vu mgt101 Mid Term - Quiz No.1
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 10 multiple choice questions (MCQs) to prepare and belongs to topic Mid 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 financial statement shows the financial health of an Organization at a stated period of time?
Balance sheet
Trading and Profit & Loss account
Cash Flow statement
Statement of retained earnings
Question 2: Income of the business includes:
Cash sales only
Credit sales only
Credit purchases only
Both cash sales and credit sales
Question 3: If cost of sales is Rs. 95,000, sales are Rs. 200,000 and operating expenses are Rs. 100,000. What will be the net result?
Rs. 5,000 Loss
Rs. 5, 000 Profit
Rs.1, 95,000 Profit
Rs.1, 95,000 Loss
Question 4: Mr. A sold goods for Rs. 3, 00,000 to Mr. B, Rs. 3, 00,000 will be treated as __________ for business.
Revenue
Net profit
Gross profit
Operating profit
Question 5: Cost incurred for the maintenance of shop is considered as __________.
Deferred expense
Capital expense
Revenue expense
Preliminary expense
Question 6: All the costs incurred on the incomplete assets up to the balance sheet date must be transferred to:
Capital account
Capital work in progress account
Relevant asset account
Owner's equity account
Question 7: In which of the following condition a company will have positive working capital?
If current assets > current liabilities
If current Assets <>
If current assets = current liabilities
If current assets < current liabilities
Question 8: A summarized record of transactions related to individuals or things is called a/an __________.
Account
Voucher
Journal
Trial balance
Question 9: Which of the following transaction have NO affect on stockholders equity?
Purchase of land on credit
Dividends to stockholders
Net loss
Investment in cash by stockholders
Question 10: The area of accounting concerned with reporting financial information to the interested parties is called:
Cost Accounting
Financial Accounting
Management Accounting
Tax Accounting
