(Attock VU Group) Current Quiz MGT101

MGT101 QUIZ  dated 21-12-2011 time 7.15 pm 

 

Bad debts written off (given in adjustment) always affect the: 

Select correct option: 

Debtors account

Creditors account

Cash 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

 

Purchased a computer and sold it after using 2 years. It is classified as: 

Select correct option: 

 Capital expenditure

Revenue expenditure

Capital receipt 

Revenue receipt

 

Which of the following is a FIRST product of accounting cycle? 

Select correct option: 

Voucher

General Journal 

General Ledger

Financial Statements 

 

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

 

The proper classification of Cost of Goods Sold account is: 

Select correct option: 

Assets

Expenses

Liabilities

Revenues

 

Find out the missing value of an Accounting Equation with the help of given data: Total Assets Rs. 34,500 Accounts payable Rs. 1, 000 Other liabilities Rs. 11,500 Owner's equity ? 

Select correct option: 

Rs. 22,000 

Rs.24, 000 

Rs. 45,000 

Rs. 46,000 

 

In the bank reconciliation statement, interest credited by the bank is: 

Select correct option: 

 added in the balance as per bank book

 deducted in the balance as per bank book (Not Sure)

 it doesn't effect the bank reconciliation statement

 no treatment

 

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

 

What is the next step to Journalizing in Accounting cycle? 

Select correct option: 

 Recording

 Posting

 Balancing

 Analyzing

 

The third party who owes money to the business is called: 

Select correct option: 

Debtor (Not Sure)

Creditor

Stakeholder

stockholder

 

Bad debts written off (given in adjustment) always affect the: 

Select correct option: 

Debtors account

Creditors account

Cash account 

Capital account

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

 

The term "Debit" is drived from______________ language. 

Select correct option: 

Latin

English 

French 

Chinese

 

Franchise rights, goodwill and patents are the examples of: 

Select correct option: 

Liquid assets

Tangible assets

Intangible assets

Current assets

 

The amount of depreciation charged under straight line method: 

Select correct option: 

Decreases every year (Not Sure)

Remains constant every year

Increases every year

First increases than decreases

 

Which of the following is NOT a stage of transaction processing? 

Select correct option: 

Recording

Summarizing

Budgeting

Interpreting (Not sure)

 

Which of the following is NOT a content of Cost of goods sold? 

Select correct option: 

Opening Stock 

Sales 

Purchases

Closing Stock

 

 

Consider the following data and identify the amount which will be shown in profit & loss account. Particulars Rs. Bad debts 3,600 Provision for doubtful debts (old) 6,000 Current year's provision (new) 1,500 

Select correct option: 

Rs. (900)

Rs. 900

Rs. (5,100)

Rs. 5,100

 

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

 

 

 

    

    

 

 

    

 

 

    

 

    

 

 

 

    

 

 

     

--
Zindagi mein 2 Logo ka buhat khayal rahkoooo

Ist woh jiss ney tumhari jeet ke Liye buhat kuch hara hoo (Father)

2nd woh jiss ko tum ney har dukh me pukaara hoo (Mother)

Regards, 

Umair Saulat

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