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Question No.: 1 Which of the following are without maturity dates? Zero coupon bonds Coupon securities Consols Preferred Bonds Reference:Consols:- A consol offers only periodic interest payments; the borrower never repays the principal There are no privately issued consols because only governments can credibly promise to make payments forever The price of a consol is the present value of all the future interest payments, which is a bit complicated because there are an infinite number of payments Make periodic interest payments forever, never repaying the principal that was borrowed. Which of the following institution takes direct deposit from customer and gives loan to customer directly? Zarai Tarkaytee Bank LTD Soneri Bank Khushali Bank Credit union Mr. Ghazanfar obtains a home improvement loan from Allied Bank.This loan is: Mr. Ghazanfar’s asset and the bank's liability Mr. Ghazanfar 's asset, but the liability belongs to the bank's depositors Mr. Ghazanfar 's liability and an asset for the bank Both Mr. Ghazanfar's and bank's liability MGT101 Quiz No. 4 Dated 29-06-2012 Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000 Rs. 35,000 Rs. 55,000 Rs. 1, 25,000 Rs. 1, 05,000 (Right Answer) The totals of return inwards Journal (day book) are

credited to the trade receivables control debited to the trade payables control (Right Answer) debited to the trade receivable control credited to the trade payables control ABC co. has a capital of Rs. 100,000, Long Term Liabilities Rs. 50,000, net profit during the year Rs. 15,000 and the amount of total liabilities is Rs 175,000. What will be the amount of Current Liabilities? Rs. 20,000 Rs. 150,000 Rs. 10,000 (Right Answer) Rs. 25,000 The third party who owes money to the business is called: Debtor Creditor Stakeholder (Right Answer) stockholder Which of the following voucher is used to record receipt of cash? Journal Voucher Receipt Voucher (Right Answer) Payment Voucher Nominal Voucher The allocation of the cost of a tangible plant asset to expense in the periods, in which services are received from the asset, is termed as: Appreciation Depreciation (Right Answer) Fluctuation None of the given options The minimum number of that can form a public limited company are: 1 2(Not Sure) (Right Answer) 3 7

Budget is a plan of income, expenses & other financial operations for: Current period Future period (Right Answer) Past period Find out the missing value of an ing Equation with the help of given data: Furniture Rs. 90,000 Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 90, 000 Liaibilities ? Rs. 201,000 Rs. 111, 000 (Right Answer) Rs. 290, 000 Rs. 291, 000 From the given particulars, calculate the rate of depreciation under the fixed installment method of depreciation: Cost of Asset = Rs. 2,000 Residual Value = Rs. 400 Useful Life = 4 years 20 % (Right Answer) 30% 25% 33% Which of the following formula is used to calculate the cost of goods sold? Cost of goods available for sale minus net purchases plus ending inventory Beginning inventory plus net purchases plus freight in minus ending inventory (Right Answer) Beginning inventory minus net purchases minus ending inventory Beginning inventory minus ending inventory The investment of Rs. 10,000 made by the owner in business will have an effect on which of the following s? Cash & Capital (Right Answer) Cash & Expense Capital & Revenue Capital & Expense

Goods sold to Mr. Naeem for Rs. 5,000 are wrongly recorded in sales journal at Rs. 500 and same amount is posted in Mr. Naeem’s , this is an example of: Compensating errors Error of Commission Error of Principle Error of Original entry (Right Answer) Which of the following is the first book to record a transaction? Trial Balance Journal (Right Answer) Trial Balance Balance Sheet Which of the following would NOT be considered as a component of 'cost' of stock? Salaries of selling staf (Right Answer) Transportation inward costs Import duties Purchase price Which of the following is (are) characteristic(s) of Bad Debt? It is a definite loss to the business It must be shown in Profit & loss No provision is necessary for it All of the given options (Right Answer) The difference between Management ing and Financial ing is that: Financial ing is used by managers to plan strategies in the area of company growth Financial ing is used by external investors to gain information about the company Managerial ing is used by the internal managers to plan for daily business activities Both 2 and 3 (Right Answer) If Current Assets Rs. 100,000, Current Liability Rs. 50,000 and Fixed Assets Rs. 2, 00,000. Calculate working capital. Rs. 50,000 (Right Answer) Rs. 1, 00,000

Rs. 1, 50,000 Rs. 3, 00,000 Which of the following is NOT a revenue expenditure? Petrol consumed in motor vehicles (Right Answer) Cost of saleable goods Bad debts given on lease The Amount changed to deprecation goes on declining in: Depreciation fixed method Annuity method Written-down value method (Right Answer) Straight line depreciation method If Cost of sales in Rs. 90,000, income from sales Rs. 200,000 and operating expenses Rs.100,000,. What will be net results? Rs. 5,000 Losses Rs. 10,000 Profits (Right Answer) Rs. 1,95,000 Profits Rs. 1,95,000 Losses The main purpose of ______________ is to as certain true result of the business operation during particular period of time. Cost ing Financial ing (Right Answer) Managerial ing Tax ing The bank loan or the bank charges are called: Cost of good expenses Selling expenses Financial expenses (Right Answer) istrative expenses

Question No. 1 of 20 Which of the following item is found in a Journal entry? (1) Date of each transaction (2) Rupee amount of each debit and credit (3) Explanation of each transaction 1 only 1 & 2 only 2 & 3 only 1, 2 & 3 (Right Answer) Question No. 2 of 20 If Purchase price of machine = 400,000 Profit on disposal = Rs. 5,000 Residual value = Rs. 10,000 Useful life of machine = 5 years Find Sale price at the time of disposal =? Rs. 15,000 (Right Answer) Rs. 10,000 Rs. 20,000 Rs. 5,000 Question No. 3 of 20 Which of the following is the main cause of depreciation? Fall in the market value of money Fall in the market value of an asset (Right Answer) Physical wear and tear Question No. 4 of 20 The estimated value of an asset after the expiry of its useful life is called as: Written Down value Residual Value (Right Answer) Accumulated depreciation Sales value Question No. 5 of 20 In the creditors control , all of the below exist execept: credit purchases purchase returns cash purchases (Right Answer)

cash/cheques paid Question No. 6 of 20 Franchise rights, goodwill and patents are the examples of: Liquid assets Tangible assets Intangible assets (Right Answer) Current assets Question No. 7 of 20 In which of the following statement opening stock is shown? Profit and loss (Right Answer) Balance sheet Cash flow statement Owner’s equity Question No. 8 of 20 On the receipts side of the cash and bank book, a column is added in which the receipts from debtors are seperately noted, this type of cash/bank book is also called: single column cash/bank book cash/bank book multi column cash/bank book (Right Answer) none of the above Question No. 9 of 20 If you start with cash book favorable balance in Bank Reconciliation Statement, which item will be added? Cheque deposited but not credited by the bank Cheques omitted to be deposited into bank Any amount directly collected by bank on behalf of customer but not recorded in cash book (Right Answer) Debit side of cash book was overcast Question No. 10 of 20 Which of the following is NOT a characteristic of Cash Book?

It has two identical sides—left hand side, the debit side and right hand side, the credit side It verifies the arithmetic accuracy of posting of entries from the Journal to the Ledger The difference between the total of two sides of cash book shows cash in hand It always shows debit balance. It can never show credit balance (Right Answer) Question No. 12 of 20 Which of the following is NOT a rule for revaluation of fixed assets? The change in the value should be permanent Revaluation has to be carried out at regular intervals Whole class of asset has to be revalued The profit on revaluation should be credited to revaluation reserve (Right Answer) Question No. 13 of 20 A transaction in which Cash A/c and Bank A/c are involved, is recorded on both the sides of Double Column Cash Book, it is called ______________. Rectifying Entry Adjusting Entry Contra Entry (Right Answer) Closing Entry Question No. 14 of 20 What would conversion costs if costs of raw materials, direct labor costs, and manufacturing overhead costs Rs.80,000, Rs.50,000, and Rs.60,000, respectively? Rs.130, 000 Rs.110, 000 (Right Answer) Rs.140, 000 Rs.190, 000 Question No. 15 of 20 The Sales Returns Day Book would include: Goods bought on credit Fixed Assets bought that are inappropriate for business Stock that customers have returned (Right Answer) Goods bought on credit that are returned to the original supplier

Question No. 16 of 20 Loss on the sale of plant and machinery should be written off against: Sales Depreciation fund Sales Plant and machinery (Right Answer) Question No. 17 of 20 In an if debit side > credit side, the balance is known as the: Negative Balance Debit balance (Right Answer) Positive Balance Credit balance Question No. 18 of 20 Any expense that becomes a source of income generation for a long time period is called __________ Capital Expense (Right Answer) Revenue Expense Revenue Receipt Capital Receipt Question No. 19 of 20 Which one of the following is NOT a feature of sole proprietorship business. Easy Formation Easy Dissolution Unlimited Liability Separate Legal Entity (Right Answer) Question No. 20 of 20 Carriage paid Rs. 50 for the newly purchased machinery if debited to carriage will effect: Only carriage Only machinery

Both carriage and machinery None of the given options Which of the following is(are) TRUE about the sole trader form of business? A sole trader is liable to pay income tax on his/her earnings Sole traders must have to prepare books of s by law Sole traders must the name of their business with the Registrar of Companies All of the given options (Right Answer) In which depreciation method Depreciation remains constant? Reducing balance method (Right Answer) Reducing balance method Reducing balance method Reducing balance method Goods returned by Mr. B amount to Rs. 4,000. The entry in the books will be: Mr. B is Debit (Right Answer) Sales Returns is Credit111 Sales Returns is Debit Mr. B is Credit Mr. B is Debit

s Receivable Credit

Which of the following Organization converts raw material into finished goods? Trading concern Manufacturing concern (Right Answer) Merchandising concern Service concern Find out the missing value of an ing Equation with the help of given data: Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 1, 000 Liabilities ? Rs. 12,000 Rs. 11,000 (Right Answer) Rs. 110,000 Rs. 111,000 Question No. 7 of 20

