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MGT101 Quiz No.1 Shared by Pari

Goods sold to Mr. Naeem for Rs. 5,000 are wrongly recorded in sales journal at Rs. 500 and same amount is posted in Mr. Naeem’s account, this is an example of:
Compensating errors
Error of Commission
Error of Principle
Error of Original entry (Right Answer)

Which of the following is the first book to record a transaction?
Trial Balance
Journal (Right Answer)
Trial Balance
Balance Sheet

Which of the following would NOT be considered as a component of 'cost' of stock?
Salaries of selling staff(Right Answer)
Transportation inward costs
Import duties
Purchase price

Which of the following is (are) characteristic(s) of Bad Debt?
It is a definite loss to the business
It must be shown in Profit & loss account
No provision is necessary for it
All of the given options (Right Answer)

The difference between Management Accounting and Financial Accounting is that:
Financial accounting is used by managers to plan strategies in the area of company growth
Financial accounting is used by external investors to gain information about the company
Managerial accounting is used by the internal managers to plan for daily business activities
Both 2 and 3 (Right Answer)

 If Current Assets Rs. 100,000, Current Liability Rs. 50,000 and Fixed Assets Rs. 2, 00,000. Calculate working capital.
Rs. 50,000 (Right Answer)
Rs. 1, 00,000
Rs. 1, 50,000
Rs. 3, 00,000

Which of the following is NOT a revenue expenditure?
Petrol consumed in motor vehicles (Right Answer)
Cost of saleable goods
Bad debts
Premium given on lease

 The Amount changed to deprecation goes on declining in:
Depreciation fixed method
Annuity method
Written-down value method (Right Answer)
Straight line depreciation method

If Cost of sales in Rs. 90,000, income from sales Rs. 200,000 and operating expenses Rs.100,000,. What will be net results?
Rs. 5,000 Losses
Rs. 10,000 Profits (Right Answer)
Rs. 1,95,000 Profits
Rs. 1,95,000 Losses

The main purpose of ______________ is to as certain true result of the business operation during particular period of time.
Cost Accounting
Financial Accounting(Right Answer)
Managerial Accounting
Tax Accounting

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