MGT101 Online Quiz
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Which of the following is(are) example(s) of accruals?
Select correct option:
Electricity bills payable
Water supply bills payable
Wages payable
All of the given options
Which of the following shows company's negative working capital?
Select correct option:
Current Asset > Current Liability
Current Asset < Current Liability
Current Asset = Current Liability
None of the given options
___________ is the detail of transaction in one's account provided by the bank.
Select correct option:
Bank statement
Bank reconciliation statement
Income statement
Financial statement
Total Sales are calculated by adding:
Select correct option:
Cash sales and cash received from debtors
Credit sales and cash received from debtors
Cash sales and credit sales
Cash ales and credit purchases
The amount of owner's equity in a business is affected by which of the following?
Select correct option:
The profitability of the business
Investments made in the business by the owner
The amount of dividends paid to stockholders
All of the given options
Expenses incurred for Salaries, heating and lighting are the examples of:
Select correct option:
Preliminary Expense
Deferred Expense
Revenue Expense
Capital Expense
Which of the following account balance/s is/are shown on credit side of Trial Balance? (It is assumed that all account balances are shown on normal balance)
Select correct option:
Capital account
Sundry creditors account
Accounts payable account
All of the given options
While making Profit & Loss account, Excess of expenses over income in a specified accounting period is called:
Select correct option:
Profit
Loss
Surplus
Deficit
__________ is the art of recording, classifying and summarizing the transactions and events of a business and interpreting the results thereof.
Select correct option:
Book-keeping
Accounting
Management
Auditing
In balance sheet fixed assets are shown at:
Select correct option:
Written down value (WDV)
Cost price
Market value
Fair value
Assets are divided in which of the following categories in balance sheet.
Select correct option:
Current assets, Long term assets and capital assets
Current assets, Long term assets and fixed assets
Current assets, Quick assets and business debts
Current assets, Fixed assets and deferred cost
In cost of goods sold statement the 'cost of goods manufactured' is equal to:
Select correct option:
Total factory cost + Opening work in process + Ending work in process
Total factory cost + Opening work in process – Ending work in process
Total factory cost - Opening work in process + Ending work in process
Ending work in process +Total factory cost – Opening work in process
Supervisor's salary and equipment repair cost are examples of:
Select correct option:
Factory overhead cost
Direct material cost
Direct labor cost
Finished goods cost
Bank Reconciliation Statement is:
Select correct option:
A memorandum statement
A ledger account
A part of cash book
A part of journal
Which of the following entry will be recorded for discount received in a control account?
Select correct option:
Discount Received (Dr) and Creditors Control A/c (Cr)
Discount Received (Dr) and Creditors A/c (Cr)
Creditors Control A/c (Dr) and Discount Received (Cr)
Debtors A/c (Dr) and Discount Received (Cr)
A form that allows individuals to compare their personal bank account records to the bank's records of the individual's account balance in order to uncover any possible discrepancies is known as:
Select correct option:
Bank statement
Income statement
Financial statement
Bank Reconciliation statement
Bank Reconciliation Statement is prepared by:
Select correct option:
Bankers
Accountant of the business
Statutory auditor
Manger
Particulars Rs. Opening written down value of machine 3,75,000 Cost of machine 50,000 Depreciation during the year 11,500 Closing written down value (WDV) of the Machines ?
Select correct option:
Rs. 4,13,5000
Rs. 4, 25,000
Rs. 3, 36,500
Rs. 61,500
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
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