Attached is my today's MGT-101 Quiz; I have solved it and In Sha Allah it is 100% correct 10/10....Do remember me in your prayers....Best of luck to all for the quiz...Do also share your quiz in this discussion so that other student may benefit from it.
Your first question is wrong
Correct Answer was 'Surplus', 3rd Option.
Please find the attachment of My today's quiz.
Which of the following are recorded in Cash Book?
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Please share the question and their answers of this quiz if anyone has done.
Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000
Rs. 1, 25,000
Rs. 1, 05,000 (Right Answer)
The totals of return inwards Journal (day book) are
credited to the trade receivables control account
debited to the trade payables control account (Right Answer)
debited to the trade receivable control account
credited to the trade payables control account
ABC co. has a capital of Rs. 100,000, Long Term Liabilities Rs. 50,000, net profit during the year Rs. 15,000 and the amount of total liabilities is Rs 175,000. What will be the amount of Current Liabilities?
Rs. 10,000 (Right Answer)
The third party who owes money to the business is called:
Stakeholder (Right Answer)
Which of the following voucher is used to record receipt of cash?
Receipt Voucher (Right Answer)
The allocation of the cost of a tangible plant asset to expense in the periods, in which services are received from the asset, is termed as:
Depreciation (Right Answer)
None of the given options
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 (Right Answer)
Rs. 290, 000
Rs. 291, 000
From the given particulars, calculate the rate of depreciation under the fixed installment method of depreciation:
Cost of Asset = Rs. 2,000
Residual Value = Rs. 400
Useful Life = 4 years
20 % (Right Answer) 30% 25% 33%
Which of the following formula is used to calculate the cost of goods sold?
Cost of goods available for sale minus net purchases plus ending inventory
Beginning inventory plus net purchases plus freight in minus ending inventory (Right Answer)
Beginning inventory minus net purchases minus ending inventory
Beginning inventory minus ending inventory
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 (Right Answer)
Cash Account & Expense Account
Capital Account & Revenue Account
Capital Account & Expense Account
Goods sold to Mr. Naeem for Rs. 5,000 are wrongly recorded in sales journal at Rs. 500 and same amount is posted in Mr. Naeem’s account, this is an example of:
Error of Commission
Error of Principle
Error of Original entry (Right Answer)
Which of the following is the first book to record a transaction?
Journal (Right Answer)
Which of the following would NOT be considered as a component of 'cost' of stock?
Salaries of selling staff (Right Answer)
Transportation inward costs
Which of the following is (are) characteristic(s) of Bad Debt?
It is a definite loss to the business
It must be shown in Profit & loss account
No provision is necessary for it
All of the given options (Right Answer)
The difference between Management Accounting and Financial Accounting is that:
Financial accounting is used by managers to plan strategies in the area of company growth
Financial accounting is used by external investors to gain information about the company
Managerial accounting is used by the internal managers to plan for daily business activities
Both 2 and 3 (Right Answer)
If Current Assets Rs. 100,000, Current Liability Rs. 50,000 and Fixed Assets Rs. 2, 00,000. Calculate working capital.
Rs. 50,000 (Right Answer)
Rs. 1, 00,000
Rs. 1, 50,000
Rs. 3, 00,000
Which of the following is NOT a revenue expenditure?
Petrol consumed in motor vehicles (Right Answer)
Cost of saleable goods
Premium given on lease
The Amount changed to deprecation goes on declining in:
Depreciation fixed method
Written-down value method (Right Answer)
Straight line depreciation method
If Cost of sales in Rs. 90,000, income from sales Rs. 200,000 and operating expenses Rs.100,000,. What will be net results?
Rs. 5,000 Losses
Rs. 10,000 Profits (Right Answer)
Rs. 1,95,000 Profits
Rs. 1,95,000 Losses
The main purpose of ______________ is to as certain true result of the business operation during particular period of time.
Financial Accounting (Right Answer)
Sample Quizzes are shared above with answers Do share ur as well ....../
Here is mine.
Assets are divided in which of the following categories in balance sheet.
Current assets, Long term assets and fixed assets
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 Liabilities ?
Rs. 111, 000
When a customer purchases goods from business and makes a promise to pay the amount at certain future time period, he will be called as:
A Balance Sheet discloses the financial position of a firm:
At a particular point of time
A business event which can be measured in terms of money and must be recorded in books of accounts is called:
The proper classification of Suppliers account is:
Find out the missing value of an Accounting Equation with the help of given data: Owner’s equity Rs. 22,500 Total Liabilities Rs. 80, 385 Cash Rs. 1,000 Bank Rs. 2,000 Debtors Rs. 500
Rs. 99,385 other assets
Find out the missing value of an Accounting Equation with the help of given data: Bank Rs. 22,500 Other assets Rs. 1,000 Creditors Rs. 8, 385 Other liabilities Rs. 9,000 Owner’s equity ?
Heavy expenditure on advertisement of a new product is an example of:
Deferred Revenue Expenditure (is correct)
Juste thanks for sharing
-> Quiz No.01 Attempt Date : May 08, 2014 : 10:00 PM
Q.1. Revenues, expenses and net profit are found on a:
Statement of Cash Flows
Income Statement *
Statement of Owner’s Equity
Q.2. For every debit there must be a credit with an equal amount. This is also called as:
Separate Entity Concept
Single Entry Book-Keeping
Matching Concept *
Dual Aspect Concept
Q.3. Which of the following is Not a part of General Ledger?
Activity Book *
Purchase Return Book
Q.4. __ is the excess of Sales over Cost of goods sold in an accounting period:
Gross Profit *
All of the above
Q.5. What is the next step to Journalizing in Accounting cycle?
Q.6. Which of the following is NOT correct?
Decrease in Assets will be credit
Decrease in Liabilities will be credit *
Decrease in Expenses will be credit
Q.7. What will be debited, if business sold goods for Rs.10, 000 on credit?
Accounts receivable account *
Q.8. An amount of Rs. 8000 paid as wages for installation of a Machine should be debited to:
Machinery Account *
Q.9. 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
Q.10. Which of the following is NOT a characteristic of Joint Stock Company?
Separate Legal Entity
Limited Liability of shareholders *
Best of luck
Ahmad thanks for sharing..gud keep it up