Mgt101 Online Quiz No. 1
Saturday, November 06, 2010 Posted In MGT Edit ThisFor current & past solved quizzes, pls visit VUsolutions Papers
Question # 1 of 15 ( Start time: 03:32:40 PM ) Total Marks: 1
Office salaries, advertising and sales commissions are the examples of:
Select correct option:
Financial Expenses
Operating Expenses
Marketing Expenses
Direct Expenses
Question # 2 of 15 ( Start time: 03:33:54 PM ) Total Marks: 1
Which of the following expenses are called financial expenses?
Select correct option:
Payment of rent & Salary expense
Markup on loan& Bank Charges
Interest & advertisement expense
Wages and Depreciation expense
Question # 3 of 15 ( Start time: 03:34:19 PM ) Total Marks: 1
Which of the following is NOT a characteristic of Journal?
Select correct option:
Transactions are recorded in chronological order
Transaction is first recorded in Journal from Voucher
It is also called "The original book of entry"
None of the given options
Question # 4 of 15 ( Start time: 03:34:52 PM ) Total Marks: 1
Increase in an expense is recorded on the:
Select correct option:
Left or credit side of the account
Right or debit side of the account
Left or debit side of the account
Right or credit side of the account
Question # 5 of 15 ( Start time: 03:35:53 PM ) Total Marks: 1
What is the nature of a revenue account?
Select correct option:
Asset
Debit
Credit
Expense
Question # 6 of 15 ( Start time: 03:37:12 PM ) Total Marks: 1
Which of the following particular is NOT included in journal voucher?
Select correct option:
Name of organization
Bank receipt number
Debit amount
Credit amount
Question # 7 of 15 ( Start time: 03:37:40 PM ) Total Marks: 1
Which of the following voucher is used to record receipt of cash?
Select correct option:
Journal Voucher
Receipt Voucher
Payment Voucher
Nominal Voucher
Question # 8 of 15 ( Start time: 03:37:59 PM ) Total Marks: 1
All the statements are correct about Journal voucher EXCEPT:
Select correct option:
Financial data is picked only from journal vouchers to Journal
These are used to record all transaction other than cash & bank
These are used to make corrections or adjustments to previous Receipt
Format of journal voucher is different from other vouchers
Question # 9 of 15 ( Start time: 03:38:43 PM ) Total Marks: 1
What should be debited, if Sales made to Mahmood for cash?
Select correct option:
Cash account
Mahood account
Sales account
Purchases account
Question # 10 of 15 ( Start time: 03:39:14 PM ) Total Marks: 1
Which of the following particular/s is/are included in payment voucher?
Select correct option:
Name of organization
Cash payment
Date
All of the given options
Question # 11 of 15 ( Start time: 03:39:33 PM ) Total Marks: 1
An expenditure whose benefit is finished or enjoyed immediately is called:
Select correct option:
Expense
Liability
Cost
Income
Question # 12 of 15 ( Start time: 03:40:35 PM ) Total Marks: 1
Which of the following is the example of Current Assert?
Select correct option:
Land
Building
Stock
Capital
Question # 13 of 15 ( Start time: 03:40:57 PM ) Total Marks: 1
Which of the following is the example of current liability?
Select correct option:
Notes payable
Notes receivable
Accounts receivable
Prepaid expenses
Question # 14 of 15 ( Start time: 03:41:33 PM ) Total Marks: 1
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 ?
Select correct option:
Rs. 201,000
Rs. 111, 000
Rs. 290, 000
Rs. 291, 000
Question # 15 of 15 ( Start time: 03:42:28 PM ) Total Marks: 1
Net Profit = Income - _____________
Select correct option:
Liabilities
Assets
Expenses
Capital
Question # 1 of 15 ( Start time: 03:43:53 PM ) Total Marks: 1
Find out the missing value of an Accounting Equation with the help of given data: Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner's equity Rs. 1, 000 Liabilities ?
Select correct option:
Rs. 12,000
Rs. 11,000
Rs. 110,000
Rs. 111,000
Question # 2 of 15 ( Start time: 03:44:41 PM ) Total Marks: 1
___________= Gross profit < Operating Expenses
Select correct option:
Net Profit
Gross Profit
Net Loss
Gross Loss
Question # 3 of 15 ( Start time: 03:45:53 PM ) Total Marks: 1
Which of the following is the example of current liability?
