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MGT101 Online Quiz No 01 Spring 2019 Solution & Discussion


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

 

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MGT101 - Financial Accounting Quizzes (MCQs) No. 01 Spring 2019  

  1. An accounting system in which there is a partial or no record of some of transaction is called (Single Entry System)
  2. not a characteristic of joint stock company (Easy formation)
  3. Normal Single Entry book is followed by (Small business)
  4. Budget is another name of (Financial Forecast)
  5. Commercial accounting is done through a system known as (Double Entry System)
  6. Fiscal Year of Govt of Pakistan (1st july to 30 June)
  7. Normal Balance of revenue account is Similar to (Liability)
  8. At the end of accounting period a list of all ledger balance is prepared called ( Trial Balance )
  9. All vouchers are recorded in (General Journal)
  10. Example of Intangible assets ( copyright, goodwill, Patent right)
  11. A wrong entry on the debit side of cash book would lead to (Cash Book Showing More Balance)
  12. (General Journal) is a first book to record a transaction
  13. Normal Balance of capital account is Similar to (Revenue Account)
  14. Inventory account will fall under classification of (Asset Account)
  15. Non-Commercial organisations are also known as (Non-Profit Org)
  16. As per flow of transaction which come next to trial balance( Profit & loss account )
  17. As per flow of transaction which come next to Profit&loss account (Balance Sheet)
  18. (Receipts & Payment) are recorded in cash book
  19. Account generated from sales in Buisness called (income)
  20. Next Step to Journalizing in Account cycle is (Posting)

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