________ is the art of recording monetary transactions in the books of s in a proper manner: ing Book Keeping (Right Answer) Posting Vouching Question No. 8 of 20 Which of the following Journal entry will be recorded when the bad debts are recovered? Cash (Dr.) & Bad Debts recovered (Cr.) (Right Answer) s Receivable (Dr.) & Bad Debts recovered (Cr.) Bad debts recovered (Dr.) and profit & loss (Cr.) Provision for doubtful debts (Dr.) & cash (Cr.) Which of the following is/are the example/s of Intangible Asset? Copy rights Good will Patent rights All of the given options (Right Answer) Question No. 10 of 20 Under the straight line method of depreciation: Amount of depreciation increases every year (Right Answer) Amount of depreciation remains constant for every year Amount of depreciation decreases every year None of the given options Question No. 11 of 20 If, Cost of machine = Rs.400, 000 Useful life = 5 years Residual value = Rs.25, 000Saleprice = Rs.40, 000 Rate of depreciation = 40% What will be the amount of depreciation charged on 3rd year using straight line method?1 Rs. 35,000 Rs. 57,600 Rs. 75,000 (Right Answer) Rs. 96,000

Loss on revaluation of fixed asset should be charged to: Profit and loss (Right Answer) Balance sheet Revaluation Reserve Accumulated depreciation Question No. 13 of 20 Debts that are not collectible and worthless to the creditor are known as: Bad debts (Right Answer) Good debts Doubtful debts Provision for doubtful debts Question No. 14 of 20 Which of the following would NOT be considered as a component of 'cost' of stock? Salaries of selling staf (Right Answer) Transportation inward costs Import duties Purchase price Total depreciation of an asset can not exceed its: Scrap value (Right Answer) Residual value Market value Depreciable value Question No. 16 of 20 A company uses straight line method of depreciation for an item of equipment that cost Rs. 28,000, has salvage value of Rs. 3,000, and has a five year useful life. What will be the book value of asset at the end of third year? Rs. 15,000 Rs. 10,000 Rs. 18,000 Rs. 13,000 (Right Answer)

Question No. 17 of 20 Which of the following is / are the particular/s of a cash book? (1) Date of transaction (2) title (3) Amount 1 only 1 & 2 only 1 & 3 only 1, 2 & 3 (Right Answer) Question No. 18 of 20 At the end of the ing period, the balance which is showing on the debit side of ledger is called as: Credit Balance Debit Balance (Right Answer) Contra None of the above Question No. 19 of 20 The amount charged to depreciation goes on declining in: Depreciation fixed method Annuity method Written-down value method (Right Answer) Straight line depreciation method Question No. 20 of 20 Which of the following is NOT a revenue expenditure? Petrol consumed in motor vehicles (Right Answer) Cost of saleable goods Bad debts given on lease --------------------------------------------------------------------------------------

Question No. 2 of 20 Which of the following voucher is used to record transactions that do not afect bank &

cash? Journal Voucher (Right Answer) Receipt Voucher Payment Voucher Nominal Voucher Question No. 3 of 20 Rs. 400 Rs. 2,5001 Rs. 2,900 (Right Answer) Rs.20, 900 Question No. 4 of 20 What would conversion costs if costs of raw materials, direct labor costs, and manufacturing overhead costs Rs.80,000, Rs.50,000, and Rs.60,000, respectively? Rs.130, 000 Rs.110, 000 (Right Answer) Rs.140, 000 Rs.190, 000 Question No. 5 of 20 A form that allows individuals to compare their personal bank records to the bank's records of the individual's balance in order to uncover any possible discrepancies is known as: Bank statement Income statement Financial statement Bank Reconciliation statement (Right Answer) Question No. 6 of 20 Cash and other resources that are expected to turn to cash or to be used up within one year of the balance sheet date are called: Current liability Current assets (Right Answer) Fixed assets

Long-term assets Question No. 7 of 20 An ing system is used by a business to: Analyze transactions Handle routine bookkeeping tasks Structure information All of the given options (Right Answer) Question No. 8 of 20 Particulars Rs. Opening written down value of machine 3,75,000 Cost of machine 50,000 Depreciation during the year 11,500 Closing written down value (WDV) of the Machines ? Rs. 4,13,500 (Right Answer) Rs. 4, 25,000 Rs. 3, 36,500 Rs. 61,500 Question No. 9 of 20 Furniture (Right Answer) Cash Business Bank Expenditure incurred in acquiring the patent right for the business is an example of: Revenue expenditure (Right Answer) Capital expenditure Deferred revenue expenditure istrative expenditure Question No. 11 of 20 Total assets - Total liabilities =? Owner’s Equity (Right Answer) Expenses Retained earnings Net profit

Question No. 12 of 20 What will be debited, if business bought goods on credit from Mr. Ali? Purchases (Right Answer) Mr. Ali Cash Sales Question No. 13 of 20 Prepaid rent given in the Trial Balance will be treated as a (an): Asset Liability Revenue (Right Answer) Deferred expense Question No. 14 of 20 A business event which can be measured in of money and must be recorded in books of s is called: Condition Transaction (Right Answer) Information Record Question No. 15 of 20 Which one of the following is NOT a feature of sole proprietorship business. Easy Formation Easy Dissolution Unlimited Liability Separate Legal Entity (Right Answer) Question No. 16 of 20 In which of the following statement opening stock is shown? Profit and loss Balance sheet (Right Answer) Cash flow statement Owner’s equity

Question No. 17 of 20 The profitability of its business operations for a period of time Its financial position at the end of an ing period Its cash receipts and cash payments during an ing period (Not Sure) None of the given options Question No. 18 of 20 Which of the following is (are) example(s) of non distributable profit? General reserve Accumulated profit and loss (credit balance) Revaluation reserves None of the given options (Not sure) Question No. 19 of 20 Which of the following Organization converts raw material into finished goods? Trading concern Manufacturing concern (Right Answer) Merchandising concern Service concern In firms cash flow statements, which of the following would appear as a cash outflow? The payments for share in a company whose shares are treated on a stock exchange A decrease in trade debtors over the course of an ing period Money received as a result of issuing new shares Money received as result of selling fixed assets (Not sure) Which of the following particular/s is/are included in receipt voucher? Name of organization Bank receipt Date All of the given options (Right Answer) Which of the following assets is most likely to appreciate rather than depreciate? Land (Right Answer)

Motor vehicles Plant and machinery Fixtures and fittings Which of the following item needs to be entered in the Cash Book in order to bring it in line with the entries on the Bank Statement? A bank charges (Right Answer) An error on the Bank Statement An uncredited deposit An unpresented cheque Wages paid to laborers working in the manufacturing department is treated as an expense of: Cost of goods sold (Right Answer) istrative expenses Selling expenses Marketing expenses Bad debts written off (given in adjustment) always affect the: Debtors (Right Answer) Creditors Cash Capital Carriage paid Rs. 50 for the newly purchased machinery if debited to carriage will effect: Only carriage Only machinery (Right Answer) Both carriage and machinery None of the given options Cost of goods manufactured - opening work in process + ending work in process =? Cost of goods sold Prime cost Conversion cost Total factory cost (Right Answer)

If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and operating expenses Rs. 300,000. What will be net result? Rs. 1, 95,000 Losses (Right Answer) Rs. 1, 95,000 Profits Rs 1, 05,000 Profits Rs1, 05,000 Losses What is the proper order of the following steps in the ing process? I. Prepare and analyze the trial balance II. Record relevant transactions and events in a journal III. Analyze each transaction and event from source documents IV. Post journal information to ledger s III. IV. I. II. I. II. III. IV. III. II. IV. I. (Right Answer) III. II. I. IV. All of the below items are directly recorded by bank without intimating the business until the end of month, EXCEPT: Bank Charges Interest on Overdraft Un-presented Cheques (Right Answer) Direct Receipts Which of the following is Not an Asset ? Plant & Machinery Loan to XYZ co. Cash at Bank Loan from ABC co. (Right Answer) A balance of book written in brackets ( ) by the bank is known as: Favorable balance for customer(Right Answer) Unfavorable balance for bank Unfavorable balance for customer None of the above

Which of the following is an example of direct materials cost? Production worker’s wages(Right Answer) Depreciation expenses A piece of wood for the production of chair Polish and finishing material for chair other are non direct or factroy Question No. 7 of 20 Expenditure incurred in acquiring the patent right for the business is an example of: Revenue expenditure Capital expenditure(Right Answer) Deferred revenue expenditure istrative expenditure Cash book is a part of _______ . Voucher General Journal General Ledger (Right Answer) Trial Balance What will be the entry of disposal of an asset at cost price? Debit Fixed Asset Disposal and Credit Fixed Asset Cost Debit Accumulated Dep. and Credit Fixed Asset Disposal Debit Cash / Bank and Credit Fixed Asset Disposal None of the given options ABC co. has a capital of Rs. 100,000, Long Term Liabilities Rs. 50,000, net profit during the year Rs. 15,000 and the amount of total liabilities is Rs 175,000. What will be the amount of Current Liabilities? Rs. 20,000 Rs. 150,000 Rs. 10,000 (Right Answer) Rs. 25,000

A manufacturing concern has Raw material of worth Rs. 100,000, Direct Labor Rs. 75,000 and Factory Overhead Rs. 50,000. The amount of Conversion cost will be: Rs. 150,000 Rs. 175,000 Rs. 125,000 (Right Answer) Rs. 225,000 The Sales Returns Day Book would include: Goods bought on credit Fixed Assets bought that are inappropriate for business Stock that customers have returned (Right Answer) Goods bought on credit that are returned to the original supplier Total Sales are calculated by adding: Cash sales and cash received from debtors Credit sales and cash received from debtors Cash sales and credit sales (Right Answer) Cash ales and credit purchases In the cost of goods sold statement, the sum of labor cost and the factory over head is known as: Conversion cost (Right Answer) Prime cost Total factory cost Cost of goods manufactured Outsider’s claim against the assets of the business is called: Capital Liability (Right Answer) Expense Income Which of the following particular/s is/are included in payment voucher? Name of organization Cash payment

Date All of the given options (Right Answer) Goods returned by Mr. B amount to Rs. 4,000. The entry in the books will be: Mr. B is Debit Sales Returns is Credit (Right Answer) Sales Returns is Debit Mr. B is Credit Mr. B is Debit s Receivable Credit Purchases Return Debit Mr. B is Credit A form that allows individuals to compare their personal bank records to the bank's records of the individual's balance in order to uncover any possible discrepancies is known as: Bank statement Income statement Financial statement Bank Reconciliation statement (Right Answer) Following information is available relating to a manufacturing concern: Cost of Goods Sold Rs. 245,000 Purchases Rs. 250,000 Freight Inward Rs. 5,000 Closing Stock Rs. 25,000 What will be the amount of Opening Stock? Rs. 15,000 (Right Answer) Rs. 10,000 Rs. 25,000 Rs. 20,000 ------------------------------------------------------------------------MGT101 Question # 1 of 15 ( 05:38:27 PM ) Which of the following is / are the particular/s of a cash book? (1) Date of transaction (2) title (3) Amount Select correct option: 1 only 1 & 2 only 1 & 3 only 1, 2 & 3

