MGT101 Financial Accounting Quiz 3 solution Fall 2013

Quiz Start Time: 11:47 AM Time Left 89

Question # 1 of 20 ( Start time: 11:47:04 AM ) Total Marks: 1
A transaction that has been recorded in wrong account of the same class instead of being recorded in the right account, this is called:
Select correct option:

Error of Omission
Error of Commission
Error of Principle
Error of Original entry

 

Quiz Start Time: 11:47 AM Time Left 89

Question # 2 of 20 ( Start time: 11:48:24 AM ) Total Marks: 1
Total assets – Total liabilities =?
Select correct option:

Owner’s Equity
Expenses
Retained earnings
Net profit

Quiz Start Time: 11:47 AM Time Left 89

Question # 3 of 20 ( Start time: 11:48:55 AM ) Total Marks: 1
A wrong entry on the debit side of the Cash Book would lead to:
Select correct option:

Cash Book showing less Balance
Cash Book showing more Balance
Cash withdrawal
Purchases

Quiz Start Time: 11:47 AM Time Left 89

Question # 4 of 20 ( Start time: 11:50:20 AM ) Total Marks: 1
Which of the following is (are) NOT shown in balance sheet of sole proprietor?
Select correct option:

Fixed assets
Current liabilities
Profit sharing ratio
Long term asset

Quiz Start Time: 11:47 AM Time Left 89

Question # 5 of 20 ( Start time: 11:51:21 AM ) Total Marks: 1
“distribution of dividend” is the concept applied in which the following organization:
Select correct option:

commerical organization
NGO
sole proprietorship
Partnership

Quiz Start Time: 11:47 AM Time Left 89
sec(s)

Question # 6 of 20 ( Start time: 11:52:44 AM ) Total Marks: 1
A Bank Reconciliation Statement is prepared to:
Select correct option:

Ascertain that the difference between the Cash Book balance and the Bank Statement balance is accounted for
Correct errors in the Cash Book or errors on the Bank Statement
Amend the balance of the Bank Statement of the firm
Amend the balance in the Cash Book of the firm

Quiz Start Time: 11:47 AM Time Left 88 sec(s)

Question # 7 of 20 ( Start time: 11:54:12 AM ) Total Marks: 1
Consider the following data: Particulars Rs. Assets 75,500 Owner’s equity ? Liabilities 40,200
Select correct option:

Rs. 35,300
Rs. 55,000
Rs. 125,000
Rs. 115,700

Quiz Start Time: 11:47 AM Time Left 89

Question # 8 of 20 ( Start time: 11:55:06 AM ) Total Marks: 1
A voucher which is used to record a payment of cash or cheque:
Select correct option:

Cash Payment Voucher
Bank Payment Voucher
Journal Voucher
Payment Voucher

Quiz Start Time: 11:47 AM Time Left 88

Question # 9 of 20 ( Start time: 11:55:37 AM ) Total Marks: 1
All of the following are Non-commercial (Non-Profit Oriented) organizations, EXCEPT:
Select correct option:

NGO’s (Non-government Organizations)
Trusts
Limited Companies
Societies

Quiz Start Time: 11:47 AM Time Left 88

Question # 10 of 20 ( Start time: 11:56:23 AM ) Total Marks: 1
In which of the following condition(s) DEBT is regarded as BAD.
Select correct option:

Bankruptcy of the debtor
Disappearance of debtor’s business
Failure of repeated attempt to collect the debt
All of the given options

Quiz Start Time: 11:47 AM Time Left 89

Question # 11 of 20 ( Start time: 11:57:44 AM ) Total Marks: 1
Cheques deposited but not recorded in pass book Rs. 880. What will the treatment of this transaction in case of balance as per Pass Book (Dr.)?
Select correct option:

Less from the balance of Cash Book
Less from the balance of Pass Book
Add in the balance of Pass Book
None of the above

Quiz Start Time: 11:47 AM Time Left 88

Question # 12 of 20 ( Start time: 11:59:04 AM ) Total Marks: 1
If bank has credited the customer’s account in pass book, it will be treated as:
Select correct option:

Interest on Overdraft
Bank Charges
Dividend received
All of the above

Quiz Start Time: 11:47 AM Time Left 89

Question # 13 of 20 ( Start time: 12:00:16 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

Quiz Start Time: 11:47 AM Time Left 88
Question # 14 of 20 ( Start time: 12:01:35 PM ) Total Marks: 1
Which of the following account balance is shown on credit side of Trial Balance? (It is assumed that all account balances are shown on normal balance)
Select correct option:

Cash account
Furniture account
Vehicle account
Capital account

Quiz Start Time: 11:47 AM Time Left 74

Question # 15 of 20 ( Start time: 12:03:02 PM ) Total Marks: 1
Which of the following is NOT a characteristic of Cash Book?
Select correct option:

It has two identical sides—left hand side, the debit side and right hand side, the credit side
It verifies the arithmetic accuracy of posting of entries from the Journal to the Ledger
The difference between the total of two sides of cash book shows cash in hand
It always shows debit balance. It can never show credit balance

Quiz Start Time: 11:47 AM Time Left 89

Question # 16 of 20 ( Start time: 12:04:23 PM ) Total Marks: 1
“Share Premium” account is which type of the reserve:
Select correct option:

general reserve
capital reserve
specific reserve
none of the above

Quiz Start Time: 11:47 AM Time Left 89

Question # 17 of 20 ( Start time: 12:05:48 PM ) Total Marks: 1
A book that keeps separate record for each account is known as:
Select correct option:

Trial Balance
Voucher
General Journal
General Ledger

 

Quiz Start Time: 11:47 AM Time Left 89
sec(s)

Question # 18 of 20 ( Start time: 12:07:14 PM ) Total Marks: 1
A statement which is prepared at the end of financial year of a manufacturing concern showing a brief summary of the whole process is called as:
Select correct option:

Statement of owner’s equity
Balance Sheet
Cost of Goods sold statement
Income Statement

 
Question # 19 of 20 ( Start time: 12:08:33 PM ) Total Marks: 1
If Gross profit Rs.16,500 and Cost of goods sold Rs.183,500, what will be the amount of Net Sales?
Select correct option:

Rs. 183, 500
Rs. 167, 000
Rs. 200, 000
Rs. 230, 000

Quiz Start Time: 11:47 AM Time Left 89
sec(s)

Question # 20 of 20 ( Start time: 12:09:21 PM ) Total Marks: 1
(Amount of new provision + Amount of bad debts) < Amount of old provision then the resulting figure will be shown at:
Select correct option:

Debit side of Profit & Loss account
Credit side of Profit & Loss account
Asset side of Balance Sheet
Liability side of Balance Sheet

DOWNLOAD SOLUTION HERE
loading...