vu mgt101 Final Term - Quiz No.20
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: A receivables ledger control account had a closing balance of Rs.9,000. Cash sales of Rs. 500 had been omitted to record in this control account. What should be the correct balance of receivables control account?
Rs. 9,000 debit
Rs. 8,000 debit
Rs. 8,500 debit
Rs. 9,500 debit
Question 2: Which of the following usually is least important as a measure of short-term liquidity?
Quick ratio
Debt ratio
Current ratio
Cash flows from operating activities
Question 3: Debts that are not collectible and worthless to the creditor are known as:
Doubtful debts
Bad debts
Provision for doubtful debts
Loss
Question 4: When the capitals are fixed, which of the following account will be debited for drawings made by a partner?
Individual Partner's Current Account
Partner's Cash Account
Partner's Bank Account
Partners Capital Account
Question 5: __________ are the debts and obligations of the business.
creditor
cash
all of above
Liabilities
Question 6: In a balance sheet fixed asset is shown at
cost price
market value
fair value
written down value
Question 7: which on is true
Conversion Cost = Direct Labor Cost * FOH Cost
Conversion Cost = Direct Labor Cost / FOH Cost
Conversion Cost = Direct Labor Cost - FOH Cost
Conversion Cost = Direct Labor Cost + FOH Cost
Question 8: The expense whose benefit lasts for a period longer than an accounting period is called __________ expenditure
Revenue
Capital
Revenue
Capital
Question 10: Which of the following methods of inventory valuation shows a lower cost of goods sold when prices are rising with the passage of time?
FIFO method
LIFO method
Weight average method
Specific identification method