MGT101 Question # 2 of 15 ( 05:38:51 PM ) The total of all costs incurred to convert raw material into finished goods is known as: Select correct option: Prime cost Conversion cost Sunk cost Opportunity cost MGT101 Question # 3 of 15 ( 05:39:09 PM ) Amount generated from sales in a business is called: Select correct option: Income Net Income Gross Profit Operating profit MGT101 Question # 4 of 15 ( 05:39:57 PM ) Cost of goods manufactured - opening work in process + ending work in process =? Select correct option: Cost of goods sold Prime cost Conversion cost Total factory cost MGT101 Question # 5 of 15 ( 05:41:10 PM ) Which of the following is the example of current liability? Select correct option: Notes payable Notes receivable s receivable Prepaid expenses MGT101 Question # 6 of 15 ( 05:41:27 PM ) What will be debited, if business sold goods for Rs.10, 000 on credit? Select correct option: Cash Sales s receivable Purchases

MGT101 Question # 7 of 15 ( 05:42:01 PM ) Which of the following particular is NOT included in journal voucher? Select correct option: Name of organization Bank receipt number Debit amount Credit amount

www.vuzs.info MGT101 Question # 8 of 15 ( 05:42:25 PM ) Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000 Select correct option: Rs. 35,000 Rs. 55,000 Rs. 1, 25,000 Rs. 1, 05,000 MGT101 Question # 9 of 15 ( 05:43:03 PM ) What would conversion costs if costs of raw materials, direct labor costs, and manufacturing overhead costs Rs.80,000, Rs.50,000, and Rs.60,000, respectively? Select correct option: Rs.130, 000 Rs.110, 000 Rs.140, 000 Rs.190, 000 MGT101 Question # 10 of 15 ( 05:43:40 PM ) The main purpose of _________ is to ascertain true result of the business operation during particular period of time. Select correct option: Cost ing Financial ing Managerial ing Tax ing MGT101 Question # 11 of 15 ( 05:44:26 PM ) If cost of sales is Rs. 90,000, income from sales Rs. 200,000 and operating expenses Rs. 100,000. What will be net result? Select correct option: Rs. 5,000 Losses

Rs.10, 000 Profits Rs 1, 95,000 Profits Rs 1, 95,000 Losses MGT101 Question # 12 of 15 ( 05:45:12 PM ) What is the next step to Journalizing in ing cycle? Select correct option: Recording Posting Balancing Analyzing MGT101 Question # 13 of 15 ( 05:45:32 PM ) Consider the following data: Particulars Rs. Assets 99,500 Owner's equity 50,500 Liabilities ? Select correct option: Rs. 49,000 Rs. 55,000 Rs. 125,000 Rs. 115,700 MGT101 Question # 14 of 15 ( 05:46:07 PM ) Net Profit = Income - _____________ Select correct option: Liabilities Assets Expenses Capital MGT101 Question # 15 of 15 ( 05:46:39 PM ) Depreciation arises because of: Select correct option: Fall in the market value of an asset Fall in the value of money Physical wear and tear All of the given options MGT101 Question # 1 of 15 ( 05:53:02 PM ) Which of the following balance/s is/are shown on credit side of Trial Balance? (It is assumed that all balances are shown on normal balance) Select correct option: Capital Sundry creditors

s payable All of the given options MGT101 Question # 2 of 15 ( 05:53:47 PM ) In case of Income and Expenditure , Excess of income over expenses in a specified ing period is called: Select correct option: Profit Loss Surplus Deficit MGT101 Question # 3 of 15 ( 05:54:58 PM ) Which of the following Organization converts raw material into finished goods? Select correct option: Trading concern Manufacturing concern Merchandising concern Service concern When total liabilities are subtracted from total assets the remaining amount is known as: Select correct option: Equity or net assets Net income or net loss Total expenses Total revenue MGT101 Question # 5 of 15 ( 05:56:21 PM ) Which one of the following is INCORRECT about closing Stock? Select correct option: It is added into current assets It is deducted from Material available for use It becomes opening stock of next year It reduces the resources of business MGT101 Question # 6 of 15 ( 05:56:55 PM ) Budget is a plan of income, expenses & other financial operations for: Select correct option: Current period Future period Past period None of the given options

MGT101 Question # 7 of 15 ( 05:57:33 PM ) Find out the missing value of an ing Equation with the help of given data: Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 1, 000 Liabilities ? Select correct option: Rs. 12,000 Rs. 11,000 Rs. 110,000 Rs. 111,000 MGT101 Question # 8 of 15 ( 05:58:42 PM ) Which of the following summarizes the profitability of business for a specific ing period? Select correct option: Profit & Loss Cash flow statement Receipt & Payment Balance Sheet MGT101 Question # 9 of 15 ( 05:59:12 PM ) Which of the following asset is NOT depreciated? Select correct option: Factory Buildings Office Equipment Plant & Machinery Land What will be debited, if Mohsin commenced business with cash? Select correct option: Cash Capital Drawings Proprietor MGT101 Question # 11 of 15 ( 06:00:17 PM ) Which of the following is Not a part of General Ledger? Select correct option: Activity Book Purchase Return Book Purchase Book Sales Book

MGT101 Question # 12 of 15 ( 06:00:53 PM ) Debit signifies: Select correct option: Increase in Asset Decrease in liability Decrease in capital All of the given options MGT101 Question # 13 of 15 ( 06:01:24 PM ) Under the diminishing balance method, depreciation is calculated on: Select correct option: The original cost The scrap value Book value Both original cost and Scrap value MGT101 Question # 14 of 15 ( 06:01:57 PM ) The amount charged to depreciation goes on declining in: Select correct option: Depreciation fixed method Annuity method Written-down value method Straight line depreciation method

www.vuzs.info MGT101 Question # 15 of 15 ( 06:02:54 PM ) Which of the following is NOT correct? Select correct option: Decrease in Assets will be debit Decrease in Liabilities will be debit Decrease in Expenses will be credit Decrease in Revenue will be debit MGT101 Question # 1 of 15 ( 06:18:38 PM ) What will be the effect on ing equation if cash is received from a tenant as office rent? Select correct option: Increase cash and decrease equity Increase cash and increase equity Decrease cash and increase equity Decrease cash and increase dividends

MGT101 Question # 2 of 15 ( 06:19:35 PM ) Which one of the following is INCORRECT about closing Stock? Select correct option: It is added into current assets It is deducted from Material available for use It becomes opening stock of next year It reduces the resources of business MGT101 Question # 3 of 15 ( 06:20:07 PM ) Which of the following is a FIRST product of ing cycle? Select correct option: Voucher General Journal General Ledger Financial Statements MGT101 Question # 4 of 15 ( 06:20:37 PM ) If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and operating expenses Rs. 100,000. What will gross profit? Select correct option: Rs. 5,000 Rs. 95,000 Rs. 1, 00,000 Rs.1, 05,000 MGT101 Question # 5 of 15 ( 06:21:21 PM ) Which of the following are recorded in Cash Book? Select correct option: Receipts and payments Profits and losses Assets and liabilities Capital and Expenditures MGT101 Question # 6 of 15 ( 06:21:52 PM ) Net Profit = Income - _____________ Select correct option: Liabilities Assets Expenses Capital

MGT101 Question # 7 of 15 ( 06:22:17 PM ) Which of the following particular/s is/are included in payment voucher? Select correct option: Name of organization Cash payment Date All of the given options MGT101 Question # 8 of 15 ( 06:22:54 PM ) Cost of goods manufactured + opening finished goods – ending finished goods =? Select correct option: Total factory cost Cost of goods sold Prime cost Conversion cost MGT101 Question # 9 of 15 ( 06:24:08 PM ) Which of the following is normally NOT exists in the balance sheet of the manufacturing concern? Select correct option: Work in Process Inventory Raw Materials Inventory Merchandise Inventory Finished Goods Inventory MGT101 Question # 10 of 15 ( 06:24:51 PM ) If cost of sales is Rs. 90,000, income from sales Rs. 200,000 and operating expenses Rs. 100,000. What will be net result? Select correct option: Rs. 5,000 Losses Rs.10, 000 Profits Rs 1, 95,000 Profits Rs 1, 95,000 Losses MGT101 Question # 11 of 15 ( 06:25:32 PM ) All the statements are correct about Journal voucher EXCEPT: Select correct option: Financial data is picked only from journal vouchers to Journal These are used to record all transaction other than cash & bank These are used to make corrections or adjustments to previous Receipt Format of journal voucher is different from other vouchers

MGT101 Question # 12 of 15 ( 06:26:35 PM ) In case of Income and Expenditure , Excess of income over expenses in a specified ing period is called: Select correct option: Profit Loss Surplus Deficit MGT101 Question # 13 of 15 ( 06:27:08 PM ) The investment of Rs. 10,000 made by the owner in business will have an effect on which of the following s? Select correct option: Cash & Capital Cash & Expense Capital & Revenue Capital & Expense MGT101 Question # 14 of 15 ( 06:27:41 PM ) Outsider’s claim against the assets of the business is called: Select correct option: Capital Liability Expense Income

www.vuzs.info MGT101 Question # 15 of 15 ( 06:28:25 PM ) Consider the following data: Particulars Rs. Assets 75,500 Owner's equity ? Liabilities 40,200 Select correct option: Rs. 35,300 Rs. 55,000 Rs. 125,000 Rs. 115,700 MGT101 Question # 1 of 15 ( 06:30:56 PM ) What will be debited, if business bought goods on credit from Mr. Ali? Select correct option: Purchases Mr. Ali

Cash Sales MGT101 Question # 2 of 15 ( 06:31:56 PM ) In the cost of goods sold statement, the sum of labor cost and the factory over head is known as: Select correct option: Conversion cost Prime cost Total factory cost Cost of goods manufactured MGT101 Question # 3 of 15 ( 06:32:36 PM ) Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000 Select correct option: Rs. 35,000 Rs. 55,000 Rs. 1, 25,000 Rs. 1, 05,000 MGT101 Question # 4 of 15 ( 06:33:17 PM ) When total liabilities are subtracted from total assets the remaining amount is known as: Select correct option: Equity or net assets Net income or net loss Total expenses Total revenue MGT101 Question # 5 of 15 ( 06:33:50 PM ) Which of the following is fiscal Year of Government of Pakistan? Select correct option: 1st January to 31st December 1st June to 31st May 1st July to 30th June 1st October to 30th September MGT101 Question # 6 of 15 ( 06:34:32 PM ) Which of the following is/are inventory valuation method(s)? Select correct option: FIFO LIFO Weighted average All of the given options

