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 MGT101 QUIZ

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Location : islamabad

PostSubject: MGT101 QUIZ   Thu May 20, 2010 6:47 am

Question
No: 1 ( Marks: 1 ) - Please choose one




We can say that the
business is in profit, when:



► Assets exceed Expenditure


► Assets exceed Liabilities



Income exceeds Expenditure


► Income exceeds Liabilities







Question
No: 2 ( Marks: 1 ) - Please choose one




Cost incurred for the
maintenance of shop is considered as _________.




► Deferred expense




► Capital expense




Revenue
expense




► Preliminary expense







Question
No: 3 ( Marks: 1 ) - Please choose one




If a business
purchases machinery for Rs. 30,000 on 31st January 2008 having life of 10 years, this expense
will be realized ___________ under the concept of accrual accounting.




► For the year 2008 only




► For the last day of 10
th year only



► Over 10 years




Nothing
can be said about it







Question
No: 4 ( Marks: 1 ) - Please choose one




Word “Credit” is
derived from ______ language.




Latin




► English




► French




► Chinese







Question
No: 5 ( Marks: 1 ) - Please choose one



According to the double
entry system of accounting, an account that obtains benefit is:




Debit




► Credit




► Income




► No need to show as accounting record







Question
No: 6 ( Marks: 1 ) - Please choose one




An Asset that is NOT physical in nature
is called _________.



Intangible
Asset




► Liquid Asset




► Current Asset




► Fixed Asset







Question
No: 7 ( Marks: 1 ) - Please choose one




What would be the
affect on the components of the accounting equation, if goods are purchased on
cash?



► Increase in cash and decrease in
equity




► Increase in cash and increase in goods





Increase in goods and decrease in cash




► Increase in equipment and increase in equity







Question
No: 8 ( Marks: 1 ) - Please choose one




Which of the following
is
CORRECT about the flow of
recording a transaction?




Occurrence of event – voucher—Journal—Ledger—Trial Balance—profit and loss
account—Balance Sheet



► Occurrence of event—Journal – voucher —Ledger—Trial Balance—profit and
loss account—Balance Sheet



► Occurrence of event—Ledger – voucher—Journal—Trial Balance—profit and
loss account—Balance Sheet



► Occurrence of event—Trial Balance – voucher—Journal—Ledger—profit and
loss account—Balance Sheet






Question
No: 9 ( Marks: 1 ) - Please choose one




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




► Negative Balance




► Debit Balance




► Positive Balance




Credit
Balance








Question
No: 10 ( Marks: 1 ) - Please choose one




Bank book is part of:



► Voucher



► General Journal




General
Ledger




► Trial Balance







Question
No: 11 ( Marks: 1 ) - Please choose one



While making Income
& Expenditure account, Excess of income over expenses in a specified
accounting period is called:




Profit




► Loss




► Surplus




► Deficit







Question
No: 12 ( Marks: 1 ) - Please choose one




Gross Profit >
Operating Expenses=?



Net
Profit




► Cost of Goods Sold




► Net Loss




► Gross Loss







Question
No: 13 ( Marks: 1 ) - Please choose one




Accrued expenses are the example of:



Current liabilities



Long term liabilities



Deferred costs




Capital expenses







Question
No: 14 ( Marks: 1 ) - Please choose one




The favorable balance
of Profit and Loss account should be:




► Added in liabilities




► Subtracted from current assets




► Subtracted from liabilities




Added
in capital








Question
No: 15 ( Marks: 1 ) - Please choose one




Which of the
following account balance will be shown on debit side of Trial Balance? (It is
assumed that all account balances are shown on normal balance).



► Capital account



► Sundry creditors account




► Accounts payable account



Cash
account
Question No: 1 ( Marks: 1 )
- Please choose one



Cost incurred for the maintenance of shop is considered as
_________.


► Deferred expense

► Capital expense

► Revenue expense


► Preliminary expense

Question No: 2 ( Marks: 1 )
- Please choose one



Double entry accounting system includes:

► Accrual accounting only

► Cash accounting only

Both cash and accrual
accounting


► None of the given options

Question No: 3 ( Marks: 1 )
- Please choose one




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



Fluctuation



► None
of the given options


Question No: 4 ( Marks: 1 )
- Please choose one



Under the reducing balance method of depreciation:

► Amount of
depreciation increases every year


► Amount of depreciation
remains constant for every year


► Amount of depreciation
decreases every year


► None of the given options

Question No: 5 ( Marks: 1 )
- Please choose one



Consider
the following:



Beginning inventory
10 units @ Rs. 10 per unit
First purchase
35 units @ Rs. 11 per unit
Second purchase
40 units @ Rs. 12 per unit
Third purchase
20 units @ Rs. 13 per unit



Eighty units were sold, what is the value of the ending
inventory using the FIFO method of inventory costing?


► Rs.260

► Rs.232

► Rs.284

► Rs.320


Question No: 6 ( Marks: 1 )
- Please choose one





[You must be registered and logged in to see this image.] Cost of asset

Rs. 1,00,000
Life of asset

5 years
Depreciation for each year

Rs. 5,000
Sale price after 5 years

Rs.50,000
Profit or Loss

?




► Rs.25, 000


► Rs. 75,000

► Rs. 15,000

► Rs. 1, 00,000

Question No: 7 ( Marks: 1 )
- Please choose one



In accounting accumulated depreciation is:

► Treated as a reserve

► Treated as a contra asset

► Treated as a surplus

► Treated as an expense


Question No: 8 ( Marks: 1 )
- Please choose one



Cash book is a part of:

► Voucher

► General Journal

► General Ledger


► Trial Balance


Question No: 9 ( Marks: 1 )
- Please choose one


Which of the following organization converts raw material into
finished goods?


► Trading concern


► Manufacturing concern




Merchandising concern




Service concern


Question No: 10 ( Marks: 1 )
- Please choose one



Which of the following account will be credited, if business
purchased a vehicle on cash?


► Vehicle account

► Cash account


► Business account

► Bank account

Question No: 11 ( Marks: 1 )
- Please choose one



Which of the following essentials are shown in Bank Book?

(1) Date of transaction

(2) Narration of transaction

(3) Cheque number

► (1) & (2) only

► (2) & (3) only

► (1) & (3) only

► (1), (2) & (3)


Question No: 12 ( Marks: 1 )
- Please choose one



Commercial Accounting is based on:

► Single entry book keeping


► Double entry book keeping


► Both single and double
entry book keeping


► Cash basis of book
keeping


Question No: 13 ( Marks: 1 )
- Please choose one



A book, in which receipts and payments are recorded, is known
as:


► Pass Book

► Cash Book


► Purchase Book

► Sales Book

Question No: 14 ( Marks: 1 )
- Please choose one



Commercial Accounting is based on:

► Single entry book keeping


► Double entry book keeping


► Both single and double
entry book keeping


► Cash basis of book
keeping


Question No: 15 ( Marks: 1 )
- Please choose one



Which of the following account will be credited, when the goods
are purchased on cash?


► Stock account

► Cash account


► Supplier account

► Work in process account


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