vu mgt101 Final Term - Quiz No.27
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 2: The value of goods or services that a business charges from its customers
Cash
Account receivable
Income
Profit
Question 3: Which accounting system records both aspects of transaction i.e. receipt or payment and source of
book keeping
A & B
Double entry book keeping
Single entry book keeping
Question 4: The Balance Sheet item that represents the resources invested by the owner is known as:
Accounts Receivable
Cash
Note Payable
Owners Equity
Question 5: In statement of cash flows, a payment of cash dividends is related to:
Investing activity
Financing activity
Operating activity
Cash flows from operations
Question 6: Merchandise on hand at either the beginning or end of the reporting period is called __________.
Raw material
Cost of good sold
Work in process
Inventory
Question 7: All the cost incurred on the incomplete assets up to the balance sheet date must be transferred to:
Capital account
Capital work in progress
Relevant asset account
Owner's equity account
Question 8: Which of the following financial statement summarizes the profitability of an organization for a particular period?
Balance Sheet
Trading and Profit & Loss account
Cash Flow Statement
Statement of Retained Earnings
Question 9: Credit sales appear on the __________ side of the Debtors control account.
Left side or credit
Left side or debit
Right side or debit
Right side or credit
Question 10: The amount of depreciation charged on machinery will be debited to:
Capital account
Machinery account
Depreciation account
Cash account
