vu mgt101 Final Term - Quiz No.7
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: Which of the following account will be credited, when the goods are purchase on cash?
Stock Account
Cash Account
Supplier Account
Work in process account
Question 2: The time span in which financial statements of the business are prepared is called
Financial year
Accounting period
Business life cycle
Accounting Cycle
Question 3: The basic rule of bookkeeping debit the receiver and credit the giver
Personal accounts
Real accounts
Nominal accounts
Valuation accounts
Question 6: Which of the following entry will be recorded, if a cheque deposited is dishonored by bank?
Bank Account (Dr.) and Debtors Account (Cr.)
Debtors Account (Dr.) and Bank Account (Cr.)
Dishonored Cheque Account (Dr.) and Bank Account (Cr.)
Creditors Account (Dr.) and Bank Account (Cr.)
Question 7: The price paid for an item, in terms of currency is called
Sale
Cost
Debt
Revenue
Question 8: What will be the effect on accounting equation, which payment is made to the creditor of the business?
Decrease in an asset ,decrease in liability
Increase in asset,increase in liability
Increase in asset ,increase in owner equity
Question 9: In an account if credit< debit side then the balance is known as
Negative Balance
Debit Balance
Positive Balance
Credit Balance
Question 10: Cash Sale-Cash Payment + (Credit Sale-Credit Expense) =
both
cash at bank
none
cash in hand
Question 11: Which of the following item must be recorded in the adjusted Cash Book in order to bring it in line with the entries in the Bank Statement?
Bank charges
An error on the Bank Statement
An uncredited deposit
An unpresented cheque
Question 12: What does FIFO mean?
Fabrications Inward Fabrications Outward
Finished stock In Finished stock out
First In First Out
Final Input Final Output
Question 13: The allocation of the cost of a tangible plant asset to expenses in the periods,in which service are received from the asset is termed as
Appreciation
Depreciation
Fluctuation
None of the gievn
Question 14: Which of the following ratio is widely used to measure the short-term debt-paying ability of a company?
Acid-test ratio
Debt ratio
Current ratio
None of the given options
Question 15: When the process of production is completed, all the costs must be charged to:
Raw material account
Work in process account
Finished goods account
Merchandise account
Question 17: Assets favorable balance is
Dr
Cr
Dr
Cr
Question 18: What is the nature of an expense account?
Debit
Credit
Revenue
None of the given options
Question 19: Which of the following is the example of direct material cost?
Polish and finish material for chair
A piece of wood for the production of wood
Production worker wages
Depreciation expenses
Question 20: The total of the payroll journal is posted to the debit of which account in the general ledger?
revenue exp
sale exp
Payroll exp
Sale book
