MGT101 QUIZ NO 1 SOLVED 100% VERIFIED BY ADMIN (MID TERM SYLLABUS)
Q1: Generally Accepted Accounting Principles (GAAP) are necessary because financial statements:
A) are publicly avaliable
B) should be standarized
C) should be understandable
D) All of the above (100% Sure)
Q2: Which of the following is Not a part of General Ledger?
A) Activity Book (confirmed) (100% Sure)
B) Sales Book
C) Purchase Return Book
D) Purchase Book
Q3: The fees earned account will fall under which of the following classification of account:
A) Assets
B) Liabilities
C) Revenues (confirmed) (100% Sure)
D) Expenses
Q4: __________ not a characteristic of joint stock company.
A) Limited Liability
B) Transfer of Share
C) Distinct Legal Entity
D) Easy Formation (Confirmed) (100% Sure)
Q5: Normal Single Entry Book is followed by __________.
A) Whole Company
B) Large Company
C) Small Business (page11) (100% Sure)
D) Cash system
Q6: Budget is another name of __________.
A) Financial Accounting
B) Assets
C) Expenses
D) Financial Forecast (confirm) (100% Sure)
Q7: Commercial accounting is done through a system known as:
A) Single Entry System
B) Balance Sheet
C) Asset Account
D) Double Entry System (page 5) (100% Sure)
Q8: Fiscal Year of Govt of Pakistan is __________.
A) 1st October to 30 September
B) 1st September to 30 August
C) 1st August to 30 July
D) 1st July to 30 June (100% Sure)
Q9: Normal Balance of revenue account is Similar to:
A) Expense
B) Asset
C) Liability (confirm) (100% Sure)
D) None of the above
Q10: At the end of the accounting period a list of all ledger balance is prepared called __________.
A) Trial Balance (page26) (100% Sure)
B) Balance Sheet
C) Profit and Loss Account
D) None of the above
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