Admin
Admin
Posts : 638
Points : 2155
Reputation : 19
Join date : 2010-05-15
Age : 36
Location : islamabad
 |  Subject: 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 10th 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
accountQuestion No: 1 ( Marks: 1 )
- Please choose oneCost incurred for the maintenance of shop is considered as
_________. ► Deferred expense ► Capital expense ► Revenue expense ► Preliminary expense Question No: 2 ( Marks: 1 )
- Please choose oneDouble entry accounting system includes: ► Accrual accounting only ► Cash accounting only ► Both cash and accrual
accounting ► None of the given optionsQuestion No: 3 ( Marks: 1 )
- Please choose oneThe 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 optionsQuestion No: 4 ( Marks: 1 )
- Please choose oneUnder 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 optionsQuestion 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
|
inventory using the FIFO method of inventory costing? ► Rs.260 ► Rs.232 ► Rs.284 ► Rs.320Question 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
|
?
|
- Please choose oneIn 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 oneCash book is a part of: ► Voucher ► General Journal ► General Ledger ► Trial BalanceQuestion No: 9 ( Marks: 1 )
- Please choose oneWhich 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 oneWhich of the following account will be credited, if business
purchased a vehicle on cash? ► Vehicle account ► Cash account ► Business account ► Bank accountQuestion No: 11 ( Marks: 1 )
- Please choose oneWhich 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 oneCommercial Accounting is based on: ► Single entry book keeping
► Double entry book keeping ► Both single and double
entry book keeping ► Cash basis of book
keepingQuestion No: 13 ( Marks: 1 )
- Please choose oneA book, in which receipts and payments are recorded, is known
as: ► Pass Book ► Cash Book ► Purchase Book ► Sales BookQuestion No: 14 ( Marks: 1 )
- Please choose oneCommercial Accounting is based on: ► Single entry book keeping
► Double entry book keeping ► Both single and double
entry book keeping ► Cash basis of book
keepingQuestion No: 15 ( Marks: 1 )
- Please choose oneWhich of the following account will be credited, when the goods
are purchased on cash? ► Stock account ► Cash account ► Supplier account ► Work in process account | |
|
Home 
Search 
Register 
Log in 
