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Thread: MGT101 Financial Accounting Quiz No.1 Solution Ideas last Date November 13, 2014

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    MGT101 Financial Accounting Quiz No.1 Solution Ideas last Date November 13, 2014

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    MGT101 Financial Accounting Quiz No.1 Solution and Discussion Ideas last Date November 13, 2014



    Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000
    Rs. 35,000
    Rs. 55,000
    Rs. 1, 25,000
    Rs. 1, 05,000 (Right Answer)

    The totals of return inwards Journal (day book) are
    credited to the trade receivables control account
    debited to the trade payables control account (Right Answer)
    debited to the trade receivable control account
    credited to the trade payables control account

    ABC co. has a capital of Rs. 100,000, Long Term Liabilities Rs. 50,000, net profit during the year Rs. 15,000 and the amount of total liabilities is Rs 175,000. What will be the amount of Current Liabilities?
    Rs. 20,000
    Rs. 150,000
    Rs. 10,000 (Right Answer)
    Rs. 25,000
    The third party who owes money to the business is called:
    Debtor
    Creditor
    Stakeholder (Right Answer)
    stockholder

    Which of the following voucher is used to record receipt of cash?
    Journal Voucher
    Receipt Voucher (Right Answer)
    Payment Voucher
    Nominal Voucher

    The allocation of the cost of a tangible plant asset to expense in the periods, in which services are received from the asset, is termed as:
    Appreciation
    Depreciation (Right Answer)
    Fluctuation
    None of the given options

    Find out the missing value of an Accounting Equation with the help of given data: Furniture Rs. 90,000 Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 90, 000 Liaibilities ?
    Rs. 201,000
    Rs. 111, 000 (Right Answer)
    Rs. 290, 000
    Rs. 291, 000

    From the given particulars, calculate the rate of depreciation under the fixed installment method of depreciation:
    Cost of Asset = Rs. 2,000
    Residual Value = Rs. 400
    Useful Life = 4 years
    20 % (Right Answer) 30% 25% 33%

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    Which of the following formula is used to calculate the cost of goods sold?
    Cost of goods available for sale minus net purchases plus ending inventory
    Beginning inventory plus net purchases plus freight in minus ending inventory (Right Answer)
    Beginning inventory minus net purchases minus ending inventory
    Beginning inventory minus ending inventory

    The investment of Rs. 10,000 made by the owner in business will have an effect on which of the following accounts?
    Cash Account & Capital Account (Right Answer)
    Cash Account & Expense Account
    Capital Account & Revenue Account
    Capital Account & Expense Account



    Goods sold to Mr. Naeem for Rs. 5,000 are wrongly recorded in sales journal at Rs. 500 and same amount is posted in Mr. Naeem’s account, this is an example of:
    Compensating errors
    Error of Commission
    Error of Principle
    Error of Original entry (Right Answer)

    Which of the following is the first book to record a transaction?
    Trial Balance
    Journal (Right Answer)
    Trial Balance
    Balance Sheet

    Which of the following would NOT be considered as a component of 'cost' of stock?
    Salaries of selling staff (Right Answer)
    Transportation inward costs
    Import duties
    Purchase price

    Which of the following is (are) characteristic(s) of Bad Debt?
    It is a definite loss to the business
    It must be shown in Profit & loss account
    No provision is necessary for it
    All of the given options (Right Answer)

    The difference between Management Accounting and Financial Accounting is that:
    Financial accounting is used by managers to plan strategies in the area of company growth
    Financial accounting is used by external investors to gain information about the company
    Managerial accounting is used by the internal managers to plan for daily business activities
    Both 2 and 3 (Right Answer)

    If Current Assets Rs. 100,000, Current Liability Rs. 50,000 and Fixed Assets Rs. 2, 00,000. Calculate working capital.
    Rs. 50,000 (Right Answer)
    Rs. 1, 00,000
    Rs. 1, 50,000
    Rs. 3, 00,000

    Which of the following is NOT a revenue expenditure?
    Petrol consumed in motor vehicles (Right Answer)
    Cost of saleable goods
    Bad debts
    Premium given on lease

    The Amount changed to deprecation goes on declining in:
    Depreciation fixed method
    Annuity method
    Written-down value method (Right Answer)
    Straight line depreciation method

    If Cost of sales in Rs. 90,000, income from sales Rs. 200,000 and operating expenses Rs.100,000,. What will be net results?
    Rs. 5,000 Losses
    Rs. 10,000 Profits (Right Answer)
    Rs. 1,95,000 Profits
    Rs. 1,95,000 Losses

