MGT101 Quiz Nov 2010

Question # 1 of 15 ( Start time: 03:32:40 PM ) Total Marks: 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 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 # 3 of 15 ( Start time: 03:34:19 PM ) Total Marks: 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 Marks: 1
Increase in an expense is recorded on the:
Select correct option:

Left or credit side of the account
Right or debit side of the account
Left or debit side of the account
Right or credit side of the account

Question # 5 of 15 ( Start time: 03:35:53 PM ) Total Marks: 1
What is the nature of a revenue account?
Select correct option:

Asset
Debit
Credit
Expense

Question # 6 of 15 ( Start time: 03:37:12 PM ) Total Marks: 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 Marks: 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 Marks: 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 Marks: 1
What should be debited, if Sales made to Mahmood for cash?
Select correct option:

Cash account
Mahood account
Sales account
Purchases account

Question # 10 of 15 ( Start time: 03:39:14 PM ) Total Marks: 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 Marks: 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 Marks: 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 Marks: 1
Which of the following is the example of current liability?
Select correct option:

Notes payable
Notes receivable
Accounts receivable
Prepaid expenses

Question # 14 of 15 ( Start time: 03:41:33 PM ) Total Marks: 1
Find out the missing value of an Accounting 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 Marks: 1
Net Profit = Income - _____________
Select correct option:

Liabilities
Assets
Expenses
Capital


Question # 1 of 15 ( Start time: 03:43:53 PM ) Total Marks: 1
Find out the missing value of an Accounting 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 Marks: 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 Marks: 1
Which of the following is the example of current liability?
Select correct option:

Notes payable
Notes receivable
Accounts receivable
Prepaid expenses

Question # 4 of 15 ( Start time: 03:46:07 PM ) Total Marks: 1
What will be debited, if business purchased Vehicle on cash?
Select correct option:

Vehicle account
Cash account
Business account
Bank account

Question # 5 of 15 ( Start time: 03:46:33 PM ) Total Marks: 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 account

Question # 6 of 15 ( Start time: 03:47:39 PM ) Total Marks: 1
Debit signifies:
Select correct option:

Increase in Asset account
Decrease in liability account
Decrease in capital account
All of the given options

Question # 7 of 15 ( Start time: 03:48:50 PM ) Total Marks: 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 Marks: 1
In which of the following statement/s closing stock is/are shown?
Select correct option:

Profit and loss account
Balance sheet
Income statement
All of the given options

Question # 9 of 15 ( Start time: 03:49:38 PM ) Total Marks: 1
The main purpose of ___________ is to ascertain true result of the business operation during particular period of time.
Select correct option:

Cost Accounting
Financial Accounting
Managerial Accounting
Tax Accounting

Question # 10 of 15 ( Start time: 03:49:56 PM ) Total Marks: 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 Marks: 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 Marks: 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 Marks: 1
In case of Income and Expenditure account, Excess of income over expenses in a specified accounting period is called:
Select correct option:

Profit
Loss
Surplus
Deficit

Question # 14 of 15 ( Start time: 03:53:28 PM ) Total Marks: 1
Find out the missing value of an Accounting Equation with the help of given data: Cash Rs. 22,500 Debtors Rs. 500 Total Assets Rs. 80, 385 Accounts 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

Question # 15 of 15 ( Start time: 03:54:55 PM ) Total Marks: 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