MGT 101 First Quiz Fall 2017

MGT101 Quiz

1. Any Written evidence in support of a business transaction is called as ___________:Select the correct option

1. Cash memo 
2. Receipt
3. Voucher
4. All of the above

      2.Which group of accounts is DEBIT when it is decreased? Select the correct option

1. Asset & Liability
2. Assets & Expenses
3. Assets and Income
4. Income and Liability

       3.Which of the following is the first book to record a transaction?Select the correct option

1. Trial Balance
2. Journal
3. Income Statement
4. Balance Sheet

      4.The term "Debit" is derived from______________ language.Select the correct option

1. Latin
2. English 
3. French 
4. Chinese

      5.All of the following are recognized as Revenue Expenses EXCEPT:
         Select the correct option

1. Purchase of Vehicle
2. Electricity Bill
3. Admin Staff Salary
4. Transportation Expense

      6.Which group of accounts is CREDIT when it is decreased?
         Select the correct option

1. Asset & Liability
2. Assets & Expenses
3. Assets and Income
4. Income and Liability

      7.Non-Commercial organizations are also known as:
          Select the correct option

1. Profit oriented organizations
2. Non-Profit oriented organizations
3. Money-Making organizations
4. None of given option

      8.Which group of accounts is DEBIT when it is decreased? 
          Select the correct option

1. Asset & Liability
2. Assets & Expenses
3. Assets and Income
4. Income and Liability

       9.Budget is a plan of income, expenses & other financial operations for:
          Select the correct option

1. Current period
2. Future period
3. Past period
4. None of the given options

      10.__________ is the art of recording, classifying and summarizing the transactions and events               of  a business and interpreting the results thereof. Select the correct option

1. Book-keeping
2. Accounting
3. Management
4. Auditing

Select the most suitable equation which properly represents the derivation of fundamental Accounting Equation.  Select the correct option

1. Assets = Owner’s Equity
2. Assets + Liabilities = Owner’s Equity
3. Cash = Assets
4. Assets – Liabilities = Owner’s Equity

ABC & Co. purchased a typewriter for Rs. 5,000 and paid by cheque. Which of the following accounts would be affected from this transaction?

I)   Assets      II) Liabilities      
III) Expenses IV) Revenues

Select the correct option

1. I and IV
2. I and II
3. II and III
4. I only

The investment of Rs. 10,000 made by the owner in business will have an effect on which of the following accounts? Select the correct option

1. Cash Account & Capital Account
2. Cash Account & Expense Account
3. Capital Account & Revenue Account
4. Capital Account & Expense Account

Find out the missing value of an Accounting Equation with the help of given data:
Cash Rs. 22,500
Debtors Rs. 500
Total Assets Rs. 80, 385
Accounts payable Rs. 1,000
Total liabilities Rs. 20,000

Select the correct option

1. Rs. 60,385 owner’s equity  
2. Rs. 61,385 owner’s equity  
3. Rs. 99,885 owner’s equity  
4. Rs. 99,385 owner’s equity  

“Easy Dissolution” is a closely related characteristic of which of the following type of business?

Select the correct option

1. Sole Proprietorship
2. Partnership
3. Private Limited Company
4. Public Limited Company

Which one of the following is NOT a feature of sole proprietorship business.

Select the correct option

1. Easy Formation
2. Easy Dissolution
3. Unlimited Liability
4. Separate Legal Entity

Which of the following is NOT correct?Select the correct option

1. Decrease in Assets will be credited
2. Decrease in Liabilities will be credited
3. Decrease in Expenses will be credited
4. Decrease in Revenue will be debited

Owner’s Equity and Liabilities of a business are Rs. 35,000 and Rs. 90,000 respectively. What will be the amount of Assets?Select the correct option

1. Rs. 35,000 
2. Rs. 55,000
3. Rs. 125,000
4. Rs. 105,000

An expenditure whose benefit is finished or enjoyed immediately is called:

Select the correct option

1. Expense
2. Liability
3. Cost
4. Income

The investment of Rs. 10,000 made by the owner in business will have an effect on which of the following accounts?Select the correct option

1. Cash Account & Capital Account
2. Cash Account & Expense Account
3. Capital Account & Revenue Account
4. Capital Account & Expense Account

The inventory account will fall under which of the following classification of account:

Select the correct option

1. Assets
2. Expenses
3. Revenues
4. Expenses

Which of the following is fiscal Year of Government of Pakistan?

Select the correct option

1. 1st January to 31st December 
2. 1st June to 31st May
3. 1st July to 30th June
4. 1st October to 30th September

Which of the following is Not an Asset Account?

Select the correct option

1. Plant & Machinery
2. Loan to XYZ co.
3. Cash at Bank
4. Loan from ABC co.

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