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MGT101 Financial Accounting Solved MCQs from Quiz 1 set 1


 
MGT101 - Financial Accounting  MCQ1 (Online quiz # 1)

Question # 1 of 20 
What should be credited, if salary is paid to Sohail?
Sohail account
Salaries account
Cash account
Drawings account

Question # 2 of 20
Which of the following is NOT correct?
Decrease in Assets will be credit
Decrease in Liabilities will be debit
Decrease in Expenses will be debit
Decrease in Revenue will be debit

Question # 4 of 20
Which of the following is/are the example/s of Intangible Asset?
Copy rights
Good will
Patent rights
All of the given options

Question # 5 of 20 
Which of the following is a FIRST product of accounting cycle?
Select correct option:
Voucher
General Journal
General Ledger
Financial Statements

Question # 6 of 20
What will be debited, if Mohsin commenced business with cash?
Cash account
Capital account
Drawings account
Proprietor account

Question # 7 of 20
Assets are divided in which of the following categories in balance sheet.
Current assets, Long term assets and capital assets
Current assets, Long term assets and fixed assets
Current assets, Quick assets and business debts
Current assets, Fixed assets and deferred cost

Question # 8 of 20 
Find out the missing value of an Accounting Equation with the help of given data: Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owners equity Rs. 1, 000 Liabilities ?
Rs. 12,000
Rs. 11,000
Rs. 110,000
Rs. 111,000

Question # 9 of 20 
What will be debited, if business purchased Vehicle on cash?
Vehicle account
Cash account
Business account
Bank account

Question # 10 of 20 
Franchise rights, goodwill and patents are the examples of:
Liquid assets
Tangible assets
Intangible assets
Current assets

Question # 11 of 20 
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

Question # 12 of 20 
What should be credited, if rent paid in cash?
Landlords account
Rent account
Cash account
Accounts receivable account

Question # 13 of 20 
Consider the following data: Particulars Rs. Assets 75,500 Owner's equity ? Liabilities 40,200
Rs. 35,300
Rs. 55,000
Rs. 125,000
Rs. 115,700

Question # 14 of 20 
Find out the missing value of an Accounting Equation with the help of given data: Total Assets Rs. 34,500 Accounts payable Rs. 1, 000 Other liabilities Rs. 11,500 Owners equity ?
Rs. 22,000
Rs.24, 000
Rs. 45,000
Rs. 46,000
Question # 15 of 20
Which of the following item is found in a Journal entry? (1) Date of each transaction (2) Rupee amount of each debit and credit (3) Explanation of each transaction
1 only
1 & 2 only
2 & 3 only
1, 2 & 3

Question # 16 of 20
Which one of the following will result in increase in revenues?
Purchased fixed asset
Received discount
Payment to creditors
Return of goods, sold on credit

Question # 17 of 20
Amount generated from sales in a business is called:
Select correct option: 
Income
Net Income
Gross Profit
Operating profit

Question # 18 of 20
The expenses which are NOT paid out of Gross Profit is classified as:
Direct Expenses
General Expenses
Financial Expenses
Selling Expenses

Question # 19 of 20 
The process of transferring journal entry information to the ledger is called:
Journalizing
Posting
Balancing
Analyzing 

Question # 20 of 20
Which of the following is NOT correct?
Decrease in Assets will be credit
Decrease in Liabilities will be credit
Decrease in Expenses will be credit
Decrease in Revenue will be debit

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