Select correct option:
Notes payable
Notes receivable
Accounts receivable
Prepaid expenses
Question # 4 of 15 ( Start time: 03:46:07 PM ) Total Marks: 1
What will be debited, if business purchased Vehicle on cash?
Select correct option:
Vehicle account
Cash account
Business account
Bank account
Question # 5 of 15 ( Start time: 03:46:33 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
Question # 6 of 15 ( Start time: 03:47:39 PM ) Total Marks: 1
Debit signifies:
Select correct option:
Increase in Asset account
Decrease in liability account
Decrease in capital account
All of the given options
Question # 7 of 15 ( Start time: 03:48:50 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
Question # 8 of 15 ( Start time: 03:49:08 PM ) Total Marks: 1
In which of the following statement/s closing stock is/are shown?
Select correct option:
Profit and loss account
Balance sheet
Income statement
All of the given options
Question # 9 of 15 ( Start time: 03:49:38 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
Question # 10 of 15 ( Start time: 03:49:56 PM ) Total Marks: 1
Which one of the following is NOT a feature of sole proprietorship business.
Select correct option:
Easy Formation
Easy Dissolution
Unlimited Liability
Separate Legal Entity
Question # 11 of 15 ( Start time: 03:50:21 PM ) Total Marks: 1
Outsider's claim against the assets of the business is called:
Select correct option:
Capital
Liability
Expense
Income
Question # 12 of 15 ( Start time: 03:51:39 PM ) Total Marks: 1
Consider the following data: Particulars Rs. Assets 99,500 Owner's equity 50,500 Liabilities ?
Select correct option:
Rs. 49,000
Rs. 55,000
Rs. 125,000
Rs. 115,700
Question # 13 of 15 ( Start time: 03:52:03 PM ) Total Marks: 1
In case of Income and Expenditure account, Excess of income over expenses in a specified accounting period is called:
Select correct option:
Profit
Loss
Surplus
Deficit
Question # 14 of 15 ( Start time: 03:53:28 PM ) Total Marks: 1
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 correct option:
Rs. 60,385 owner's equity
Rs. 61,385 owner's equity
Rs. 99,885 owner's equity
Rs. 99,385 owner's equity
Question # 15 of 15 ( Start time: 03:54:55 PM ) Total Marks: 1
If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and operating expenses Rs. 100,000. What will gross profit?
Select correct option:
Rs. 5,000
Rs. 95,000
Rs. 1, 00,000
Rs.1, 05,000
Office salaries, advertising and sales commissions are the examples of:
Select correct option:
Financial Expenses
Operating Expenses
Marketing Expenses
Direct Expenses
Question # 2 of 15 ( Start time: 03:33:54 PM ) Total Marks: 1
Which of the following expenses are called financial expenses?
Select correct option:
Payment of rent & Salary expense
Markup on loan& Bank Charges
Interest & advertisement expense
Wages and Depreciation expense
Question # 3 of 15 ( Start time: 03:34:19 PM ) Total Marks: 1
Which of the following is NOT a characteristic of Journal?
Select correct option:
Transactions are recorded in chronological order
Transaction is first recorded in Journal from Voucher
It is also called "The original book of entry"
None of the given options
Question # 4 of 15 ( Start time: 03:34:52 PM ) Total Marks: 1
Increase in an expense is recorded on the:
Select correct option:
Left or credit side of the account
Right or debit side of the account
Left or debit side of the account
Right or credit side of the account
Question # 5 of 15 ( Start time: 03:35:53 PM ) Total Marks: 1
What is the nature of a revenue account?
Select correct option:
Asset
Debit
Credit
Expense
Question # 6 of 15 ( Start time: 03:37:12 PM ) Total Marks: 1
Which of the following particular is NOT included in journal voucher?
Select correct option:
Name of organization
Bank receipt number
Debit amount
Credit amount
Question # 7 of 15 ( Start time: 03:37:40 PM ) Total Marks: 1
Which of the following voucher is used to record receipt of cash?
