Composed

Hafiz Salman Majeed

www.vuaskari.com

MGT101 Online Quiz#6 on 18 February 2010

Quiz Start Time: 05:13 PM Time Left 76
sec(s)
Question # 1 of 20 ( Start time: 05:13:08 PM ) Total Marks: 1
(Amount of new provision + Amount of bad debts) < Amount of old provision then the
resulting figure will be shown at:
Select correct option:

Debit side of Profit & Loss account

Credit side of Profit & Loss account
Asset side of Balance Sheet
Liability side of Balance Sheet

Quiz Start Time: 05:13 PM Time Left 86

sec(s)
Question # 2 of 20 ( Start time: 05:13:40 PM ) Total Marks: 1
In which depreciation method Depreciation remains constant?
Select correct option:

Reducing balance method

Units of Production
Straight Line method
None of the given options

Quiz Start Time: 05:13 PM Time Left 85

sec(s)
Question # 3 of 20 ( Start time: 05:13:49 PM ) Total Marks: 1
Which of the following is(are) example(s) of accruals?
Select correct option:

Electricity bills payable

Water supply bills payable
Wages payable
All of the given options

Quiz Start Time: 05:13 PM Time Left 83

sec(s)
Question # 4 of 20 ( Start time: 05:13:59 PM ) Total Marks: 1
Which one of the following cannot be classified as Revenue Income?
Select correct option:

Goods sold for cash

Goods sold on credit
Income from the sale of services
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
 Composed
Hafiz Salman Majeed
www.vuaskari.com
Income from the sale of fixed assets

Quiz Start Time: 05:13 PM Time Left 74

sec(s)
Question # 5 of 20 ( Start time: 05:15:20 PM ) Total Marks: 1
What should be debited, if Sales made to Mahmood for cash?
Select correct option:

Cash account
Mahood account
Sales account
Purchases account

Quiz Start Time: 05:13 PM Time Left 39

sec(s)
Question # 6 of 20 ( Start time: 05:15:42 PM ) Total Marks: 1
In cost of goods sold statement the ‘cost of goods manufactured’ is equal to:
Select correct option:

Total factory cost + Opening work in process + Ending work in process

Total factory cost + Opening work in process – Ending work in process
Total factory cost - Opening work in process + Ending work in process
Ending work in process +Total factory cost – Opening work in process

Quiz Start Time: 05:13 PM Time Left 81

sec(s)
Question # 7 of 20 ( Start time: 05:16:39 PM ) Total Marks: 1
The cost of an incomplete asset at the end of year in balance sheet is transferred to:
Select correct option:

Capital account
Capital work in progress account
Relevant asset account
Owner's equity account

Quiz Start Time: 05:13 PM Time Left 86

sec(s)
Question # 8 of 20 ( Start time: 05:16:57 PM ) Total Marks: 1
5% Debentures Account Rs. 3, 00,000. What amount of interest on debentures should be
shown in profit and loss account?
Select correct option:

Rs. 6,000
Rs. 3, 00,000
Rs. 15,000
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
 Composed
Hafiz Salman Majeed
www.vuaskari.com
Rs. 3, 15,000

Quiz Start Time: 05:13 PM Time Left 83

sec(s)
Question # 9 of 20 ( Start time: 05:17:08 PM ) Total Marks: 1
Expense incurred for operating activities of the business in providing goods and services
is known as:
Select correct option:

Revenue expense
Capital expense
Deferred expense
Preliminary expense

Quiz Start Time: 05:13 PM Time Left 84

sec(s)
Question # 10 of 20 ( Start time: 05:17:24 PM ) Total Marks: 1
Which of the following assets are shown at written down value in balance sheet?
Select correct option:

Current assets
Liquid assets
Floating assets
Fixed assets

Quiz Start Time: 05:13 PM Time Left 82

sec(s)
Question # 11 of 20 ( Start time: 05:17:38 PM ) Total Marks: 1
Which of the following can offer its share to general public at large?
Select correct option:

Private limited companies

Public limited companies
Partnership firm
All of the given options

Quiz Start Time: 05:13 PM Time Left 87

sec(s)
Question # 12 of 20 ( Start time: 05:18:10 PM ) Total Marks: 1
Franchise rights, goodwill and patents are the examples of:
Select correct option:

Liquid assets
Tangible assets
Intangible assets
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
 Composed
Hafiz Salman Majeed
www.vuaskari.com
Current assets

Quiz Start Time: 05:13 PM Time Left 86

sec(s)
Question # 13 of 20 ( Start time: 05:18:35 PM ) Total Marks: 1
Which of the following is an example of direct materials cost?
Select correct option:

Production worker’s wages

Depreciation expenses
A piece of wood for the production of chair
Polish and finishing material for chair

Quiz Start Time: 05:13 PM Time Left 82

sec(s)
Question # 14 of 20 ( Start time: 05:18:44 PM ) Total Marks: 1
General reserves are shown in:
Select correct option:

Profit & loss account

Balance sheet
Cash flow statement
Bank Statement

Quiz Start Time: 05:13 PM Time Left 81

sec(s)
Question # 15 of 20 ( Start time: 05:19:04 PM ) Total Marks: 1
Prepaid rent given in the Trial Balance will be treated as a (an):
Select correct option:

Asset
Liability
Revenue
Deferred expense

Quiz Start Time: 05:13 PM Time Left 78

sec(s)
Question # 16 of 20 ( Start time: 05:19:34 PM ) Total Marks: 1
The Balance Sheet item that represents the resources invested by the owner is known as:
Select correct option:

Accounts Receivable
Cash
Note Payable
Owner's Equity
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
 Composed
Hafiz Salman Majeed
www.vuaskari.com
Quiz Start Time: 05:13 PM Time Left 84
sec(s)
Question # 17 of 20 ( Start time: 05:19:54 PM ) Total Marks: 1
Amount generated from sales in a business is called:
Select correct option:

Income
Net Income
Gross Profit
Operating profit

Quiz Start Time: 05:13 PM Time Left 83

sec(s)
Question # 18 of 20 ( Start time: 05:20:35 PM ) Total Marks: 1
Which of the following represents the profit which is available for distribution to
shareholders as cash dividend?
Select correct option:

Capital Reserve
Revenue Reserve
Equity
Debts

Quiz Start Time: 05:13 PM Time Left 87

sec(s)
Question # 19 of 20 ( Start time: 05:21:05 PM ) Total Marks: 1
The main purpose of ___________ is to ascertain true result of the business operation
during particular period of time.
Select correct option:

Cost Accounting
Financial Accounting
Managerial Accounting
Tax Accounting

Quiz Start Time: 05:13 PM Time Left 85

sec(s)
Question # 20 of 20 ( Start time: 05:21:20 PM ) Total Marks: 1
Which of the following is/are true about the partnership form of business?
Select correct option:

A partnership is a business run by two or more people

A partnership business is not difficult to set up
Each partner is liable under the law for the actions of his or her partners
All of the given options
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content