MGT101 Quiz No.4 Shared by Wasiq

Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000
Select correct option:
Rs. 35,000
Rs. 55,000
Rs. 1, 25,000
Rs. 1, 05,000

The totals of return inwards Journal (day book) are
Select correct option:
credited to the trade receivables control account
debited to the trade payables control account
debited to the trade receivable control account
credited to the trade payables control account

ABC co. has a capital of Rs. 100,000, Long Term Liabilities Rs. 50,000, net profit during the year Rs. 15,000 and the amount of total liabilities is Rs 175,000. What will be the amount of Current Liabilities?
Select correct option:
Rs. 20,000
Rs. 150,000
Rs. 10,000
Rs. 25,000

The third party who owes money to the business is called:
Select correct option:
Debtor
Creditor
Stakeholder
stockholder

Which of the following voucher is used to record receipt of cash?
Select correct option:
Journal Voucher
Receipt Voucher
Payment Voucher
Nominal Voucher

The allocation of the cost of a tangible plant asset to expense in the periods, in which services are received from the asset, is termed as:
Select correct option:
Appreciation
Depreciation
Fluctuation
None of the given options

The minimum number of members that can form a public limited company are:
Select correct option:
1
2
3
7

Budget is a plan of income, expenses & other financial operations for:
Select correct option:
Current period
Future period
Past period

Find out the missing value of an Accounting Equation with the help of given data: Furniture Rs. 90,000 Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 90, 000 Liaibilities ?
Select correct option:
Rs. 201,000
Rs. 111, 000
Rs. 290, 000
Rs. 291, 000

From the given particulars, calculate the rate of depreciation under the fixed installment method of depreciation: Cost of Asset = Rs. 2,000 Residual Value = Rs. 400 Useful Life = 4 years
Select correct option:
20 %
30 %
25 %
33 %

Which of the following formula is used to calculate the cost of goods sold?
Select correct option:
Cost of goods available for sale minus net purchases plus ending inventory
Beginning inventory plus net purchases plus freight in minus ending inventory
Beginning inventory minus net purchases minus ending inventory
Beginning inventory minus ending inventory

The investment of Rs. 10,000 made by the owner in business will have an effect on which of the following accounts?
Select correct option:
Cash Account & Capital Account
Cash Account & Expense Account
Capital Account & Revenue Account
Capital Account & Expense Account