vu mgt101 Lecture No.29 - Quiz No.1
vu mgt101 Financial Accounting Quiz
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Question 1: assets / liabilities having longer life are presented __________ and assets / liabilities having shorter life are presented __________.
later , first
first, later
first, first
later, later
Question 2: Tax/freight paid on sale, is What type of expense?
Financial Expense
Selling Expenses
Administrative Expenses
Question 3: __________ is to be made every time a balance sheet is prepared and the period is to be calculated from the date of balance sheet.
investment
Current Assets
PLS accounts
Classification
Question 4: It is important to note that assets and liabilities are presented in the __________
balance sheet
Prfit and loss account
Current Account
None of the given
Question 5: General office expenses, is what type of expense?
Financial Expense
Selling Expenses
Administrative Expenses
Question 6: Gross Profit =
Sales - Cost of goods sold
Cost - Cost of goods sold
Profit - Cost of goods sold
None of the given
Question 7: Repair & maintenance of office equipment & vehicles. What type of expense is this?
Financial Expense
Selling Expenses
Administrative Expenses
Question 8: Bank charges is What type of expense?
Financial Expense
Selling Expenses
Administrative Expenses
Question 9: It is important to note that assets and liabilities are presented in the balance sheet in the order of their
Debit
Credit
Maturity
None of the given
Question 10: are the receivables that are expected to be received within one year of the balance sheet date.
Current Assets
Defferred Assets
Fixed Assets
None of the given
