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Hafiz Salman Majeed

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MGT101 Online Quiz#2 on 18 February 2010

Quiz Start Time: 04:33 PM Time Left 31
sec(s)
Question # 1 of 20 ( Start time: 04:33:43 PM ) Total Marks: 1
If, Cost of machine = Rs.400, 000 Useful life = 5 years Residual value = Rs.25, 000 Sale
price = Rs.40, 000 Rate of depreciation = 40% What will be book value of machine after
four years using straight line method?
Select correct option:

Rs.35, 000
Rs.40, 000
Rs.55, 000
Rs.75, 000

Quiz Start Time: 04:33 PM Time Left 51

sec(s)
Question # 2 of 20 ( Start time: 04:35:00 PM ) Total Marks: 1
Which of the following is CORRECT if depreciation is given in trial balance?
Select correct option:

It means depreciation has already been deducted from concerned asset

It will be shown as expense in income statement only
It will not deduct from concerned asset in Balance Sheet
All of the given options are correct

Quiz Start Time: 04:33 PM Time Left 64

sec(s)
Question # 3 of 20 ( Start time: 04:35:44 PM ) Total Marks: 1
Which of the following account is normally NOT exists in the balance sheet of the
manufacturing concern?
Select correct option:

Work in Process Inventory

Raw Materials Inventory
Merchandise Inventory
Finished Goods Inventory

Quiz Start Time: 04:33 PM Time Left 82

sec(s)
Question # 4 of 20 ( Start time: 04:37:10 PM ) Total Marks: 1
Which of the following account balance/s is/are shown on credit side of Trial Balance? (It
is assumed that all account balances are shown on normal balance)
Select correct option:

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 Composed
Hafiz Salman Majeed
www.vuaskari.com
Capital account
Sundry creditors account
Accounts payable account
All of the given options

Quiz Start Time: 04:33 PM Time Left 83

sec(s)
Question # 5 of 20 ( Start time: 04:37:23 PM ) Total Marks: 1
What will be the entry of disposal of an asset at cost price?
Select correct option:

Debit Fixed Asset Disposal and Credit Fixed Asset Cost

Debit Accumulated Dep. and Credit Fixed Asset Disposal
Debit Cash / Bank and Credit Fixed Asset Disposal
None of the given options

Quiz Start Time: 04:33 PM Time Left 83

sec(s)
Question # 6 of 20 ( Start time: 04:37:40 PM ) Total Marks: 1
Bad debts written off (given in adjustment) always affect the:
Select correct option:

Debtors account
Creditors account
Cash account
Capital account

Quiz Start Time: 04:33 PM Time Left 48

sec(s)
Question # 7 of 20 ( Start time: 04:37:53 PM ) Total Marks: 1
If, Cost of machine = Rs.400, 000 Useful life = 5 years Residual value = Rs.25, 000 Sale
price = Rs.40, 000 Rate of depreciation = 40% What will be the amount of depreciation
charged on 3rd year using straight line method?
Select correct option:

Rs. 35,000
Rs. 57,600
Rs. 75,000
Rs. 96,000

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 Composed
Hafiz Salman Majeed
www.vuaskari.com
Quiz Start Time: 04:33 PM Time Left 66
sec(s)
Question # 8 of 20 ( Start time: 04:38:45 PM ) Total Marks: 1
Goods of Rs. 1,000 purchased from Mr. “A” were recorded in sales book. The
rectification of this error will:
Select correct option:

Increase the gross profit

Reduce the gross profit
Have no effect on gross Profit
None of the given options

Quiz Start Time: 04:33 PM Time Left 81

sec(s)
Question # 9 of 20 ( Start time: 04:40:01 PM ) Total Marks: 1
If Current Assets Rs. 100,000, Current Liability Rs. 50,000 and Fixed Assets Rs. 2,
00,000. Calculate working capital.
Select correct option:

Rs. 50,000
Rs. 1, 00,000
Rs. 1, 50,000
Rs. 3, 00,000

Quiz Start Time: 04:33 PM Time Left 74

sec(s)
Question # 10 of 20 ( Start time: 04:40:17 PM ) Total Marks: 1
Which of the following is a debit entry on the Bank Statement that might not appear in
the Cash Book?
Select correct option:

