vu mgt101 Final Term - Quiz No.8
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.
NVAEducation also facilitates users to contribute in online competitions with other students to make a challenging situation to learn in a creative way. You can create one to one, and group competition on an topic of a book/course code. Also on NVAEducation you can get certifications by passing the online quiz test.
Question 1: Which of the following is the act of recording each transaction in the Journal?
Journalizing
Posting
Folioing
Transferring
Question 2: In which journal is an on account customer invoice recorded in?
Sale invoice
Sale journal
Sale return journal
All of these
Question 3: The amount owed by debtors at the start of a month appears on the __________ side of the individual debtors account.
Left side or credit
Left side or debit
Right side or debit
Right side or credit
Question 4: The inventory cost flow assumption where the oldest cost of inventory items is likely to remain on the balance sheet is
Average
Lifo
Fifo
Fabrications Inward Fabrications Outward
Question 5: Regardless of how long it takes to produce and sell inventory, inventory is always considered to be a
Stockholder's equity
Current asset
Long-term asset
Current liability
Question 6: The main goal of bank reconciliation statement is:
If the discrepancy is due to error rather than timing
If the discrepancy is due to timing rather than error
If the discrepancy is due to error rather than amount
If the discrepancy is due to amount rather than timing
Question 7: Prime cost is equal to
Direct Material Cost / Direct Expenses Cost + Direct Labor Cost
Direct Material Cost - Direct Expenses Cost + Direct Labor Cost
Direct Material Cost + Direct Expenses Cost - Direct Labor Cost
Direct Material Cost + Direct Expenses Cost + Direct Labor Cost
Question 8: An estimate of the income and expenses needed to carry out business plans for a fiscal year is known as:
Budgeting
Costing
Management
Auditing
Question 9: It is supposed that on 31-12-2007, the sundry debtors are amounted to Rs. 40,000. On the basis of past experience, it is estimated that 5 % of the sundry debtors are doubtful. What entry will pass to transfer the bad debts to provision for doubtful debts?
Profit & Loss a/c Rs. 1,600 (Dr) & Provision for doubtful debts a/c Rs. 1,600 (Cr)
Profit & Loss a/c Rs. 2,000 (Dr) & Provision for doubtful debts a/c Rs. 2,000 (Cr)
Provision for doubtful debts a/c Rs. 2,000 (Dr) & Profit & Loss a/c Rs. 2,000 (Cr)
Provision for doubtful debts a/c Rs. 1,600 (Dr) & Bad Debts a/c Rs. 1,600 (Cr)
Question 10: __________ is like a backbone of any business
Capital/investment
Creditors
Debts
Profit
Question 11: Which of the following is non profit-able organization?
Partnership
Trust
Limited Company
Question 12: __________ is the amount for which an assets could be exchanged between knowledge willing parties in a arm length transaction
Present Value
Fair Value
Book Value
Question 14: if a company pays bill then cash will be
dr
cr
A/p
Cash
Question 15: A minor repair to a photocopy machine was paid in cash. Correct entry was made to cash account but no entry was made to other account. What will be the credit rffect of journal entry to rectify this error, if there is suspense account in trial balance?
Photocopy machine repair account
Suspense account
Photocopy machine account
Cash account
Question 16: A financial statement that indicates the success or failure of a business, over a period of time is called:
A cash flow statement
A retained earnings statement
An income statement
A balance sheet
Question 17: Cost of Goods Manufactured is equal to
Total Factory Cost + Opening Work in Process – Ending Work in Process
Total Factory Cost + Opening Work in Process – Ending Work in Process+finished goods
None
Total Factory Cost + Opening Work in Process – Ending Work in Process+finished goods-stock
Question 18: Accounting provides information on
Cost and income for managers
Company's tax liability for a particular year
Financial conditions of an institution
All of the above
Question 19: Cotton thread to make fabric in manufacturing concern is:
Raw material
Stock in trade
Work in process
Finished goods
Question 20: If the provision for doubtful debts is not created, which of the following entry is passed to record the bad debts in control account?
Debtors Control A/c (Dr) and Allowance for doubtful debts (Cr)
Bade debts (Dr) and Debtors Control A/c (Cr)
Allowance for doubtful debts (Dr) and Debtors Control A/c (Cr)
Allowance for doubtful debts (Dr) and Debtors A/c (Cr)
