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MGT101 Quiz No.1 Shared by Syeda Siddra Sumreen Zahra

Question # 1 of 10 ( Start time: 06:06:33 PM ) Total Marks: 1
Which of the following account balance is shown on credit side of Trial Balance? (It is assumed that all account balances are shown on normal balance)
Select correct option:
a. Cash account
b. Furniture account
c. Vehicle account
d. Capital account

Question # 2 of 10 ( Start time: 06:07:46 PM ) Total Marks: 1
What is the next step to Journalizing in Accounting cycle?
Select correct option:
a. Recording
b. Posting
c. Balancing
d. Analyzing

Question # 3 of 10 ( Start time: 06:09:32 PM ) Total Marks: 1
If a business purchases machinery for Rs. 50,000 on 31st January 2008 having life for 10 years, this expense will be realized ________ under the concept of accrual accounting.
Select correct option:
a. Only for the year 2008
b. Only for the last day of 10th year
c. Over 10 years
d. Nothing can be said about it

Question # 4 of 10 ( Start time: 06:10:22 PM ) Total Marks: 1
Amount generated from sales in a business is called:
Select correct option:
a. Income
b. Net Income
c. Gross Profit
d. Operating profit

Question # 5 of 10 ( Start time: 06:13:47 PM ) Total Marks: 1
A Balance Sheet discloses the financial position of a firm:
Select correct option:
a. For a certain given period
b. At a particular point of time
c. After the fixed date
d. None of the given options

Question # 7 of 10 ( Start time: 06:16:10 PM ) Total Marks: 1
In which of the following statement/s closing stock is/are shown?
Select correct option:
a. Profit and loss account
b. Balance sheet
c. Income statement
d. All of the given options

Question # 8 of 10 ( Start time: 06:16:35 PM ) Total Marks: 1
The proper classification and normal balance of accounts receivables account is:
Select correct option:
a. Assets
b. Liabilities
c. Revenues
d. Expenses

Question # 9 of 10 ( Start time: 06:17:03 PM ) Total Marks: 1
What should be credited, if salary is paid to Sohail?
Select correct option:
a. Sohail account
b. Salaries account
c. Cash account
d. Drawings account

Question # 10 of 10 ( Start time: 06:17:31 PM ) Total Marks: 1
Which of the following is the first book to record a transaction?
Select correct option:
a. Trial Balance
b. Journal
c. Trial Balance
d. Balance Sheet

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