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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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Mgt 101 Quize#3

Q 1   Which of the following is fiscal Year of Government of Pakistan?

Q 2 Which of the following is the example of current liability?

  1.  Notes payable
  2.  Notes receivable
  3. Accounts receivable
  4. Prepaid expenses

 

Q 3.  What would conversion costs if costs of raw materials, direct labor costs, and manufacturing overhead costs Rs.80,000, Rs.50,000, and Rs.60,000, respectively?

  1.  Rs.130, 000
  2.  Rs.110, 000
  3.  Rs.140, 000
  4.  Rs.190, 000 

 

 

Q 4. Recovery of bad debts is regarded/treated as:

  1. Revenue
  2. Expenses
  3. Asset
  4. Loss

 

Q 5 Outsider’s claim against the assets of the business is called:

  1. Capital
  2. Liability
  3. Expense
  4. Income

 

Q 6 In which of the following statement opening stock is shown?

  1. Profit and loss account
  2. Balance sheet
  3. Cash flow statement
  4. wner’s equity

 

Q 7 In which of the following all vouchers are first recorded___________.

  1. General Journal
  2.  General Ledger
  3. Balance Sheet
  4. Trial Balance

 

 

Q 8  On the receipts side of the cash and bank book, a column is added in which the receipts from debtors are seperately noted, this type of cash/bank book is also called:

 

  1.  single column cash/bank book
  2.  cash/bank book
  3.  multi column cash/bank book
  4.  none of the above

Q 9 Unfavorable Bank Balance means:

 

  1.  Credit balance in cash book
  2.  Credit balance in pass book
  3.  Debit balance in cash book
  4.  All of the given options

MGT101 | Quiz 03 | Attempt Date: July 09, 2014 | Time: 09:00 PM - Evening

01. ABC & Co. made its monthly office rent payment. Which of the following accounts would be affected from this transaction? I) Assets II) Liabilities III) Expenses IV) Revenues

I and IV

I and II
II and III
I and III


02. A company’s merchandise, raw materials, and finished and unfinished products which have not yet been sold are known as:

Sales
Purchases
inventory
work in progress


03. It is supposed that on 31st December, 2007 sundry debtors are amounted to Rs. 40,000. On the basis of past experience, it is estimated that 10% of the sundry debtors are doubtful. Actual bad debts are Rs. 1600. What amount of new provision for doubtful debts will be debited in profit & loss account.

Rs. 3,600
Rs. 4,000
Rs. 1,600
Rs. 2, 400


04. Find out the missing value of an Accounting Equation with the help of given data: Total Assets Rs. 34,500 Accounts payable Rs. 1, 000 Other liabilities Rs. 11,500 Owner’s equity ?

Rs. 22,000
Rs.24, 000
Rs. 45,000
Rs. 46,000

05. Machinery purchased on Credit for Rs 15000 will have an effect on which of the following accounts?

Purchases Account & Accounts Payable Account
Machinery Account & Cash Account
Purchases Account & Cash Account
Machinery Account & Accounts Payable Account


06. Upon checking the Bank Statement against the Cash Book, an amount of Rs.120 for dividends from SIA had not been entered in the Cash Book. Which of the following entries should be recorded to rectify the mistake?


Dr. Bank Account and Cr. Dividends Account
Dr. SIA Account and Cr. Bank Account
Dr. Dividends Account and Cr. Bank Account
Dr. Bank Account and Cr. SIA Account

Here is my today's quiz

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