Composed

Hafiz Salman Majeed

www.vuaskari.com

MGT101 Online Quiz#5 on 18 February 2010

Quiz Start Time: 05:02 PM Time Left 85
sec(s)
Question # 1 of 20 ( Start time: 05:02:23 PM ) Total Marks: 1
Which one of the following is called the book of primary Entry?
Select correct option:

General Journal
General Ledger
Trial Balance
Profit and loss account

Quiz Start Time: 05:02 PM Time Left 82

sec(s)
Question # 2 of 20 ( Start time: 05:02:33 PM ) Total Marks: 1
Total assets - Total liabilities =?
Select correct option:

Owner’s Equity
Expenses
Retained earnings
Net profit

Quiz Start Time: 05:02 PM Time Left 78

sec(s)
Question # 3 of 20 ( Start time: 05:02:46 PM ) Total Marks: 1
Which of the following is shown on debit side of creditors control account?
Select correct option:

Bills receivable
Returns inward
Discount received
Credit purchases

Quiz Start Time: 05:02 PM Time Left 85

sec(s)
Question # 4 of 20 ( Start time: 05:03:21 PM ) Total Marks: 1
Which of the following shows company’s negative working capital?
Select correct option:

Current Asset > Current Liability

Current Asset < Current Liability
Current Asset = Current Liability
None of the given options
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
 Composed
Hafiz Salman Majeed
www.vuaskari.com
Quiz Start Time: 05:02 PM Time Left 82
sec(s)
Question # 5 of 20 ( Start time: 05:03:31 PM ) Total Marks: 1
In cost of goods sold statement, the ‘cost of material consumed’ is equal to:
Select correct option:

Opening raw material inventory + Purchases – Ending raw material inventory

Opening raw material inventory - Purchases + Ending raw material inventory
Ending raw material inventory + Opening raw material inventory - Purchases
Ending raw material inventory + Opening raw material inventory + Purchases

Quiz Start Time: 05:02 PM Time Left 83

sec(s)
Question # 6 of 20 ( Start time: 05:03:53 PM ) Total Marks: 1
A business event which can be measured in terms of money and must be recorded in
books of accounts is called:
Select correct option:

Condition
Transaction
Information
Record

Quiz Start Time: 05:02 PM Time Left 70

sec(s)
Question # 7 of 20 ( Start time: 05:04:05 PM ) Total Marks: 1
Which of the following is/are true about the partnership form of business?
Select correct option:

A partnership is a business run by two or more people

A partnership business is not difficult to set up
Each partner is liable under the law for the actions of his or her partners
All of the given options

Quiz Start Time: 05:02 PM Time Left 80

sec(s)
Question # 8 of 20 ( Start time: 05:04:31 PM ) Total Marks: 1
Which of the following document(s) define the scope of the company’s activities?
Select correct option:

Memorandum of Association
Articles of Association
Prospectus
Statutory Declaration

Note: Solve these papers by yourself

This VU Group is not responsible for any solved content
 Composed
Hafiz Salman Majeed
www.vuaskari.com
Quiz Start Time: 05:02 PM Time Left 80
sec(s)
Question # 9 of 20 ( Start time: 05:05:58 PM ) Total Marks: 1
What will be debited, If Mr. “A” started business with Rs. 2, 00,000.
Select correct option:

Capital account
Cash account
Mr. A’s account
Business account

Quiz Start Time: 05:02 PM Time Left 84

sec(s)
Question # 10 of 20 ( Start time: 05:06:22 PM ) Total Marks: 1
In an account if credit side > debit side, the balance is known as:
Select correct option:

Negative Balance
Debit Balance
Credit Balance
Positive Balance

Quiz Start Time: 05:02 PM Time Left 33

sec(s)
Question # 11 of 20 ( Start time: 05:06:38 PM ) Total Marks: 1
Which of the following business publishes the Financial Statements?
Select correct option:

Sole-Proprietorship
Partnership
Trust
Public Limited Company

Quiz Start Time: 05:02 PM Time Left 63

sec(s)
Question # 12 of 20 ( Start time: 05:07:41 PM ) Total Marks: 1
If you start with cash book favorable balance in Bank Reconciliation Statement, which
item will be added?
Select correct option:

Cheque deposited but not credited by the bank

Cheques omitted to be deposited into bank
Any amount directly collected by bank on behalf of customer but not recorded in cash
book
Debit side of cash book was overcast
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
 Composed
Hafiz Salman Majeed
www.vuaskari.com
Quiz Start Time: 05:02 PM Time Left 80
sec(s)
Question # 13 of 20 ( Start time: 05:08:15 PM ) Total Marks: 1
What should be credited, if salary is paid to Sohail?
Select correct option:

Sohail account
Salaries account
Cash account
Drawings account

Quiz Start Time: 05:02 PM Time Left 84

sec(s)
Question # 14 of 20 ( Start time: 05:08:31 PM ) Total Marks: 1
Franchise rights, goodwill and patents are the examples of:
Select correct option:

Liquid assets
Tangible assets
Intangible assets
Current assets

Quiz Start Time: 05:02 PM Time Left 80

sec(s)
Question # 15 of 20 ( Start time: 05:08:47 PM ) Total Marks: 1
Loss on the sale of plant and machinery should be written off against:
Select correct option:

Sales premium account

Depreciation fund account
Sales account
Plant and machinery

Quiz Start Time: 05:02 PM Time Left 75

sec(s)
Question # 16 of 20 ( Start time: 05:09:31 PM ) Total Marks: 1
The amount by which the seller agrees to reduce his or her price to the customer is called:
Select correct option:

Income
Discount Allowed
Discount Received
Liability

Note: Solve these papers by yourself

This VU Group is not responsible for any solved content
 Composed
Hafiz Salman Majeed
www.vuaskari.com
Quiz Start Time: 05:02 PM Time Left 79
sec(s)
Question # 17 of 20 ( Start time: 05:10:04 PM ) Total Marks: 1
which of the following statement is TRUE about the positive working capital of
company.
Select correct option:

It shows sound position of company

It shows that company has current asset to meet current liability
It shows that current assets are greater than current liability
All of the given options

Quiz Start Time: 05:02 PM Time Left 83

sec(s)
Question # 18 of 20 ( Start time: 05:10:26 PM ) Total Marks: 1
The Joint Stock Company is formed under the Companies Ordinance:
Select correct option:

1984
I962
1971
1965

Quiz Start Time: 05:02 PM Time Left 86

sec(s)
Question # 19 of 20 ( Start time: 05:10:39 PM ) Total Marks: 1
The main purpose of ___________ is to ascertain true result of the business operation
during particular period of time.
Select correct option:

Cost Accounting
Financial Accounting
Managerial Accounting
Tax Accounting

Quiz Start Time: 05:02 PM Time Left 73

sec(s)
Question # 20 of 20 ( Start time: 05:10:48 PM ) Total Marks: 1
while preparing the cash flow statement, the repayment of a loan during the year should
be included under which of the following heading?
Select correct option:
Operating activities
Financing activities
Investing activities
None of the given options
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content