vu mgt101 Final Term - Quiz No.2
vu mgt101 Financial Accounting Quiz
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Question 1: Factory overhead cost = Power & fuel cost + __________.
Direct labor cost
Direct material cost
Indirect material cost
Other direct cost
Question 2: The two main classes of expenses are __________
none of above
Capital and Revenue
Capital or Revenue Expenses
Capital and Revenue Expenses
Question 3: If you start with cash book favourable balance in Bank Reconciliation Statement which item will be added?
cheaque deposited but not credit by the bank
Cheques omitted to be deposited into the bank
any amount directly collected by bank on behalf of customer but not recorded in cash book
Debit side cash book was overcast.
Question 4: Mr. A & B entered into a partnership invested Rs.65,000 and Rs.50,000 with an equal share in profit or loss. Markup on drawings of Mr. A is Rs.1,000 and of Mr. B is Rs.1,500. The net income for the year is Rs.55,000. What will be the amount of distributable profit?
Rs.52,500
Rs.56,000
Rs.56,500
Rs.57,500
Question 5: Patents, Copyrights and Trademarks are
Current assets
Fixed assets
Intangible assets
Investments
Question 6: What is the treatment of Accumulated Depreciation in Balance Sheet?
It may treated as a deficit
It may treated as a surplus
It may treated as a revenue
None of the given options
Question 8: Which of the following is CORRECT for Trading account?
It inculdes cost of goods sold and all the direct expenses related to sales
It inculdes cost of goods sold and all the indirect expenses related to sales
It inculdes cost of goods sold and all the direct and indirect expenses
It inculdes cost of goods sold and all the direct and selling, administrative expenses
Question 9: Which of the following account balance will be shown on debit side of trial balance?
Cash account
Furniture account
Motor account
all of the above
Question 10: Normally the practice of Book Keeping under Single Entry System is followed by:
Small businesses only
Governments only
Large scale businesses only
Both small businesses and governments
Question 11: Which of the following account will be debited when the interest on drawings is charged?
Partner's capital account
Interest account
Partner's current account
Profit & Loss account
Question 12: A summarized record of transaction related to individual or things is called a
Account
Voucher
Journal
Trail Balance
Question 13: Sale proceeds of goods are an example of:
Revenue expense
Capital expense
Capital receipt
Revenue receipt
Question 14: Which one of the following is INCORRECT about closing Stock?
It is added into current assets
It is deducted from Material available for use
It becomes opening stock of next year
It reduces the resources of business
Question 15: It is supposed that on 31st December, 2007, the sundry debtors are amounted to Rs. 40,000. On the basis of past experience, it is estimated that 10% of the sundry debtors are doubtful. Actual bad debts are Rs. 1600. What amount of new provision for doubtful debts will be deducted from Sundry debtors?
Rs. 3,600
Rs. 4,000
Rs. 1,600
Rs. 2, 400
Question 16: Documentary evidence, in a specific format used to record the details of a transaction is known as:
Account
Voucher
Journal
Ledger
Question 17: Which of the following entry will be recorded for discount received in a control account?
Discount Received (Dr) and Creditors Control A/c (Cr)
Discount Received (Dr) and Creditors A/c (Cr)
Creditors Control A/c (Dr) and Discount Received (Cr)
Debtors A/c (Dr) and Discount Received (Cr)
Question 18: Which one of the following is called the book of primary Entry?
General Ledger
General Journal
Profit and loss account
Trial Balance
Question 19: The proper classification of fees earned account is:
Assets
Liabilities
Revenues
Expenses
Question 20: When closing stock is given in trial balance, then it will effect:
Trading account only
Balance sheet only
Owner's equity only
Both Trading account and Balance sheet
