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
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