    The main purpose of ______________ is to as certain true result of the business operation during particular period of time.
    Cost Accounting
    Financial Accounting (Right Answer)
    Managerial Accounting
    Tax Accounting

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    Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000
    Rs. 35,000
    Rs. 55,000
    Rs. 1, 25,000
    Rs. 1, 05,000 (Right Answer)

    The totals of return inwards Journal (day book) are
    credited to the trade receivables control account
    debited to the trade payables control account (Right Answer)
    debited to the trade receivable control account
    credited to the trade payables control account

    ABC co. has a capital of Rs. 100,000, Long Term Liabilities Rs. 50,000, net profit during the year Rs. 15,000 and the amount of total liabilities is Rs 175,000. What will be the amount of Current Liabilities?
    Rs. 20,000
    Rs. 150,000
    Rs. 10,000 (Right Answer)
    Rs. 25,000
    The third party who owes money to the business is called:
    Debtor
    Creditor
    Stakeholder (Right Answer)
    stockholder

    Which of the following voucher is used to record receipt of cash?
    Journal Voucher
    Receipt Voucher (Right Answer)
    Payment Voucher
    Nominal Voucher

    The allocation of the cost of a tangible plant asset to expense in the periods, in which services are received from the asset, is termed as:
    Appreciation
    Depreciation (Right Answer)
    Fluctuation
    None of the given options

    Find out the missing value of an Accounting Equation with the help of given data: Furniture Rs. 90,000 Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 90, 000 Liaibilities ?
    Rs. 201,000
    Rs. 111, 000 (Right Answer)
    Rs. 290, 000
    Rs. 291, 000

    From the given particulars, calculate the rate of depreciation under the fixed installment method of depreciation:
    Cost of Asset = Rs. 2,000
    Residual Value = Rs. 400
    Useful Life = 4 years
    20 % (Right Answer) 30% 25% 33%

    Which of the following formula is used to calculate the cost of goods sold?
    Cost of goods available for sale minus net purchases plus ending inventory
    Beginning inventory plus net purchases plus freight in minus ending inventory (Right Answer)
    Beginning inventory minus net purchases minus ending inventory
    Beginning inventory minus ending inventory

    The investment of Rs. 10,000 made by the owner in business will have an effect on which of the following accounts?
    Cash Account & Capital Account (Right Answer)
    Cash Account & Expense Account
    Capital Account & Revenue Account
    Capital Account & Expense Account



    Goods sold to Mr. Naeem for Rs. 5,000 are wrongly recorded in sales journal at Rs. 500 and same amount is posted in Mr. Naeem’s account, this is an example of:
    Compensating errors
    Error of Commission
    Error of Principle
    Error of Original entry (Right Answer)

    Which of the following is the first book to record a transaction?
    Trial Balance
    Journal (Right Answer)
    Trial Balance
    Balance Sheet

    Which of the following would NOT be considered as a component of 'cost' of stock?
    Salaries of selling staff (Right Answer)
    Transportation inward costs
    Import duties
    Purchase price

    Which of the following is (are) characteristic(s) of Bad Debt?
    It is a definite loss to the business
    It must be shown in Profit & loss account
    No provision is necessary for it
    All of the given options (Right Answer)

    The difference between Management Accounting and Financial Accounting is that:
    Financial accounting is used by managers to plan strategies in the area of company growth
    Financial accounting is used by external investors to gain information about the company
    Managerial accounting is used by the internal managers to plan for daily business activities
    Both 2 and 3 (Right Answer)

    If Current Assets Rs. 100,000, Current Liability Rs. 50,000 and Fixed Assets Rs. 2, 00,000. Calculate working capital.
    Rs. 50,000 (Right Answer)
    Rs. 1, 00,000
    Rs. 1, 50,000
    Rs. 3, 00,000

    Which of the following is NOT a revenue expenditure?
    Petrol consumed in motor vehicles (Right Answer)
    Cost of saleable goods
    Bad debts
    Premium given on lease

    The Amount changed to deprecation goes on declining in:
    Depreciation fixed method
    Annuity method
    Written-down value method (Right Answer)
    Straight line depreciation method

    If Cost of sales in Rs. 90,000, income from sales Rs. 200,000 and operating expenses Rs.100,000,. What will be net results?
    Rs. 5,000 Losses
    Rs. 10,000 Profits (Right Answer)
    Rs. 1,95,000 Profits
    Rs. 1,95,000 Losses

    The main purpose of ______________ is to as certain true result of the business operation during particular period of time.
    Cost Accounting
    Financial Accounting (Right Answer)
    Managerial Accounting
    Tax Accounting

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