vu mgt101 Final Term - Quiz No.24
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: Direct Material Used = __________
Opening Inventory / Net Purchases (Purchases – all contra purchases) + Direct Expenses – Ending Inventory
Opening Inventory - Net Purchases (Purchases – all contra purchases) + Direct Expenses – Ending Inventory
Opening Inventory * Net Purchases (Purchases – all contra purchases) + Direct Expenses – Ending Inventory
Opening Inventory + Net Purchases (Purchases – all contra purchases) + Direct Expenses – Ending Inventory
Question 2: In a single entry system, it is NOT possible to prepare:
Trial balance
Statement of affairs
Balance Sheet
Sales accounts
Question 3: Which of the following is/are NOT shown in balance sheet of sole proprietor?
Fixed assets
Current liabilities
Profit sharing ratio
Long term assets
Question 4: In cash flow statements, which of the following would appear as a cash outflow?
The payments for purchases made during the year
A decrease in trade debtors over the course of an accounting period
Money received as a result of issuing new shares
Money received as result of selling fixed assets
Question 5: Working capital formula is
Working Capital + Current Liabilities = Current Assets
Working Capital / Current Liabilities = Current Assets
Working Capital – Current Liabilities = Current Assets
Working Capital = Current Liabilities = Current Assets
Question 6: Accounts Receivable & Inventory are the examples of:
Liquid assets
Current assets
Fixed assets
Capital assets
Question 7: An informal accounting statement that lists the ledger account balance at a time and compare the total of debit balance with the total of credit balance is known as :
Income statement
balance sheet
trail balance
cash book
Question 8: Which of the following accounts would never be reported in the income statement as an expense?
Depreciation expense
Income tax expense
Interest expense
Dividends expense
Question 9: During a reporting period, a company's assets increase by Rs. 80,000,000. Liabilities decrease by Rs. 20,000,000. Equity must therefore
Increase by Rs. 100,000,000
Decrease by Rs. 100,000,000
Decrease by Rs. 60,00,000
Increase by Rs. 60,000,000
Question 10: Unfavorable balance of the cash book means
Credit balance in pass book
Credit balance in cash book
Debit balance in cash book
All of the given options
