MGT101 QUIZ NO 1 SOLVED FILE 1|| 100% VERIFIED|| VURANK

MGT101 QUIZ NO 1 SOLVED 100% VERIFIED BY ADMIN (MID TERM SYLLABUS)

Q1: In case of Income and Expenditure account, excess of income over expenses in a specified accounting period is called:

A) Profit (page16) (100% Sure)

B) Loss

C) Surplus

D) Deficit

Q2: Franchise rights, goodwill and patents are the examples of:

A) Liquid assets

B) Tangible assets

C) Intangible assets (page13) (100% Sure)

D) Current assets

Q3: The maximum limit of persons in a private Ltd. company is:

A) 7

B) 100

C) 50 (page205) (100% Sure)

D) No Limit

Q4: All of the following are recognized as Capital Expenses EXPECT:

A) Purchase of Land

B) Acquiring Office Building

C) Acquiring Furniture

D) Disbursement of Fuel Bills (by Defination) (100% Sure)

Q5: If debit side of a ledger is greater than credit side, the balance will be called as:

A) Debit Balance (page25) (100% Sure)

B) Credit Balance

C) Excess Balance

D) None of the above

Q6: If credit side of a ledger is greater than debit side, the balance will be called as:

A) Debit Balance

B) Credit Balance (page25) (100% Sure)

C) Excess Balance

D) None of the above

Q7: All of the following are recognized as Capital Expenses EXCEPT:

A) Purchase of Land

B) Acquiring Office Building

C) Acquiring Furniture

D) Disbursement of Bills (page9) (100% Sure)

Q8: The inventory account will fall under which of the following classification of account:

A) Assets (100% Sure)

B) Expenses

C) Revenues

D) Expenses

Q9: If cost of sales is Rs. 90,000, income from sales in Rs. 200,000 and operating expenses are Rs. 100,000. What will be the net result?

A) Rs. 10,000 Loss

B) Rs. 10,000 Profit (100% Sure)

C) Rs. 110,000 Profit

D) Rs. 110,000 Loss

Q10: Revenues, expenses and net profit are found on a/an :

A) Income Statement (page31) (100% Sure)

B) Statement of Cash Flows

C) Statement of Owner's Equity

D) Balance Sheet