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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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-> Quiz No.01 Attempt Date : May 09, 2014 : 2:00 PM

Q1 .In which of the following all vouchers are first recorded
General Journal *
General Ledger
Balance Sheet
Trial Balance

Q2. Which of the following is used to calculate Gross Profit?
Expenses + Revenues
Assets – Liabilities
Revenue – Labor
Net Revenue – Cost of Goods Sold *

Q.3 The process of transferring journal entry information to the ledger is called:
Journalizing *

Q4. The proper classification of Cost of Goods Sold account is:

expense account *

Q.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

Q.6 In which of the following Gross Profit is calculated?

Balance Sheet *
Trading Account
Appropriation Account
Receipt and Payment Account

Q.7 The term "Debit" is drived from______________ language.

Latin *

Q.8 Which of the following statements is also called as position statement or a statement of condition?
Income Statement
Cost of Goods sold
Statement of owner’s equity
balance sheet *

Q.9 Which of the following account summarizes the profitability of business for a specific accounting period?
Profit & Loss account *
Cash flow statement
Receipt & Payment account
Balance Sheet

Ahmad  thanks for sharing 

Today's solved/attempted quiz


Fighting Falcon Shakeel  thanks for sharing 

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MGT Online Quiz#1, Question#1

My Quiz, Question#2

My Quiz, Question#3

My Quiz, Question#4

My Quiz, Question#5

My Quiz, Question#6

My Quiz, Question#7

My Quiz, Question#8

My Quiz, Question#9

My Quiz,


Question No: 19 ( Marks: 1 ) - Please choose one
Cost of asset Rs. 1,00,000
Life of asset 5 years
Depreciation for each year Rs. 5,000
Sale price after 5 years Rs.50,000
Book value of Asset after 5 years ?
► Rs.25, 000
► Rs. 75,000 ans
► Rs. 15,000
► Rs. 1, 00,000

Question No: 26 ( Marks: 1 ) - Please choose one
Cost of asset Rs. 1,00,000
Life of asset 5 years
Depreciation for each year Rs. 15,000
Sale price after 5 years Rs.50,000
Written down value of asset at the end of 5th year Rs.25,000
Profit or loss on disposal of fixed assets ?
► Rs.25, 000 profit ans
► Rs. 75,000 loss
► Rs. 15,000 profit
► Rs. 1, 00,000 profit

Question No: 7 ( Marks: 1 ) - Please choose one
Economic resources owned by a business and expected to benefit for the future
operations are called:
► Expenses
► Assets
► Capital
► Liabilities

Question No: 27 ( Marks: 1 ) - Please choose one
The cost of moving plant and machinery to a new site will be treated as:
► Revenue expense
► Capital expense
► Administrative expense
► Operating expense
Question No: 28 ( Marks: 1 ) - Please choose one
Interest on loan paid by business is an example of :
► Deferred expense(not Confirm)
► Revenue expense
► Capital expense
► None of the given options

anyone can ans???


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