MGT101 Quiz

Quiz Start Time: 04:55 PM Time Left 75

Question # 1 of 20 ( Start time: 04:55:13 PM ) Total Marks: 1

Particulars Opening written down value of machine Rs. 2,00,000 Cost of new machine purchased during the year Rs. 50,000 Depreciation during the year Rs. 25,000 Closing written down value (WDV) of machines ?

Select correct option:

Rs. 2, 25,000

Rs. 2, 50,000

Rs. 2, 75,000

Question # 2 of 20 ( Start time: 04:56:48 PM ) Total Marks: 1

In an account if credit side > debit side, the balance is known as:

Select correct option:

Negative Balance

Debit Balance

Credit Balance

Positive Balance

Question # 3 of 20 ( Start time: 04:58:08 PM ) Total Marks: 1

In which of the following Gross Profit is calculated?

Select correct option:

Balance Sheet

Trading Account

Appropriation Account

Receipt and Payment Account



Question # 4 of 20 ( Start time: 04:58:50 PM ) Total Marks: 1

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

Quiz Start Time: 04:55 PM Time Left 84 sec(s)

Question # 5 of 20 ( Start time: 04:59:38 PM ) Total Marks: 1

Which of the following expenses are called financial expenses?

Select correct option:

Payment of rent & Salary expense

Markup on loan& Bank Charges

Interest & advertisement expense

Wages and Depreciation expense

Question # 6 of 20 ( Start time: 05:00:18 PM ) Total Marks: 1

Find out the missing value of an Accounting Equation with the help of given data: Total Assets Rs. 34,500 Accounts 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

Question # 7 of 20 ( Start time: 05:01:32 PM ) Total Marks: 1

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 the amount of depreciation charged on 3rd year using straight line method?

Select correct option:



Rs. 35,000

Rs. 57,600

Rs. 75,000

Rs. 96,000

Question # 8 of 20 ( Start time: 05:03:06 PM ) Total Marks: 1

The amount by which the seller agrees to reduce his or her price to the customer is called:

Select correct option:

Income

Discount Allowed

Discount Received

Liability

Question # 9 of 20 ( Start time: 05:03:50 PM ) Total Marks: 1

A sale of typewriter that has been used in the office should be credited to:

Select correct option:

Cash Account

Sales Account

Purchase Account

Office Equipment Account

Question # 10 of 20 ( Start time: 05:04:51 PM ) Total Marks: 1

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

Question # 11 of 20 ( Start time: 05:06:10 PM ) Total Marks: 1

__________ 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

Accounting

Management

Auditing

Question # 12 of 20 ( Start time: 05:07:25 PM ) Total Marks: 1

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 # 13 of 20 ( Start time: 05:08:03 PM ) Total Marks: 1

What will be debited, if business sold goods for Rs.10, 000 on credit?

Select correct option:



Cash account

Sales account

Accounts receivable account



Question # 14 of 20 ( Start time: 05:09:09 PM ) Total Marks: 1

Which of the following is the example of Current Assert?

Select correct option:



Land

Building

Stock

Capital

Question # 15 of 20 ( Start time: 05:09:52 PM ) Total Marks: 1

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

Question # 16 of 20 ( Start time: 05:10:59 PM ) Total Marks: 1

An amount of Rs. 200 received from Mr. "P" but credited to Mr. "Q" would affect:

Select correct option:

Accounts of P & Q

Only Cash Account

Only P’s account

Only Q’s account

Question # 17 of 20 ( Start time: 05:11:55 PM ) Total Marks: 1

Which of the following is Not a part of General Ledger?

Select correct option:

Activity Book

Purchase Return Book

Purchase Book

Sales Book

Question # 18 of 20 ( Start time: 05:12:57 PM ) Total Marks: 1

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

Question # 19 of 20 ( Start time: 05:14:02 PM ) Total Marks: 1

The goal of reconciliation is all of the flowing EXCEPT:

Select correct option:

To discover the various things the bank has not done in the pass book but recorded in cash book

To discover anything that bank has passed through but the cash book has not

To put right anything that is wrong & draws an explanation for the differences

To discover any discrepancy that is due to timing rather than error

Question # 20 of 20 ( Start time: 05:15:12 PM ) Total Marks: 1

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

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