MGT101 Quiz 1 Fall 2011

Q1. of 10 ( Start time: 07:51:07 PM ) Total Marks: 1 A sum of Rs. 6,000 paid as wages for erecting a machine should be debited to:

Machinery Account Wages Account Factory expense Account

Q2. of 10 ( Start time: 07:51:45 PM ) Total Marks: 1 When a business purchases goods from ABC & Co. and promises to pay the amount at certain future time period, we will call ABC & Co. as:

Debtors of the business Creditors of the business Assets of the business Equity of the business

Q3. of 10 ( Start time: 07:52:49 PM ) Total Marks: 1

15,000 and the amount of total liabilities is Rs 175,000. What will be the amount of Current Liabilities?

Rs. 20,000 Rs. 150,000 Rs. 10,000 Rs. 25,000

Q5. of 10 ( Start time: 07:54:50 PM ) Total Marks: 1 In which of the following Gross Profit is calculated?

Balance Sheet Trading Account Appropriation Account Receipt and Payment Account

Q6. of 10 ( Start time: 07:55:20 PM ) Total Marks: 1 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

Q7. of 10 ( Start time: 07:55:43 PM ) Total Marks: 1 Which of the following is/are the example/s of Intangible Asset?

Copy rights Good will Patent rights All of the given options

Q8. of 10 ( Start time: 07:55:58 PM ) Total Marks: 1 Franchise rights, goodwill and patents are the examples of:

Liquid assets Tangible assets Intangible assets Current assets

Q10. of 10 ( Start time: 07:57:22 PM ) Total Marks: 1 Net profit = Gross profit - _______

Operating Expenses Product Cost Deferred Expenses Direct Cost

Q9. of 10 ( Start time: 07:56:12 PM ) Total Marks: 1

will gross profit?

Rs. 5,000 Rs. 95,000 Rs. 1, 00,000 Rs.1, 05,000

Q4. of 10 ( Start time: 07:53:30 PM ) Total Marks: 1 If cost of sales is Rs. 60,000, income from sales is Rs. 95,000 and operating expenses Rs. 25,000. Calculate net profit.

Rs. 10,000 Rs. 35,000 Rs. 55,000 Rs. 60,000

Q1. of 10 ( Start time: 01:28:34 PM ) Total Marks: 1 What does single entry accounting mean?

It means to record debit only It means to record one side of entry only It means to record cash only It means to record credit only

Q2. of 10 ( Start time: 01:29:11 PM ) Total Marks: 1 When income is reduced or decreased, that amount is recorded on:

Right or debit side of the account Left or debit side of the account Left or credit side of the account Right or credit side of the account