mgt101 midterm Quiz live 2023

An organization operating with the objective of making profit from the sale of
goods or services is called:

We can say that the business is in profit, when:

Which of the following account balance will be shown on debit side of Trial
Balance? (It is assumed that all account balances are shown on normal balance).

If the cost of sales is Rs. 60,000, sales are Rs. 95,000 and operating expenses
are Rs.20,000 during the year. What would be the Net Profit?

In cost of goods sold statement the ‘cost of goods manufactured’ is equal to:

If, Cost of machine = Rs.400, 000
Useful life = 5 years
Residual value = Rs.25, 000
The depreciation of machine per year using straight line method is?

Find out the missing value of an Accounting Equation with the help of given
data:
Cash Rs.1, 00, 000
Debtors Rs.10, 000
Other Assets Rs. 1,000
Owner’s equity Rs. 1, 000

Upon checking the Bank Statement against the Cash Book by Mr. A, It was
discovered that an amount of Rs.120 for dividend from XYZ Co. had not been
entered in the Cash Book. Which of the following entry should be recorded to
rectify the mistake?

Which one of the following transactions will cause the balance in Mr. Terry's
Cash Book to be greater than his Bank Statement balance?

If Bad Debts written off are given in adjustment, then which of the following entry
for bad debts written off is CORRECT?

Which of the following is (are) benefit/s of subsidiary ledger accounts to
business?

When one or both aspects of a transaction are recorded in the wrong class or
category of account, this is called:

Which of the following is the first phase of the typical operating cycle?

In which type of a business, the owner and his business are considered same in
the eyes of law?

Which of the following clause/s are discussed in Memorandum of Association of
Companies?

6% Debentures Account Rs. 3, 00,000. What amount of interest on debentures
should be shown in profit and loss account?

Which of the following is a type of business formed under the Companies
Ordinance 1984?

If company has distributable profit is Rs. 4, 90,000. Profit sharing share ratio of
Mr. A, Mr. B and Mr. C is 2:3:5 respectively what will be the Profit share for Mr. C
in distributable profit.

When we close bad debts account, which of the following account is credited?

Stock account is credited and creditors account is debited, which of the following
is reflecting the statement?