2/25/25, 10:47 AM PAPERCHASE - Assessment-1

PAPERCHASE - Assessment-1

Points: 38/50 Time: 37:20

Candidate Name : Write your name. *

FirstName LastName

Mayank BHardwaj

DATE : (DD/MM/YYYY) *

02/03/1993

Email Address *

[email protected]

Contact number *

8860889553

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Section A - Excel

Incorrect 0/1 Points

What does the V Lookup function do

Checks whether text is the same is one cell as in the next

Finds related records

Looks up test that contain v

All of these

Correct 1/1 Points

Assuming cell A1 is displaying the number "12000.7789". What formula should be

used to round this number to the closest integer?

=MROUND(A1,100)

=MROUND(A1,10)

=ROUND(A1,0)

=ROUND(A1,1)

Correct 1/1 Points

Which file extension is commonly associated with a Word document?

.csv

.pdf

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txt

.docx

Correct 1/1 Points

What is the purpose of the "PivotTable" feature in Excel?

To sort data alphabetically.

To create a visual representation of data using charts.

To summarize and analyze data from a large dataset.

To filter data based on specific criteria.

Incorrect 0/1 Points

What does the function "=VLOOKUP(A1, B1:D10, 3, FALSE)" do?

Searches for the value in cell A1 in column B and returns the corresponding value from column D.

Searches for the value in cell A1 in columns B to D and returns the third column's value.

Searches for the value in cell B1 in columns B to D and returns the corresponding value from column
C.

Searches for the value in cell A1 in columns B to D and returns an exact match.

Correct 1/1 Points

10

What does the "TRIM" function do in Excel?

Rounds a number down to the nearest integer.

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Returns the largest integer less than or equal to a number.

Removes leading and trailing spaces from a text string.

Calculates the square root of a number.

Correct 1/1 Points

11

What is the keyboard shortcut for "Find and Replace" in Excel?

Ctrl + F

Ctrl + R

Ctrl + H

Ctrl + Shift + F

Correct 1/1 Points

12

When might you use "Paste Special > Transpose" in Excel?

To paste data without changing its orientation.

To paste data from one sheet to another.

To paste data and apply conditional formatting.

To switch rows and columns in the pasted data.

Correct 1/1 Points

13

Which shortcut key combination is used to insert a new worksheet in Excel?

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Ctrl + N

Shift + F11

Ctrl + Shift + N

Alt + Shift + I

Correct 1/1 Points

14

In Excel, what does the "IFERROR" function do?

Returns an error if a specified condition is not met

Ignores errors in a range of cells

Checks if a cell contains an error and returns TRUE or FALSE

Returns a specified value if a formula results in an error

Section B - Data Entry

15

Type your answer after reviewing the document below:

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Enter your answer

Incorrect 0/1 Points

16

Vendor Name

US FOOD CULINARY EQUIPMENT & SUPPLIES LLC

Correct answers: US Foods US Foods Culinary Equipment & Supplies LLC us foods

US foods

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Incorrect 0/1 Points

17

Vendor Address

P.O. BOX 7410201, CHICAGO, IL 60674-0201

Correct answers: P.O. Box 7410201 * Chicago, IL 60674-0201

P.O. Box 7410201 Chicago,IL 60674-0201 P.O. Box 7410201 Chicago, IL 60674-0201

P.O. Box 7410201 * Chicago, IL 606740201 P.O Box 7410201 * Chicago, IL 60674-0201

Correct 1/1 Points

18

Invoice Date (MM/DD/YYYY)

06/20/2023

Correct 1/1 Points

19

Invoice Due Date (MM/DD/YYYY)

07/20/2023

Correct 1/1 Points

20

Invoice Amount

144.95

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Correct 1/1 Points

21

Invoice Number

3411500

Incorrect 0/1 Points

22

Net Terms

112.80

Correct answers: NET 30 DAYS net 30 days NET 30 days 30 days 30

Correct 1/1 Points

23

Customer number

01097005

Incorrect 0/1 Points

24

Customer name

FGNY W 14 LLC

Correct answers: FIVE GUYS (FGNY) 1620 FGNY W14 LLC FGNY FIVE GUYS (FGNY)

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Correct 1/1 Points

25

Purchase order number

NA3383139

Section C - Theory Questions

Correct 2/2 Points

26

Assets are usually reported on the balance sheet at which amount? Please select the
correct option.

