vu mgt101 Final Term - Quiz No.14
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 13 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: If company has distributable profit is Rs. 4, 90,000. Profit sharing share ratio of Mr. A, Mr. B and Mr. C is 2:3:5 respectively what will be the Profit share for Mr. C in distributable profit.
Rs. 98,000
Rs. 1, 47,000
Rs. 2, 45,000
Rs. 3, 43,000
Question 2: In an account, if credit side < debit side then the balance is known as:
Negative Balance
Debit Balance
Positive Balance
Credit Balance
Question 3: The debts, which are to be repaid within a short period (year or less) are known as
All of the above
Current liabilities
Fixed liabilities
Contingent liabilities
Question 4: What is a Budget?
Plan of income
Plan of expenses
Plan of other financial operation
all of these
Question 5: Which of the following account will be credited, if business bought goods on credit from Mr. Ali?
Purchases account
Mr. Ali account
Cash account
Sales account
Question 6: Expenses are also known as:
Prepaid expense
Expired portion of cost
Cost incurred during production
Cost incurred on asset acquired
Question 7: Depreciable value of an asset is equal to
Cost + market price
None of the given options
Cost + scrap value
Cost – scrap value
Question 8: According to diminishing balance method of charging depreciation:
The amount of depreciation remains constant every year
The rate percent as well as amount reduces every year
The amount of depreciation reduces year to year
The rate percent of depreciation declines year to year
Question 9: Debenture is also named as:
Share
Bond
Equity
Reserve
Question 10: Which of the following account balance will be shown on debit side of Trial Balance? (It is assumed that all account balances are shown on normal balance)
Cash account
Furniture account
Vehicle account
All of the given options
Question 11: The return of goods by a customer should be debited to:
Customer's account
Sales return account
Goods account
Accounts receivable account
Question 12: What is the nature of a revenue account?
Asset
Debit
Credit
Expense
Question 13: Ahmad Industries want to make payment to its supplier in the form of a pay order. The bank deducted Rs.160 as service charges without its knowledge. The error is known as:
Error of commission
Error of omission
Error of original entry
Error of principle
