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MGT101 - Financial Accounting VU Online Quiz No. 03 Solution and Discussion Fall 2013 Due Date: Feb 06, 2014

MGT101 - Financial Accounting VU Online Quiz No. 03 Solution and Discussion Fall 2013 Due Date: Feb 06, 2014

Dear Students!

This is to inform that Quiz # 03  will be opened on Feb 05, 2014 and last date to attempt quiz will be Feb 06, 2014




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Replies to This Discussion

Which one of the following accounts normally does NOT exist in the balance sheet of a manufacturing concern?
Work in Process Inventory

The proper classification of inventory account is:
Assets

Amount generated from sales in a business is called:
Gross Profit

What would be the value of Total Factory Cost, if cost of raw materials, direct labor costs, and manufacturing overhead costs are Rs.80,000, Rs.50,000, and Rs.60,000 respectively?
Rs.110, 000

Which one of the following is NOT a feature of sole proprietorship business.
Separate Legal Entity

Which of the following are recorded in Cash Book?
Receipts and payments

An accounting system in which there is a partial or no record of some of the transactions is called as:
Single Entry Accounting

When a business purchases goods from ABC & Co. and promises to pay the amount at certain future time period, we will call ABC & Co. as:
Debtors of the business

Revenues, expenses and net profit are found on a:
Income Statement

Machinery purchased on Credit for Rs 15000 will have an effect on which of the following accounts?
Machinery Account & Accounts Payable Account

Commercial Accounting is done through a system that is known as:
Double Entry system of Accounting

Total assets - total liabilities = 
Owners Equity

Which of the following is the main cause of depreciation?
Physical wear and tear

Fixed assets are also called:
Depreciable assets

A voucher which is used to record a payment of cash or cheque:
Payment Voucher

Total depreciation of an asset can not exceed its:
Depreciable value

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

In which of the following Gross Profit is calculated?
Trading Account

Find out the missing value of an Accounting Equation with the help of given data: Furniture Rs. 90,000 Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 90, 000 Liaibilities ?
Rs. 111, 000

Salaries paid to employees Rs. 15,000. The effect of this transaction would be:
Increase in Expense Decrease in Asset

Dear Students please share & discuss your Quizzes.

please solve this quizz urself

Attachments:

Here is mine 


What would be the value of Total Factory Cost, if cost of raw materials, direct labor costs, and manufacturing overhead costs are Rs.80,000, Rs.50,000, and Rs.60,000 respectively?
Rs.110, 000

Which one of the following is NOT a feature of sole proprietorship business.
Separate Legal Entity

Which of the following are recorded in Cash Book?
Receipts and payments

An accounting system in which there is a partial or no record of some of the transactions is called as:
Single Entry Accounting

When a business purchases goods from ABC & Co. and promises to pay the amount at certain future time period, we will call ABC & Co. as:
Debtors of the business

Revenues, expenses and net profit are found on a:
Income Statement

Machinery purchased on Credit for Rs 15000 will have an effect on which of the following accounts?
Machinery Account & Accounts Payable Account

Commercial Accounting is done through a system that is known as:
Double Entry system of Accounting

Total assets - total liabilities = 
Owners Equity

Which of the following is the main cause of depreciation?
Physical wear and tear

Fixed assets are also called:
Depreciable assets

A voucher which is used to record a payment of cash or cheque:
Payment Voucher

Total depreciation of an asset can not exceed its:
Depreciable value

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

In which of the following Gross Profit is calculated?
Trading Account

Find out the missing value of an Accounting Equation with the help of given data: Furniture Rs. 90,000 Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 90, 000 Liaibilities ?
Rs. 111, 000

Salaries paid to employees Rs. 15,000. The effect of this transaction would be:
Increase in Expense Decrease in Asset

Quiz Start Time: 11:47 AM Time Left 89
sec(s)


Question # 1 of 20 ( Start time: 11:47:04 AM ) Total Marks: 1
A transaction that has been recorded in wrong account of the same class instead of being recorded in the right account, this is called:
Select correct option:

Error of Omission
Error of Commission
Error of Principle
Error of Original entry



Quiz Start Time: 11:47 AM Time Left 89
sec(s)


Question # 2 of 20 ( Start time: 11:48:24 AM ) Total Marks: 1
Total assets - Total liabilities =?
Select correct option:

Owner’s Equity
Expenses
Retained earnings
Net profit



Quiz Start Time: 11:47 AM Time Left 89
sec(s)


Question # 3 of 20 ( Start time: 11:48:55 AM ) Total Marks: 1
A wrong entry on the debit side of the Cash Book would lead to:
Select correct option:

Cash Book showing less Balance
Cash Book showing more Balance
Cash withdrawal
Purchases



Quiz Start Time: 11:47 AM Time Left 89
sec(s)


