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Mgt101- Financial Accounting 01

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

  
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Question Excerpt

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