Mgt101- Financial Accounting 01

19 Questions  I  By Zubair
Accounting Quizzes & Trivia
MGT101- Financial Accounting

  
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1.  Which of the following assets are shown at written down value in balance sheet?
A.
B.
C.
D.
2.  In a single entry system, it is NOT possible to prepare:
A.
B.
C.
D.
3.  Which of the following is NOT correct?
A.
B.
C.
D.
4.  Which of the following is CORRECT if depreciation is given in trial balance?
A.
B.
C.
D.
5.  (Amount of new provision + Amount of bad debts) < Amount of old provision then the resulting figure will be shown at:
A.
B.
C.
D.
6.  If salaries are Rs. 2500, purchases Rs. 18,000 and rent Rs. 400; what will be administrative expenses?
A.
B.
C.
D.
7.  Under the diminishing balance method, depreciation is calculated on:
A.
B.
C.
D.
8.  Which of the following is an example of operating expense?
A.
B.
C.
D.
9.  What will be debited, if business purchased Vehicle on cash?
A.
B.
C.
D.
10. 
Office salaries, advertising and sales commissions are the examples of:
A.
B.
C.
D.
11.  The balance in drawings account is transferred to which of the following at the end of the year.
A.
B.
C.
D.
12.  Sale of goods to Amir is wrongly debited to Umair A/c instead ofAmir A/c. Both are debtors of business, this is an example of:
A.
B.
C.
D.
13. 
Under the straight line method of depreciation:
A.
B.
C.
D.
14.  Which of the following particular is NOT included in journal voucher?
A.
B.
C.
D.
15.  Goods sold to Mr. Salman for RS. 6,000 have been forgotten to enter in books of accounts, this is an example of
A.
B.
C.
D.
16.  Cash book is a part of _________ .
A.
B.
C.
D.
17. 
What is the next step to Journalizing in Accounting cycle?
A.
B.
C.
D.
18.  Sales to Mr. A of Rs. 336 have been debited to Mr. B account, this will be rectified by:
A.
B.
C.
D.
19.  What will be the entry of disposal of an asset at cost price?
A.
B.
C.
D.
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