MGT101 Quiz No.4 Shared by sidra

Which of the following is (are) item (s) of cost of goods sold statement?
Select correct option:
Purchase of raw material
Any tax/freight paid on purchases
Any expense incurred on carriage/transportation of raw material purchased items
All of the given options

Question # 2 of 20 ( Start time: 12:44:52 AM ) Total M a r k s: 1
Which of the following voucher is used to record transactions that do not affect bank & cash?
Select correct option:
Journal Voucher
Receipt Voucher
Payment Voucher
Nominal Voucher

Question # 3 of 20 ( Start time: 12:45:48 AM ) Total M a r k s: 1
If salaries are Rs. 2500, purchases Rs. 18,000 and rent Rs. 400; what will be administrative expenses? Select correct option:
Rs. 400
Rs. 2,500
Rs. 2,900
Rs.20, 900

Question # 4 of 20 ( Start time: 12:46:54 AM ) Total M a r k s: 1
What would conversion costs if costs of raw materials, direct labor costs, and manufacturing overhead costs Rs.80,000, Rs.50,000, and Rs.60,000, respectively?
Select correct option:
Rs.130, 000
Rs.110, 000
Rs.140, 000
Rs.190, 000

Question # 5 of 20 ( Start time: 12:47:57 AM ) Total M a r k s: 1
A form that allows individuals to compare their personal bank account records to the bank's records of the individual's account balance in order to uncover any possible discrepancies is known as:
Select correct option:
Bank statement
Income statement
Financial statement
Bank Reconciliation statement

Question # 6 of 20 ( Start time: 12:49:23 AM ) Total M a r k s: 1
Cash and other resources that are expected to turn to cash or to be used up within one year of the balance sheet date are called:
Select correct option:
Current liability
Current assets
Fixed assets
Long-term assets

Question # 7 of 20 ( Start time: 12:50:15 AM ) Total M a r k s: 1
An accounting system is used by a business to:
Select correct option:
Analyze transactions
Handle routine bookkeeping tasks
Structure information
All of the given options

Question # 8 of 20 ( Start time: 12:51:02 AM ) Total M a r k s: 1
Particulars Rs. Opening written down value of machine 3,75,000 Cost of machine 50,000 Depreciation during the year 11,500 Closing written down value (WDV) of the Machines ?
Select correct option:
Rs. 4,13,500
Rs. 4, 25,000
Rs. 3, 36,500
Rs. 61,500

Question # 9 of 20 ( Start time: 12:52:03 AM ) Total M a r k s: 1 What will be debited, if business purchased Furniture on cash?
Select correct option:
Furniture account
Cash account
Business account
Bank account

Question # 10 of 20 ( Start time: 12:52:44 AM ) Total M a r k s: 1
Expenditure incurred in acquiring the patent right for the business is an example of:
Select correct option:
Revenue expenditure
Capital expenditure
Deferred revenue expenditure
Administrative expenditure

Question # 11 of 20 ( Start time: 12:52:44 AM ) Total M a r k s: 1
Total assets - Total liabilities =?
Select correct option:
Owner’s Equity
Expenses
Retained earnings
Net profit

Question # 12 of 20 ( Start time: 12:54:06 AM ) Total M a r k s: 1
What will be debited, if business bought goods on credit from Mr. Ali?
Select correct option:
Purchases account
Mr. Ali account
Cash account
Sales account

Question # 13 of 20 ( Start time: 01:00:12 AM ) Total M a r k s: 1
Prepaid rent given in the Trial Balance will be treated as a (an):
Select correct option:
Asset
Liability
Revenue
Deferred expense

Question # 14 of 20 ( Start time: 01:00:51 AM ) Total M a r k s: 1
A business event which can be measured in terms of money and must be recorded in books of accounts is called:
Select correct option:
Condition
Transaction
Information
Record

Question # 15 of 20 ( Start time: 01:01:19 AM ) Total M a r k s: 1
Which one of the following is NOT a feature of sole proprietorship business.
Select correct option:
Easy Formation
Easy Dissolution
Unlimited Liability
Separate Legal Entity

Question # 16 of 20 ( Start time: 01:02:31 AM ) Total M a r k s: 1
In which of the following statement opening stock is shown?
Select correct option:
Profit and loss account
Balance sheet
Cash flow statement
Owner’s equity

Question # 17 of 20 ( Start time: 01:03:27 AM ) Total M a r k s: 1
The primary purpose of preparing a cash flow statement for an entity is to provide information about: Select correct option:
The profitability of its business operations for a period of time
Its financial position at the end of an accounting period
Its cash receipts and cash payments during an accounting period (Not Sure)
None of the given options

Question # 18 of 20 ( Start time: 01:04:47 AM ) Total M a r k s: 1
Which of the following is (are) example(s) of non distributable profit?
Select correct option:
General reserve
Accumulated profit and loss (credit balance)
Revaluation reserves
None of the given options (Not sure)

Question # 19 of 20 ( Start time: 01:06:10 AM ) Total M a r k s: 1
Which of the following Organization converts raw material into finished goods?
Select correct option:
Trading concern
Manufacturing concern
Merchandising concern
Service concern

Question # 20 of 20 ( Start time: 01:06:10 AM ) Total M a r k s: 1
In firms cash flow statements, which of the following would appear as a cash outflow?
Select correct option:
The payments for share in a company whose shares are treated on a stock exchange
A decrease in trade debtors over the course of an accounting period
Money received as a result of issuing new shares
Money received as result of selling fixed assets (Not sure)

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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

Which of the following assets is most likely to appreciate rather than depreciate?
Select correct option:
Land
Motor vehicles
Plant and machinery
Fixtures and fittings

Which of the following item needs to be entered in the Cash Book in order to bring it in line with the entries on the Bank Statement?
Select correct option:
A bank charges
An error on the Bank Statement
An uncredited deposit
An unpresented cheque

Wages paid to laborers working in the manufacturing department is treated as an expense of:
Select correct option:
Cost of goods sold
Administrative expenses
Selling expenses
Marketing expenses

Bad debts written off (given in adjustment) always affect the:
Select correct option:
Debtors account
Creditors account
Cash account
Capital account
Carriage paid Rs. 50 for the newly purchased machinery if debited to carriage acc