vu mgt101 Final Term - Quiz No.11
vu mgt101 Financial Accounting Quiz
This quiz belongs to book/course code vu mgt101 Financial Accounting of vu organization. We have 99 quizzes available related to the book/course Financial Accounting. This quiz has a total of 20 multiple choice questions (MCQs) to prepare and belongs to topic Final Term. NVAEducation wants its users to help them learn in an easy way. For that purpose, you are free to prepare online MCQs and quizzes.
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Question 1: Bank reconciliation description is composed of
Controller of the bank
Business Accountant
Business Manager
Bank Accountant
Question 2: Consider the following data and identify the amount which will be shown in profit loss account.
| Particulars | Rs. |
| Bad debts | 3,600 |
| Provision for doubtful debts (old) | 6,000 |
| Current years provision (new) | 1,500 |
Rs. (5,100)
Rs. 5,100
Rs. (900)
Rs. 900
Question 3: Expenses = __________
Profit + income
Profit - capital
Assets + profit
Income - profit
Question 4: __________ is the art of recording, classifying and summarizing the transactions and events of a business and interpreting the results there of.
Book-keeping
Accounting
Management
Auditing
Question 5: The beginning balance of Owners Equity was Rs.7,500. The dividends paid to stockholders were Rs.1,500. The ending balance of Owners Equity is Rs.5,000. What was the Net Income or Net Loss for the accounting period?
Net Loss of Rs. 1,000
Net Income of Rs. 1,000
Net Loss of Rs. 3,000
Net Income of Rs. 3,000
Question 7: Consider the following data and identify the amount which will be deducted from Sundry Debtors in Balance Sheet.
| Particulars | Rs. |
| Bad debts (from trial balance) | 1,600 |
| Provision for doubtful debts (old) | 2,000 |
| Current year's provision (new) | 1,000 |
Rs. 600
Rs. 1,000
Rs. 2,000
Rs. 2,600
Question 8: Whatever money or resources from ones' own pocket are put in a business is referred to as __________
Gain
Drawings
Cpaital
Profit
Question 9: The maintenance of daily record of all financial transactions in such a manner that it would help
Financial accounting
Book keeping
Daily record
none of the above
Question 10: In a trading concern, salaries of marketing staff is included in __________.
Cost of sales
Operating expenses
Preliminary expense
Cost of goods sold
Question 12: Capital and drawings are reported in which of the following section of balance sheet?
Assets
Other assets
Non current liabilities
Owner's equity
Question 14: The assets which have a limited useful life are termed as:
Limited assets
Depreciateable assets
Unlimited assets
None of the given options
Question 16: The Joint Stock Company is formed under the Companies Ordinance:
1984
I884
1948
1965
Question 17: An uncollectible account receivable is also termed as:
Asset
Uncollectible asset
Uncollectible accounts expense
None of the given options
Question 18: Adjusting entries are posted into which book of prime entry?
Sale book
General journal
Cash book
Question 19: Another name of net income or positive financial return is:
Profit
Contribution Margin
Revenue
Credit
Question 20: If a business pays rent in 12 months mit will be treated as:
Prepaid expenses of business
Long term liability of business
Fixed assets of business
