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MGT101 Quiz#1

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quiz -1        4 may- 2018   duwaon ki duzarish 

1-The proper classification and normal balance of accounts receivables account is:

  • Assets
  • Liabilities
  • Revenues
  • Expenses

2 -Generally Accepted Accounting Principles (GAAP) are necessary because financial statements:

  • are publicly available
  • should be standardized
  • should be understandable
  • All of the above

 

3- Debit signifies

  • (a)  increase in asset account
  • (b)  decrease in liability account
  • (c) decrease in capital account
  • (d) all of the given option*

 

4- Which of the following is NOT a characteristic of Cash Book?
-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*

5 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

6- Machinery purchased on credit for Rs 15000 will have effect on which of the following accounts?

  • Purchases a/c & a/c payable account
  • Machinery a/c & cash a/c

       Purchases a/c & cash a/c

       Machinery a/c & a/c payable  a/c   *

 

 

7-When income is decrease or reduced , that amount is recorded on

  • Right or debit side of the a/c
  • Left or debit side of the a/c *
  • Left or credit side of the a/c
  • Right or credit side of the a/c

 

8- assets and Owner’s equity of a business are Rs 99500 and Rs 50500 respectively. What will be the amount of liabilities?

Rs 49000*

RS 99500

RS 125000

RS 150000

 

9- Which of the following type of business can sue and can be sued by its name?

Sole proprietorship

Partnership

Joint stock company*

All of them

 

10- The investment of Rs. 10,000 made by the owner in business will have an effect on which of the following accounts? 
Cash Account & Capital Account *
Cash Account & Expense Account 
Capital Account & Revenue Account 
Capital Account & Expense Account 

 

 best of luck

thnkss

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