vu mgt101 Mid Term - Quiz No.4
vu mgt101 Financial Accounting Quiz
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Question 1: Which of the following statement is NOT TRUE about Current liabilities?
These are due within one year
These are short-term loans
These are consist of all debts, payable after 12 months
In working capital, these are deducted from current assets
Question 2: The products that are ready for sale are known as:
Raw material
Work in process
Finished goods
Closing stock
Question 3: Any cheque drawn to creditor but not paid by bank will effect as follows:
Cash book will show less balance & bank book will show more
Cash book will show more balance & bank book will show less
Cash book will show double balance
Bank book will show double balance
Question 4: Word Credit is derived from __________ language.
Latin
English
French
Chinese
Question 5: The amount of salary paid to Mr. Sohail should be debited to:
Mr. Sohail account
Salaries account
Cash account
Drawings account
Question 6: If you start with cash book balance (Dr.), which of the following item will be deducted in Bank Reconciliation Statement?
Any cheque drawn to creditor but not paid by bank
Interest credited by the bank in pass book
Cheque deposited but not credited by the bank
Dividend collected by bank on behalf of the customer
Question 7: Which of the following summarizes the cash movements during a specified period?
Trading account
Profit & Loss account
Receipts & Payments account
Balance Sheet
Question 8: Mr. A borrowed money from bank; this transaction involves which one of the following accounts:
Cash & Mr. A
Bank & Mr. A
Drawing & Mr. A
Cash & Bank
Question 9: Which of the following is NOT an item of a Balance Sheet?
Accounts Receivable
Accounts Payable
Sales Revenue
Marketable Securities
Question 10: If no distribution is made between capital and revenue expenditure then:
The figure of debtors and creditors will be incorrect
Cash or bank figure will be incorrect
Net profit will be incorrect
Balance sheet will not balance
