MGT101 Financial Accounting Exam Quiz tests knowledge on asset management, accounting equations, and bank reconciliation, essential for understanding corporate financial operations and compliance with accounting standards.
Stock account
Cash account
Supplier account
Work in process account
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Accrual accounting only
Cash accounting only
Both cash and accrual accounting
None of the given options
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Summarizing
Book-keeping
Classification
Interpreting
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Rs. 1, 29,000
Rs. 1, 50,000
Rs. 1, 21,000
Rs. 71,000
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Rs.15,000
Rs. 35,000
Rs. 55,000
Rs. 60,000
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Bank Overdraft
Accounts Receivable
Notes Receivable
Prepaid Expenses
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Revenue
Net profit
Gross profit
Operating profit
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Matching concept
Consistency concept
Money measurement concept
Materiality concept
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Profit & Loss account
Income & Expenditure account
Receipts & Payments account
Balance Sheet
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Purchases account
Mr. Ali account
Cash account
Sales account
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Decrease in an asset, decrease in a liability
Increase in an asset, increase in a liability
Decrease in an asset, decrease in owner's equity
Increase in an asset, increase in owner's equity
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Single entry book keeping
Double entry book keeping
Both single and double entry book keeping
Cash basis of book keeping
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A memorandum statement
A ledger account
A part of cash book
A part of journal
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Bankers
Accountant of the business
Statutory auditor
Manger
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Mr. Sohail account
Salaries account
Cash account
Drawings account
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Income Statement
Balance Sheet
Trial Balance
Cash Book
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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 account
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Rs. 15,000
Rs. 35,000
Rs. 55,000
Rs. 60,000
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Account
Voucher
Journal
Trial balance
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Manufacturer
Trader
Management
Accountant
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Deferred expense
Capital expense
Revenue expense
Preliminary expense
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Accounts
Vouchers
Journals
Statements
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Rs. 60,000 loss
Rs. 75,000 profit
Rs. 25,000 loss
Rs. 1, 00,000 profit
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Account
Voucher
Journal
Ledger
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Added in liabilities
Subtracted from current assets
Subtracted from liabilities
Subtracted from capital
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Revenue
Expense
Liability
Expenditure
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Cash book will show less balance & bank book will show more
Cash book will show more balance & bank book will show less
Cash book will show double balance
Bank book will show double balance
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Consistency concept
Realization Concept
Materiality concept
Matching concept
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These are due within one year
These are short-term loans
A vague term for loans to be repaid by an enterprise after twelve months
In working capital, these are deducted from assets
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Revenue Expenditures
Capital Expenditures
Financial Expenditures
Operating Expenditures
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Capital account
Sundry creditors account
Accounts payable account
Cash account
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Residual value
Salvage Value
Scrap Value
All of the given options
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Rs. 280,000
Rs. 520,000
Rs. 400,000
Rs. 120,000
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Cash Accounting
Accrual Accounting
Both Accrual Accounting and Cash Accounting
None of the above
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Net Loss of Rs. 1,000
Net Income of Rs. 1,000
Net Loss of Rs. 3,000
Net Income of Rs. 3,000
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The figure of debtors and creditors will be incorrect
Cash or bank figure will be incorrect
Net profit will be incorrect
Balance sheet will not balance
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Balance sheet
Trading and Profit & Loss account
Cash Flow statement
Statement of retained earnings
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Rs. 1, 02,885 other assets
Rs. 1, 02,885 other liabilities
Rs. 99,885 current liabilities
Rs. 99,385 other assets
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Cash & Mr. A
Bank & Mr. A
Drawing & Mr. A
Cash & Bank
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Quiz Review Timeline (Updated): Mar 22, 2023 +
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