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MGT101 MEGA QUIZ FILE COMPOSED BY SADIA ALI SADI (MBA)

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Mgt101 Fin Accounting Current Online Quiz No. 3 Solved (4 Quizzes)

MGT101 – Financial Accounting MCQ (Online quiz # 3rd)

Question # 1 of 20
What should be credited, if salary is paid to Sohail?
Select correct option:

Sohail account
Salaries account
Cash account
Drawings account

Question # 2 of 20
Which of the following is NOT correct?
Select correct option:

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?
Select correct option:

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?
Select correct option:

Cash account

Capital account
Drawings account
Proprietor account

Question # 7 of 20
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 # 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 Owner��s equity Rs. 1, 000 Liabilities ?
Select correct option:

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?
Select correct option:

Vehicle account

Cash account

Business account
Bank account

Question # 10 of 20
Franchise rights, goodwill and patents are the examples of:
Select correct option:

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
Select correct option:

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?
Select correct option:

Landlord’s 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
Select correct option:

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 ?
Select correct option:

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
Select correct option:

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?
Select correct option:

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:
Select correct option:

Direct Expenses

General Expenses
Financial Expenses
Selling Expenses

Question # 19 of 20
The process of transferring journal entry information to the ledger is called:
Select correct option:

Journalizing
Posting
Balancing
Analyzing

Question # 20 of 20
Which of the following is NOT correct?
Select correct option:

Decrease in Assets will be credit
Decrease in Liabilities will be credit
Decrease in Expenses will be credit
Decrease in Revenue will be debit


(1)Find out the missing value of an Accounting Equation with the help of given data: Owner’s equity Rs. 22,500 Total LiabilitiesRs. 80, 385 Cash Rs. 1,000 Bank Rs. 2,000 Debtors Rs. 500

Rs. 102,885 other assets
Rs. 102,885 current liabilities
Rs. 99,885 current liabilities
Rs. 99,385 other assets

(2)What is the next step to Journalizing in Accounting cycle?
Recording
Posting
Balancing
Analyzing

(3)Which of the following is NOT a characteristic of Joint Stock Company?
Separate Legal Entity
Limited Liability of shareholders
Easy formation
Common Seal

(4)Which one of the following is NOT a feature of sole proprietorship business.
Easy Formation
Easy Dissolution
Unlimited Liability
Separate Legal Entity

(5)Which of the following is NOT considered a part of financial statements?
General Journal
Balance Sheet
Profit and Loss account
None of the given options

(6)Outsider’s claim against the assets of the business is called
Capital
Liability
Expense
Income

(7)An expenditure whose benefit is finished or enjoyed immediately is called:
Expense
Liability
Cost
Income

(8)Increase in an expense is recorded on the:
left or credit side of the account
Right or debit side of the account
Left or debit side of the account
Right or credit side of the account

(9)Which of the following is Not a part of General Ledger?
Activity Book
Purchase Return Book
Purchase Book
Sales Book

(10)What will be debited, If Mr. “A” started business with Rs. 2, 00,000.
Capital account
Cash account
Mr. A’s account
Business account

(11)What will be debited, if Mohsin commenced business with cash?

Cash account
Capital account
Drawings account
Proprietor account

(12)Cash book is a part of _________ .
Voucher
General Journal
General Ledger
Trial Balance

(13)When income is reduced or decreased, that amount is recorded on:
Right or debit side of the account
Left or debit side of the account
Left or credit side of the account
Right or credit side of the account

(14)What will be debited, if business sold goods for Rs.10, 000 on credit?
Cash account
Sales account
Accounts receivable account
Purchases account

(!5)A company’s merchandise, raw materials, and finished and unfinished products which have not yet been sold are known as:
Sales
Purchases
Inventory
Work in process

(16)What is nature of Capital account?
Debit
Credit
Expenses
Loss

(17)The basic accounting principle/concept according to which business record must be kept separate from the personal records of the owner is known as:
Going-concern concept
Separate entity principle
Realization principle
Objectivity principle

(18)Which of the following is NOT correct?
Decrease in Assets will be credit
Decrease in Liabilities will be debit
Decrease in Expenses will be credit
Decrease in Revenue will be credit

(!9)Find out the missing value of an Accounting Equation with the help of given data: Cash Rs. 22,500 Debtors Rs. 500 Total Assets Rs. 80, 385 Accounts payable Rs. 1,000 Total liabilities Rs. 20,000
Rs. 60,385 owner’s equity
Rs. 61,385 owner’s equity
Rs. 99,885 owner’s equity
Rs. 99,385 owner’s equity

Question # 1 of 20
What should be credited, if salary is paid to Sohail?
Select correct option:

Sohail account
Salaries account
Cash account
Drawings account

Question # 2 of 20
Which of the following is NOT correct?
Select correct option:

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?
Select correct option:

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?
Select correct option:

Cash account

Capital account
Drawings account
Proprietor account

Question # 7 of 20
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 # 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 Owner��s equity Rs. 1, 000 Liabilities ?
Select correct option:

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?
Select correct option:

Vehicle account

Cash account
Business account
Bank account

Question # 10 of 20
Franchise rights, goodwill and patents are the examples of:
Select correct option:

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
Select correct option:

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?
Select correct option:

Landlord’s 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
Select correct option:

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 Owner’s equity ?
Select correct option:

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
Select correct option:

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?
Select correct option:

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:
Select correct option:

Direct Expenses

General Expenses
Financial Expenses
Selling Expenses

Question # 19 of 20
The process of transferring journal entry information to the ledger is called:
Select correct option:

Journalizing
Posting
Balancing
Analyzing

Question # 20 of 20
Which of the following is NOT correct?
Select correct option:

Decrease in Assets will be credit
Decrease in Liabilities will be credit
Decrease in Expenses will be credit
Decrease in Revenue will be debit

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 Owner’s equity ?

Select correct option:

Rs. 22,000
Rs.24, 000
Rs. 45,000
Rs. 46,000

Consider the following data: Particulars Rs. Assets 99,500 Owner’s equity 50,500 Liabilities ?
Select correct option:
Rs. 49,000
Rs. 55,000
Rs. 125,000
Rs. 115,700

Consider the following data: Particulars Rs. Assets 1,05,000 Owner’s equity 70,000 Liabilities ?
Select correct option:

Rs. 35,000
Rs. 1, 75,000
Rs. 7, 35,000
Rs. 1, 05,000

Which of the following is NOT correct?
Select correct option:

Decrease in Assets will be debit
Decrease in Liabilities will be debit
Decrease in Expenses will be credit
Decrease in Revenue will be debit

Which of the following is NOT considered a part of financial statements?
Select correct option:

General Journal
Balance Sheet
Profit and Loss account
None of the given options

Which one of the following will result in increase in revenues?
Select correct option:

Purchased fixed asset
Received discount
Payment to creditors
Return of goods, sold on credit

The basic accounting principle/concept according to which business record must be kept separate from the personal records of the owner is known as:
Select correct option:

Going-concern concept
Separate entity principle
Realization principle
Objectivity principle

In an account if debit side > credit side, the balance is known as the:
Select correct option:

Negative Balance
Debit balance
Positive Balance
Credit balance

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 Owner’s equity Rs. 1, 000 Liabilities ?
Select correct option:

Rs. 12,000
Rs. 11,000
Rs. 110,000
Rs. 111,000

Find out the missing value of an Accounting Equation with the help of given data: Owner’s equity Rs. 22,500 Total Liabilities Rs. 80, 385 Cash Rs. 1,000 Bank Rs. 2,000 Debtors Rs. 500
Select correct option:

Rs. 102,885 other assets
Rs. 102,885 current liabilities
Rs. 99,885 current liabilities
Rs. 99,385 other assets

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

Which of the following is NOT correct?
Select correct option:

Decrease in Assets will be credit
Decrease in Liabilities will be credit
Decrease in Expenses will be credit
Decrease in Revenue will be debit

Debit signifies:
Select correct option:

Increase in Asset account
Decrease in liability account
Decrease in capital account
All of the given options

When total liabilities are subtracted from total assets the remaining amount is known as:
Select correct option:

Equity or net assets
Net income or net loss
Total expenses
Total revenue

Find out the missing value of an Accounting Equation with the help of given data: Cash Rs. 22,500 Debtors Rs. 500 Total Assets Rs. 80, 385 Accounts payable Rs. 1,000 Total liabilities Rs. 20,000
Select correct option:

Rs. 60,385 owner’s equity
Rs. 61,385 owner’s equity
Rs. 99,885 owner’s equity
Rs. 99,385 owner’s equity

Which one of the following cannot be classified as Revenue Income?
Select correct option:

Goods sold for cash
Goods sold on credit
Income from the sale of services
Income from the sale of fixed assets

What will be debited, If Mr. “A” started business with Rs. 2, 00,000.
Select correct option:

Capital account
Cash account
Mr. A’s account
Business account

If Salaries Rs. 12, 000, Rent Rs. 5,000, Gross profit Rs. 58,000 and Discount received Rs. 10, 000. What will be the amount of Net Profit?
Select correct option:

Rs. 41,000
Rs. 51,000
Rs. 61,000
Rs. 65,000

Which of the following is / are the particular/s of a cash book? (1) Date of transaction (2) Account title (3) Amount
Select correct option:

1 only
1 & 2 only
1 & 3 only
1, 2 & 3

well done dear sadi.shavaiz

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