MGT101 Online Quiz
shared by IMRAN KHAN <mc090205414@gmail.com>
http://groups.google.com/group/vuZs
 |
| http://groups.google.com/group/vuZs |
| Visit this group |
Financial data is picked only from journal vouchers to Journal
These are used to record all transaction other than cash & bank
These are used to make corrections or adjustments to previous Receipt
Format of journal voucher is different from other vouchers
Which of the following contents are included in the Cost of goods sold?
Select correct option:
Opening stock
Purchases
Freight in
All of the given options
Which of the following Journal entry will be recorded when the bad debts are recovered?
Select correct option:
Cash account (Dr.) & Bad Debts recovered account (Cr.)
Accounts Receivable (Dr.) & Bad Debts recovered account (Cr.)
Bad debts recovered account (Dr.) and profit & loss account (Cr.)
Provision for doubtful debts account (Dr.) & cash account (Cr.)
Which of the following is NOT correct?
Select correct option:
Decrease in Assets will be credit
Decrease in Liabilities will be credit
Decrease in Expenses will be credit
Decrease in Revenue will be debit
Particulars Rs. Opening written down value of machine 1,00,000 Cost of new machine purchased during the year 50,000 Depreciation during the year 20,000 Closing written down value (WDV) ?
Select correct option:
Rs. 1,30,000
Rs. 1, 50,000
Rs. 1, 20,000
Rs. 70,000
An accounting system is used by a business to:
Select correct option:
Analyze transactions
Handle routine bookkeeping tasks
Structure information
All of the given options
In an account if debit side > credit side, the balance is known as the:
Select correct option:
Negative Balance
Debit balance
Positive Balance
Credit balance
Details of individual accounts are kept in a separate register / ledger called:
Select correct option:
Control Account
Subsidiary Ledger
General Journal
All of the given options
which of the following statement/s closing stock is/are shown?
Select correct option:
Profit and loss account
Balance sheet
Income statement
All of the given options
Which of the following particular/s is/are included in payment voucher?
Select correct option:
Name of organization
Cash payment
Date
All of the given options
Which of the following appears in both the Income Statement debit column and the Balance Sheet credit?
Select correct option:
Net income
Net loss
Dividends
Retained earnings
A book that keeps separate record for each account is known as:
Select correct option:
Trial Balance
Voucher
General Journal
General Ledger
Which of the following Organization converts raw material into finished goods?
Select correct option:
Trading concern
Manufacturing concern
Merchandising concern
Service concern
Franchise rights, goodwill and patents are the examples of:
Select correct option:
Liquid assets
Tangible assets
Intangible assets
Current assets
Cost of goods sold + ending finished goods – opening finished goods=?
Select correct option:
Total factory cost
Cost of goods manufactured
Prime cost
Conversion cost
accounting, which of the following account will be credited if the bad debts are recovered in cash?
Select correct option:
Cash a/c
Bad debt recovered a/c
Doubtful debts a/c
Provision for bad debts a/c
What should be credited, if rent paid in cash?
Select correct option:
Landlord's account
Rent account
Cash account
Accounts receivable account
Sales to Mr. "A" of Rs. 336 have been debited to Mr. "B" account, this will be rectified by:
Select correct option:
Debiting Mr. A's account and crediting Mr. B's account
Debiting Mr. B's account and crediting Mr. A's account
Crediting both accounts
Debiting both accounts
If cost of sales is Rs. 60,000, income from sales Rs. 95,000 and direct expenses Rs. 10,000. Calculate Net profit.
Select correct option:
Rs. 15,000
Rs. 35,000
Rs. 55,000
Rs. 60,000
Particulars Rs. Opening written down value of machine 4,10,000 Cost of machine purchased during the year 50,000 Depreciation during the year 20,000 closing written down value (WDV) of the Machines ?
Select correct option:
Rs. 4, 40,000
Rs. 4, 30,000
Rs. 4, 80,000
Rs. 70,000
Which of the following voucher is used to record receipt of cash?
Select correct option:
Journal Voucher
Receipt Voucher
Payment Voucher
Nominal Voucher
In double entry system discount received is recorded as:
Select correct option:
Creditors a/c (Dr.), Discount received a/c (Cr.)
Discount received a/c (Dr.), Creditors a/c (Cr.)
Debtor a/c (Dr.), Discount received a/c (Cr.)
Discount received a/c (Dr.), Debtor a/c (Cr.)
The expenses which are NOT paid out of Gross Profit is classified as:
Select correct option:
Direct Expenses
General Expenses
Financial Expenses
Selling Expenses
Which of the following account(s) would be decreased with a debit?
Select correct option:
Capital
Retained Earnings
Revenues
All of the given options
Which of the following is fiscal Year of Government of Pakistan?
Select correct option:
1st January to 31st December
1st June to 31st May
1st July to 30th June
1st October to 30th September
Which of the following is/are inventory valuation method(s)?
Select correct option:
FIFO
LIFO
Weighted average
All of the given options
Which of the following particular/s is/are included in receipt voucher?
Select correct option:
Name of organization
Bank receipt
Date
All of the given options
Which of the following assets is most likely to appreciate rather than depreciate?
Select correct option:
Land
Motor vehicles
Plant and machinery
Fixtures and fittings
Which of the following item needs to be entered in the Cash Book in order to bring it in line with the entries on the Bank Statement?