Cost

Market Value

Expected Selling Price

Fair Value

Correct 2/2 Points

27

Which of the following scenarios is an example of Deferred Revenue ?

A company pays a supplier for inventory that has been shipped but not yet received

A company receives cash in advance for a service contract that spans several months

A company recognizes revenue upon the sale of goods to a customer

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A company recognizes revenue when a customer orders but has not paid yet

Correct 2/2 Points

28

A company owes its Vendor $1,000 for repairs work performed in December, but the
payment will be made in January. How should this be recorded under Accrual
Accounting?

Debit Accounts Payable $1,000 and credit Cash $1,000 in December.

Debit Repairs Expense $1,000 and credit Accounts Payable $1,000 in December.

Debit Accounts Payable $1,000 and credit Repairs Expense $1,000 in December.

Debit Cash $1,000 and credit Accounts Payable $1,000 in December.

Incorrect 0/2 Points

29

If a company has an outstanding check that has not been presented to the bank,
how does this affect the bank reconciliation?

It increases the bank balance

It decreases the bank balance

It has no effect on the bank balance

It decreases the company’s book balance

Correct 2/2 Points

30

A company purchased land for $100,000. The land is expected to be used for 10 years,
after which the company plans to sell it. Over the 10 years, the company does not
depreciate the land. Why is land not depreciated?

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Land has an indefinite useful life

Land is not a fixed asset

The company plans to sell the land after 5 years

Land is exempt from depreciation under accounting rules

Section C Practical Questions

Correct 2/2 Points

31

A company has the following details for the year:

Opening Balance of Fixed Assets: $60,000

Capitalization during the year: $15,000
Opening Balance of Accumulated Depreciation: $45,000
Repair cost included in Capitalization: $500 (to be expensed out)
Depreciation for the year (after reclassification): $2,000

Calculate Book Value of the Fixed Assets at the end of the year.

$27,500

$30,000

$32,500

$25,000

Correct 2/2 Points

32

A company has the following balances: Calculate Current Liability

Accounts Payable: $50,000

Notes Payable: $30,000
Accrued Expenses: $20,000

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Accumulated Depreciation : $ 50,000

$90,000

$100,000

$120,000

$150,000

Correct 2/2 Points

33

A company's employee has the following salary details:

Gross Salary: $50,000

PF Contribution (Employer's contribution): $1,800
PF Deduction (Employee's contribution): $1,800
Professional Tax Deducted: $200

What is the Net Wages Payable to the employee?

$46,000

$46,200

$47,000

$48,000

Correct 2/2 Points

34

A company has the following balances:

Accounts Receivable: $300,000

Allowance for Doubtful Accounts: $18,000
Accounts Payable: $100,000
Bank Loan: $50,000

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What is the company's net realizable value of receivables?

$300,000

$282,000

$318,000

$268,000

Incorrect 0/2 Points

35

A company has the following balances:

Common Stock (1,000 shares at $10 par value): $10,000

Retained Earnings: $20,000
Additional Paid-In Capital: $5,000
Dividends Declared: $2,000

What is the company's total stockholders' equity?

$33,000

$32,000

$35,000

$30,000

Incorrect 0/2 Points

36

A supplier issues an invoice for $5,000 with net 30 terms, but the company pays the
invoice after 45 days. How much will the company pay if the interest on overdue
accounts is 2% per month?

$5,000

$5,050

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$5,100

$5,150

Correct 2/2 Points

37

A company has a loan payable of $50,000 with an annual interest rate of 8%. If the
company makes a payment of $10,000 in the first year, how much of this payment will
go towards principal amount (assuming it's an amortizing loan)?

$2,000

$4,000

$6,000

$8,000

Correct 2/2 Points

38

A company has the following balances:

Current Assets: $150,000

Accounts Payable: $50,000
Notes Payable (due within 1 year): $30,000
Short term loan: $20,000
Fixed Asset : $100,000

What is the company's net working capital?

$100,000

$50,000

$80,000

$120,000

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Correct 2/2 Points

39

If a company has the following details:

Opening Stock: $50,000

Purchases: $80,000
Freight In: $5,000
Closing Stock: $30,000

What is the Cost of Goods Available for Sale (COGAS)?

$135,000

$130,000

$100,000

$105,000

Correct 2/2 Points

40

A company has the following details for the month:

Total Sales: $125,000

Exempted Sales included in above: $20,000
Sales Tax Rate: 5%

What is the Sales Tax Liability for the month?

$5,250

$6,250

$4,500

$8,250

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