MGT101 - Financial Accounting, Quiz # 1, Due Date May 19, 2016

[Binte Ahmed]

Quiz # 01

FINANCIAL ACCOUNTING (MGT101)

 

Dear Students!

This is to inform that Quiz # 01 has been opened on May 17, 2016 and last date to attempt quiz will be May 19, 2016

  

Instructions:

• 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 13.  
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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.

[Binte Ahmed]

Dear Students!

This is to inform that Quiz # 01 has been opened on May 17, 2016 and last date to attempt quiz will be May 19, 2016

[Binte Ahmed]

Quiz will be based on Multiple Choice Questions (MCQs). Covering video Lectures 01 to 13.  

[+ M.Tariq Malik]

Please all students related this subject Share your online Quizzes here to help each other.thanks

 

Please share the question and their answers of this quiz if anyone has done.
Thanks. 

[Binte Ahmed]

This is the all question of (MGT 101) quiz = 1

(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

 (d) 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

 

[+ M.Tariq Malik]

1- A voucher which is used to record a payment of cash or cheque:  ( Payment voucher)

2- What is the next step to Journalizing in Accounting cycle?  (posting)

3- The first step in the posting process is:  (posting from journal to ledger)

4- Which of the following account summarizes the profitability of business for a specific accounting period?  (profit and loss account)

5- Net profit = Gross profit - ________ ?

[+ M.Tariq Malik]

MGT101 - Financial Accounting - Quiz 1 - Spring 2016

[+ M.Tariq Malik]

Q_1:
If Current Assets Rs. 100,000, Current Liability Rs. 50,000 and Fixed Assets Rs. 2, 00,000. Calculate working capital.
Q_2: 
The proper classification of Suppliers account is:
• Liabilities
• Expenses
• Revenues
• Assets
Q_3:

Furniture is purchased for Rs. 5000 from Mr. Arif on credit Basis. The effects of this transaction ar

• Increase an Asset Decrease an Asset
• Increase an Asset Decrease a liability
• Increase an Asset Increase a liability
• Decrease an Asset Increase a liability

Q_4:

If debit side of a ledger is greater than credit side, the balance will be called as:

• Debit Balance
• Credit Balance
• Excess Balance
• None of the above
Q_5:

What should be debited, if Sales made to Mahmood for cash?

• Cash account
• Sales account
• Purchases accoun
Q_6:

Normally single entry book keeping is followed by the

• Small businesses only
• Governments only
• Large scale businesses only
• Both Small businesses and Governments
Q_7:

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

• Direct Expenses
• General Expenses
• Financial Expense
• Selling Expenses
Q_8:

Which of the following is the example of current liability?

• Notes payable
• Notes receivable
• Accounts receivable
• Prepaid expenses

[+ M.Tariq Malik]

MGT101 Solved Online Quiz#01 Files Uploaded now check it at below link

[+ M.Tariq Malik]

Q_1:
If Current Assets Rs. 100,000, Current Liability Rs. 50,000 and Fixed Assets Rs. 2, 00,000. Calculate working capital.
Q_2:
The proper classification of Suppliers account is:
Liabilities
Expenses
Revenues
Assets
Q_3:

Furniture is purchased for Rs. 5000 from Mr. Arif on credit Basis. The effects of this transaction ar

Increase an Asset Decrease an Asset
Increase an Asset Decrease a liability
Increase an Asset Increase a liability
Decrease an Asset Increase a liability

Q_4:

If debit side of a ledger is greater than credit side, the balance will be called as:

Debit Balance
Credit Balance
Excess Balance
None of the above
Q_5:

What should be debited, if Sales made to Mahmood for cash?

Cash account
Sales account
Purchases accoun
Q_6:

Normally single entry book keeping is followed by the

Small businesses only
Governments only
Large scale businesses only
Both Small businesses and Governments
Q_7:

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

Direct Expenses
General Expenses
Financial Expense
Selling Expenses
Q_8:

Which of the following is the example of current liability?

Notes payable
Notes receivable
Accounts receivable
Prepaid expenses