Mgt101- Financial Accounting 01

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

  
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Questions and Answers

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