MGT-101 NO 1

1. Which of the following essentials are shown in Bank Book? (1) Date of transaction (2) Narration of transaction (3) Cheque number

(1) & (2) only

(2) & (3) only

(1) & (3) only

(1), (2) & (3)

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

Stock account

Cash account

Supplier account

Work in process account

3. Double entry accounting system includes:

Accrual accounting only

Cash accounting only

Both cash and accrual accounting

None of the given options

4. Word “Credit” is derived from ______ language.

Latin

English

French

Chinese

5. Income of the business includes:

Cash sales only

Credit sales only

Credit purchases only

Both cash sales and credit sales

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

Stock account

Cash account

Supplier account

Work in process account

7. Question No: 7 ( Marks: 1 ) - Please choose one

Particulars Rs.

Opening stock of raw material 100,000

Closing stock of raw material 80,000

Purchases of raw material during the period 200, 000

Cost of Material Consumed ?

Rs. 205,000

Rs. 215,000

Rs. 220,000

Rs. 225,000

8. The area of accounting concerned with reporting financial information to the interested parties is called:

Cost Accounting

Financial Accounting

Management Accounting

Tax Accounting

9. Consider the following:

Beginning inventory 10 units @ Rs. 10 per unit

First purchase 35 units @ Rs. 11 per unit

Second purchase 40 units @ Rs. 12 per unit

Third purchase 20 units @ Rs. 13 per unit
Eighty units were sold, what is the value of the ending inventory using the FIFO method of inventory costing?

Rs.260

Rs.232

Rs.284

Rs.320

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

Bank Overdraft

Accounts Receivable

Notes Receivable

Prepaid Expenses

11. Which of the following essentials are shown in Bank Book? (1) Date of transaction (2) Narration of transaction (3) Cheque number

(1) & (2) only

(2) & (3) only

(1) & (3) only

(1), (2) & (3)

12. If 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?

Rs.15,000

Rs. 35,000

Rs. 55,000

Rs. 60,000

13. The allocation of the cost of a tangible plant asset to expense in the periods, in which services are received from the asset, is termed as:

Appreciation

Depreciation

Fluctuation

None of the given options

14. Consider the following:

Beginning inventory 10 units @ Rs. 10 per unit

First purchase 35 units @ Rs. 11 per unit

Second purchase 40 units @ Rs. 12 per unit

Third purchase 20 units @ Rs. 13 per unit
Eighty-five units were sold, what is the value of the ending inventory using the FIFO method of inventory costing?

Rs.260

Rs.232

Rs.284

Rs.268

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

Purchases account

Mr. Ali account

Cash account

Sales account

16. Under the reducing balance method of depreciation:

Amount of depreciation increases every year

Amount of depreciation remains constant for every year

Amount of depreciation decreases every year

None of the given options

17. Which of the following is an example of direct materials cost?

Polish and finishing material for chair

A piece of wood for the production of chair

Production worker’s wages

Depreciation expenses

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

Deferred expense

Capital expense

Revenue expense

Preliminary expense

19. Which of the following statement is NOT TRUE about Current liabilities?

These are due within one year

These are short-term loans

These are consist of all debts, payable after 12 months

In working capital, these are deducted from current assets

20. A decrease in value of a fixed asset due to age, wear and tear is known as:

Depreciation

Accumulated Depreciation

Appreciation

Written Down Value

21. Depreciation arises because of:

Fall in the market value of an asset

Fall in the value of money

Physical wear and tear

All of the given options

22. Which of the following account will be credited, if business purchased a vehicle on cash?

Vehicle account

Cash account

Business account

Bank account

23. Please choose one

Particulars Rs.

Opening written down value of machine Rs. 2,00,000

Cost of new machine purchased during the year Rs. 50,000

Depreciation during the year Rs. 25,000

Closing written down value (WDV) of machines ?

Rs. 2, 25,000

Rs. 2, 50,000

Rs. 2, 75,000

Rs. 75,000

24. Following are the inventories of Manufacturing Concern EXCEPT:

Raw material

Work in process

Finished goods

Merchandise inventory

25. What would be the value of 'cost of goods manufactured' if the total factory cost of the month is Rs. 6,000, opening work in process is Rs. 2,000 and the closing work in process is Rs. 2,500?

Rs. 5,500

Rs. 8,000

Rs. 4,500

Rs. 8,500

26. 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).