Select correct option:
Journal Voucher
Receipt Voucher
Payment Voucher
Nominal Voucher
Question # 8 of 15 ( Start time: 03:37:59 PM ) Total Marks: 1
All the statements are correct about Journal voucher EXCEPT:
Select correct option:
Financial data is picked only from journal vouchers to Journal
These are used to record all transaction other than cash & bank
These are used to make corrections or adjustments to previous Receipt
Format of journal voucher is different from other vouchers
Question # 9 of 15 ( Start time: 03:38:43 PM ) Total Marks: 1
What should be debited, if Sales made to Mahmood for cash?
Select correct option:
Cash account
Mahood account
Sales account
Purchases account
Question # 10 of 15 ( Start time: 03:39:14 PM ) Total Marks: 1
Which of the following particular/s is/are included in payment voucher?
Select correct option:
Name of organization
Cash payment
Date
All of the given options
Question # 11 of 15 ( Start time: 03:39:33 PM ) Total Marks: 1
An expenditure whose benefit is finished or enjoyed immediately is called:
Select correct option:
Expense
Liability
Cost
Income
Question # 12 of 15 ( Start time: 03:40:35 PM ) Total Marks: 1
Which of the following is the example of Current Assert?
Select correct option:
Land
Building
Stock
Capital
Question # 13 of 15 ( Start time: 03:40:57 PM ) Total Marks: 1
Which of the following is the example of current liability?
Select correct option:
Notes payable
Notes receivable
Accounts receivable
Prepaid expenses
Question # 14 of 15 ( Start time: 03:41:33 PM ) Total Marks: 1
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 ?
Select correct option:
Rs. 201,000
Rs. 111, 000
Rs. 290, 000
Rs. 291, 000
Question # 15 of 15 ( Start time: 03:42:28 PM ) Total Marks: 1
Net Profit = Income - _____________
Select correct option:
Liabilities
Assets
Expenses
Capital
Question # 1 of 15 ( Start time: 03:43:53 PM ) Total Marks: 1
Find out the missing value of an Accounting Equation with the help of given data: Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner's equity Rs. 1, 000 Liabilities ?
Select correct option:
Rs. 12,000
Rs. 11,000
Rs. 110,000
Rs. 111,000
Question # 2 of 15 ( Start time: 03:44:41 PM ) Total Marks: 1
___________= Gross profit < Operating Expenses
Select correct option:
Net Profit
Gross Profit
Net Loss
Gross Loss
Question # 3 of 15 ( Start time: 03:45:53 PM ) Total Marks: 1
Which of the following is the example of current liability?
Select correct option:
Notes payable
Notes receivable
Accounts receivable
Prepaid expenses
Question # 4 of 15 ( Start time: 03:46:07 PM ) Total Marks: 1
What will be debited, if business purchased Vehicle on cash?
Select correct option:
Vehicle account
Cash account
Business account
Bank account
Question # 5 of 15 ( Start time: 03:46:33 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
Question # 6 of 15 ( Start time: 03:47:39 PM ) Total Marks: 1
Debit signifies:
Select correct option:
Increase in Asset account
Decrease in liability account
Decrease in capital account
All of the given options
Question # 7 of 15 ( Start time: 03:48:50 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
Question # 8 of 15 ( Start time: 03:49:08 PM ) Total Marks: 1
In which of the following statement/s closing stock is/are shown?
Select correct option:
Profit and loss account
Balance sheet
Income statement
All of the given options
Question # 9 of 15 ( Start time: 03:49:38 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
Question # 10 of 15 ( Start time: 03:49:56 PM ) Total Marks: 1
Which one of the following is NOT a feature of sole proprietorship business.
Select correct option:
Easy Formation
Easy Dissolution
Unlimited Liability
Separate Legal Entity
Question # 11 of 15 ( Start time: 03:50:21 PM ) Total Marks: 1
Outsider's claim against the assets of the business is called:
Select correct option:
Capital
Liability
Expense
Income
Question # 12 of 15 ( Start time: 03:51:39 PM ) Total Marks: 1
Consider the following data: Particulars Rs. Assets 99,500 Owner's equity 50,500 Liabilities ?
