MGT101 Quiz.1 2016 Solved
MGT101 Quiz.1 2016 Solved
MGT101 Quiz.1 2016 Solved
When income is reduced
or decreased, that amount is recorded on:
1. Right
or debit side of the account
2. Left
or debit side of the account
3. Left
or credit side of the account
4. Right or credit side of the ccount
ABC
& Co. received dividend on shares. Which of the following accounts would be
affected from this transaction?
I)
Assets II) Liabilities III) Expenses IV) Revenues
1. I and IV
2. I
and II
3. II
and III
4. I
and III
Total assets - Total
liabilities =?
1. Owner’s Equity
2. Expenses
All the statements are
correct about Journal voucher EXCEPT:
1. Financial data is picked only from
journal vouchers to Journal
2. These
are used to record all transaction other than cash & bank
3. These
are used to make corrections or adjustments to previous Receipt
4. Format
of journal voucher is different from other vouchers
If
cost of sales is Rs. 90,000, income from sales Rs. 200,000 and operating
expenses Rs. 100,000. What will be net result?
1. Rs.
5,000 Losses
2. Rs.10, 000 Profits
3. Rs
1, 95,000 Profits
4. Rs
1, 95,000 Losses
Find
out the missing value of an Accounting Equation with the help of given data:
Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs.
1, 000 Liabilities ?
1. Rs.
12,000
2. Rs.
11,000
In which of the following
statement/s closing stock is/are shown?
1. Profit
and loss account
2. Balance sheet
Any Written evidence in
support of a business transaction is called as ___________:
1. Cash
memo
2. Receipt
3. Voucher
4. All of the above
If
debit side of a ledger is greater than credit side, the balance will be called
as:
1. Debit Balance
2. Credit
Balance
Normally single entry book
keeping is followed by the:
1. Small businesses only
2. Governments
only
3. Large
scale businesses only
Heavy expenditure on
advertisement of a new product is an example of:
1.
Capital Expenditure
2.
Revenue
Expenditure
Which
of the following are recorded in Cash Book?
1. Receipts and payments
2. Profits
and losses
3. Assets
and liabilities
Generally
Accepted Accounting Principles (GAAP) are necessary because financial
statements
1. are
publicly available
2. should be standardized
3. should
be understandable
nd
out the Owner's equitt,apart of an Accounting Equation with the help of given
data: Cash Rs. 22,500 Debtors Rs. 50,000 Total assets Rs. missing Accounts
payable Rs. 30,000 Total liabilities+ owner equity Rs. missing
1. Owner's
equity =42,500
2. Owner's
equity =45,200
3. Owner's
equity =42,520
4. None of the above
________
is the art of recording monetary transactions in the books of Accounts in a
proper manner:
1. Accounting
2. Book Keeping
3. Posting
Which of the following is fiscal
Year of Government of Pakistan?
1. 1st
January to 31st December
2. 1st
June to 31st Ma
3. 1st July to 30th June
The
proper classification of equipment account is:
Assets
Which of the following
particular/s is/are included in receipt voucher?
1. Name
of organization
2. Bank
receipt
3. Date
4. All of the given options
The
investment of Rs. 10,000 made by the owner in business will have an effect on
which of the following accounts?
1. Cash Account & Capital Account
2. Cash
Account & Expense Account
3. capital
Account & Revenue Account
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