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

12 Questions | By Aryanahmad | Last updated: Mar 21, 2022 | Total Attempts: 205

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

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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