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MGT101 Financial Accounting Quiz 1 Fall 2013

Dear students

MGT101 – Financial Accounting  Quiz No. 01  Fall 2013 will open on Nov 20, 2013 12:00 AM and due date of taking quiz is Nov 22, 2013 11:59 PM

Consider the following data: Particulars Rs. Assets ? Owner’s equity 35,000 Liabilities 90,000
Rs. 35,000
Rs. 55,000
Rs. 1, 25,000
Rs. 1, 05,000 (Right Answer)

The totals of return inwards Journal (day book) are
credited to the trade receivables control account
debited to the trade payables control account (Right Answer)
debited to the trade receivable control account
credited to the trade payables control account

ABC co. has a capital of Rs. 100,000, Long Term Liabilities Rs. 50,000, net profit during the year Rs. 15,000 and the amount of total liabilities is Rs 175,000. What will be the amount of Current Liabilities?
Rs. 20,000
Rs. 150,000
Rs. 10,000   (Right Answer)
Rs. 25,000
The third party who owes money to the business is called:
Debtor
Creditor
Stakeholder (Right Answer)
stockholder

Which of the following voucher is used to record receipt of cash?
Journal Voucher
Receipt Voucher (Right Answer)
Payment Voucher
Nominal Voucher

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 (Right Answer)
Fluctuation
None of the given options

 

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 ?
Rs. 201,000
Rs. 111, 000  (Right Answer)
Rs. 290, 000
Rs. 291, 000

From the given particulars, calculate the rate of depreciation under the fixed installment method of depreciation:
Cost of Asset = Rs. 2,000
Residual Value = Rs. 400
Useful Life = 4 years
20 % (Right Answer) 30% 25% 33%

Which of the following formula is used to calculate the cost of goods sold?
Cost of goods available for sale minus net purchases plus ending inventory
Beginning inventory plus net purchases plus freight in minus ending inventory (Right Answer)
Beginning inventory minus net purchases minus ending inventory
Beginning inventory minus ending inventory

The investment of Rs. 10,000 made by the owner in business will have an effect on which of the following accounts?
Cash Account & Capital Account (Right Answer)
Cash Account & Expense Account
Capital Account & Revenue Account
Capital Account & Expense Account

Question # 1 of 20
What should be credited, if salary is paid to Sohail?
Sohail account
Salaries account
Cash account
Drawings account

Question # 2 of 20
Which of the following is NOT correct?
Decrease in Assets will be credit
Decrease in Liabilities will be debit
Decrease in Expenses will be debit
Decrease in Revenue will be debit

Question # 4 of 20
Which of the following is/are the example/s of Intangible Asset?
Copy rights
Good will
Patent rights
All of the given options

Question # 5 of 20
Which of the following is a FIRST product of accounting cycle?
Select correct option:
Voucher
General Journal
General Ledger
Financial Statements

Question # 6 of 20
What will be debited, if Mohsin commenced business with cash?
Cash account
Capital account
Drawings account
Proprietor account

Question # 7 of 20
Assets are divided in which of the following categories in balance sheet.
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 # 8 of 20
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 Owners equity Rs. 1, 000 Liabilities ?
Rs. 12,000
Rs. 11,000
Rs. 110,000
Rs. 111,000

Question # 9 of 20
What will be debited, if business purchased Vehicle on cash?
Vehicle account
Cash account
Business account
Bank account

Question # 10 of 20
Franchise rights, goodwill and patents are the examples of:
Liquid assets
Tangible assets
Intangible assets
Current assets

Question # 11 of 20
Consider the following data: Particulars Rs. Assets ? Owner’s equity 35,000 Liabilities 90,000
Rs. 35,000
Rs. 55,000
Rs. 1, 25,000
Rs. 1, 05,000

Question # 12 of 20
What should be credited, if rent paid in cash?
Landlords account
Rent account
Cash account
Accounts receivable account

Question # 13 of 20
Consider the following data: Particulars Rs. Assets 75,500 Owner’s equity ? Liabilities 40,200
Rs. 35,300
Rs. 55,000
Rs. 125,000
Rs. 115,700

Question # 14 of 20
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 Owners equity ?
Rs. 22,000
Rs.24, 000
Rs. 45,000
Rs. 46,000
Question # 15 of 20
Which of the following item is found in a Journal entry? (1) Date of each transaction (2) Rupee amount of each debit and credit (3) Explanation of each transaction
1 only
1 & 2 only
2 & 3 only
1, 2 & 3

Question # 16 of 20
Which one of the following will result in increase in revenues?
Purchased fixed asset
Received discount
Payment to creditors
Return of goods, sold on credit

Question # 17 of 20
Amount generated from sales in a business is called:
Select correct option:
Income
Net Income
Gross Profit
Operating profit

Question # 18 of 20
The expenses which are NOT paid out of Gross Profit is classified as:
Direct Expenses
General Expenses
Financial Expenses
Selling Expenses

Question # 19 of 20
The process of transferring journal entry information to the ledger is called:
Journalizing
Posting
Balancing
Analyzing

Question # 20 of 20
Which of the following is NOT correct?
Decrease in Assets will be credit
Decrease in Liabilities will be credit
Decrease in Expenses will be credit
Decrease in Revenue will be debit

Answers:

1-Cash account

2-Decrease in Expenses will be debit

3-All of the given options

4-Voucher

5-Cash account

6-Current assets, Fixed assets and deferred cost

7-Rs. 110,000

8-Vehicle account

9-Intangible assets

10-Rs. 1, 25,000

11-Cash account

12-Rs. 35,300

13-Rs. 22,000

14-1, 2 & 3

15-Received discount

16-Income

17-Direct Expenses

18-Posting

19-Decrease in Liabilities will be credit

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