BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 77 sec(s) Question # 1 of 20 ( Start time: 02:10:02 PM ) Total Marks: 1 In an account if debit side > credit side, the balance is known as the: Select correct option: Negative Balance Debit balance Positive Balance Credit balance

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 80 sec(s) Question # 2 of 20 ( Start time: 02:10:50 PM ) Total Marks: 1 The Balance Sheet item that represents the resources invested by the owner is kn own as: Select correct option: Accounts Receivable Cash Note Payable Owner's Equity

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 66 sec(s) Question # 3 of 20 ( Start time: 02:11:07 PM ) Total Marks: 1 Which of the following is (are) NOT shown in balance sheet of sole proprietor? Select correct option: Fixed assets

Current liabilities Profit sharing ratio Long term assets

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 53 sec(s) Question # 4 of 20 ( Start time: 02:11:39 PM ) Total Marks: 1 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

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 34 sec(s) Question # 5 of 20 ( Start time: 02:12:23 PM ) Total Marks: 1 _______ is the basic part of an item, which is processed to make a complete item : Select correct option: Factory overhead Raw material Finished goods Work in process

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 43 sec(s)

Question # 6 of 20 ( Start time: 02:13:25 PM ) Total Marks: 1 A company uses straight line method of depreciation for an item of equipment tha t cost Rs. 28,000, has salvage value of Rs. 3,000, and has a five year useful li fe. What will be the book value of asset at the end of third year? Select correct option: Rs. Rs. Rs. Rs. 15,000 10,000 18,000 13,000

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 68 sec(s) Question # 7 of 20 ( Start time: 02:14:15 PM ) Total Marks: 1 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

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 67 sec(s) Question # 8 of 20 ( Start time: 02:14:40 PM ) Total Marks: 1 While preparing the the financial statements using the trial balance and additio nal information, which of the following is true about "drawing" Select correct option: it it it it is is is is adjusted adjusted adjusted adjusted in in in in the the the the profit and loss account under administrative expenses profit and loss account under selling expenses profit and loss account under other expenses capital account

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 73 sec(s) Question # 9 of 20 ( Start time: 02:15:06 PM ) Total Marks: 1 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

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 21 sec(s) Question # 10 of 20 ( Start time: 02:15:25 PM ) Total Marks: 1 The entry for Revaluation of an asset, in case of gain on revaluation will be: Select correct option: Debit: Revaluation Reserve A/c Credit: Cost of Asset A/c Debit: Revaluation Reserve A/c Credit: Accumulated Depreciation A/c Debit: Cost of Asset A/c Credit: Revaluation Reserve A/c Debit: Profit & Loss A/c Credit: Cost of Asset A/c

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 80 sec(s)

Question # 11 of 20 ( Start time: 02:16:38 PM ) Total Marks: 1 Which of the following asset is NOT depreciated? Select correct option: Factory Buildings Office Equipment Plant & Machinery Land

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 15 sec(s) Question # 12 of 20 ( Start time: 02:16:51 PM ) Total Marks: 1 Find out the missing value of an Accounting Equation with the help of given data : Total Assets Rs. 34,500 Accounts payable Rs. 1, 000 Other liabilities Rs. 11,5 00 Owner s equity ? Select correct option: Rs. 22,000 Rs.24, 000 Rs. 45,000 Rs. 46,000

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 15 sec(s) Question # 12 of 20 ( Start time: 02:16:51 PM ) Total Marks: 1 Find out the missing value of an Accounting Equation with the help of given data : Total Assets Rs. 34,500 Accounts payable Rs. 1, 000 Other liabilities Rs. 11,5 00 Owner s equity ? Select correct option: Rs. 22,000 Rs.24, 000 Rs. 45,000 Rs. 46,000

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 47 sec(s) Question # 13 of 20 ( Start time: 02:18:18 PM ) Total Marks: 1 Find out the missing value of an Accounting Equation with the help of given data : Owner s equity Rs. 22,500 Total Liabilities Rs. 80, 385 Cash Rs. 1,000 Bank Rs. 2,000 Debtors Rs. 500 Select correct option: Rs. Rs. Rs. Rs. 102,885 other assets 102,885 current liabilities 99,885 current liabilities 99,385 other assets

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 63 sec(s) Question # 14 of 20 ( Start time: 02:19:10 PM ) Total Marks: 1 The minimum number of members that can form a public limited company are: Select correct option: 1 2 3 7

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 66 sec(s) Question # 15 of 20 ( Start time: 02:19:40 PM ) Total Marks: 1 While adjusting the cash balance of cash book, which of the following is NOT tak en into account.

Select correct option: Mistakes Interest Interest Mistakes in the cash book credited in the pass book but not entered in cash book debited in the pass book but not entered in cash book in the statement of owner s equity

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 22 sec(s) Question # 16 of 20 ( Start time: 02:20:13 PM ) Total Marks: 1 Generally Accepted Accounting Principles (GAAP) are: Select correct option: Legal Ethical Honest All of the above

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 72 sec(s) Question # 17 of 20 ( Start time: 02:21:23 PM ) Total Marks: 1 A transaction that has been recorded in wrong account of the same class instead of being recorded in the right account, this is called: Select correct option: Error Error Error Error of of of of Omission Commission Principle Original entry

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 44 sec(s) Question # 17 of 20 ( Start time: 02:21:23 PM ) Total Marks: 1 A transaction that has been recorded in wrong account of the same class instead of being recorded in the right account, this is called: Select correct option: Error Error Error Error of of of of Omission Commission Principle Original entry

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 75 sec(s) Question # 18 of 20 ( Start time: 02:22:11 PM ) Total Marks: 1 Which of the following statements is also called as position statement or a stat ement of condition? Select correct option: Income Statement Cost of Goods sold Statement of owner s equity Balance Sheet

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 75 sec(s) Question # 19 of 20 ( Start time: 02:22:29 PM ) Total Marks: 1 When income is reduced or decreased, that amount is recorded on: Select correct option: Right or debit side of the account Left or debit side of the account Left or credit side of the account Right or credit side of the ccount

BC100401984 : Muhammad Mohsin Asgher

Quiz Start Time: 02:10 PM Time Left 81 sec(s) Question # 20 of 20 ( Start time: 02:22:46 PM ) Total Marks: 1 Which of the following contents are included in the Cost of goods sold? Select correct option: Opening stock Purchases Freight in All of the given options