MGT101 Question # 7 of 15 ( 06:35:04 PM ) The investment of Rs. 10,000 made by the owner in business will have an effect on which of the following s? Select correct option: Cash & Capital Cash & Expense Capital & Revenue Capital & Expense MGT101 Question # 8 of 15 ( 06:35:37 PM ) What will be debited, if business purchased Furniture on cash? Select correct option: Furniture Cash Business Bank MGT101 Question # 9 of 15 ( 06:36:09 PM ) Cost of goods manufactured + opening finished goods – ending finished goods =? Select correct option: Total factory cost Cost of goods sold Prime cost Conversion cost MGT101 Question # 10 of 15 ( 06:36:51 PM ) Which of the following contents are included in the Cost of goods sold? Select correct option: Opening stock Purchases Freight in All of the given options MGT101 Question # 11 of 15 ( 06:37:32 PM ) Particulars Rs. Opening written down value of machine 1,00,000 Cost of new machine purchased during the year 50,000 Depreciation during the year 20,000 Closing written down value (WDV) ? Select correct option: Rs. 1,30,000 Rs. 1, 50,000 Rs. 1, 20,000 Rs. 70,000

MGT101 Question # 12 of 15 ( 06:38:28 PM ) What will be debited, If Mr. “A” started business with Rs. 2, 00,000. Select correct option: Capital Cash Mr. A’s Business MGT101 Question # 13 of 15 ( 06:39:03 PM )1 In cost of goods sold statement the ‘cost of goods manufactured’ is equal to: Select correct option: Total factory cost + Opening work in process + Ending work in process Total factory cost + Opening work in process – Ending work in process Total factory cost - Opening work in process + Ending work in process Ending work in process +Total factory cost – Opening work in process MGT101 Question # 14 of 15 ( 06:40:04 PM ) What is nature of Capital ? Select correct option: Debit Credit Expenses Loss MGT101 Question # 15 of 15 ( 06:40:34 PM ) The amount charged to depreciation goes on declining in: Select correct option: Depreciation fixed method Annuity method Written-down value method Straight line depreciation method

---------------------------------------------------------------------------------MGT101 MCQs from Quiz 1 (Dated: 05-11-2010) shared by waqas

Question # 1 of 15 ( Start time: 03:32:40 PM ) Total M - 1 Office salaries, advertising and sales commissions are the examples of: Select correct option: Financial Expenses

Operating Expenses Marketing Expenses Direct Expenses Question # 2 of 15 ( Start time: 03:33:54 PM ) Total M - 1 Which of the following expenses are called financial expenses? Select correct option: Payment of rent & Salary expense Markup on loan& Bank Charges Interest & ment expense Wages and Depreciation expense Question # 3 of 15 ( Start time: 03:34:19 PM ) Total M - 1 Which of the following is NOT a characteristic of Journal? Select correct option: Transactions are recorded in chronological order Transaction is first recorded in Journal from Voucher It is also called “The original book of entry” None of the given options Question # 4 of 15 ( Start time: 03:34:52 PM ) Total M - 1 Increase in an expense is recorded on the: Select correct option: Left or credit side of the Right or debit side of the Left or debit side of the Right or credit side of the Question # 5 of 15 ( Start time: 03:35:53 PM ) Total M - 1 What is the nature of a revenue ? Select correct option: Asset Debit Credit Expense Question # 6 of 15 ( Start time: 03:37:12 PM ) Total M - 1

Which of the following particular is NOT included in journal voucher? Select correct option: Name of organization Bank receipt number Debit amount Credit amount Question # 7 of 15 ( Start time: 03:37:40 PM ) Total M - 1 Which of the following voucher is used to record receipt of cash? Select correct option: Journal Voucher Receipt Voucher Payment Voucher Nominal Voucher Question # 8 of 15 ( Start time: 03:37:59 PM ) Total M - 1 All the statements are correct about Journal voucher EXCEPT: Select correct option: Financial data is picked only from journal vouchers to Journal These are used to record all transaction other than cash & bank These are used to make corrections or adjustments to previous Receipt Format of journal voucher is different from other vouchers Question # 9 of 15 ( Start time: 03:38:43 PM ) Total M - 1 What should be debited, if Sales made to Mahmood for cash? Select correct option: Cash Mahood Sales Purchases Question # 10 of 15 ( Start time: 03:39:14 PM ) Total M - 1 Which of the following particular/s is/are included in payment voucher? Select correct option: Name of organization Cash payment

Date All of the given options

Question # 11 of 15 ( Start time: 03:39:33 PM ) Total M - 1 An expenditure whose benefit is finished or enjoyed immediately is called: Select correct option: Expense Liability Cost Income Question # 12 of 15 ( Start time: 03:40:35 PM ) Total M - 1 Which of the following is the example of Current Assert? Select correct option: Land Building Stock Capital Question # 13 of 15 ( Start time: 03:40:57 PM ) Total M - 1 Which of the following is the example of current liability? Select correct option: Notes payable Notes receivable s receivable Prepaid expenses Question # 14 of 15 ( Start time: 03:41:33 PM ) Total M - 1 Find out the missing value of an ing Equation with the help of given data: Furniture Rs. 90,000 Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 90, 000 Liaibilities ? Select correct option: Rs. 201,000 Rs. 111, 000 Rs. 290, 000 Rs. 291, 000

Question # 15 of 15 ( Start time: 03:42:28 PM ) Total M - 1 Net Profit = Income - _____________ Select correct option: Liabilities Assets Expenses Capital

Question # 1 of 15 ( Start time: 03:43:53 PM ) Total M - 1 Find out the missing value of an ing Equation with the help of given data: Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 1, 000 Liabilities ? Select correct option: Rs. 12,000 Rs. 11,000 Rs. 110,000 Rs. 111,000 Question # 2 of 15 ( Start time: 03:44:41 PM ) Total M - 1 ___________= Gross profit < Operating Expenses Select correct option: Net Profit Gross Profit Net Loss Gross Loss

Question # 3 of 15 ( Start time: 03:45:53 PM ) Total M - 1 Which of the following is the example of current liability? Select correct option: Notes payable Notes receivable s receivable Prepaid expenses Question # 4 of 15 ( Start time: 03:46:07 PM ) Total M - 1

What will be debited, if business purchased Vehicle on cash? Select correct option: Vehicle Cash Business Bank Question # 5 of 15 ( Start time: 03:46:33 PM ) Total M - 1 Which one of the following is called the book of primary Entry? Select correct option: General Journal General Ledger Trial Balance Profit and loss Question # 6 of 15 ( Start time: 03:47:39 PM ) Total M - 1 Debit signifies: Select correct option: Increase in Asset Decrease in liability Decrease in capital All of the given options Question # 7 of 15 ( Start time: 03:48:50 PM ) Total M - 1 which of the following statement is TRUE about the positive working capital of company. Select correct option: It shows sound position of company It shows that company has current asset to meet current liability It shows that current assets are greater than current liability All of the given options Question # 8 of 15 ( Start time: 03:49:08 PM ) Total M - 1 In which of the following statement/s closing stock is/are shown? Select correct option: Profit and loss Balance sheet

Income statement All of the given options Question # 9 of 15 ( Start time: 03:49:38 PM ) Total M - 1 The main purpose of ___________ is to ascertain true result of the business operation during particular period of time. Select correct option: Cost ing Financial ing Managerial ing Tax ing Question # 10 of 15 ( Start time: 03:49:56 PM ) Total M - 1 Which one of the following is NOT a feature of sole proprietorship business. Select correct option: Easy Formation Easy Dissolution Unlimited Liability Separate Legal Entity Question # 11 of 15 ( Start time: 03:50:21 PM ) Total M - 1 Outsider’s claim against the assets of the business is called: Select correct option: Capital Liability Expense Income Question # 12 of 15 ( Start time: 03:51:39 PM ) Total M - 1 Consider the following data: Particulars Rs. Assets 99,500 Owner's equity 50,500 Liabilities ? Select correct option: Rs. 49,000 Rs. 55,000 Rs. 125,000 Rs. 115,700 Question # 13 of 15 ( Start time: 03:52:03 PM ) Total M - 1

In case of Income and Expenditure , Excess of income over expenses in a specified ing period is called: Select correct option: Profit Loss Surplus Deficit Question # 14 of 15 ( Start time: 03:53:28 PM ) Total M - 1 Find out the missing value of an ing Equation with the help of given data: Cash Rs. 22,500 Debtors Rs. 500 Total Assets Rs. 80, 385 spayable Rs. 1,000 Total liabilities Rs. 20,000 Select correct option: Rs. 60,385 owner’s equity Rs. 61,385 owner’s equity Rs. 99,885 owner’s equity Rs. 99,385 owner’s equity Question # 15 of 15 ( Start time: 03:54:55 PM ) Total M - 1 If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and operating expenses Rs. 100,000. What will gross profit? Select correct option: Rs. 5,000 Rs. 95,000 Rs. 1, 00,000 Rs.1, 05,000 --------------------------------------------------------------------------------

Which of the following is (are) item (s) of cost of goods sold statement?

Purchase of raw material Any tax/freight paid on purchases Any expense incurred on carriage/transportation of raw material purchased items All of the given options

MGT101 - Financial ing - Q.No.2 Which of the following voucher is used to record transactions that do not affect bank & cash?

Journal Voucher Receipt Voucher Payment Voucher Nominal Voucher

MGT101 - Financial ing - Q.No.3 If salaries are Rs. 2500, purchases Rs. 18,000 and rent Rs. 400; what will be istrative expenses? Rs. 400 Rs. 2,500 Rs. 2,900 Rs.20, 900

MGT101 - Financial ing - Q.No.4 What would conversion costs if costs of raw materials, direct labor costs, and manufacturing overhead costs Rs.80,000, Rs.50,000, and Rs.60,000, respectively?

Rs.130, 000

Rs.110, 000 Rs.140, 000 Rs.190, 000

MGT101 - Financial ing - Q.No.5 A form that allows individuals to compare their personal bank records to the bank's records of the individual's balance in order to uncover any possible discrepancies is known as:

Bank statement Income statement Financial statement Bank Reconciliation statement

MGT101 - Financial ing - Q.No.6 Cash and other resources that are expected to turn to cash or to be used up within one year of the balance sheet date are called:

Current liability Current assets Fixed assets Long-term assets

MGT101 - Financial ing - Q.No.7 An ing system is used by a business to:

Analyze transactions Handle routine bookkeeping tasks Structure information All of the given options

MGT101 - Financial ing - Q.No.8 Particulars Rs. Opening written down value of machine 3,75,000 Cost of machine 50,000 Depreciation during the year 11,500 Closing written down value (WDV) of the Machines ?

