MGT101 Quiz # 3

Question # 1 of 15 ( Start time: 04:51:14 PM ) Total Marks: 1 Expenditure incurred in acquiring the patent right for the business is an example of: Select correct option: Revenue expenditure Capital expenditure Deferred revenue expenditure Administrative expenditure

Question # 2 of 15 ( Start time: 04:51:59 PM ) Total Marks: 1 Which of the following would NOT be considered as a component of 'cost' of stock? Select correct option: Salaries of selling staff Transportation inward costs Import duties Purchase price

Question # 3 of 15 ( Start time: 04:52:20 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 # 4 of 15 ( Start time: 04:52:52 PM ) Total Marks: 1 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 # 5 of 15 ( Start time: 04:53:16 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 # 6 of 15 ( Start time: 04:53:37 PM ) Total Marks: 1 What is the next step to Journalizing in Accounting cycle? Select correct option: Recording Posting Balancing Analyzing

Question # 7 of 15 ( Start time: 04:55:05 PM ) Total Marks: 1 Assets are normally listed on the balance sheet in the order of: Select correct option: Purchase date Maturity Liquidity Cost of asset

Question # 8 of 15 ( Start time: 04:56:10 PM ) Total Marks: 1 In balance sheet fixed assets are shown at: Select correct option: Written down value (WDV) Cost price Market value Fair value

Question # 9 of 15 ( Start time: 04:56:59 PM ) Total Marks: 1 A business event which can be measured in terms of money and must be recorded in books of accounts is called: Select correct option: Condition Transaction Information Record

Question # 10 of 15 ( Start time: 04:57:27 PM ) Total Marks: 1 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

Question # 11 of 15 ( Start time: 04:58:21 PM ) Total Marks: 1 Consider the following data and identify the amount which will be shown in profit & loss account. Particulars Rs. Bad debts 3,600 Provision for doubtful debts (old) 6,000 Current year’s provision (new) 1,500 Select correct option: Rs. (900) Rs. 900 Rs. (5,100) Rs. 5,100

Question # 12 of 15 ( Start time: 04:59:29 PM ) Total Marks: 1 Which of the following is NOT a characteristic of Joint Stock Company? Select correct option: Separate Legal Entity Limited Liability of shareholders Easy formation Common Seal

Question # 13 of 15 ( Start time: 05:00:10 PM ) Total Marks: 1 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

Question # 14 of 15 ( Start time: 05:00:32 PM ) Total Marks: 1 General reserves are shown in: Select correct option: Profit & loss account Balance sheet Cash flow statement Bank Statement

Question # 15 of 15 ( Start time: 05:01:04 PM ) Total Marks: 1 Which of the following assets are shown at written down value in balance sheet? Select correct option: Current assets Liquid assets Floating assets Fixed assets