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Dear all,

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.

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Your first question is wrong

Correct Answer was 'Surplus', 3rd Option.

Please find the attachment of My today's quiz.

Attachments:

1

Which of the following are recorded in Cash Book?

  • Receipts and payments
  • Profits and losses
  • Assets and liabilities
  • Capital and Expenditures
  • 2
  • What is the nature of a revenue account?
    • asset
    • debit
    • credit
    • expense
    • 4
    • What should be debited, if Sales made to Mahmood for cash?
    • 1. Cash account (
    • Mehmood a/c
    • 5
    • Partnership means a lawful business owned by at least:
    • Two or more persons
    • 6
    • Goods returned by Mr. B amount to Rs. 4,000. The entry in the books will be:
    • 1. Mr. B is Debit Sales Returns is Credit
    • 2. Sales Returns is Debit Mr. B is Credit
    • 3. Mr. B is Debit Accounts Receivable Credit
    • 7
    • Assets are divided in which of the following categories in balance sheet.
    •  
    • Current assets
    • Fixed assets
    • Liquid assets
    • All of the above
    • 10
    • Which of the following is the first book to record a transaction?
    • journal
    •  
  •  
  •  
  • 3
  • Which one of the following cannot be classified as Revenue Income?
  • Goods sold for cash
  • Goods sold on credit
  • Income from the sale of services
  • Income from the sale of fixed assets
  • A business event which can be measured in terms of money and must be recorded in books of accounts is called:
  • Transaction
  • 8
  • In an account if credit side > debit side, the balance is known as:
  • Negative Balance
  • 9
    • Assets are divided in which of the following categories in balance sheet.
    •  
    • Current assets
    • Fixed assets
    • Liquid assets
    • All of the above
    • 10
    • Which of the following is the first book to record a transaction?
    • journal

how you copy your quiz? as there is no option to copy it!

I am using FastStone Capture software.  When I have attempted my question I Ctrl+Print Scrn , then FastStone software allows me to draw a rectangle on any portion of the screen, then I simply save the file. 

This software is not free, so may be you have to download it from some torrent site and install it.  

if u r using mozila firefox

press Crtl + A (to select all options ) then Crtl + C (for copy) and then paste it in notepad Ctrl + V

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

 

Please share the question and their answers of this quiz if anyone has done.
Thanks. 

Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000 
Rs. 35,000 
Rs. 55,000 
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. 20,000 
Rs. 150,000 
Rs. 10,000 (Right Answer) 
Rs. 25,000 
The third party who owes money to the business is called: 
Debtor 
Creditor 
Stakeholder (Right Answer) 
stockholder

Which of the following voucher is used to record receipt of cash? 
Journal Voucher 
Receipt Voucher (Right Answer) 
Payment Voucher 
Nominal Voucher

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: 
Appreciation 
Depreciation (Right Answer) 
Fluctuation 
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. 201,000 
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: 
Compensating errors 
Error of Commission 
Error of Principle 
Error of Original entry (Right Answer)

Which of the following is the first book to record a transaction? 
Trial Balance 
Journal (Right Answer) 
Trial Balance 
Balance Sheet

Which of the following would NOT be considered as a component of 'cost' of stock? 
Salaries of selling staff (Right Answer) 
Transportation inward costs 
Import duties 
Purchase price

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 
Bad debts 
Premium given on lease

The Amount changed to deprecation goes on declining in: 
Depreciation fixed method 
Annuity 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. 
Cost Accounting 
Financial Accounting (Right Answer) 
Managerial Accounting 
Tax Accounting

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:
Payables

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:
Transaction

The proper classification of Suppliers account is:
Assets

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 ?
6115

Heavy expenditure on advertisement of a new product is an example of:
Deferred Revenue Expenditure (is correct)
Revenue Expenditure

 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
Balance Sheet

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
Purchase Book
Sales Book

Q.4. __ is the excess of Sales over Cost of goods sold in an accounting period:

Gross Profit *
Net Profit
Surplus
All of the above

Q.5. What is the next step to Journalizing in Accounting cycle?

Recording
Posting *
Balancing
Analyzing

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?
Cash account
Sales account
Accounts receivable account *
Purchases account

Q.8. An amount of Rs. 8000 paid as wages for installation of a Machine should be debited to:
Wages Account
Cash Account
Machinery Account *
Salaries 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 *
Easy formation
Common Seal

Best of luck 

Ahmad  thanks for sharing..gud keep it up 

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