MGT101 Final Term Mega File with Quizzes

MGT101- Financial Accounting · Composed By Faheem Saqib · A Mega File for Final Term Exams& Quizzes · FINALTERM EXAMINATION · Fall 2009 · MGT101- Financial Accounting (Session - 4)

Q1. Shares for which amount is paid by public are called ________ shares. (1 marks)

1. Paid up
2. Authorized
3. Bonus shares
4. All are correct options

Correct answer: Paid up

Q2. Which of the following is non- profit organiza (1 marks)

Time: 120 min

Marks: 87

1. Limited company
2. Trust

Correct answer: Trust

Q3. Commercial Accounting is based on: (1 marks)

1. Single entry book keeping
2. Double entry book keeping
3. Both single and double entry book keeping
4. Cash basis of book keeping

Correct answer: Double entry book keeping

Q4. An Asset that is NOT physical in nature is called _________. (1 marks)

1. Intangible Asset
2. Liquid Asset
3. Current Asset
4. Fixed Asset

Correct answer: Intangible Asset

Q5. Which of the following is CORRECT about the flow of recording a transaction? (1 marks)

1. Occurrence of event – voucher—Journal—Ledger—Trial Balance—profit and loss
2. Occurrence of event—Journal – voucher —Ledger—Trial Balance—profit and loss
3. Occurrence of event—Ledger – voucher—Journal—Trial Balance—profit and loss
4. Occurrence of event—Trial Balance – voucher—Journal—Ledger—profit and loss

Correct answer: Occurrence of event – voucher—Journal—Ledger—Trial Balance—profit and loss

Q6. Accounts Receivable & Inventory are the examples of: (1 marks)

1. Liquid assets
2. Current assets
3. Fixed assets
4. Capital assets

Correct answer: Current assets

Q7. Which of the following account will be credited in the books of XYZ Co. Ltd, if the business purchased a vehicle though cheque? (1 marks)

1. Vehicle account
2. Cash account
3. Business account