Select correct option:
Rs. 49,000
Rs. 55,000
Rs. 125,000
Rs. 115,700
Question # 13 of 15 ( Start time: 03:52:03 PM ) Total Marks: 1
In case of Income and Expenditure account, Excess of income over expenses in a specified accounting period is called:
Select correct option:
Profit
Loss
Surplus
Deficit
Question # 14 of 15 ( Start time: 03:53:28 PM ) Total Marks: 1
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 correct option:
Rs. 60,385 owner's equity
Rs. 61,385 owner's equity
Rs. 99,885 owner's equity
Rs. 99,385 owner's equity
Question # 15 of 15 ( Start time: 03:54:55 PM ) Total Marks: 1
If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and operating expenses Rs. 100,000. What will gross profit?
Select correct option:
Rs. 5,000
Rs. 95,000
Rs. 1, 00,000
Rs.1, 05,000
...................
Read the word. Choose the option that gives the best meaning of the prefix or suffix in the given word. Prepay
Select correct option:
Without
Again
Before
Not
Question # 2 of 10 ( Start time: 11:02:30 PM )
Total Marks: 1
Choose the best meaning or synonym for the word in capital letters. Your plan looks good. I hope it will really work. It's time to IMPLEMENT it and see if it's as brilliant as you claim.
Select correct option:
change
take apart
carry out
instrument
Question # 3 of 10 ( Start time: 11:04:00 PM )
Total Marks: 1
The ability to read English rapidly and accurately depends upon:
Select correct option:
Question # 4 of 10 ( Start time: 11:04:41 PM )
Total Marks: 1
Fill in the blank with the correct form of word. The...... dressed woman is my aunt.
Select correct option:
Question # 5 of 10 ( Start time: 11:05:20 PM )
Total Marks: 1
Fill in the blank with the correct spelling of the word from the given option. My face flushed as I squirmed with _______.
Select correct option:
Question # 6 of 10 ( Start time: 11:06:49 PM )
Total Marks: 1
What is the antonym of Phlegmatic?
Select correct option:
Question # 7 of 10 ( Start time: 11:08:14 PM )
Total Marks: 1
Supporting details may refer to;
Select correct option:
Question # 8 of 10 ( Start time: 11:09:25 PM )
Total Marks: 1
Find the word or phrase that best completes each sentence. It's been a long time since you've seen him, _____?
Select correct option:
Question # 9 of 10 ( Start time: 11:10:22 PM )
Total Marks: 1
Which of the following can be a synonym of "Isolation"?
Select correct option:
Question # 10 of 10 ( Start time: 11:11:25 PM )
Total Marks: 1
The words in heavy bold face at the top of the dictionary are known as:
Select correct option:
Select correct option:
Without
Again
Before
Not
Question # 2 of 10 ( Start time: 11:02:30 PM )
Total Marks: 1
Choose the best meaning or synonym for the word in capital letters. Your plan looks good. I hope it will really work. It's time to IMPLEMENT it and see if it's as brilliant as you claim.
Select correct option:
change
take apart
carry out
instrument
Question # 3 of 10 ( Start time: 11:04:00 PM )
Total Marks: 1
The ability to read English rapidly and accurately depends upon:
Select correct option:
Question # 4 of 10 ( Start time: 11:04:41 PM )
Total Marks: 1
Fill in the blank with the correct form of word. The...... dressed woman is my aunt.
Select correct option:
Question # 5 of 10 ( Start time: 11:05:20 PM )
Total Marks: 1
Fill in the blank with the correct spelling of the word from the given option. My face flushed as I squirmed with _______.
Select correct option:
Question # 6 of 10 ( Start time: 11:06:49 PM )
Total Marks: 1
What is the antonym of Phlegmatic?
Select correct option:
Question # 7 of 10 ( Start time: 11:08:14 PM )
Total Marks: 1
Supporting details may refer to;
Select correct option:
Question # 8 of 10 ( Start time: 11:09:25 PM )
Total Marks: 1
Find the word or phrase that best completes each sentence. It's been a long time since you've seen him, _____?
Select correct option:
Question # 9 of 10 ( Start time: 11:10:22 PM )
Total Marks: 1
Which of the following can be a synonym of "Isolation"?
Select correct option:
Question # 10 of 10 ( Start time: 11:11:25 PM )
Total Marks: 1
The words in heavy bold face at the top of the dictionary are known as:
Select correct option:
