Important Quiz's of MGT101

BC110201818 : Razia Aziz  Quiz Start Time: 12:47 PM Question # 11 of 20 ( Start time: 02:19:02 PM ) A financial statement that indicates the position of a business,  on a particular time (date) is known as: Select correct option:

BC110201818 : Razia Aziz  Quiz Start Time: 12:47 PM Question # 12 of 20 ( Start time: 02:20:24 PM ) The balance in drawings account is transferred to which of the  following at the end of the year. Select correct option:

BC110201818 : Razia Aziz  Quiz Start Time: 12:47 PM Question # 13 of 20 ( Start time: 02:21:36 PM ) What will be credited, if Capital is introduced by a partner? Select correct option:

BC110201818 : Razia Aziz  Quiz Start Time: 12:47 PM Question # 14 of 20 ( Start time: 02:22:23 PM ) In cost of goods sold statement, the 'cost of material consumed' is equal to: Select correct option:

BC110201818 : Razia Aziz  Quiz Start Time: 12:47 PM Question # 15 of 20 ( Start time: 02:23:48 PM ) ___________ is the detail of transaction in one's account provided by the bank. Select correct option:

BC110201818 : Razia Aziz  Quiz Start Time: 12:47 PM Question # 16 of 20 ( Start time: 02:25:15 PM ) The amount of owner's equity in a business is affected by which of the following? Select correct option: C.A

BC110201818 : Razia Aziz  Quiz Start Time: 12:47 PM Question # 17 of 20 ( Start time: 02:25:41 PM ) While making Profit & Loss account, Excess of expenses over income in a specified accounting period is called: Select correct option: C.A

BC110201818 : Razia Aziz  Quiz Start Time: 12:47 PM Question # 18 of 20 ( Start time: 02:26:34 PM ) he cost of an incomplete asset at the end of year in balance sheet is transferred to: Select correct option:

BC110201818 : Razia Aziz  Quiz Start Time: 12:47 PM Question # 20 of 20 ( Start time: 02:29:22 PM ) If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and  operating expenses Rs. 300,000. What will be net result? Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 1 of 20 ( Start time: 02:33:56 PM ) In firms cash flow statements, which of the following would appear as a cash inflow? Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 2 of 20 ( Start time: 02:35:27 PM ) When closing stock is given in trial balance, then it will effect: Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 3 of 20 ( Start time: 02:35:59 PM ) The head of board of directors of Private limited Companies is called: Select correct option: C.A

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 4 of 20 ( Start time: 02:37:03 PM ) In a single entry system, it is NOT possible to prepare: Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 5 of 20 ( Start time: 02:37:42 PM ) which of the following statement is TRUE about the positive working capital of company. Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 6 of 20 ( Start time: 02:39:07 PM ) What will be the entry of disposal of an asset at cost price? Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 7 of 20 ( Start time: 02:39:41 PM ) A, B, C are partners. Their profit sharing ratio is equal. Capital balance on  July 1st of Partner A --- Rs. 40,000 Partner B --- Rs. 30,000 and  Partner C--- Rs. 20,000. Their private property of Partner A is Rs. 5,000,  Partner B is Rs. 2,000 and Partner C is Rs. 1,000. What is the extent of their liability of their firm? Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 8 of 20 ( Start time: 02:41:00 PM ) 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:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 9 of 20 ( Start time: 02:42:19 PM ) Which of the following contents are included in the Cost of goods sold? Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 10 of 20 ( Start time: 02:43:21 PM ) __________ is the art of recording, classifying and summarizing the  transactions and events of a business and interpreting the results thereof. Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 11 of 20 ( Start time: 02:44:44 PM ) Which of the following entry will be recorded, when land is purchased for cash? Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 12 of 20 ( Start time: 02:46:08 PM ) Which of the following is/are inventory valuation method(s)? Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 13 of 20 ( Start time: 02:47:38 PM ) Which of the following is/are true about the partnership form of business? Select correct option:

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BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 13 of 20 ( Start time: 02:47:38 PM ) Which of the following is/are true about the partnership form of business? Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 13 of 20 ( Start time: 02:47:38 PM ) Which of the following is/are true about the partnership form of business? Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 14 of 20 ( Start time: 02:49:15 PM ) Normally single entry book keeping is followed by the: Select correct option: C.A

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 15 of 20 ( Start time: 02:49:59 PM ) Cost of goods manufactured - opening work in process + ending work in process =? Select correct option: C.A

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 15 of 20 ( Start time: 02:49:59 PM ) Cost of goods manufactured - opening work in process + ending work in process =? Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 16 of 20 ( Start time: 02:51:34 PM ) Any expense that gives benefit for a period of less than twelve months is called ________. Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 17 of 20 ( Start time: 02:53:06 PM ) Which of the following assets are shown at written down value in balance sheet? Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 18 of 20 ( Start time: 02:53:54 PM ) It is supposed that on 31st December, 2007 sundry debtors are amounted to Rs. 40,000. On the basis of past experience, it is estimated that 10% of the  sundry debtors are doubtful. Actual bad debts are Rs. 1600. What amount  of new provision for doubtful debts will be credited in profit & loss account. Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 19 of 20 ( Start time: 02:55:33 PM ) BC110201372 : Muhammad Bilal  Quiz Start Time: 03:03 PM Question # 1 of 20 ( Start time: 03:03:29 PM ) Which of the following is (are) item (s) of cost of goods sold statement? Select correct option: Select correct option:

BC110201325 : Omer Mumtaz Qurashi  Quiz Start Time: 02:33 PM Question # 20 of 20 ( Start time: 02:56:48 PM ) Which of the following is(are) example(s) of accruals? Select correct option: