vu mgt101 Final Term - Quiz No.12
vu mgt101 Financial Accounting Quiz
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Question 1: Which of the following is a detailed record of an individual account in case of large business?
Control Account
Subsidiary Ledger
Balance Sheet
Trial Balance
Question 2: Which of the following item will be credited in capital account of sole proprietor?
Cash
Drawings
Debtors
Profit
Question 3: If the Company ABC has current assets Rs. 100,000, current liabilities Rs. 75,000 and fixed assets Rs. 200,000, what would be the value of working capital?
Rs. 25,000
Rs. 1, 00,000
Rs. 1, 75,000
Rs. 3, 00,000
Question 4: In which of the following auditor's remuneration payable is shown?
In balance sheet under the head of current liabilities only
In balance sheet under the head of current assets only
In income statement under the administrative expense only
In both balance sheet under the head of current liabilities and income statement under the administrative expense
Question 5: Total Factory Cost = __________
Direct Material Cost + Direct Expenses / Direct Labor Cost + Factory Overhead Cost (All indirect expense of factory are called FOH)
Direct Material Cost + Direct Expenses * Direct Labor Cost + Factory Overhead Cost (All indirect expense of factory are called FOH)
Direct Material Cost + Direct Expenses - Direct Labor Cost + Factory Overhead Cost (All indirect expense of factory are called FOH)
Direct Material Cost + Direct Expenses + Direct Labor Cost + Factory Overhead Cost (All indirect expense of factory are called FOH)
Question 6: Fixed Assets (WDV) + Working Capital =?
Total assets employed
Total liabilities
Total assets
Current assets
Question 7: Real accounts records
Gains and losses
Dealings with creditors or debtors
All of the above
Dealings in commodities
Question 8: Which of the following is CORRECT if depreciation is given in trial balance?
All of the given options are correct
It means depreciation has already been deducted from concerned asset account
It will be shown as an expense in income statement only
It will not be deducted from concerned asset in Balance Sheet
Question 9: Which of the following entry is passed to record discount allowed in control account?
Discount Allowed (Dr) and Debtors Control A/c (Cr
Discount Allowed (Dr) and Debtors A/c (Cr)
Debtors Control A/c (Dr) and Discount Allowed (Cr)
Debtors A/c (Dr) and Discount Allowed (Cr)
Question 10: All of the following are Non-commercial (Non-Profit Oriented) organizations, EXCEPT:
NGO's (Non-government Organizations)
Trusts
Limited Companies
Societies
Question 11: In which situation(s) Partnership is dissolved?
In case of death of partner
At the admission of new partner
If any partner resigned from partnership
All of the given options
Question 12: ABC Company received discount on its credit purchases, which of the following will be debited while entering in journal?
Cash
Discount received
Creditors
Bank
Question 13: We usually allow the customer to deduct a certain amount from the invoice value for prompt payment. In doing so we are granting a:
Commission
Allowance
Discount
Rebate
Question 14: When preparing a cash flow statement, which of the following would be classified as a financing activity?
A new long-term loan taken out to finance the purchase of fixed assets
Salaries paid
Interest paid on a long-term bank loan
The cost of purchasing a patent
Question 15: Share premium account is used for what?
Write off Preliminary Expenses of the company.
Write off the balance amount, in issuing shares on discount.
Issue fully paid Bonus Shares.
All of the given options
Question 16: Accounting is the language of:
Business
School
Proprietor
Management
Question 17: They are easy to form, and the owners enjoy sole control of the business profits.
Partnership
Limited Company
Sole Proprietorship
None
Question 18: Ne Profit is equal to
sale - cgs
None
Operating Profit – Financial Charges – Taxes – Other Expenses + other income
cgs-expense
Question 19: Which of the following is used to record financial transactions in chronological (day-to-day) order?
Voucher
General Journal
General Ledger
Trial balance
Question 20: In the heading of financial statement, __________ is not required?
Title of financial statement
Name of the person who prepares financial statement
Period for which financial statement is prepared
Name of business entity
