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MGT101 Online Quiz No 02 Solution & Discussion Due Date:06-12-2016

Dear Students!

This is to inform that Quiz # 02 has been opened on December 1, 2016 and last date to attempt quiz will be December 6, 2016


  • You can start attempting the quiz at any time but within given date(s) by clicking the quick link for Quiz on VU-LMS as it will become enabled within the mentioned dates.  As soon as the time will be over, it will automatically be disabled and will not be available to attempt it. 
  • Quiz will be based on Multiple Choice Questions (MCQs). Covering video Lectures 01 to 16.   
  • Each question has a fixed time limit of 90 seconds. So you have to save your answer before 90 seconds. But due to unpredictable/unstable Internet speed, it is strongly recommended that you save your answer within 60 seconds to avoid any inconvenience. While attempting a question, keep an eye on the remaining time. 
  • Attempting quiz is unidirectional. Once you have moved forward to the next question, you will not be able to go back to the previous one. Therefore before moving to the next question, make sure that you have selected the best option and saved your answer. 
  • DO NOT press back button of your browser or refresh the page while attempting a question. Otherwise you will lose the chance of attempting the current question and a new question will be loaded. 
  • DO NOT try to disable “Java Script” in your browser; otherwise you will not be able to attempt the quiz. 
  • If for any reason, you lose access to Internet (like power failure or disconnection of Internet); you will be able to attempt the quiz again but from the next question where you left in last attempt. But remember that you have to complete the quiz before expiry of the deadline. 
  • If you failed to attempt the quiz in given time then no re-take or off line quiz will be held as compensation/replacement.



Note related to load shedding: Please be proactive


Dear Students!

As you know that Pre Mid-Term semester activities have started and load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.

Good Luck

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Replies to This Discussion

Total assets - Total liabilities =?

Owner’s Equity

When a business purchases goods from ABC & Co. and promises to pay the amount at certain future time period, we will call ABC & Co. as:

  • Creditors of the business

Carriage outward and advertising expenses are known as:

Selling Expenses

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

  • Manufacturing concern

All the statements are correct about Journal voucher EXCEPT:

  • Format of journal voucher is different from other vouchers

The expenses which are NOT paid out of Gross Profit is classified as:

Direct Expenses

In cost of goods sold statement, the ‘cost of material consumed’ is equal to:

  • Opening raw material inventory + Purchases – Ending raw material inventory

The journal entry to record purchase of furniture on credit would include a:

  • Credit to Payables A/c

Which one of the following accounts normally does NOT exist in the balance sheet of a manufacturing concern?

  • Finished Goods Inventory

Which of the following is an example of direct materials cost?

  • A piece of wood for the production of chair

If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and operating expenses Rs. 300,000. What will be net result?

1, 95,000 Losses

Which of the following formula is used to calculate the cost of goods sold

  • Beginning inventory plus net purchases plus freight in minus ending inventory


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