MGT101 Financial Accounting Exam Quiz!

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Questions: 41 | Attempts: 442 | Updated: Mar 22, 2023

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MGT101 Financial Accounting Exam Quiz! - Quiz

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Mar 22, 2023

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Dec 02, 2009

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MGT101 Financial Accounting Exam Quiz!

Calculate depreciation of the asset for five years by using written down value method. Also show accumulated depreciation. Cost of the asset Rs. 1,20,000 Depreciation Rate 10% Expected Life 5 years

Particulars Rs. Opening written down value of machine 1,00,000 Cost of new machine purchased during the year 50,000 Depreciation during the year 21,000 Closing written down value (WDV) ?

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 in hand Rs. 1,000 Cash at bank Rs. 2,000 Debtors Rs. 500

Bank Reconciliation Statement is prepared by:

Bank Reconciliation Statement is:

Expenditures incurred annually on renewal of patent are known as:

Particulars Rs. Opening stock of raw material 100,000 Closing stock of raw material 85,000 Purchases of raw material during the period 200, 000 Cost of Material Consumed ?

Cost of asset Rs. 1,00,000 Life of asset 5 years Depreciation for the each year Rs. 5,000 Sale price after 5 years Rs.15,000 Written Down Value of Asset on 5th year Rs. 75,000 Profit or loss on disposal of fixed asset ?

Which of the following account will be credited, when the goods are purchased on cash?

The cost of sales is Rs. 60,000, sales are Rs. 95,000 and operating expenses are Rs. 20,000 during the year, what would be the value of Gross Profit?

The cost of sales is Rs. 60,000, sales are Rs. 95,000 and operating expenses are Rs.20,000 during the year. What would be the Net Profit?

Which of the following account balance will be shown on debit side of Trial Balance? (It is assumed that all account balances are shown on normal balance).

The amount of salary paid to Mr. Sohail should be debited to:

Which of the following account will be credited, if business bought goods on credit from Mr. Ali?

The unfavorable balance of Profit and Loss account should be:

Which of the following is NOT an example of Current Asset?

Which one of the following is NOT prepared by Non profit organizations?

An informal accounting statement that lists the ledger account balances at a point in time and compares the total of debit balances with the total of credit balances is known as:

Documentary evidence, in a specific format used to record the details of a transaction is known as:

Summarized record of transactions related to individuals or things is called a/an ___________.

When a Liability is reduced or decreased, it is recorded on the:

What will be the effect on accounting equation, when payment is made to the creditor of the business?

Commercial Accounting is based on:

Cost incurred for the maintenance of shop is considered as _________.

Mr.” A” sold goods for Rs. 3, 00,000 to Mr. “B”, Rs. 3, 00,000 will be treated as _____________ for business.

Double entry accounting system includes:

Which of the following financial statement shows the financial health of an Organization at a stated period of time?

The records that are kept for the individual asset, liability, equity, revenue, expense, and dividend components are known as:

Revenue should be recognized or recorded when the goods are sold or services are rendered to the customer, this concept is known as:

Record maintained which is measurable in the form of money, this concept of accounting is known as:

The cost of goods and services used up in the process of obtaining revenue is known as:

Which of the following is an accounting system in which events are recorded as and when they occur?

Recording of all financial transactions undertaken by an individual or organization is known as:

Any cheque drawn to creditor but not paid by bank will effect as follows:

If no distribution is made between capital and revenue expenditure then:

The Policy for charging depreciation is selected by:

The estimated value at which an asset is expected to be sold after the end of its useful life is called:

Mr. “A” borrowed money from bank; this transaction involves which one of the following accounts:

The beginning balance of the Owner’s Equity was Rs.7,500. The dividends paid to stockholders were Rs.1,500. The ending balance of the Owner’s Equity is Rs.5,000. What was the Net Income or Net Loss for the accounting period?

The company sold Rs. 400,000 of merchandise for cash and Rs.120,000 of merchandise to credit customers who will pay for the merchandise in a later time period. How much revenue should be reported on the income statement of the current time period under Cash Basis of Accounting?

Which one of the following statement is wrong about Current liabilities?

Cost of asset Rs. 1,00,000 Life of asset 5 years Depreciation for the each year Rs. 5,000 Sale price after 5 years Rs.15,000 Written Down Value of Asset on 5^th year Rs. 75,000 Profit or loss on disposal of fixed asset ?