Select correct option:
A bank charges
An error on the Bank Statement
An uncredited deposit
An unpresented cheque
Wages paid to laborers working in the manufacturing department is treated as an expense of:
Select correct option:
Cost of goods sold
Administrative expenses
Selling expenses
Marketing expenses
Bad debts written off (given in adjustment) always affect the:
Select correct option:
Debtors account
Creditors account
Cash account
Capital account
Carriage paid Rs. 50 for the newly purchased machinery if debited to carriage account will effect:
Select correct option:
Only carriage account
Only machinery account
Both carriage and machinery account
None of the given options
Cost of goods manufactured - opening work in process + ending work in process =?
Select correct option:
Cost of goods sold
Prime cost
Conversion cost
Total factory cost
If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and operating expenses Rs. 300,000. What will be net result?
Select correct option:
Rs. 1, 95,000 Losses
Rs. 1, 95,000 Profits
Rs 1, 05,000 Profits
Rs1, 05,000 Losses
What is the proper order of the following steps in the accounting process? I. Prepare and analyze the trial balance II. Record relevant transactions and events in a journal III. Analyze each transaction and event from source documents IV. Post journal information to ledger accounts
Select correct option:
III. IV. I. II.
I. II. III. IV.
III. II. IV. I.
III. II. I. IV.
Sales to Mr. "A" of Rs. 336 have been debited to Mr. "B" account, this will be rectified by:
Select correct option:
Debiting Mr. A's account and crediting Mr. B's account
Debiting Mr. B's account and crediting Mr. A's account
Crediting both accounts
Debiting both accounts
Which of the following expenses are called financial expenses?
Select correct option:
Payment of rent & Salary expense
Markup on loan& Bank Charges
Interest & advertisement expense
Wages and Depreciation expense
Cash and other resources that are expected to turn to cash or to be used up within one year of the balance sheet date are called:
Select correct option:
Current liability
Current assets
Fixed assets
Long-term assets
Money spent to acquire or upgrade physical assets is known as:
Select correct option:
Revenue Expense
Capital Expense
Administrative Expense
Operating Expense
Which of the following might be a reason, when a Bank Statement show greater balance then Cash Book balance at the end of specified period?
Select correct option:
Unpresented cheques
Unrecorded bank charges
Uncredited cheques
None of the given options
Which of the following particular is NOT included in journal voucher?
Select correct option:
Name of organization
Bank receipt number
Debit amount
Credit amount
Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000
Select correct option:
Rs. 35,000
Rs. 55,000
Rs. 1, 25,000
Rs. 1, 05,000
If, Cost of machine = Rs.400, 000 Useful life = 5 years Residual value = Rs.25, 000 Sale price = Rs.40, 000 Rate of depreciation = 40% What will be depreciation of machine after one years using diminishing balance method?
Select correct option:
Rs. 1, 60,000
Rs. 11,840
Rs. 34,560
Rs. 34,860
If, Cost of machine = Rs.400, 000 Useful life = 5 years Residual value = Rs.25, 000 Sale price = Rs.40, 000 Rate of depreciation = 40% What will be book value of machine after four years using straight line method?
Select correct option:
Rs.35, 000
Rs.40, 000
Rs.55, 000
Rs.75, 000
Amount generated from sales in a business is called:
Select correct option:
Income
Net Income
Gross Profit
Operating profit
___________= Gross profit < Operating Expenses
Select correct option:
Net Profit
Gross Profit
Net Loss
Gross Loss
Which of the following is an example of operating expense?
Select correct option:
Purchasing operating equipment
Purchasing cleaning services
Purchasing an investment in another company
Purchasing a computer for the accounting office
Net profit = Gross profit - _________
Select correct option:
Operating Expenses
Product Cost
Deferred Expenses
Direct Cost
which of the following statement/s closing stock is/are shown?
Select correct option:
Profit and loss account
Balance sheet
Income statement
All of the given options
If Gross profit Rs.16,500 and Cost of goods sold Rs.183,500, what will be the amount of Net Sales?
Select correct option:
Rs. 183, 500
Rs. 167, 000
Rs. 200, 000
Rs. 230, 000
Cost of goods manufactured + opening finished goods – ending finished goods =?
Select correct option:
Total factory cost
Cost of goods sold
Prime cost
Conversion cost
Goods sold to Mr. Salman for RS. 6,000 have been forgotten to enter in books of accounts, this is an example of:
Select correct option:
Error of Omission
Error of Commission
Error of Principle
Error of Original entry
Which of the following account balance is shown on credit side of Trial Balance? (It is assumed that all account balances are shown on normal balance)
Select correct option:
Cash account
Furniture account
Vehicle account
Capital account
A debit balance in the Bank Statement indicates:
Select correct option:
Cash at bank
Bank overdraft
Overpayment to creditors
Cash in hand
Increase in an expense is recorded on the:
Select correct option:
Left or credit side of the account
Right or debit side of the account
Left or debit side of the account
Right or credit side of the account
Expense incurred for operating activities of the business in providing goods and services is known as:
Select correct option:
Revenue expense
Capital expense
Deferred expense
Preliminary expense
Which of the following is NOT considered a part of financial statements?
Select correct option:
General Journal
Balance Sheet
Profit and Loss account
None of the given options
