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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

Which of the following are recorded in Cash Book?

Receipts and payments

A wrong entry on the debit side of the Cash Book would lead to:

  • Cash Book showing more Balance

Which of the following account summarizes the profitability of business for a specific accounting period?

Profit & Loss account

Which of the following is NOT considered a part of financial statements?

General Journal

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?


Which of the following is fiscal Year of Government of Pakistan?

1st july to 30th june

In case of Income and Expenditure account, Excess of income over expenses in a specified accounting period is called:


surplus = income > expenses

What will be debited, if business purchased Vehicle on cash?

vehicle a/c

Cost of goods manufactured + opening finished goods – ending finished goods =?

  • cost of goods sold

What will be debited, if business bought goods on credit from Mr. Ali

purchase a/c

___________= Gross profit < Operating Expenses

Net Loss


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