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*~* VuPak2009 *~* mgt101 quiz 04


Question # 1 of 20 ( Start time: 02:06:42 PM ) Total Marks: 1
Which of the following is (are) type(s) of Public Limited Companies?
Select correct option:

Listed company

Non listed company

Private limited company

Both Listed Company and non listed company

ans:
Private limited company





Question # 2 of 20 ( Start time: 02:08:01 PM ) Total Marks: 1
Total depreciation of an asset can not exceed its:
Select correct option:

Scrap value
Residual value
Market value
Depreciable value

ans:
Depreciable value





Question # 3 of 20 ( Start time: 02:09:27 PM ) Total Marks: 1
Which of the following is(are) TRUE about the sole trader form of business?
Select correct option:

A sole trader is liable to pay income tax on his/her earnings
Sole traders must have to prepare books of accounts by law
Sole traders must register the name of their business with the Registrar of Companies
All of the given options

ans:
A sole trader is liable to pay income tax on his/her earnings






Question # 4 of 20 ( Start time: 02:10:46 PM ) Total Marks: 1
Which of the following represents the profits which are NOT distribution to shareholders as cash dividend?
Select correct option:

Capital Reserve
Revenue Reserve
Equity
Debts







Question # 5 of 20 ( Start time: 02:11:49 PM ) Total Marks: 1
Which of the following is NOT a characteristic of Journal?
Select correct option:

Transactions are recorded in chronological order
Transaction is first recorded in Journal from Voucher
It is also called "The original book of entry"
None of the given options

ans:
None of the given options






Question # 6 of 20 ( Start time: 02:12:51 PM ) Total Marks: 1
Which one of the following will result in increase in revenues?
Select correct option:

Purchased fixed asset
Received discount
Payment to creditors
Return of goods, sold on credit

ans:
Received discount






Question # 7 of 20 ( Start time: 02:13:35 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


ans:
Capital expense






Question # 8 of 20 ( Start time: 02:15:00 PM ) Total Marks: 1
Cost of goods manufactured + opening finished goods – ending finished goods =?
Select correct option:

Total factory cost
Cost of goods sold
Prime cost
Conversion cost

ans:
Cost of goods sold






Question # 10 of 20 ( Start time: 02:16:04 PM ) Total Marks: 1
At the end of financial year a partner's drawings are transferred to the:
Select correct option:

Credit side of the partner's capital account
Credit side of the partner's current account
Debit side of partnership bank account
Debit side of the partner's current account

ans:
Debit side of partnership bank account






Question # 11 of 20 ( Start time: 02:16:50 PM ) Total Marks: 1
Which of the following is CORRECT if depreciation is given in trial balance?
Select correct option:

It means depreciation has already been deducted from concerned asset
It will be shown as expense in income statement only
It will not deduct from concerned asset in Balance Sheet
All of the given options are correct

ans:
It means depreciation has already been deducted from concerned asset






Question # 12 of 20 ( Start time: 02:17:12 PM ) Total Marks: 1
In cost of goods sold statement, the 'cost of material consumed' is equal to:
Select correct option:

Opening raw material inventory + Purchases – Ending raw material inventory
Opening raw material inventory - Purchases + Ending raw material inventory
Ending raw material inventory + Opening raw material inventory - Purchases
Ending raw material inventory + Opening raw material inventory + Purchases

ans:
Opening raw material inventory + Purchases – Ending raw material inventory







Question # 13 of 20 ( Start time: 02:18:31 PM ) Total Marks: 1
If cost of sales is Rs. 90,000, income from sales Rs. 200,000 and operating expenses Rs. 100,000. What will be net result?
Select correct option:

Rs. 5,000 Losses
Rs.10, 000 Profits
Rs 1, 95,000 Profits
Rs 1, 95,000 Losses


ans:
Rs.10, 000 Profits






Question # 14 of 20 ( Start time: 02:19:22 PM ) Total Marks: 1
What is the proper order of the following steps in the accounting process? I. Prepare and analyze the trial balance II. Record relevant transactions and events in a journal III. Analyze each transaction and event from source documents IV. Post journal information to ledger accounts
Select correct option:

III. IV. I. II.
I. II. III. IV.
III. II. IV. I.
III. II. I. IV.

ans:
III. II. IV. I.






Question # 15 of 20 ( Start time: 02:19:58 PM ) Total Marks: 1
Which of the following entry will be recorded for discount received in a control account?
Select correct option:

Discount Received (Dr) and Creditors Control A/c (Cr)
Discount Received (Dr) and Creditors A/c (Cr)
Creditors Control A/c (Dr) and Discount Received (Cr)
Debtors A/c (Dr) and Discount Received (Cr)

ans:
Creditors Control A/c (Dr) and Discount Received (Cr)






Question # 16 of 20 ( Start time: 02:20:44 PM ) Total Marks: 1
In accounting, which of the following account will be credited if the bad debts are recovered in cash?
Select correct option:

Cash a/c
Bad debt recovered a/c
Doubtful debts a/c
Provision for bad debts a/c

ans:
Bad debt recovered a/c






Question # 17 of 20 ( Start time: 02:22:11 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
ANs:
Owner's Equity





Question # 18 of 20 ( Start time: 02:23:58 PM ) Total Marks: 1
Which of the following is NOT cash inflow?
Select correct option:

Purchase of fixed asset
Sale of fixed asset
Issue of debentures

Cash from business operation






Question # 19 of 20 ( Start time: 02:25:28 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


Public limited companies
A listed company






Question # 20 of 20 ( Start time: 02:26:49 PM ) Total Marks: 1
Money spent to acquire or upgrade physical assets is known as:
Select correct option:

Revenue Expense
Capital Expense
Administrative Expense
Operating Expense

Capital Expense



 
 
***********IN THE NAME OF "ALLAH"

Assalamu'alaikum Wa Rahmatullah e Wa Barakatuhu,*************************

 

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