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MGT101-Financial Accounting Quiz No. 3 Solution and Discussion- Due Date: July 09, 2014

MGT101 Financial Accounting Quiz No. 3 will open on July 07, 2014 and Close on July 09, 2014

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Important Announcement |  Quiz # 03 | Financial Accounting (MGT101)

Dear Students!

This is to inform that Quiz # 03 will be opened on July 7, 2014 and last date to attempt quiz will be July 9, 2014


  • 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 1 to 28.  
  • 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.
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  • 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

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As you, know that Post 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.

Quiz # 03
Financial Accounting (MGT101)

Dear Students!
This is to inform that Quiz # 03 will be opened on July 7, 2014 and last date to attempt quiz will be July 9, 2014.

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.

Please update your attempted quiz here.....Thanks

Here goes mine.

You can find all mcq's options by searching the questions on Google.

MGT101 | Quiz 03 | Attempt Date: July 07, 2014

01. Which of the following are recorded in Cash Book

Receipts and payments
Profits and losses
Assets and liabilities
Capital and Expenditures

02. The proper classification of equipment account is


03. is the basic part of an item, which is processed to make a complete item

Factory overhead
Raw material
Finished goods
Work in process

04. Which one of the following is INCORRECT about closing Stock

It is added into current assets
It is deducted from Material available for use
becomes opening stock of next year
It reduces the resources of business

05. ABC & Co. purchased a typewriter for Rs. 5,000 and paid by cheque. Which of the following accounts would be affected from this transaction? I) Assets II) Liabilities III) Expenses IV) Revenues

I and IV
II and III
I only

06. The information for preparing the control account is obtained from:

the book of prime entry
the general journal
the ledger
the cash book

07. If a business purchases machinery for Rs. 50,000 on 31st January 2008 having life for 10 years, this expense will be realized ________ under the concept of accrual accounting.

Only for the year 2008
Only for the last day of 10th year
Over 10 years
Nothing can be said about it

08. Depreciation is mainly a process of

None of the above

09. Which of the following is fiscal Year of Government of Pakistan

1st January to 31st December
1st June to 31st May
1st July to 30th June
1st October to 30th September

+ Ahmad  Thanks for sharing 

Note for All Members: You don’t need to go any other site for this assignment/GDB/Online Quiz solution, Because All discussed data of our members in this discussion are going from here to other sites. You can judge this at other sites yourself. So don’t waste your precious time with different links.

where is the answer you mantioned only quiz plz tick the answer too

1- Receipt and payments
2- Assets
3- Raw Material

4- It reduces the resources of business
5- I only
6- the general journal
7- Nothing can be said about it....bcz its not expense
8- None of the above.....
9- 1st July to 30th June

thank u so much Incredible pirates

Kindly share more current quizes...thanks


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