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MGT101 Quiz No.2 Shared by Hamid

Which of the following is not a feature of sole proprietorship business ?
Easy formation
Easy dissolution
Unlimited liability
Separate Legal entity

Consider the following data: Particulars Rs.Assets 75500 Owner’s equity ? Liabilities 40200
35300
55000
125000
115700

In which of the following gross profit is calculated?
Balance sheet
Trading Account
Appropriation Account
Receipt and payment account

Under straight line method of depreciation
Amount of depreciation increase every year
Amount of depreciation remains constant every year
Amount of depreciation decreases every year
None of the given options

What should be credited, if salary is paid to Sohail?
Sohail Account
Salaries account
Cash account
Drawing account


Which of the following is NOT included in journal voucher?
Name of organization
Bank receipt number
Debit amount
Credit amount

Workingcapital Rs. 20000, current liabilities Rs. 30000 and fixed assets Rs. 100000; calculate current assets?
Rs. 10000
Rs. 50000
Rs.110000
Rs.120000

In the cost of goods sold statement, cost of direct material consumed + Direct labor?
Conversion cost
Prime cost
Total factory cost
Cost of goods manufactured
Franchise rights, goodwill and patents are the examples of:
Legal assets
Tangible assets
Intangible assets
Current assets

Which one of the following is called book of Primary entry?
General journal
General ledger
Trial balance
Profit and loss account

The investment of Rs. 10000 made by owner in business will have an effect on which of the following accounts?
Cash account & capital account
Cash account & expense account
Cash account & revenue account
Capital account & expense account

___________= Gross profit < Operating expenses
Net profit
Gross profit
Net loss
Gross loss

Partnership means a lawful business owned by at least:
Two or more persons
Five or more persons
Seven or more persons
Nine or more persons

Any expense that becomes a source of income generation for a long time period is called_________
Capital expense
Revenue expense
Revenue receipt
Capital receipt

Which of the following particular/s is/are included in receipt voucher?
Name of the organization
Bank receipt
Date

All of the given option

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