vu mgt101 Final Term - Quiz No.4
vu mgt101 Financial Accounting Quiz
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Question 2: Preliminary Expenses of the company may write off against:
Share premium account
Share holder account
Debtors control account
Creditor control account
Question 3: In a manufacturing concern, rent of office building is included in __________.
Preliminary expense
Cost of sales
Operating expense
Cost of goods sold
Question 4: A manufacturing concern has Raw material of worth Rs. 100,000, Direct Labor Rs. 75,000 and Factory Overhead Rs. 50,000. The amount of Prime cost will be:
Rs. 150,000
Rs. 175,000
Rs. 125,000
Rs. 225,000
Question 5: Which of the following is NOT prepared by Non Profit organization?
Profit and loss account
Income and expenditure account
Receipts and payments accounts
Balance sheet
Question 6: Which of the following is CORRECT if closing stock is only given in trial balance?
It has been already been deducted from purchases
It will not be shown in credit side of trading account
It will be shown in Balance Sheet
All of the given
Question 7: The company ABC purchased an asset for Rs. 40,000, paying 30,000 in cash and issuing a long term note payable for remaining balance. The amount will be recorded in statement of cash flows as:
Rs. 40,000 cash outflow as investing activity
Rs. 30,000 cash outflow as investing activity
Rs. 10,000 cash inflow as investing activity
Rs. 70,000 cash inflow as investing activity
Question 8: When there is no disagreement between cash book and bank statement then the favourable balance as per cash book (bank column) can be a:
Debit balance as per cash book
Credit balance as per cash book
Debit balance as per bank statement
Unfavourable balance as per bank statement
Question 9: Which of the following is an alternate term which can be used for "Capital"?
Liability
Owner net worth
Asset
Working Capital
Question 10: Which of the following should be credited on sale of completed goods on cash basis in manufacturing concern?
Material account
Sales account
Finished goods account
Cash account
Question 11: Which of the following period is known as a fiscal Year of the Government of Pakistan?
1st January to 31st December
1st June to 31st May
1st July to 30th June
1st October to 30th September
Question 12: Which one of the following statement is wrong about Current liabilities?
These are due within one year
These are short-term loans
A vague term for loans to be repaid by an enterprise after twelve months
In working capital, these are deducted from assets
Question 13: Mr. A & B entered into a partnership with an equal investment and equal share in profit or loss. Markup on capital of Mr. A is Rs.2,000 and markup on drawings of Mr. B is Rs.3,000. The net income for the year is Rs.50,000. What will be the profit share of Mr. A?
Rs.22, 500
Rs.25, 500
Rs.27, 500
Rs.55, 000
Question 15:
| Cost of asset | Rs. 1,00,000 |
| Life of asset | 5 years |
| Depreciation for each year | Rs. 5,000 |
| Sale price after 5 years | Rs.50,000 |
| Book value of Asset after 5 years | ? |
Rs.25, 000
Rs. 75,000
Rs. 15,000
Rs. 1, 00,000
Question 16: Which of the following is normally treated as the last expense listed in the income statement of a company?
Interest expense
General and administrative expenses
Salaries and wages expense
Income tax expense
Question 17: Per Unit Cost calculate by
Cost of Goods Manufactured / No. of Units Produced
Cost of Goods Manufactured + No. of Units Produced
Cost of Goods Manufactured - No. of Units Produced
Cost of Goods Manufactured * No. of Units Produced
Question 18: The accounting equation should remain in balance because every transaction affects how many accounts
Only one
Only two
Two or more
All of given options
Question 19: What type of cheques is that which is issued by a firm but not deposited to the bank
Outstanding cheques
Uncredited cheques
Uncollected cheques
Bounced cheques
Question 20: Bank reconciliation statement compares a bank statement with __________
Financial statements
Cashbook
Cash receipt journal
Cash payment journal