Question # 4 of 20 ( Start time: 11:50:20 AM ) Total Marks: 1
Which of the following is (are) NOT shown in balance sheet of sole proprietor?
Select correct option:

Fixed assets
Current liabilities
Profit sharing ratio
Long term assets



Quiz Start Time: 11:47 AM Time Left 89
sec(s)


Question # 5 of 20 ( Start time: 11:51:21 AM ) Total Marks: 1
"distribution of dividend" is the concept applied in which the following organization:
Select correct option:

commerical organization
NGO
sole proprietorship
Partnership


Quiz Start Time: 11:47 AM Time Left 89
sec(s)


Question # 6 of 20 ( Start time: 11:52:44 AM ) Total Marks: 1
A Bank Reconciliation Statement is prepared to:
Select correct option:

Ascertain that the difference between the Cash Book balance and the Bank Statement balance is accounted for
Correct errors in the Cash Book or errors on the Bank Statement
Amend the balance of the Bank Statement of the firm
Amend the balance in the Cash Book of the firm



Quiz Start Time: 11:47 AM Time Left 88
sec(s)


Question # 7 of 20 ( Start time: 11:54:12 AM ) Total Marks: 1
Consider the following data: Particulars Rs. Assets 75,500 Owner's equity ? Liabilities 40,200
Select correct option:

Rs. 35,300
Rs. 55,000
Rs. 125,000
Rs. 115,700



Quiz Start Time: 11:47 AM Time Left 89
sec(s)


Question # 8 of 20 ( Start time: 11:55:06 AM ) Total Marks: 1
A voucher which is used to record a payment of cash or cheque:
Select correct option:

Cash Payment Voucher
Bank Payment Voucher
Journal Voucher
Payment Voucher



Quiz Start Time: 11:47 AM Time Left 88
sec(s)


Question # 9 of 20 ( Start time: 11:55:37 AM ) Total Marks: 1
All of the following are Non-commercial (Non-Profit Oriented) organizations, EXCEPT:
Select correct option:

NGO's (Non-government Organizations)
Trusts
Limited Companies
Societies



Quiz Start Time: 11:47 AM Time Left 88
sec(s)


Question # 10 of 20 ( Start time: 11:56:23 AM ) Total Marks: 1
In which of the following condition(s) DEBT is regarded as BAD.
Select correct option:

Bankruptcy of the debtor
Disappearance of debtor’s business
Failure of repeated attempt to collect the debt
All of the given options



Quiz Start Time: 11:47 AM Time Left 89
sec(s)


Question # 11 of 20 ( Start time: 11:57:44 AM ) Total Marks: 1
Cheques deposited but not recorded in pass book Rs. 880. What will the treatment of this transaction in case of balance as per Pass Book (Dr.)?
Select correct option:

Less from the balance of Cash Book
Less from the balance of Pass Book
Add in the balance of Pass Book
None of the above



Quiz Start Time: 11:47 AM Time Left 88
sec(s)


Question # 12 of 20 ( Start time: 11:59:04 AM ) Total Marks: 1
If bank has credited the customer’s account in pass book, it will be treated as:
Select correct option:

Interest on Overdraft
Bank Charges
Dividend received
All of the above



Quiz Start Time: 11:47 AM Time Left 89
sec(s)


Question # 13 of 20 ( Start time: 12:00:16 PM ) Total Marks: 1
Assets are normally listed on the balance sheet in the order of:
Select correct option:

Purchase date
Maturity
Liquidity
Cost of asset



Quiz Start Time: 11:47 AM Time Left 88
sec(s)


Question # 14 of 20 ( Start time: 12:01:35 PM ) Total Marks: 1
Which of the following account balance is shown on credit side of Trial Balance? (It is assumed that all account balances are shown on normal balance)
Select correct option:

Cash account
Furniture account
Vehicle account
Capital account



Quiz Start Time: 11:47 AM Time Left 74
sec(s)


Question # 15 of 20 ( Start time: 12:03:02 PM ) Total Marks: 1
Which of the following is NOT a characteristic of Cash Book?
Select correct option:

It has two identical sides—left hand side, the debit side and right hand side, the credit side
It verifies the arithmetic accuracy of posting of entries from the Journal to the Ledger
The difference between the total of two sides of cash book shows cash in hand
It always shows debit balance. It can never show credit balance


Quiz Start Time: 11:47 AM Time Left 89
sec(s)


Question # 16 of 20 ( Start time: 12:04:23 PM ) Total Marks: 1
"Share Premium" account is which type of the reserve:
Select correct option:

general reserve
capital reserve
specific reserve
none of the above


Quiz Start Time: 11:47 AM Time Left 89
sec(s)


