vu mgt101 Final Term - Quiz No.13
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: The Policy for charging depreciation is selected by:
Manufacturer
Trader
Management
Accountant
Question 3: Which of the following can be utilized to issue bonus shares?
Reserves
Debentures
Share premium
Term finance certificate
Question 4: Consider the following data:
| Particulars | Rs. |
| Assets | 8,20,000 |
| Owner's equity | 3,80,000 |
| Liabilities | ? |
Rs. 4, 40,000
Rs. 49,000
Rs. 1, 98,000
Rs. 55,000
Question 5: Opening direct material inventory is adjusted with __________ of direct material, to calculate the cost of sales.
Liabilities
Sales
Income
Purchases
Question 6: In which of the following statement/s closing stock is/are shown?
Profit and loss account
Balance sheet
Income statement
All of the given
Question 7: A B entered into a partnership with an equal investment and equal share in profit or loss. Markup on capital of Mr. A is Rs.2,500 and markup on drawings of Mr. B is Rs.2,800. The net income for the year is Rs.95,000. What will be the amount of distributable profit?
Rs.89,700
Rs.94,700
Rs.95,300
Rs.100,300
Question 8: In an accounting if credit sale < debit side then the balance is known as :
Negative balance
debit balance
positive balance
credit balance
Question 9: Which of the following is/are the function of financial accounting?
Recording
Reporting
Posting
All of the given
Question 10: The costs incurred to earn revenue
Expenses
Investment
Liability
11000
Question 11: The main goal of Bank Reconciliation Statement is to determine:
If the discrepancy is due to error rather than timing
If the discrepancy is due to timing rather than error
If the discrepancy is due to error rather than amount
If the discrepancy is due to amount rather than timing
Question 12: Net profit is added in the
Capital
Income statment
Cash
Trail balance
Question 13: According to the statement of cash flows following are the examples of investing activities except:
Sales of machinery
Capital invested by the owners
Purchase of building for the business use
Cash received from the disposal of equipment
Question 15: Income tax expense of Eden Corporation shows a debit balance of Rs.7,000 in its unadjusted trial balance and Rs.7,600 in adjusted trial balance. Which of the following account will be debited in adjusting entry?
Income tax payable
Prepaid income tax
Income tax expense
Income tax paid
Question 16: The liabilities that are payable in more than a year and are not be liquidated from current assets
Current liabilities
Fixed liabilities
Contingent liabilities
All of the above
Question 17: Which of the following is used to calculate Gross Profit?
Expenses + Revenues
Assets – Liabilities
Revenue – Labor
Net Revenue – Cost of Goods Sold
Question 18: Depreciation value of an asset is equal to
cost + scrape value
cost + market value
cost - scrap value
none of the given
Question 19: Which of the following assets are shown at written down value in balance sheet?
Current assets
Liquid assets
Floating assets
Fixed assets
Question 20: What will be debited, If Mr. "A" started business with Rs. 2, 00,000.
Capital account
Cash account
Mr. A's account
Business account