Rs. 4,13,500 Rs. 4, 25,000 Rs. 3, 36,500 Rs. 61,500

MGT101 - Financial ing - Q.No.9 of 20 ( Start time: 12:52:03 AM ) What will be debited, if business purchased Furniture on cash?

Furniture Cash

Business www.vuzs.info Bank

Expenditure incurred in acquiring the patent right for the business is an example of: Revenue expenditure Capital expenditure Deferred revenue expenditure istrative expenditure

MGT101 - Financial ing - Q.No.11 Total assets - Total liabilities =?

Owner’s Equity Expenses Retained earnings Net profit

MGT101 - Financial ing - Q.No.12 What will be debited, if business bought goods on credit from Mr. Ali?

Purchases Mr. Ali

Cash Sales

MGT101 - Financial ing - Q.No.13 Prepaid rent given in the Trial Balance will be treated as a (an):

Asset Liability Revenue Deferred expense

MGT101 - Financial ing - Q.No.14 A business event which can be measured in of money and must be recorded in books of s is called:

Condition Transaction Information Record

MGT101 - Financial ing - Q.No.15 Which one of the following is NOT a feature of sole proprietorship business.

Easy Formation Easy Dissolution Unlimited Liability Separate Legal Entity

MGT101 - Financial ing - Q.No.16 In which of the following statement opening stock is shown?

Profit and loss Balance sheet Cash flow statement Owner’s equity

MGT101 - Financial ing - Q.No.17 The primary purpose of preparing a cash flow statement for an entity is to provide information about: The profitability of its business operations for a period of time www.vuzs.info Its financial position at the end of an ing period Its cash receipts and cash payments during an ing period (Not Sure) None of the given options

MGT101 - Financial ing - Q.No.18 Which of the following is (are) example(s) of non distributable profit?

General reserve Accumulated profit and loss (credit balance) Revaluation reserves None of the given options (Not sure)

MGT101 - Financial ing - Q.No.19 Which of the following Organization converts raw material into finished goods?

Trading concern Manufacturing concern Merchandising concern Service concern

MGT101 - Financial ing - Q.No.20 In firms cash flow statements, which of the following would appear as a cash outflow?

The payments for share in a company whose shares are treated on a stock exchange A decrease in trade debtors over the course of an ing period

Money received as a result of issuing new shares Money received as result of selling fixed assets (Not sure) -------------------------------------------------------------------------------Which of the following is(are) example(s) of accruals? Select correct option: Electricity bills payable Water supply bills payable Wages payable All of the given options Which of the following shows company’s negative working capital? Select correct option: Current Asset > Current Liability Current Asset < Current Liability Current Asset = Current Liability None of the given options ___________ is the detail of transaction in one's provided by the bank. Select correct option: Bank statement Bank reconciliation statement Income statement Financial statement Total Sales are calculated by adding: Select correct option: Cash sales and cash received from debtors Credit sales and cash received from debtors Cash sales and credit sales Cash ales and credit purchases The amount of owner's equity in a business is affected by which of the following? Select correct option: The profitability of the business Investments made in the business by the owner The amount of dividends paid to stockholders All of the given options Expenses incurred for Salaries, heating and lighting are the examples of: Select correct option:

Preliminary Expense Deferred Expense Revenue Expense Capital Expense Which of the following balance/s is/are shown on credit side of Trial Balance? (It is assumed that all balances are shown on normal balance) Select correct option: Capital Sundry creditors s payable All of the given options While making Profit & Loss , Excess of expenses over income in a specified ing period is called: Select correct option: Profit Loss Surplus Deficit __________ is the art of recording, classifying and summarizing the transactions and events of a business and interpreting the results thereof. Select correct option: Book-keeping ing Management Auditing In balance sheet fixed assets are shown at: Select correct option: Written down value (WDV) Cost price Market value Fair value

Assets are divided in which of the following categories in balance sheet. Select correct option: Current assets, Long term assets and capital assets Current assets, Long term assets and fixed assets Current assets, Quick assets and business debts

Current assets, Fixed assets and deferred cost In cost of goods sold statement the ‘cost of goods manufactured’ is equal to: Select correct option: Total factory cost + Opening work in process + Ending work in process Total factory cost + Opening work in process – Ending work in process Total factory cost - Opening work in process + Ending work in process Ending work in process +Total factory cost – Opening work in process Supervisor's salary and equipment repair cost are examples of: Select correct option: Factory overhead cost Direct material cost Direct labor cost Finished goods cost Bank Reconciliation Statement is: Select correct option: A memorandum statement A ledger A part of cash book A part of journal

Which of the following entry will be recorded for discount received in a control ? Select correct option: Discount Received (Dr) and Creditors Control A/c (Cr) Discount Received (Dr) and Creditors A/c (Cr) Creditors Control A/c (Dr) and Discount Received (Cr) Debtors A/c (Dr) and Discount Received (Cr) A form that allows individuals to compare their personal bank records to the bank's records of the individual's balance in order to uncover any possible discrepancies is known as: Select correct option: Bank statement Income statement Financial statement Bank Reconciliation statement Bank Reconciliation Statement is prepared by: Select correct option: Bankers

ant of the business Statutory auditor Manger Particulars Rs. Opening written down value of machine 3,75,000 Cost of machine 50,000 Depreciation during the year 11,500 Closing written down value (WDV) of the Machines ? Select correct option: Rs. 4,13,5000 Rs. 4, 25,000 Rs. 3, 36,500 Rs. 61,500 Sales to Mr. “A” of Rs. 336 have been debited to Mr. “B” , this will be rectified by: Select correct option: Debiting Mr. A’s and crediting Mr. B’s Debiting Mr. B’s and crediting Mr. A’s Crediting both s Debiting both s All the statements are correct about Journal voucher EXCEPT: Select correct option: Financial data is picked only from journal vouchers to Journal These are used to record all transaction other than cash & bank These are used to make corrections or adjustments to previous Receipt Format of journal voucher is different from other vouchers Which of the following contents are included in the Cost of goods sold? Select correct option: Opening stock Purchases Freight in All of the given options Which of the following Journal entry will be recorded when the bad debts are recovered? Select correct option: Cash (Dr.) & Bad Debts recovered (Cr.) s Receivable (Dr.) & Bad Debts recovered (Cr.) Bad debts recovered (Dr.) and profit & loss (Cr.) Provision for doubtful debts (Dr.) & cash (Cr.)

Which of the following is NOT correct? Select correct option: Decrease in Assets will be credit Decrease in Liabilities will be credit Decrease in Expenses will be credit Decrease in Revenue will be debit Particulars Rs. Opening written down value of machine 1,00,000 Cost of new machine purchased during the year 50,000 Depreciation during the year 20,000 Closing written down value (WDV) ? Select correct option: Rs. 1,30,000 Rs. 1, 50,000 Rs. 1, 20,000 Rs. 70,000 An ing system is used by a business to: Select correct option: Analyze transactions Handle routine bookkeeping tasks Structure information All of the given options In an if debit side > credit side, the balance is known as the: Select correct option: Negative Balance Debit balance Positive Balance Credit balance Details of individual s are kept in a separate / ledger called: Select correct option: Control     

Electricity Bill Papers Mcq Bank reconciliation statements Quizzes

        

Financial Statements Examples Salary Bill Best franchise opportunities Electricity Bill Papers Mcq Bank reconciliation statements Subsidiary Ledger General Journal All of the given options which of the following statement/s closing stock is/are shown? Select correct option: Profit and loss Balance sheet Income statement All of the given options Which of the following particular/s is/are included in payment voucher? Select correct option: Name of organization Cash payment Date All of the given options Which of the following appears in both the Income Statement debit column and the Balance Sheet credit? Select correct option: Net income Net loss Dividends Retained earnings A book that keeps separate record for each is known as: Select correct option: Trial Balance Voucher

General Journal General Ledger Which of the following Organization converts raw material into finished goods? Select correct option: Trading concern Manufacturing concern Merchandising concern Service concern Franchise rights, goodwill and patents are the examples of: Select correct option: Liquid assets Tangible assets Intangible assets Current assets Cost of goods sold + ending finished goods – opening finished goods=? Select correct option: Total factory cost Cost of goods manufactured Prime cost Conversion cost ing, which of the following will be credited if the bad debts are recovered in cash? Select correct option: Cash a/c Bad debt recovered a/c Doubtful debts a/c Provision for bad debts a/c What should be credited, if rent paid in cash? Select correct option: Landlord’s Rent Cash s receivable

Sales to Mr. “A” of Rs. 336 have been debited to Mr. “B” , this will be rectified by: Select correct option: Debiting Mr. A’s and crediting Mr. B’s Debiting Mr. B’s and crediting Mr. A’s Crediting both s Debiting both s If cost of sales is Rs. 60,000, income from sales Rs. 95,000 and direct expenses Rs. 10,000. Calculate Net profit. Select correct option: Rs. 15,000 Rs. 35,000 Rs. 55,000 Rs. 60,000 Particulars Rs. Opening written down value of machine 4,10,000 Cost of machine purchased during the year 50,000 Depreciation during the year 20,000 closing written down value (WDV) of the Machines ? Select correct option: Rs. 4, 40,000 Rs. 4, 30,000 Rs. 4, 80,000 Rs. 70,000 Which of the following voucher is used to record receipt of cash? Select correct option: Journal Voucher Receipt Voucher Payment Voucher Nominal Voucher In double entry system discount received is recorded as: Select correct option: Creditors a/c (Dr.), Discount received a/c (Cr.) Discount received a/c (Dr.), Creditors a/c (Cr.) Debtor a/c (Dr.), Discount received a/c (Cr.) Discount received a/c (Dr.), Debtor a/c (Cr.)