Question # 17 of 20 ( Start time: 12:05:48 PM ) Total Marks: 1
A book that keeps separate record for each account is known as:
Select correct option:

Trial Balance
Voucher
General Journal
General Ledger


Quiz Start Time: 11:47 AM Time Left 89
sec(s)


Question # 18 of 20 ( Start time: 12:07:14 PM ) Total Marks: 1
A statement which is prepared at the end of financial year of a manufacturing concern showing a brief summary of the whole process is called as:
Select correct option:

Statement of owner’s equity
Balance Sheet
Cost of Goods sold statement
Income Statement


Quiz Start Time: 11:47 AM Time Left 88
sec(s)


Question # 19 of 20 ( Start time: 12:08:33 PM ) Total Marks: 1
If Gross profit Rs.16,500 and Cost of goods sold Rs.183,500, what will be the amount of Net Sales?
Select correct option:

Rs. 183, 500
Rs. 167, 000
Rs. 200, 000
Rs. 230, 000


Quiz Start Time: 11:47 AM Time Left 89
sec(s)


Question # 20 of 20 ( Start time: 12:09:21 PM ) Total Marks: 1
(Amount of new provision + Amount of bad debts) < Amount of old provision then the resulting figure will be shown at:
Select correct option:

Debit side of Profit & Loss account
Credit side of Profit & Loss account
Asset side of Balance Sheet
Liability side of Balance Sheet

Attachments:

What would be the value of Total Factory Cost, if cost of raw materials, direct labor costs, and manufacturing overhead costs are Rs.80,000, Rs.50,000, and Rs.60,000 respectively?
Rs.110, 000

Which one of the following is NOT a feature of sole proprietorship business.
Separate Legal Entity

Which of the following are recorded in Cash Book?
Receipts and payments

An accounting system in which there is a partial or no record of some of the transactions is called as:
Single Entry Accounting

When a business purchases goods from ABC & Co. and promises to pay the amount at certain future time period, we will call ABC & Co. as:
Debtors of the business

Revenues, expenses and net profit are found on a:
Income Statement

Machinery purchased on Credit for Rs 15000 will have an effect on which of the following accounts?
Machinery Account & Accounts Payable Account

Commercial Accounting is done through a system that is known as:
Double Entry system of Accounting

Total assets - total liabilities = 
Owners Equity

Which of the following is the main cause of depreciation?
Physical wear and tear

Fixed assets are also called:
Depreciable assets

A voucher which is used to record a payment of cash or cheque:
Payment Voucher

Total depreciation of an asset can not exceed its:
Depreciable value

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

In which of the following Gross Profit is calculated?
Trading Account

Find out the missing value of an Accounting Equation with the help of given data: Furniture Rs. 90,000 Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 90, 000 Liaibilities ?
Rs. 111, 000

Salaries paid to employees Rs. 15,000. The effect of this transaction would be:
Increase in Expense Decrease in Assets.

Please Share more Quizes. Thanks.

Please dont follow my answers many of them are wrong

The total of all costs incurred to convert raw material into finished goods is known as: 

Select correct option: 

  Prime cost

  Conversion cost

 Sunk cost

 Opportunity cost

 Which of the following is NOT a revenue expenditure? 

Select correct option: 

  Petrol consumed in motor vehicles

 Cost of saleable goods

 Bad debts

 Installation charges of machinery

 

What would be the value of Total Factory Cost, if cost of raw materials, direct labor costs, and manufacturing overhead costs are Rs.80,000, Rs.50,000, and Rs.60,000 respectively?
Rs.110, 000

Which one of the following is NOT a feature of sole proprietorship business.
Separate Legal Entity

Which of the following are recorded in Cash Book?
Receipts and payments

An accounting system in which there is a partial or no record of some of the transactions is called as:
Single Entry Accounting

When a business purchases goods from ABC & Co. and promises to pay the amount at certain future time period, we will call ABC & Co. as:
Debtors of the business

Revenues, expenses and net profit are found on a:
Income Statement

Machinery purchased on Credit for Rs 15000 will have an effect on which of the following accounts?
Machinery Account & Accounts Payable Account

Commercial Accounting is done through a system that is known as:
Double Entry system of Accounting

Total assets - total liabilities = 
Owners Equity

Which of the following is the main cause of depreciation?
Physical wear and tear

Fixed assets are also called:
Depreciable assets

A voucher which is used to record a payment of cash or cheque:
Payment Voucher

Total depreciation of an asset can not exceed its:
Depreciable value

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

In which of the following Gross Profit is calculated?
Trading Account

Find out the missing value of an Accounting Equation with the help of given data: Furniture Rs. 90,000 Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 90, 000 Liaibilities ?
Rs. 111, 000

Salaries paid to employees Rs. 15,000. The effect of this transaction would be:
Increase in Expense Decrease in Asset

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