MGT101 Quiz No.2 Shared by Safdar

Question # 1 of 15 ( Start time: 03:49:51 PM )Total Marks: 1

Particulars Rs. Opening written down value of machine 3,50,000 Cost of machine purchased

during the year 40,000 Depreciation during the year 13,000 Closing written down value (WDV)

of the Machines ?

Select correct option:

Rs. 3, 77,000

Rs. 3, 90,000

Rs. 4, 12,000

Rs. 63,000

Question # 2 of 15 ( Start time: 03:51:15 PM )Total Marks: 1

Which of the following Organization converts raw material into finished goods?

Select correct option:

Trading concern

Manufacturing concern

Merchandising concern

Service concern

Question # 3 of 15 ( Start time: 03:51:53 PM )Total Marks: 1

Which of the following particular/s is/are included in receipt voucher?

Select correct option:

Name of organization

Bank receipt

Date

All of the given options

Question # 4 of 15 ( Start time: 03:52:17 PM )Total Marks: 1

What will be debited, if business sold goods for Rs.10, 000 on credit?

Select correct option:

Cash account

Sales account

Accounts receivable account

Purchases account

Question # 5 of 15 ( Start time: 03:52:47 PM )Total Marks: 1

Which of the following is/are inventory valuation method(s)?

Select correct option:

FIFO

LIFO

Weighted average

All of the given options

Question # 6 of 15 ( Start time: 03:53:01 PM )Total Marks: 1

In which of the following all vouchers are first recorded___________.

Select correct option:

General Journal

General Ledger

Balance Sheet

Trial Balance

Question # 7 of 15 ( Start time: 03:53:59 PM )Total Marks: 1

In which of the following statement/s closing stock is/are shown?

Select correct option:

Profit and loss account

Balance sheet

Income statement

All of the given options

Question # 8 of 15 ( Start time: 03:54:32 PM )Total Marks: 1

While making Profit & Loss account, Excess of expenses over income in a specified

accounting period is called:

Select correct option:

Profit

Loss

Surplus

Deficit

Question # 9 of 15 ( Start time: 03:55:04 PM )Total Marks: 1

If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and operating expenses Rs.

300,000. What will be net result?

Select correct option:

Rs. 1, 95,000 Losses

Rs. 1, 95,000 Profits

Rs 1, 05,000 Profits

Rs1, 05,000 Losses

Question # 10 of 15 ( Start time: 03:56:00 PM )Total Marks: 1

The main purpose of ___________ is to ascertain true result of the business operation

during particular period of time.

Select correct option:

Cost Accounting

Financial Accounting

Managerial Accounting

Tax Accounting

Question # 11 of 15 ( Start time: 03:56:52 PM )Total Marks: 1

In balance sheet fixed assets are shown at:

Select correct option:

 Written down value (WDV)

Cost price

Market value

Fair value

Question # 12 of 15 ( Start time: 03:57:43 PM )Total Marks: 1

Debit signifies:

Select correct option:

Increase in Asset account

Decrease in liability account

Decrease in capital account

All of the given options

Question # 13 of 15 ( Start time: 03:58:36 PM )Total Marks: 1

If Gross profit Rs.16,500 and Cost of goods sold Rs.183,500, what will be the amount of Net Sales?

Select correct option:

Rs. 183, 500

Rs. 167, 000

Rs. 200, 000

Rs. 230, 000

Question # 14 of 15 ( Start time: 03:59:26 PM )Total Marks: 1

Which of the following particular is NOT included in journal voucher?

Select correct option:

 Name of organization

Bank receipt number

Debit amount

Credit amount

Question # 15 of 15 ( Start time: 03:59:52 PM )Total Marks: 1

Any expense that gives benefit for a period of less than twelve months is called ________.

Select correct option:

 Capital Expense

Revenue Expense

Revenue Receipt

Deferred Expense