The expenses which are NOT paid out of Gross Profit is classified as: Select correct option: Direct Expenses General Expenses Financial Expenses Selling Expenses Which of the following (s) would be decreased with a debit? Select correct option: Capital Retained Earnings Revenues All of the given options Which of the following is fiscal Year of Government of Pakistan? Select correct option: 1st January to 31st December 1st June to 31st May 1st July to 30th June 1st October to 30th September Which of the following is/are inventory valuation method(s)? Select correct option: FIFO LIFO Weighted average All of the given options Which of the following particular/s is/are included in receipt voucher? Select correct option: Name of organization Bank receipt Date All of the given options Which of the following assets is most likely to appreciate rather than depreciate? Select correct option:

Land Motor vehicles Plant and machinery Fixtures and fittings Which of the following item needs to be entered in the Cash Book in order to bring it in line with the entries on the Bank Statement? Select correct option: A bank charges An error on the Bank Statement An uncredited deposit An unpresented cheque Wages paid to laborers working in the manufacturing department is treated as an expense of: Select correct option: Cost of goods sold istrative expenses Selling expenses Marketing expenses Bad debts written off (given in adjustment) always affect the: Select correct option: Debtors Creditors Cash Capital Carriage paid Rs. 50 for the newly purchased machinery if debited to carriage will effect: Select correct option: Only carriage Only machinery Both carriage and machinery None of the given options Cost of goods manufactured - opening work in process + ending work in process =? Select correct option:

Cost of goods sold Prime cost Conversion cost Total factory cost If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and operating expenses Rs. 300,000. What will be net result? Select correct option: Rs. 1, 95,000 Losses Rs. 1, 95,000 Profits Rs 1, 05,000 Profits Rs1, 05,000 Losses What is the proper order of the following steps in the ing process? I. Prepare and analyze the trial balance II. Record relevant transactions and events in a journal III. Analyze each transaction and event from source documents IV. Post journal information to ledger s Select correct option: III. IV. I. II. I. II. III. IV. III. II. IV. I. III. II. I. IV. Sales to Mr. “A” of Rs. 336 have been debited to Mr. “B” , this will be rectified by: Select correct option: Debiting Mr. A’s and crediting Mr. B’s Debiting Mr. B’s and crediting Mr. A’s Crediting both s Debiting both s Which of the following expenses are called financial expenses? Select correct option: Payment of rent & Salary expense Markup on loan& Bank Charges Interest & ment expense Wages and Depreciation expense

Cash and other resources that are expected to turn to cash or to be used up within one year of the balance sheet date are called: Select correct option: Current liability Current assets Fixed assets Long-term assets Money spent to acquire or upgrade physical assets is known as: Select correct option: Revenue Expense Capital Expense istrative Expense Operating Expense Which of the following might be a reason, when a Bank Statement show greater balance then Cash Book balance at the end of specified period? Select correct option: Unpresented cheques Unrecorded bank charges Uncredited cheques None of the given options Which of the following particular is NOT included in journal voucher? Select correct option: Name of organization Bank receipt number Debit amount Credit amount Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000 Select correct option: Rs. 35,000 Rs. 55,000 Rs. 1, 25,000 Rs. 1, 05,000

If, Cost of machine = Rs.400, 000 Useful life = 5 years Residual value = Rs.25, 000 Sale price = Rs.40, 000 Rate of depreciation = 40% What will be depreciation of machine after one years using diminishing balance method? Select correct option: Rs. 1, 60,000 Rs. 11,840 Rs. 34,560 Rs. 34,860 If, Cost of machine = Rs.400, 000 Useful life = 5 years Residual value = Rs.25, 000 Sale price = Rs.40, 000 Rate of depreciation = 40% What will be book value of machine after four years using straight line method? Select correct option: Rs.35, 000 Rs.40, 000 Rs.55, 000 Rs.75, 000 Amount generated from sales in a business is called: Select correct option: Income Net Income Gross Profit Operating profit ___________= Gross profit < Operating Expenses Select correct option: Net Profit Gross Profit Net Loss Gross Loss Which of the following is an example of operating expense? Select correct option: Purchasing operating equipment Purchasing cleaning services Purchasing an investment in another company Purchasing a computer for the ing office

Net profit = Gross profit - _________ Select correct option: Operating Expenses Product Cost Deferred Expenses Direct Cost which of the following statement/s closing stock is/are shown? Select correct option: Profit and loss Balance sheet Income statement All of the given options If Gross profit Rs.16,500 and Cost of goods sold Rs.183,500, what will be the amount of Net Sales? Select correct option: Rs. 183, 500 Rs. 167, 000 Rs. 200, 000 Rs. 230, 000 Cost of goods manufactured + opening finished goods – ending finished goods =? Select correct option: Total factory cost Cost of goods sold Prime cost Conversion cost

Goods sold to Mr. Salman for RS. 6,000 have been forgotten to enter in books of s, this is an example of: Select correct option: Error of Omission Error of Commission Error of Principle Error of Original entry

Which of the following balance is shown on credit side of Trial Balance? (It is assumed that all balances are shown on normal balance) Select correct option: Cash Furniture Vehicle Capital A debit balance in the Bank Statement indicates: Select correct option: Cash at bank Bank overdraft Overpayment to creditors Cash in hand Increase in an expense is recorded on the: Select correct option: Left or credit side of the Right or debit side of the Left or debit side of the Right or credit side of the Expense incurred for operating activities of the business in providing goods and services is known as: Select correct option: Revenue expense Capital expense Deferred expense Preliminary expense Which of the following is NOT considered a part of financial statements? Select correct option: General Journal Balance Sheet Profit and Loss None of the given options

-----------------------------------------------------------------Question # 1 of 20 ___________= Gross profit < Operating Expenses Select correct option: Net Profit Gross Profit Net Loss Gross Loss Question # 2 of 20 Which of the following is NOT correct? Select correct option: Decrease in Assets will be credit Decrease in Liabilities will be debit Decrease in Expenses will be debit Decrease in Revenue will be debit Question # 3 of 20 The basic ing principle/concept according to which business record must be kept separate from the personal records of the owner is known as: Select correct option: Going-concern concept Separate entity principle Realization principle Objectivity principle Question # 4 of 20 Which of the following is NOT considered a part of financial statements? Select correct option: General Journal Balance Sheet Profit and Loss None of the given options Question # 5 of 20 Which of the following entry will be recorded, when land is purchased for cash? Select correct option: Cash a/c debit, and Land a/c credit . Owner's Equity a/c debit, and Cash a/c credit. Land a/c debit, and Cash a/c credit. Land a/c debit, and s Payables a/c credit. Question # 6 of 20

Consider the following data: Particulars Rs. Assets 1,05,000 Owner's equity 70,000 Liabilities ? Select correct option: Rs. 35,000 Rs. 1, 75,000 Rs. 7, 35,000 Rs. 1, 05,000 Question # 7 of 20 __________ is the art of recording, classifying and summarizing the transactions and events of a business and interpreting the results thereof. Select correct option: Book-keeping ing Management Auditing Question # 8 of 20 Which of the following are recorded in Cash Book? Select correct option: Receipts and payments Profits and losses Assets and liabilities Capital and Expenditures Question # 9 of 20 Office salaries, advertising and sales commissions are the examples of: Select correct option: Financial Expenses Operating Expenses Marketing Expenses Direct Expenses Question # 10 of 20 Cash book is a part of _________ . Select correct option: Voucher General Journal General Ledger Trial Balance Question # 11 of 20 The investment of Rs. 10,000 made by the owner in business will have an effect on which of the following s?

Select correct option: Cash & Capital Cash & Expense Capital & Revenue Capital & Expense Question # 12 of 20 A Balance Sheet discloses the financial position of a firm: Select correct option: For a certain given period At a particular point of time After the fixed date None of the given options Question # 13 of 20 What will be debited, If Mr. “A” started business with Rs. 2, 00,000. Select correct option: Capital Cash Mr. A’s Business Question # 14 of 20 A business event which can be measured in of money and must be recorded in books of s is called: Select correct option: Condition Transaction Information Record Question # 15 of 20 Which one of the following will result in increase in revenues? Select correct option: Purchased fixed asset Received discount Payment to creditors Return of goods, sold on credit Question # 16 of 20 In which of the following all vouchers are first recorded___________. Select correct option: General Journal

General Ledger Balance Sheet Trial Balance Question # 17 of 20 Find out the missing value of an ing Equation with the help of given data: Furniture Rs. 90,000 Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 90, 000 Liaibilities ? Select correct option: Rs. 201,000 Rs. 111, 000 Rs. 290, 000 Rs. 291, 000 Question # 18 of 20 Find out the missing value of an ing Equation with the help of given data: Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 1, 000 Liabilities ? Select correct option: Rs. 12,000 Rs. 11,000 Rs. 110,000 Rs. 111,000 Question # 19 of 20 Outsider’s claim against the assets of the business is called: Select correct option: Capital Liability Expense Income Question # 20 of 20 Which of the following item is found in a Journal entry? (1) Date of each transaction (2) Rupee amount of each debit and credit (3) Explanation of each transaction Select correct option: 1 only 1 & 2 only 2 & 3 only 1, 2 & 3

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Question # 1 of 20 What will be debited, if business bought goods on credit from Mr. Ali? Select correct option: Purchases Mr. Ali Cash Sales Question # 2 of 20 Total assets - Total liabilities =? Select correct option: Owner’s Equity Expenses Retained earnings Net profit Question # 3 of 20 Any expense that gives benefit for a period of less than twelve months is called ________. Select correct option: Capital Expense Revenue Expense Revenue Receipt Deferred Expense Question # 4 of 20 What should be credited, if salary is paid to Sohail? Select correct option: Sohail Salaries Cash Drawings Question # 5 of 20 Net Profit = Income - _____________ Select correct option: Liabilities Assets Expenses Capital Question # 6 of 20 An ing system is used by a business to: Select correct option: Analyze transactions

Handle routine bookkeeping tasks Structure information All of the given options Question # 7 of 20 Find out the missing value of an ing Equation with the help of given data: Owner’s equity Rs. 22,500 Total Liabilities Rs. 80, 385 Cash Rs. 1,000 Bank Rs. 2,000 Debtors Rs. 500 Select correct option: Rs. 102,885 other assets Rs. 102,885 current liabilities Rs. 99,885 current liabilities Rs. 99,385 other assets Question # 8 of 20 Which of the following summarizes the profitability of business for a specific ing period? Select correct option: Profit & Loss Cash flow statement Receipt & Payment Balance Sheet Question # 9 of 20 What will be debited, if Mohsin commenced business with cash? Select correct option: Cash Capital Drawings Proprietor Question # 10 of 20 When total liabilities are subtracted from total assets the remaining amount is known as: Select correct option: Equity or net assets Net income or net loss Total expenses Total revenue Question # 11 of 20 While making Profit & Loss , Excess of expenses over income in a specified ing period is called: Select correct option: Profit