Capital account

Sundry creditors account

Accounts payable account

Cash account

27. A summarized record of transactions related to individuals or things is called a/an ___________.

Account

Voucher

Journal

Trial balance

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

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

29. Find out the missing value of an Accounting Equation with the help of given data:

Cash Rs. 22,500

Debtors Rs. 500

Total Assets Rs. 80, 385

Accounts payable Rs. 1,000

Total liabilities Rs. 20,000

Rs. 60,385 owner’s equity

Rs. 61,385 owner’s equity

Rs. 99,885 owner’s equity

Rs. 99,385 owner’s equity

30. 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).

Cash Account

Furniture Account

Motor Account

All of the above

31. Please choose one

Cost of asset Rs. 1,00,000

Life of asset 5 years

Depreciation for each year Rs. 5,000

Sale price after 5 years Rs.50,000

Book value of Asset after 5 years ?

Rs.25, 000

Rs. 75,000

Rs. 15,000

Rs. 1, 00,000

32. Which of the following account will be credited, if business sold goods for Rs.10,000 on credit?

Cash account

Sales account

Accounts receivable account

Purchases account

33. Commercial Accounting is based on:

Single entry book keeping

Double entry book keeping

Both single and double entry book keeping

Cash basis of book keeping

34. Consider the following inventory record:

Date Item Quantity Cost/Unit Rs. Total Rs.

Jan. 2 Beginning inventory 10 10 100

Mar. 4 Purchase 35 11 385

May 8 Purchase 40 12 480

Nov. 3 Purchase 20 13 260

De31 Merchandise available 105 1,225
85 units were sold, Use the FIFO method of inventory costing and determine the cost of goods sold.

Rs. 1,225

Rs. 1,015

Rs. 965

Rs. 905

35. The cost of moving plant and machinery to a new site will be treated as:

Revenue expense

Capital expense

Administrative expense

Operating expense

36. The assets which have a limited useful life are termed as:

Limited assets

Depreciateable assets

Unlimited assets

None of the given options

37. In cost of goods sold statement the ‘total factory cost’ is equal to:

Cost of material consumed + Labor cost

Cost of material consumed + Conversion cost

Cost of material consumed + Total factory cost

Cost of material consumed + Factory overhead

MGT-101 No 1

1. Which of the following essentials are shown in Bank Book? (1) Date of transaction (2) Narration of transaction (3) Cheque number

2.

What first name or nickname would you like us to use?

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

3. Double entry accounting system includes:

4. Word “Credit” is derived from ______ language.

5. Income of the business includes:

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

7. Question No: 7 ( Marks: 1 ) - Please choose one

Particulars Rs.

Opening stock of raw material 100,000

Closing stock of raw material 80,000

Purchases of raw material during the period 200, 000

Cost of Material Consumed ?

8. The area of accounting concerned with reporting financial information to the interested parties is called:

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

11. Which of the following essentials are shown in Bank Book? (1) Date of transaction (2) Narration of transaction (3) Cheque number

12. If 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?

13. The allocation of the cost of a tangible plant asset to expense in the periods, in which services are received from the asset, is termed as:

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

16. Under the reducing balance method of depreciation:

17. Which of the following is an example of direct materials cost?

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

19. Which of the following statement is NOT TRUE about Current liabilities?

20. A decrease in value of a fixed asset due to age, wear and tear is known as:

21. Depreciation arises because of:

22. Which of the following account will be credited, if business purchased a vehicle on cash?

23. Please choose one

Particulars Rs.

Opening written down value of machine Rs. 2,00,000

Cost of new machine purchased during the year Rs. 50,000

Depreciation during the year Rs. 25,000

Closing written down value (WDV) of machines ?

24. Following are the inventories of Manufacturing Concern EXCEPT:

25. What would be the value of 'cost of goods manufactured' if the total factory cost of the month is Rs. 6,000, opening work in process is Rs. 2,000 and the closing work in process is Rs. 2,500?

26. 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).

27. A summarized record of transactions related to individuals or things is called a/an ___________.

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

29. Find out the missing value of an Accounting Equation with the help of given data:

Cash Rs. 22,500

Debtors Rs. 500

Total Assets Rs. 80, 385

Accounts payable Rs. 1,000

Total liabilities Rs. 20,000

30. 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).

31. Please choose one

Cost of asset Rs. 1,00,000

Life of asset 5 years

Depreciation for each year Rs. 5,000

Sale price after 5 years Rs.50,000

Book value of Asset after 5 years ?

32. Which of the following account will be credited, if business sold goods for Rs.10,000 on credit?

33. Commercial Accounting is based on:

35. The cost of moving plant and machinery to a new site will be treated as:

36. The assets which have a limited useful life are termed as:

37. In cost of goods sold statement the ‘total factory cost’ is equal to:

Particulars	Rs.
Opening stock of raw material	100,000
Closing stock of raw material	80,000
Purchases of raw material during the period	200, 000
Cost of Material Consumed	?

