MGT101 Quiz ( Lesson 1 - 16 ) Aryan Ahmad Evening Class

12 Questions | Total Attempts: 197

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MGT101 Quiz  ( Lesson 1 - 16 ) Aryan Ahmad Evening Class

MGT101 QUIZ ( Lesson 1 - 16 ) Aryan Ahmad Evening Class Step 1. Click on the Step 1. Click on the link Step 2. Write your nameStep 3. Solve your quizStep 4. Check your mistakes with result Step 1. Click on the link Step 2. Write your nameStep 3. Solve your quizStep 4. Check your mistakes with result Step 5. Share your result below


Questions and Answers
  • 1. 
    Qno.1 Why we use financial accounting 
    • A. 

      Business need

    • B. 

      Accounting need

    • C. 

      Financial need

    • D. 

      Managerial need

  • 2. 
    Qno.2 Which of the following shows a debit balance under normal circumstances? 
    • A. 

      Asset

    • B. 

      Capital

    • C. 

      Liability

    • D. 

      Sales

  • 3. 
    Qno.3 Normally the practice of Book Keeping under Single Entry System is followed by: 
    • A. 

      Small businesses only

    • B. 

      Governments only

    • C. 

      Large scale businesses only

    • D. 

      Both small businesses and governments

  • 4. 
    Qno.4 An accounting system is used by a business to: 
    • A. 

      Analyze transactions

    • B. 

      Handle routine book-keeping tasks

    • C. 

      Classify and summarize financial information

    • D. 

      All of the given options

  • 5. 
    Qno.5 Which of the following is TRUE for Company’s negative working capital? 
    • A. 

      Current Asset > Current Liability

    • B. 

      Current Asset = Current Liability

    • C. 

      Current Asset < Current Liability

    • D. 

      None of the given options

  • 6. 
    Qno.6 Which one of the following is NOT true about Capital Expenditure? 
    • A. 

      Creates future benefits

    • B. 

      Incurred to acquire fixed assets

    • C. 

      Incurred to increase the economic life of existing fixed assets

    • D. 

      Reduce the profit of the concern

  • 7. 
    Qno.7 Consider the following:Beginning inventory 10 units @ Rs. 10 per unitFirst purchase 35 units @ Rs. 11 per unitSecond purchase 40 units @ Rs. 12 per unitThird purchase 20 units @ Rs. 13 per unitSold 10 units @ 1035 units @ 1140 units @ 12Eighty-five units were sold, what is the value of the ending inventory using theFIFO method of inventory costing? 
    • A. 

      Rs.260

    • B. 

      Rs.232

    • C. 

      Rs.284

    • D. 

      Rs.268

  • 8. 
    Qno.9 A decrease in value of a fixed asset due to age, wear and tear is known as: 
    • A. 

      Acc Depreciation

    • B. 

      Accumulated

    • C. 

      Appreciation

    • D. 

      Written Down Value

  • 9. 
    Qno.13 which of the following entities is not profit oriented entity? 
    • A. 

      Sole - proprietorship

    • B. 

      Partnership

    • C. 

      Companies

    • D. 

      Trust

  • 10. 
    Qno10 Which of the following is the act of recording each transaction in the Journal? 
    • A. 

      Journalizing

    • B. 

      Posting

    • C. 

      Folioing

    • D. 

      Transferring

  • 11. 
    Debit is
    • A. 

      Decrease in income

    • B. 

      Increase in income

    • C. 

      Decrease in asset

    • D. 

      Increase in capital 

  • 12. 
    Which one do you like?
    • A. 

      Option 1

    • B. 

      Option 2

    • C. 

      Option 3

    • D. 

      Option 4

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