Loss Surplus Deficit Question # 12 of 20 In which of the following all vouchers are first recorded___________. Select correct option: General Journal General Ledger Balance Sheet Trial Balance Question # 13 of 20 What should be credited, if rent paid in cash? Select correct option: Landlord’s Rent Cash s receivable Question # 14 of 20 What will be debited, If Mr. “A” started business with Rs. 2, 00,000. Select correct option: Capital Cash Mr. A’s Business Question # 15 of 20 The term "Debit" is drived from______________ language. Select correct option: Latin English French Chinese Question # 16 of 20 A business event which can be measured in of money and must be recorded in books of s is called: Select correct option: Condition Transaction

Information Record Question # 17 of 20 Which of the following entry will be recorded, when land is purchased for cash? Select correct option: Cash a/c debit, and Land a/c credit . Owner's Equity a/c debit, and Cash a/c credit. Land a/c debit, and Cash a/c credit. Land a/c debit, and s Payables a/c credit. Question # 18 of 20 Which of the following expenses are called financial expenses? Select correct option: Payment of rent & Salary expense Markup on loan& Bank Charges Interest & ment expense Wages and Depreciation expense Question # 19 of 20 A Balance Sheet discloses the financial position of a firm: Select correct option: For a certain given period At a particular point of time After the fixed date None of the given options Question # 20 of 20 What is the next step to Journalizing in ing cycle? Select correct option: Recording Posting Balancing Analyzing

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MGT101 - Financial ing (Online quiz # 1) 1

(1)Find out the missing value of an ing Equation with the help of given data: Owner’s equity Rs. 22,500 Total LiabilitiesRs. 80, 385 Cash Rs. 1,000 Bank Rs. 2,000 Debtors Rs. 500 Rs. 102,885 other assets Rs. 102,885 current liabilities Rs. 99,885 current liabilities Rs. 99,385 other assets (2)What is the next step to Journalizing in ing cycle? Recording Posting Balancing Analyzing (3)Which of the following is NOT a characteristic of t Stock Company? Separate Legal Entity Limited Liability of shareholders Easy formation Common Seal (4)Which one of the following is NOT a feature of sole proprietorship business. Easy Formation Easy Dissolution Unlimited Liability Separate Legal Entity (5)Which of the following is NOT considered a part of financial statements? General Journal Balance Sheet Profit and Loss None of the given options (6)Outsider’s claim against the assets of the business is called Capital Liability Expense Income (7)An expenditure whose benefit is finished or enjoyed immediately is called: Expense

Liability Cost Income (8)Increase in an expense is recorded on the: left or credit side of the Right or debit side of the Left or debit side of the Right or credit side of the (9)Which of the following is Not a part of General Ledger? Activity Book Purchase Return Book Purchase Book Sales Book (10)What will be debited, If Mr. “A” started business with Rs. 2, 00,000. Capital Cash Mr. A’s Business (11)What will be debited, if Mohsin commenced business with cash? Cash Capital Drawings Proprietor (12)Cash book is a part of _________ . Voucher General Journal General Ledger Trial Balance (13)When income is reduced or decreased, that amount is recorded on: Right or debit side of the Left or debit side of the Left or credit side of the Right or credit side of the (14)What will be debited, if business sold goods for Rs.10, 000 on credit? Cash

Sales s receivable Purchases (!5)A company’s merchandise, raw materials, and finished and unfinished products which have not yet been sold are known as: Sales Purchases Inventory Work in process (16)What is nature of Capital ? Debit Credit Expenses Loss (17)The basic ing principle/concept according to which business record must be kept separate from the personal records of the owner is known as: Going-concern concept Separate entity principle Realization principle Objectivity principle (18)Which of the following is NOT correct? Decrease in Assets will be credit Decrease in Liabilities will be debit Decrease in Expenses will be credit Decrease in Revenue will be credit

(!9)Find out the missing value of an ing Equation with the help of given data: Cash Rs. 22,500 Debtors Rs. 500 Total Assets Rs. 80, 385 s payable Rs. 1,000 Total liabilities Rs. 20,000 Rs. 60,385 owner’s equity Rs. 61,385 owner’s equity Rs. 99,885 owner’s equity Rs. 99,385 owner’s equity ---------------------------------------------------------------------------------

Find out the missing value of an ing Equation with the help of given data: Total Assets Rs. 34,500 s payable Rs. 1, 000 Other liabilities Rs. 11,500 Owner’s equity ? Select correct option: Rs. 22,000 Rs.24, 000 Rs. 45,000 Rs. 46,000

Consider the following data: Particulars Rs. Assets 99,500 Owner's equity 50,500 Liabilities ? Select correct option: Rs. 49,000 Rs. 55,000 Rs. 125,000 Rs. 115,700

Consider the following data: Particulars Rs. Assets 1,05,000 Owner's equity 70,000 Liabilities ? Select correct option: Rs. 35,000 Rs. 1, 75,000 Rs. 7, 35,000 Rs. 1, 05,000 Which of the following is NOT correct? Select correct option: Decrease in Assets will be debit Decrease in Liabilities will be debit Decrease in Expenses will be credit Decrease in Revenue will be debit Which of the following is NOT considered a part of financial statements? Select correct option: General Journal Balance Sheet Profit and Loss None of the given options

Which one of the following will result in increase in revenues? Select correct option:

Purchased fixed asset Received discount Payment to creditors Return of goods, sold on credit The basic ing principle/concept according to which business record must be kept separate from the personal records of the owner is known as: Select correct option: Going-concern concept Separate entity principle Realization principle Objectivity principle

In an if debit side > credit side, the balance is known as the: Select correct option: Negative Balance Debit balance Positive Balance Credit balance Find out the missing value of an ing Equation with the help of given data: Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 1, 000 Liabilities ? Select correct option: Rs. 12,000 Rs. 11,000 Rs. 110,000 Rs. 111,000 Find out the missing value of an ing Equation with the help of given data: Owner’s equity Rs. 22,500 Total Liabilities Rs. 80, 385 Cash Rs. 1,000 Bank Rs. 2,000 Debtors Rs. 500 Select correct option: Rs. 102,885 other assets Rs. 102,885 current liabilities Rs. 99,885 current liabilities Rs. 99,385 other assets

If Gross profit Rs.16,500 and Cost of goods sold Rs.183,500, what will be the amount of Net Sales? Select correct option: Rs. 183, 500 Rs. 167, 000

Rs. 200, 000 Rs. 230, 000 Which of the following is NOT correct? Select correct option: Decrease in Assets will be credit Decrease in Liabilities will be credit Decrease in Expenses will be credit Decrease in Revenue will be debit Debit signifies: Select correct option: Increase in Asset Decrease in liability Decrease in capital All of the given options When total liabilities are subtracted from total assets the remaining amount is known as: Select correct option: Equity or net assets Net income or net loss Total expenses Total revenue

Find out the missing value of an ing Equation with the help of given data: Cash Rs. 22,500 Debtors Rs. 500 Total Assets Rs. 80, 385 s payable Rs. 1,000 Total liabilities Rs. 20,000 Select correct option: Rs. 60,385 owner’s equity Rs. 61,385 owner’s equity Rs. 99,885 owner’s equity Rs. 99,385 owner’s equity

Which one of the following cannot be classified as Revenue Income? Select correct option: Goods sold for cash Goods sold on credit Income from the sale of services Income from the sale of fixed assets

What will be debited, If Mr. “A” started business with Rs. 2, 00,000. Select correct option: Capital Cash Mr. A’s Business If Salaries Rs. 12, 000, Rent Rs. 5,000, Gross profit Rs. 58,000 and Discount received Rs. 10, 000. What will be the amount of Net Profit? Select correct option: Rs. 41,000 Rs. 51,000 Rs. 61,000 Rs. 65,000 Which of the following is / are the particular/s of a cash book? (1) Date of transaction (2) title (3) Amount Select correct option: 1 only 1 & 2 only 1 & 3 only 1, 2 & 3 Question # 1 of 20 Find out the missing value of an ing Equation with the help of given data: Furniture Rs. 90,000 Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 90, 000 Liabilities? Select correct option: Rs. 201,000 Rs. 111, 000 Rs. 290, 000 Rs. 291, 000 Question # 3 of 20 Which of the following is NOT a characteristic of t Stock Company? Select correct option: Separate Legal Entity Limited Liability of shareholders Easy formation Common Seal Question # 4 of 20 Any expense that gives benefit for a period of less than twelve months is called ________. Select correct option: Capital Expense

Revenue Expense Revenue Receipt Deferred Expense Question # 5 of 20 The process of transferring journal entry information to the ledger is called: Select correct option: Journalizing Posting Balancing Analyzing Question # 6 of 20 Total assets - Total liabilities =? Select correct option: Owner’s Equity Expenses Retained earnings Retained earnings Question # 8 of 20 Debit signifies: Select correct option: Increase in Asset Decrease in liability Decrease in capital All of the given options Question # 9 of 20 The term "Debit" is drived from______________ language. Select correct option: Latin English French Chinese Question # 10 of 20 A book that keeps separate record for each is known as: Select correct option: Trial Balance Voucher General Journal General Ledger

Question # 11 of 20 Which one of the following is called the book of primary Entry? Select correct option: General Journal General Ledger Trial Balance Profit and loss Question # 12 of 20 In an if credit side > debit side, the balance is known as: Select correct option: Negative Balance Debit Balance Credit Balance Positive Balance Question # 13 of 20 Normally single entry book keeping is followed by the: Select correct option: Small businesses only Governments only Large scale businesses only Both Small businesses and Governments Question # 14 of 20 What will be debited, if business sold goods for Rs.10, 000 on credit? Select correct option: Cash Sales s receivable Purchases Question # 15 of 20 An expenditure whose benefit is finished or enjoyed immediately is called: Select correct option: Expense Liability Cost Income Question # 16 of 20 What should be debited, if Sales made to Mahmood for cash? Select correct option: Cash

Mahood Sales Purchases Question # 17 of 20 Which of the following is NOT a characteristic of Journal? Select correct option: Transactions are recorded in chronological order Transaction is first recorded in Journal from Voucher It is also called “The original book of entry” None of the given options Question # 18 of 20 Consider the following data: Particulars Rs. Assets 1,05,000 Owner's equity 70,000 Liabilities ? Select correct option: Rs. 35,000 Rs. 1, 75,000 Rs. 7, 35,000 Rs. 1, 05,000 Question # 4 of 20 Which of the following is/are the example/s of Intangible Asset? Select correct option: Copy rights Good will Patent rights All of the given options

Question # 7 of 20 Assets are divided in which of the following categories in balance sheet. Select correct option: Current assets, Long term assets and capital assets Current assets, Long term assets and fixed assets Current assets, Quick assets and business debts Current assets, Fixed assets and deferred cost Question # 8 of 20 Find out the missing value of an ing Equation with the help of given data: Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 1, 000 Liabilities ?

