MGT101 Quiz.1 2016 Solved

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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