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This is the all question of (MGT 101) with 100% correct solution challenging every body here to prove that any answer included them is wrong.

 

(1)  Debit signifies

  (a)  increase in asset account

 (b)  decrease in liability account

 (c) decrease in capital account

 (d) all of the given option

correct answer= a

 

(2) A balance sheet discloses the financial position of a firm

 (a) for a certain period

 (b)  a particular point of a time

 (c) after the fixed date

 (4) none of the given option

correct answer = b

 

(3) which of the following is the example of current asset ?

 (a) land 

 (b) building

 (c) stock+

 (d) capital

correct answer = c

 

(4) if cost of sales is RS 60,000 income from sales Rs 95,000 and direct expenses are 10,000 calculate net profit ?

 (a) Rs 15,000

 (b) RS 35,000

 (c) RS 55,000

 (d) Rs 60,000

correct answer = b

 

(5)  budget is the plan of income ,expenses and other financial operation for

     (a)  current period

     (b)  future period

     (c) past period

     (d) none of the given option

  correct answer = b

 

(6) Find out the missing value of an Accounting Equation with the help of given data: Bank Rs. 22,500 Other assets Rs. 1,000 Creditors Rs. 8, 385 Other liabilities Rs. 9,000 Owner’s equity ?


(a) 6,115

(b) 31,885

(c) 17,385

(4) 14,135

correct answer = a     (225000 + 1000 – 8385 – 9000 = 6115)

 

(7) All of the following are non- commercial except 

 (a) NGOs (non government organization)

 (b) trusts

 (c) limited companies

 (d) societies

correct answer = d

 

(8) which of the following will result in increase in revenues ?

 (a) purchased fixed assets

 (b) received account

 (c) payment to creditors

 (d) return of goods,sold on credit

correct answer = a

 

(9) Goods return by Mr.B amount to RS 4,000,the entry in the book will be ?

 (a)  Mr.B is debit                 sales returns is credit

 (b)  sales return is debit       Mr.B is credit

 (c)  Mr.B is debit                 Accounts receivable is credit

 (d) purchases return debit     Mr.B is credit

correct answer = a

 

(10) The proper classification of inventory account is ?

 (a) Assets

 (2) Expenses

 (c) revenues

 (d) Expenses

correct answer = d

 

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