vu mgt101 Final Term - Quiz No.3
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 20 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: While preparing a Debtors Control Account, Credit side posted items cause:
Both increase and decrease in debtors' balance
Decrease in debtors' balance
Increase in debtors' balance
Increase in creditors' balance
Question 2: Which of the following account(s) will be affected, while rectifying the error of carriage charges, paid for a new plant purchased mistakenly debited to carriage account?
Plant account
Carriage account
Both plant account and carriage account
Trading account
Question 4: Accountancy cover which of the following series
bookkeeping
accounting
auditing
All of the above
Question 5: Working capital Rs. 20,000, Current liabilities Rs. 30,000 and fixed assets Rs. 100,000; calculate current assets?
Rs. 10,000
Rs. 50,000
Rs. 110,000
Rs. 120,000
Question 6: Normally single entry book keeping is followed by the:
Small businesses only
Governments only
Large scale businesses only
Both Small businesses and Governments
Question 8: The business has a loan of 10,000 from a bank. Is the loan an asset or a liability?
Liability
Cash
Asset
Revenue
Question 9: A company declares a cash dividend to be paid to its stockholders next month. The effect of the transaction is to:
Decrease assets and liabilities.
Increase assets and stockholders equity.
Decrease assets and stockholders equity.
Increase liabilities and decrease stockholders equity.
Question 11: Which of the following depreciation methods is NOT an accelerated method?
None
Sum-of-the-years' Digits
Straight-line
Double-declining Balance
Question 12: The sales income (Credit and Cash) of a business during a given period is called
Transactions
Sales returns
Turnover
Purchase returns
Question 13: Find out the missing value of an Accounting Equation with the help of given data:
| Cash | Rs.1, 00, 000 |
| Debtors | Rs.10, 000 |
| Other Assets | Rs. 1,000 |
| Owners equity | Rs. 1, 000 |
Rs. 12,000 liabilities
Rs. 11,000 liabilities
Rs. 1, 10,000 liabilities
Rs. 1, 11,000 liabilities
Question 14: Increase in expense is
Debit
Credit
Question 15: Receipts which are non-recurring and whose benefits are enjoyed over a long period are called
Revenue Reciept
Capital Receipt
Operating expense
Revenue expense
Question 17: Budget is a plan of income, expenses & other financial operations for:
Current period
Future period
Past period
None of the given
Question 18: A decrease in value of a fixed asset due to age, wear and tear is known as:
Balance
Appriciation
WDV
Sale
Question 19: Which of the following is an example of direct materials cost?
Polish and finishing material for chair
A piece of wood for the production of chair
Production worker's wages
Depreciation expenses
Question 20: The beginning balance of retained earnings was Rs. 7,500. The dividends paid to stockholders were Rs.1, 500. The ending balance of retained earnings is Rs. 5,000. What was the net income or net loss for the accounting period?
Net loss of Rs.1, 000
Net income of Rs. 1,000
Net loss of Rs. 2,000
Net income of Rs. 2,500
