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Hafiz Salman Majeed


www.vuaskari.com

MGT101 Online Quiz#1 on 18 February 2010


Quiz Start Time: 04:22 PM Time Left 70
sec(s)
Question # 1 of 20 ( Start time: 04:22:58 PM ) Total Marks: 1
In accounting, which of the following account will be credited if the bad debts are
recovered in cash?
Select correct option:

Cash a/c
Bad debt recovered a/c
Doubtful debts a/c
Provision for bad debts a/c

Quiz Start Time: 04:22 PM Time Left 83


sec(s)
Question # 2 of 20 ( Start time: 04:23:40 PM ) Total Marks: 1
What will be debited, if Mohsin commenced business with cash?
Select correct option:

Cash account
Capital account
Drawings account
Proprietor account

Quiz Start Time: 04:22 PM Time Left 82


sec(s)
Question # 3 of 20 ( Start time: 04:23:55 PM ) Total Marks: 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

Quiz Start Time: 04:22 PM Time Left 83


sec(s)
Question # 4 of 20 ( Start time: 04:24:08 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
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Composed
Hafiz Salman Majeed
www.vuaskari.com
Purchase price

Quiz Start Time: 04:22 PM Time Left 83


sec(s)
Question # 5 of 20 ( Start time: 04:24:19 PM ) Total Marks: 1
What will be debited, if business purchased Furniture on cash?
Select correct option:

Furniture account
Cash account
Business account
Bank account

Quiz Start Time: 04:22 PM Time Left 85


sec(s)
Question # 6 of 20 ( Start time: 04:24:31 PM ) Total Marks: 1
Which of the following item is found in a Journal entry? (1) Date of each transaction (2)
Rupee amount of each debit and credit (3) Explanation of each transaction
Select correct option:

1 only
1 & 2 only
2 & 3 only
1, 2 & 3

Quiz Start Time: 04:22 PM Time Left 78


sec(s)
Question # 7 of 20 ( Start time: 04:24:42 PM ) Total Marks: 1
When asset is sold, any profit or loss is computed by comparing the
_______________with the amount received from sale.
Select correct option:

Book value
Residual value
Written down value
Salvage value

Quiz Start Time: 04:22 PM Time Left 83


sec(s)
Question # 8 of 20 ( Start time: 04:26:05 PM ) Total Marks: 1
Net Profit = Income - _____________
Select correct option:

Liabilities
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Composed
Hafiz Salman Majeed
www.vuaskari.com
Assets
Expenses
Capital

Quiz Start Time: 04:22 PM Time Left 77


sec(s)
Question # 9 of 20 ( Start time: 04:26:17 PM ) Total Marks: 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

Quiz Start Time: 04:22 PM Time Left 81


sec(s)
Question # 10 of 20 ( Start time: 04:26:35 PM ) Total Marks: 1
Which one of the following is NOT true about Capital Expenditure?
Select correct option:

They create future benefits


They are incurred to acquire fixed assets
They improve the financial position of the business
They reduce the profit of the concern

Quiz Start Time: 04:22 PM Time Left 74


sec(s)
Question # 11 of 20 ( Start time: 04:26:50 PM ) Total Marks: 1
Which one of the following will result in increase in revenues?
Select correct option:

Purchased fixed asset


Received discount
Payment to creditors
Return of goods, sold on credit

Quiz Start Time: 04:22 PM Time Left 85


sec(s)
Question # 12 of 20 ( Start time: 04:27:19 PM ) Total Marks: 1
Assets are divided in which of the following categories in balance sheet.
Select correct option:

Current assets, Long term assets and capital assets


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Composed
Hafiz Salman Majeed
www.vuaskari.com
Current assets, Long term assets and fixed assets
Current assets, Quick assets and business debts
Current assets, Fixed assets and deferred cost

Quiz Start Time: 04:22 PM Time Left 73


sec(s)
Question # 13 of 20 ( Start time: 04:27:29 PM ) Total Marks: 1
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

Quiz Start Time: 04:22 PM Time Left 50


sec(s)
Question # 14 of 20 ( Start time: 04:27:53 PM ) Total Marks: 1
Which of the following is CORRECT if closing stock is only given in trial balance?
Select correct option:

It has been already been deducted from purchases


It will not be shown in credit side of trading account
It will be only shown in Balance Sheet
All of the given options are correct

Quiz Start Time: 04:22 PM Time Left 81


sec(s)
Question # 15 of 20 ( Start time: 04:29:19 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: 04:22 PM Time Left 79


sec(s)
Question # 16 of 20 ( Start time: 04:29:45 PM ) Total Marks: 1
A receipt of cash Rs. 10,000 from Mr. Bilal is recorded as Rs. 1,000. What amount will
be mentioned in rectifying entry?
Select correct option:
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Composed
Hafiz Salman Majeed
www.vuaskari.com

Rs. 1,000
Rs. 9,000
Rs. 10,000
Rs. 11,000

Quiz Start Time: 04:22 PM Time Left 73


sec(s)
Question # 17 of 20 ( Start time: 04:30:00 PM ) Total Marks: 1
Which of the following is an example of operating expense?
Select correct option:

Purchasing operating equipment


Purchasing cleaning services
Purchasing an investment in another company
Purchasing a computer for the accounting office

Quiz Start Time: 04:22 PM Time Left 84


sec(s)
Question # 18 of 20 ( Start time: 04:30:27 PM ) Total Marks: 1
Which of the following is an example of direct materials cost?
Select correct option:

Production worker’s wages


Depreciation expenses
A piece of wood for the production of chair
Polish and finishing material for chair

Quiz Start Time: 04:22 PM Time Left 60


sec(s)
Question # 19 of 20 ( Start time: 04:30:38 PM ) Total Marks: 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
None of the given options

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Composed
Hafiz Salman Majeed
www.vuaskari.com
Quiz Start Time: 04:22 PM Time Left 82
sec(s)
Question # 20 of 20 ( Start time: 04:31:13 PM ) Total Marks: 1
In accounting accumulated depreciation is:
Select correct option:

Treated as a reserve
Treated as a contra asset
Treated as a surplus
Treated as an expense

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