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MGT101 Quiz 1 May 2026

Financial Accounting PDF 35 KBUpdated 23 Oct 2026
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Quiz MGT101 Quiz 1 May 2026 PDF 35 KB
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Type
Quiz
Course
MGT101 Financial Accounting
Size
PDF 35 KB
Updated
23 Oct 2026
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Text from pages 2, 3, 4 of 5. Download the file for all 5 pages.

Question:

All of the following are liabilities EXCEPT:

A. Loan from bank B. Accounts payable

C. Prepaid insurance

D. Accrued rent Copied: 5/18/2026, 11:20:02 AM

Question:

Which of the following accounts will be affected when we acquire building and paid Rupees Rs. 500,000?

  1. Cash account
  2. Capital account
  3. Bank account
  4. Expense account

Correct answer: Cash account

Copied: 5/18/2026, 11:20:19 AM

Question:

Which of the following normally provide economic benefits to the entity for more than one accounting year?

  1. All of the given option
  2. Fixed asset
  3. Current asset
  4. Current liability

Correct answer: Fixed asset

Copied: 5/18/2026, 11:20:33 AM

Question:

Which of the following is TRUE regarding Discount Received from a creditor?

  1. It is a cash receipt
  2. It is an Income
  3. It is an expense
  4. It is a cash payment

Correct answer: It is an Income

Copied: 5/18/2026, 11:20:48 AM

Question:

Which of the following accounts will be ‘Credited’, when we acquire building of Rs. 500,000 on cash?

  1. Cash Account
  2. Building Account
  3. Capital Account
  4. Bank Account

Correct answer: Cash Account

Copied: 5/18/2026, 11:21:15 AM

Question:

Which of the following is a ‘Contra account’?

  1. Purchases return
  2. Capital
  3. Sales
  4. Debt

Correct answer: Purchases return

Copied: 5/18/2026, 11:21:28 AM

Question:

Which of the following accounts will be DEBITED, when we acquire building of Rs. 500,000 on cash?

  1. Capital Account
  2. Cash Account
  3. Bank Account
  4. Building Account

Correct answer: Building Account

Copied: 5/18/2026, 11:21:41 AM

Question:

Which of the following is TRUE?

  1. All of the given options

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