013/2014
ORDINARY EXAMINATION FOR THE DIPLOMA IN
INFORMATION TECHNOLOGY
DIT 302 FINANCIAL MANAGEMENT
DBIT 106 FUNDAMENTALS ACCOUNTING
DATE: AUGUST, 2014
TIME: 11/2HOURS
INSTRUCTIONS: Answer Any Three Questions
QUESTION ONE
Write up the asset, capital and liability accounts in the books of M Njoroge to record the
following transactions:
2012
June 1 Started business with sh50,000 in the bank.
“ 2 Bought motor van paying by cheque sh12,000.
“ 5 Bought Fixtures sh4,000 on credit from Office Masters Ltd.
“ 8 Bought a van on credit from Motor Cars Ltd sh 8,000.
“ 12 Took sh1,000 out of the bank and put it into the cash till.
“ 15 Bought Fixtures paying by cash sh 600
“ 19 Paid Motor Cars Ltd by cheque sh 8000
“ 21 A loan of sh 10,000 cash is received from J Marcus.
“ 25 Paid sh8,000 of the cash in hand into the bank account.
“ 30 Bought more Fixtures paying by cheque sh 3,000.
(20 Marks)
1
QUESTION TWO
"The finance manager spends most of his time making managerial finance decisions as
opposed to routine functions". Discuss.
(20 Marks)
QUESTION THREE
Jane Kenga has a business that has been trading for some time. You are given the
following information as at 31.12.2012
Sh
Buildings
11,000
Furniture & Fittings 5,500
Motor Vehicles 5,800
Stocks 8,500
Debtor 5,600
Cash a bank 1,500
Cash in hand
Creditors
Capital
Loan
400
2,500
30,800
5,000
You are required to prepare a Balance Sheet as at 31 December 2012
(20 Marks)
QUESTION FOUR
a) Discuss any five accounting concepts in financial accounting. (10 Marks)
b) Explain five limitations of financial accounting (10 Marks)
2
QUESTION FIVE
The following transactions took place during the month of May:2013 ,then draw a trial
balance
May
“
2
1
Started firm with capital in cash of sh250.
Bought goods on credit from the following persons: R Kelly sh54; Pcombs
sh87;
J Role sh25; D Mobile sh76; I. Sims sh64.
“ 4 Sold goods on credit to: C Blanes sh43; B Long sh62; F Skin sh176.
“ 6 Paid rent by cash sh12.
“ 9 C Blanes paid us his account by cheque sh43.
“ 10 F Skin paid us sh150 by cheque.
“ 12 We paid the following by cheque: J Role sh25; R Kelley sh54.
“ 15 Paid carriage by cash sh23.
“ 18 Bought goods on credit from P Combs sh43; Mobile sh110.
“ 21 Sold goods on credit to B Long sh67.
“ 31 Paid rent by cheque sh18.
(20 Marks)
3

Dit 302 Financial Management Question Paper

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