mgt101 midterm Quiz live 2023 December 26, 2022 by Dilawar 105 Finish the quiz Before Time Run's out Thank you for Attempting The Quiz Created on December 26, 2022 By Dilawar mgt101 midterm live quiz 2023 1 / 20 An organization operating with the objective of making profit from the sale of goods or services is called: Transaction Business Society Trust 2 / 20 We can say that the business is in profit, when: Assets exceed Expenditure Assets exceed Liabilities Income exceeds Expenditure Income exceeds Liabilities 3 / 20 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). Capital account Sundry creditors account Accounts payable account Cash account 4 / 20 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? Rs.15,000 Rs. 35,000 Rs. 55,000 Rs. 60,000 5 / 20 In cost of goods sold statement the ‘cost of goods manufactured’ is equal to: Total factory cost + Opening work in process + Ending work in process Total factory cost + Opening work in process – Ending work in process Total factory cost - Opening work in process + Ending work in process Ending work in process +Total factory cost – Opening work in process 6 / 20 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? Also Read: cs101 midterm live quiz 2023 Rs. 160,000 Rs. 96,000 Rs. 75,000 Rs. 57,600 7 / 20 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 Rs. 12,000 liabilities Rs. 11,000 liabilities Rs. 1, 10,000 liabilities Rs. 1, 11,000 liabilities 8 / 20 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? Bank Account(Dr.) and Dividend Account (Cr.) XYZ Co. Account (Dr.) and Bank Account (Cr.) Dividend Account (Dr.) and Bank Account (Cr.) Bank Account (Dr.) and XYZ Co. Account (Cr.) 9 / 20 Which one of the following transactions will cause the balance in Mr. Terry's Cash Book to be greater than his Bank Statement balance? A cheque is drawn but not yet presented at the bank for payment The bank has not yet notified to Mr. Terry about a dishonoured cheque A credit transfer into Terry's Bank Account A cheque payment of Rs.101 is recorded in the Cash Book as Rs.110 10 / 20 If Bad Debts written off are given in adjustment, then which of the following entry for bad debts written off is CORRECT? Also Read: cs606 midterm past papers Bad debts a/c (Dr) and Trading a/c (Cr) Provision for Bad and Doubtful debts a/c (Dr) and Bad debts a/c(Cr) Bad debts a/c (Dr) and debtors a/c (Cr) Trading a/c (Dr) and Bad debts a/c (Cr) 11 / 20 Which of the following is (are) benefit/s of subsidiary ledger accounts to business? It tells about customer attitude of payments It can be checked against the control account to pick up recording errors It tells about the complete history of transactions of business client All of the given options 12 / 20 When one or both aspects of a transaction are recorded in the wrong class or category of account, this is called: Error of principle Error of omission Error of commission Error of original entry 13 / 20 Which of the following is the first phase of the typical operating cycle? Sell goods and services to customers Purchase goods and services Receive cash from customers Pay cash to suppliers 14 / 20 In which type of a business, the owner and his business are considered same in the eyes of law? Sole proprietorship Public companies Limited companies Listed companies 15 / 20 Which of the following clause/s are discussed in Memorandum of Association of Companies? Name of company Place of registered office of company Objective of the company All of the given options 16 / 20 Also Read: eng201 midterm quiz live 2023 6% Debentures Account Rs. 3, 00,000. What amount of interest on debentures should be shown in profit and loss account? Rs. 6,000 Rs. 3, 00,000 Rs. 18,000 Rs. 3, 18,000 17 / 20 Which of the following is a type of business formed under the Companies Ordinance 1984? Sole-Proprietorship Partnership Joint Stock Company All of the given options 18 / 20 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. Rs. 98,000 Rs. 1, 47,000 Rs. 2, 45,000 Rs. 3, 43,000 19 / 20 When we close bad debts account, which of the following account is credited? Profit and loss account Bad debt account Debtor account Provision for bad debt account 20 / 20 Stock account is credited and creditors account is debited, which of the following is reflecting the statement? Discount received Goods returned Purchase of goods on credit Payment of goods Your score is The average score is 45% LinkedIn Facebook Twitter VKontakte 0% Restart quiz Related