Select correct option: Rs. 12,000 Rs. 11,000 Rs. 110,000 Rs. 111,000 Question # 9 of 20 What will be debited, if business purchased Vehicle on cash? Select correct option: Vehicle Cash Business Bank Question # 10 of 20 Franchise rights, goodwill and patents are the examples of: Select correct option: Liquid assets Tangible assets Intangible assets Current assets

Question # 19 of 20 The process of transferring journal entry information to the ledger is called: Select correct option: Journalizing Posting Balancing Analyzing Question # 20 of 20 Which of the following is NOT correct? Select correct option: Decrease in Assets will be credit Decrease in Liabilities will be credit Decrease in Expenses will be credit Decrease in Revenue will be debit

Question # 1 of 20 While making Profit & Loss , Excess of expenses over income in a specified ing period is called: Select correct option:

Profit Loss Surplus Deficit Question # 2 of 20 An ing system is used by a business to: Select correct option: Analyze transactions Handle routine bookkeeping tasks Structure information All of the given options Question # 3 of 20 Which of the following is NOT a characteristic of t Stock Company? Select correct option: Separate Legal Entity Limited Liability of shareholders Easy formation Common Seal Question # 4 of 20 What should be debited, if Sales made to Mahmood for cash? Select correct option: Cash Mahood Sales Purchases Question # 5 of 20 Consider the following data: Particulars Rs. Assets 99,500 Owner's equity 50,500 Liabilities ? Select correct option: Rs. 49,000 Rs. 55,000 Rs. 125,000 Rs. 115,700 Question # 6 of 20 When income is reduced or decreased, that amount is recorded on: Select correct option: Right or debit side of the Left or debit side of the Left or credit side of the

Right or credit side of the ccount Question # 7 of 20 Which of the following expenses are called financial expenses? Select correct option: Payment of rent & Salary expense Markup on loan& Bank Charges Interest & ment expense Wages and Depreciation expense Question # 8 of 20 An expenditure whose benefit is finished or enjoyed immediately is called: Select correct option: Expense Liability Cost Income Question # 9 of 20 In which of the following all vouchers are first recorded___________. Select correct option: General Journal General Ledger Balance Sheet Trial Balance Question # 10 of 20 The main purpose of ___________ is to ascertain true result of the business operation during particular period of time. Select correct option: Cost ing Financial ing Managerial ing Tax ing Question # 11 of 20 Find out the missing value of an ing Equation with the help of given data: Bank Rs. 22,500 Other assets Rs. 1,000 Creditors Rs. 8, 385 Other liabilities Rs. 9,000 Owner’s equity ? Select correct option: Rs. 6,115 Rs. 31,885 Rs. 17,385 Rs. 14,115 Question # 12 of 20 Office salaries, advertising and sales commissions are the examples of:

Select correct option: Financial Expenses Operating Expenses Marketing Expenses Direct Expenses Question # 13 of 20 What will be debited, if business purchased Vehicle on cash? Select correct option: Vehicle Cash Business Bank Question # 14 of 20 Which of the following is the example of current liability? Select correct option: Notes payable Notes receivable s receivable Prepaid expenses Question # 15 of 20 What should be credited, if rent paid in cash? Select correct option: Landlord’s Rent Cash s receivable Question # 16 of 20 Cash book is a part of _________ . Select correct option: Voucher General Journal General Ledger Trial Balance Question # 17 of 20 A book that keeps separate record for each is known as: Select correct option: Trial Balance Voucher

General Journal General Ledger Question # 18 of 20 Which of the following item is found in a Journal entry? (1) Date of each transaction (2) Rupee amount of each debit and credit (3) Explanation of each transaction Select correct option: 1 only 1 & 2 only 2 & 3 only 1, 2 & 3 Question # 19 of 20 Find out the missing value of an ing Equation with the help of given data: Owner’s equity Rs. 22,500 Total Liabilities Rs. 80, 385 Cash Rs. 1,000 Bank Rs. 2,000 Debtors Rs. 500 Select correct option: Rs. 102,885 other assets Rs. 102,885 current liabilities Rs. 99,885 current liabilities Rs. 99,385 other assets Question # 20 of 20 If Gross profit Rs.16,500 and Cost of goods sold Rs.183,500, what will be the amount of Net Sales? Select correct option:

----------------------------------------------------------------------------------Question # 1 of 20 What should be credited, if salary is paid to Sohail? Sohail Salaries Cash Drawings Question # 2 of 20 Which of the following is NOT correct? Decrease in Assets will be credit Decrease in Liabilities will be debit Decrease in Expenses will be debit Decrease in Revenue will be debit Question # 4 of 20 Which of the following is/are the example/s of Intangible Asset? Copy rights Good will Patent rights

All of the given options Question # 5 of 20 Which of the following is a FIRST product of ing cycle? Select correct option: Voucher General Journal General Ledger Financial Statements Question # 6 of 20 What will be debited, if Mohsin commenced business with cash? Cash Capital Drawings Proprietor Question # 7 of 20 Assets are divided in which of the following categories in balance sheet. Current assets, Long term assets and capital assets Current assets, Long term assets and fixed assets Current assets, Quick assets and business debts Current assets, Fixed assets and deferred cost Question # 8 of 20 Find out the missing value of an ing Equation with the help of given data: Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owners equity Rs. 1, 000 Liabilities ? Rs. 12,000 Rs. 11,000 Rs. 110,000 Rs. 111,000 Question # 9 of 20 What will be debited, if business purchased Vehicle on cash? Vehicle Cash Business Bank Question # 10 of 20 Franchise rights, goodwill and patents are the examples of:

Liquid assets Tangible assets Intangible assets Current assets Question # 11 of 20 Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000 Rs. 35,000 Rs. 55,000 Rs. 1, 25,000 Rs. 1, 05,000 Question # 12 of 20 What should be credited, if rent paid in cash? Landlords Rent Cash s receivable Question # 13 of 20 Consider the following data: Particulars Rs. Assets 75,500 Owner's equity ? Liabilities 40,200 Rs. 35,300 Rs. 55,000 Rs. 125,000 Rs. 115,700 Question # 14 of 20 Find out the missing value of an ing Equation with the help of given data: Total Assets Rs. 34,500 spayable Rs. 1, 000 Other liabilities Rs. 11,500 Owners equity ? Rs. 22,000 Rs.24, 000 Rs. 45,000 Rs. 46,000 Question # 15 of 20 Which of the following item is found in a Journal entry? (1) Date of each transaction (2) Rupee amount of each debit and credit (3) Explanation of each transaction 1 only 1 & 2 only

2 & 3 only 1, 2 & 3 Question # 16 of 20 Which one of the following will result in increase in revenues? Purchased fixed asset Received discount Payment to creditors Return of goods, sold on credit Question # 17 of 20 Amount generated from sales in a business is called: Select correct option: Income Net Income Gross Profit Operating profit Question # 18 of 20 The expenses which are NOT paid out of Gross Profit is classified as: Direct Expenses General Expenses Financial Expenses Selling Expenses Question # 19 of 20 The process of transferring journal entry information to the ledger is called: Journalizing Posting Balancing Analyzing Question # 20 of 20 Which of the following is NOT correct? Decrease in Assets will be credit Decrease in Liabilities will be credit Decrease in Expenses will be credit Decrease in Revenue will be debit -----------------------------------------

MGT101 - Financial ing MCQ2 (Online quiz # 1)

Find out the missing value of an ing Equation with the help of given data: Furniture Rs. 90,000 Cash Rs.100, 000 DebtorsRs.10, 000 Other Assets Rs. 1,000 Owners equity Rs. 90, 000 Liabilities? Select correct option: Rs. 201,000 Rs. 111, 000 Rs. 290, 000 Rs. 291, 000 The expenses which are NOT paid out of Gross Profit is classified as: Select correct option Direct Expenses General Expenses Financial Expenses Selling Expenses Question #��3��of 20 Which of the following is NOT a characteristic of t Stock Company? Select correct option: Separate Legal Entity Limited Liability of shareholders Easy formation Common Seal �� Question #��4��of 20 Any expense that gives benefit for a period of less than twelve months is called ________. Select correct option: Capital Expense Revenue Expense Revenue Receipt Deferred Expense �� Question #��5��of 20

The process of transferring journal entry information to the ledger is called: Select correct option: Journalizing Posting Balancing Analyzing Question #��6��of 20 Total assets - Total liabilities =? Select correct option: Owner��s Equity Expenses Retained earnings Retained earnings �� Question #��7��of 20 Net profit = Gross profit - _________ Select correct option: Operating Expenses Product Cost Deferred Expenses Direct Cost �� Question #��8��of 20 Debit signifies: Select correct option: Increase in Asset Decrease in liability Decrease in capital All of the given options �� Question #��9��of 20 The term "Debit" is drived from______________ language. Select correct option: Latin English French Chinese

Question #��10��of 20 A book that keeps separate record for each is known as: Select correct option: Trial Balance Voucher General Journal General Ledger �� Question #��11��of 20 Which one of the following is called the book of primary Entry? Select correct option: General Journal General Ledger Trial Balance Profit and loss �� Question #��12��of 20 In an if credit side > debit side, the balance is known as: Select correct option: Negative Balance Debit Balance Credit Balance Positive Balance Question # 13 of 20 Normally single entry book keeping is followed by the: Select correct option: Small businesses only Governments only Large scale businesses only Both Small businesses and Governments �� Question # 14 of 20 What will be debited, if business sold goods for Rs.10, 000 on credit? Select correct option: Cash Sales s receivable Purchases

�� Question # 15 of 20 An expenditure whose benefit is finished or enjoyed immediately is called: Select correct option: Expense Liability Cost Income What should be debited, if Sales made to Mahmood for cash? Select correct option: Cash Mahood Sales Purchases

Which of the following is NOT a characteristic of Journal? Select correct option: Transactions are recorded in chronological order Transaction is first recorded in Journal from Voucher It is also called "The original book of entry" None of the given options

Consider the following data: Particulars Rs. Assets 1,05,000 Owner's equity 70,000 Liabilities ? Select correct option: Rs. 35,000 Rs. 1, 75,000 Rs. 7, 35,000 Rs. 1, 05,000

Which of the following is Not a part of General Ledger? Select correct option:

Activity Book Purchase Return Book Purchase Book Sales Book

What will be debited, if business bought goods on credit from Mr. Ali? Select correct option: Purchases Mr. Ali Cash Sales