vu mgt101 Final Term - Quiz No.16
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 10 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 financial statement that captures both the current operating result and the associated changes in the balance sheet is:
Statement of retained earnings
Statement of financial position
Statement of cash flows
Statement of changes in equity
Question 2: Which of the following is usually not an accrued expense?
Interest payable
Wages payable
Taxes payable
Notes payable
Question 3: Which of the following documents contains rules and regulations for internal management of the company?
Memorandum of Association
Articles of Association
Prospectus
Statutory Declaration
Question 4: Which of the following is NOT correct?
Decrease in Assets will be debit
Decrease in Liabilities will be debit
Decrease in Expenses will be credit
Decrease in Revenue will be debit
Question 6: Any written evidence in support of a business transaction is called
Ledger
Journal
Ledger posting
Voucher
Question 7: In which type of a business, the owner and his business are considered same in the eyes of law?
Sole proprietorship
Public companies
Limited companies
Listed companies
Question 9: 'NSF' marked in cheque sent back by the bank indicates
No sufficient money
A cheque cannot be cashed because it's illegal
A bank couldn't verify the identity
Cheque has been forged
Question 10: Accounting equation formula is
Assets = Capital - Liabilities
Assets = Capital * Liabilities
Assets = Capital / Liabilities
Assets = Capital + Liabilities