A standing order
An uncredited cheque
A credit transfer
An unpresented cheque

Quiz Start Time: 04:33 PM Time Left 76

sec(s)
Question # 11 of 20 ( Start time: 04:40:53 PM ) Total Marks: 1
Sales to Mr. “A” of Rs. 336 have been debited to Mr. “B” account, this will be rectified
by:
Select correct option:

Debiting Mr. A’s account and crediting Mr. B’s account

Debiting Mr. B’s account and crediting Mr. A’s account
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 Composed
Hafiz Salman Majeed
www.vuaskari.com
Crediting both accounts
Debiting both accounts

Quiz Start Time: 04:33 PM Time Left 87

sec(s)
Question # 12 of 20 ( Start time: 04:41:13 PM ) Total Marks: 1
Which of the following is NOT a characteristic of Joint Stock Company?
Select correct option:

Separate Legal Entity

Limited Liability of shareholders
Easy formation
Common Seal

Quiz Start Time: 04:33 PM Time Left 85

sec(s)
Question # 13 of 20 ( Start time: 04:41:21 PM ) Total Marks: 1
Which of the following would NOT be considered as a component of 'cost' of stock?
Select correct option:

Salaries of selling staff

Transportation inward costs
Import duties
Purchase price

Quiz Start Time: 04:33 PM Time Left 75

sec(s)
Question # 14 of 20 ( Start time: 04:41:31 PM ) Total Marks: 1
All the statements are correct about Journal voucher EXCEPT:
Select correct option:

Financial data is picked only from journal vouchers to Journal

These are used to record all transaction other than cash & bank
These are used to make corrections or adjustments to previous Receipt
Format of journal voucher is different from other vouchers

Quiz Start Time: 04:33 PM Time Left 54

sec(s)
Question # 15 of 20 ( Start time: 04:41:54 PM ) Total Marks: 1
If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and operating expenses Rs.
100,000. What will gross profit?
Select correct option:

Rs. 5,000
Rs. 95,000
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 Composed
Hafiz Salman Majeed
www.vuaskari.com
Rs. 1, 00,000
Rs.1, 05,000

Quiz Start Time: 04:33 PM Time Left 68

sec(s)
Question # 16 of 20 ( Start time: 04:42:36 PM ) Total Marks: 1
Which of the following is NOT correct regarding depreciation?
Select correct option:

It is another name of Impairment

It refers to the increase in value of asset
It refers to the end life of an asset
All of the given options

Quiz Start Time: 04:33 PM Time Left 62

sec(s)
Question # 17 of 20 ( Start time: 04:43:18 PM ) Total Marks: 1
Which of the following is correct about the partnership form of business?
Select correct option:

Partners must share their profits in equal shares between them

Partners are personally liable for the liabilities of the business
Partnerships must make their accounts available to the general public
Partnerships are invariably very small businesses

Quiz Start Time: 04:33 PM Time Left 84

sec(s)
Question # 18 of 20 ( Start time: 04:44:01 PM ) Total Marks: 1
___________ is the detail of transaction in one's account provided by the bank.
Select correct option:

Bank statement
Bank reconciliation statement
Income statement
Financial statement

Quiz Start Time: 04:33 PM Time Left 82

sec(s)
Question # 19 of 20 ( Start time: 04:44:13 PM ) Total Marks: 1
Particulars Rs. Opening written down value of machine 4,10,000 Cost of machine
purchased during the year 50,000 Depreciation during the year 20,000 closing written
down value (WDV) of the Machines ?
Select correct option:

Rs. 4, 40,000
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 Composed
Hafiz Salman Majeed
www.vuaskari.com
Rs. 4, 30,000
Rs. 4, 80,000
Rs. 70,000

Quiz Start Time: 04:33 PM Time Left 85

sec(s)
Question # 20 of 20 ( Start time: 04:44:29 PM ) Total Marks: 1
Total Sales are calculated by adding:
Select correct option:

Cash sales and cash received from debtors

Credit sales and cash received from debtors
Cash sales and credit sales
Cash ales and credit purchases

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