MGT101 QUIZ NO 1 SOLVED 100% VERIFIED BY ADMIN (MID TERM SYLLABUS)
Q1: Which of the following is Not an Asset Account?
A) Plant & Machinery
B) Loan to XYZ co.
C) Cash at Bank
D) Loan from ABC co. (100% Sure)
Q2: Net Profit = Income - __________.
A) Liabilities
B) Assets
C) Expenses (page9) (100% Sure)
D) Capital
Q3: The journal entry to record purchase of furniture on credit would include a:
A) Credit to furniture A/c
B) Credit to Cash A/c
C) Credit to Payables A/c (page22) (100% Sure)
D) Credit to Receivables A/c
Q4: For every debit there must be a credit with an equal amount. This is also called as:
A) Separate Entity Concept
B) Single Entry Book-Keeping
C) Matching Concept
D) Dual Aspect Concept (page13) (100% Sure)
Q5: Commercial Accounting is done through a system that is known as:
A) Single entry system
B) Credit system
C) Double entry system (page5) (100% Sure)
D) Cash system
Q6: Which of the following is/are the example/s of Intangible Asset?
A) Copy rights
B) Good will
C) Patent rights
D) All of the given options (page13) (100% Sure)
Q7: Which of the following cannot be classified as Revenue Income?
A) Goods sold for cash
B) Goods sold on credit
C) Income from the sale of services
D) Income from the sale of fixed assets (100% Sure)
Q8: 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 (100% Sure)
Q9: What does single entry accounting mean?
A) It means to record debit only
B) It means to record one side of entry
C) It means to record cash only only (page6) (100% Sure)
D) It means to record credit only
Q10: In case of Income and Expenditure account, excess of income over expenses in a specific accounting period is called:
A) Profit (page16) (100% Sure)
B) Loss
C) Surplus
D) Deficit
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