Beginning inventory	10 units @ Rs. 10 per unit
First purchase	35 units @ Rs. 11 per unit
Second purchase	40 units @ Rs. 12 per unit
Third purchase	20 units @ Rs. 13 per unit

Particulars	Rs.
Opening written down value of machine	Rs. 2,00,000
Cost of new machine purchased during the year	Rs. 50,000
Depreciation during the year	Rs. 25,000
Closing written down value (WDV) of machines	?

Cash	Rs. 22,500
Debtors	Rs. 500
Total Assets	Rs. 80, 385
Accounts payable	Rs. 1,000
Total liabilities	Rs. 20,000

Cost of asset	Rs. 1,00,000
Life of asset	5 years
Depreciation for each year	Rs. 5,000
Sale price after 5 years	Rs.50,000
Book value of Asset after 5 years	?

Date	Item	Quantity	Cost/Unit Rs.	Total Rs.
Jan. 2	Beginning inventory	10	10	100
Mar. 4	Purchase	35	11	385
May 8	Purchase	40	12	480
Nov. 3	Purchase	20	13	260
De31	Merchandise available	105		1,225

MGT-101 No 1

1. Which of the following essentials are shown in Bank Book? (1) Date of transaction (2) Narration of transaction (3) Cheque number

2.

What first name or nickname would you like us to use?

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

3. Double entry accounting system includes:

4. Word “Credit” is derived from ______ language.

5. Income of the business includes:

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

7. Question No: 7 ( Marks: 1 ) - Please choose one Particulars Rs. Opening stock of raw material 100,000 Closing stock of raw material 80,000 Purchases of raw material during the period 200, 000 Cost of Material Consumed ?

8. The area of accounting concerned with reporting financial information to the interested parties is called:

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

11. Which of the following essentials are shown in Bank Book? (1) Date of transaction (2) Narration of transaction (3) Cheque number

12. If 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?

13. The allocation of the cost of a tangible plant asset to expense in the periods, in which services are received from the asset, is termed as:

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

16. Under the reducing balance method of depreciation:

17. Which of the following is an example of direct materials cost?

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

19. Which of the following statement is NOT TRUE about Current liabilities?

20. A decrease in value of a fixed asset due to age, wear and tear is known as:

21. Depreciation arises because of:

22. Which of the following account will be credited, if business purchased a vehicle on cash?

23. Please choose one Particulars Rs. Opening written down value of machine Rs. 2,00,000 Cost of new machine purchased during the year Rs. 50,000 Depreciation during the year Rs. 25,000 Closing written down value (WDV) of machines ?

24. Following are the inventories of Manufacturing Concern EXCEPT:

25. What would be the value of 'cost of goods manufactured' if the total factory cost of the month is Rs. 6,000, opening work in process is Rs. 2,000 and the closing work in process is Rs. 2,500?

26. 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).

27. A summarized record of transactions related to individuals or things is called a/an ___________.

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

29. Find out the missing value of an Accounting Equation with the help of given data: Cash Rs. 22,500 Debtors Rs. 500 Total Assets Rs. 80, 385 Accounts payable Rs. 1,000 Total liabilities Rs. 20,000

30. 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).

31. Please choose one Cost of asset Rs. 1,00,000 Life of asset 5 years Depreciation for each year Rs. 5,000 Sale price after 5 years Rs.50,000 Book value of Asset after 5 years ?

32. Which of the following account will be credited, if business sold goods for Rs.10,000 on credit?

33. Commercial Accounting is based on:

35. The cost of moving plant and machinery to a new site will be treated as:

36. The assets which have a limited useful life are termed as:

37. In cost of goods sold statement the ‘total factory cost’ is equal to:

7. Question No: 7 ( Marks: 1 ) - Please choose one

Particulars Rs.

Opening stock of raw material 100,000

Closing stock of raw material 80,000

Purchases of raw material during the period 200, 000

Cost of Material Consumed ?

23. Please choose one

Particulars Rs.

Opening written down value of machine Rs. 2,00,000

Cost of new machine purchased during the year Rs. 50,000

Depreciation during the year Rs. 25,000

Closing written down value (WDV) of machines ?

29. Find out the missing value of an Accounting Equation with the help of given data:

Cash Rs. 22,500

Debtors Rs. 500

Total Assets Rs. 80, 385

Accounts payable Rs. 1,000

Total liabilities Rs. 20,000

31. Please choose one

Cost of asset Rs. 1,00,000

Life of asset 5 years

Depreciation for each year Rs. 5,000

Sale price after 5 years Rs.50,000

Book value of Asset after 5 years ?