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MGT101 Complete Quizzes No 1 Solution Fall 2017:
Quizzes No.  1
Semester: Fall 2017
MGT101
Total Marks: 10
 Date: 1-Nov-2017
“Easy Dissolution” is a closely related characteristic of which of the following type of business?
  • Sole Proprietorship
  • Partnership Private
  • Limited Company
  • Public Limited Company

Select the most suitable equation which properly represents the derivation of fundamental Accounting Equation.
  • Assets = Owner’s Equity
  • Assets + Liabilities = Owner’s Equity
  • Cash = Assets
  • Assets – Liabilities = Owner’s Equity

Which of the following is / are the particular/s of a cash book?
(1) Date of transaction
(2) Account title
(3) Amount
  • 1 only
  • 1 & 2 only
  • 1 & 3 only
  • 1, 2 & 3

Which of the following item is found in a Journal entry?
(1) Date of each transaction
(2) Rupee amount of each debit and credit
(3) Explanation of each transaction
  • 1 only
  • 1 & 2 only
  • 1 & 3 only
  • 1, 2 & 3

Generally Accepted Accounting Principles (GAAP) are necessary because financial statements:
  • are publicly available
  • should be standardized
  • should be understandable
  • All of the above

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

An accounting system is used by a business to:
  • Analyze transactions
  • Handle routine bookkeeping tasks
  • Structure information
  • All of the given options

The proper classification and normal balance of accounts receivables account is:
  • Assets
  • Liabilities
  • Revenues
  • Expenses

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. 102,885 other assets
  • Rs. 102,885 current liabilities
  • Rs. 99,885 current liabilities
  • Rs.  99,385 other assets

Date: 1-Nov-2017
“Easy Dissolution” is a closely related characteristic of which of the following type of business?
  • Sole Proprietorship
  • Partnership Private
  • Limited Company
  • Public Limited Company

Select the most suitable equation which properly represents the derivation of fundamental Accounting Equation.
  • Assets = Owner’s Equity
  • Assets + Liabilities = Owner’s Equity
  • Cash = Assets
  • Assets – Liabilities = Owner’s Equity

Which of the following is / are the particular/s of a cash book?
(1) Date of transaction
(2) Account title 
(3) Amount
  • 1 only
  • 1 & 2 only
  • 1 & 3 only
  • 1, 2 & 3

Which of the following item is found in a Journal entry? 
(1) Date of each transaction 
(2) Rupee amount of each debit and credit
(3) Explanation of each transaction
  • 1 only
  • 1 & 2 only
  • 1 & 3 only
  • 1, 2 & 3

Generally Accepted Accounting Principles (GAAP) are necessary because financial statements:
  • are publicly available
  • should be standardized
  • should be understandable
  • All of the above

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

An accounting system is used by a business to:
  • Analyze transactions
  • Handle routine bookkeeping tasks
  • Structure information
  • All of the given options

The proper classification and normal balance of accounts receivables account is:
  • Assets
  • Liabilities
  • Revenues
  • Expenses

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. 102,885 other assets
  • Rs. 102,885 current liabilities
  • Rs. 99,885 current liabilities
  • Rs.  99,385 other assets

MGT101 Online Quiz Fall 2017 File

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