vu mgt101 Mid 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 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: In balance sheet fixed assets are shown at:
Cost price
Market value
Fair value
Written down value (WDV)
Question 2: Net Profit + Expenses = __________
Liabilities
Assets
Capital
Income
Question 3: In cost of goods sold statement the total factory cost is equal to:
Cost of material consumed + Labor cost
Cost of material consumed + Conversion cost
Cost of material consumed + Total factory cost
Cost of material consumed + Factory overhead
Question 4: The unfavorable balance of Profit and Loss account should be:
Added in liabilities
Subtracted from current assets
Subtracted from liabilities
Subtracted from capital
Question 5: The total of all costs incurred to convert raw material into finished goods is known as:
Prime cost
Conversion cost
Sunk cost
Opportunity cost
Question 6: Recording of all financial transactions undertaken by an individual or organization is known as:
Summarizing
Book-keeping
Classification
Interpreting
Question 7: Under the reducing balance method of depreciation:
Amount of depreciation increases every year
Amount of depreciation remains constant for every year
Amount of depreciation decreases every year
None of the given options
Question 8: Which of the following account balance is shown on credit side of Trial Balance? (It is assumed that all account balances are shown on normal balance)
Cash account
Furniture account
Vehicle account
Capital account
Question 9: Which of the following journal entry will be recorded, if the goods are sold on credit to Mr. B?
Mr. "B" / Accounts Receivable account (Dr) and Sales account (Cr)
Cash account (Dr) and sales account (Cr)
Sales account (Dr) and Mr. B / Accounts Receivable account (Cr)
Goods Sold account (Dr) and Mr. B / Accounts Receivable account (Cr)
Question 10: WhicWhich of the following is an example of direct materials cost?
Polish and finishing material for chair
A piece of wood for the production of chair
Production worker's wages
Depreciation expenses
