Dear students
MGT101 - Financial Accounting Quiz No. 01 Fall 2013 will open on Nov 20, 2013 12:00 AM and due date of taking quiz is Nov 22, 2013 11:59 PM,
Idea Solution
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
