MGT101 Quiz 3 2021 by Attiq S Group

MGT-101 Quiz No.3 File Spring (2021)

1. …… is posted in the debit side of debitors account.

Answer: Balance b/f of debtors.

Q2. Owner’s equity =?

Answer: Capitalprofits.

3. In case of writing off debtors as bad debt, -------- is debited.

Answer: Bad Debts account.

Q4. The inventory account falls under which of the following classification of accounts?

Answer: Assets.

5. Bank Reconciliation statement is a:

Answer: Memorandum statements

6. Rent receivable account should be debited due to:

Answer: Opening balance.

7. --------------- is posted in credit side of debtors account.

Answer: Sales return.

Q8. Is debited for closing the salaries’ expense for the period?

Answer: Income statement.

Q9. ABC & Co purchased for resale purposes on case, which one of the following account head will decrease?

Answer: Cash. 10. In case of increase in prodivision for doubtful debt, ----- is debited.

Answer: Payable account. 11. Which of the following should be credited on sale of completed goods on cash basis manufacturing concern?

Answer: Finished Goods Account.

12. Which of the following is an error of original entry?

Answer: A receipt of RS. 50,000 from a debtor is recorded as RS. 5,000 in his account.

13. Carriage inward/outward is debited under main head.

Answer: Expenses. 14. Factory overhead cost= power & fuel cost+ ----------

Answer: Other indirect cost.

15. Expenses portion of direct cost is treated as:

Answer: Expense.

16. Under IAS 2, goods available for sale purpose in the ordinary course of business is known as:

Answer: Assets.

17. Prime Cost = direct material cost+ -------.

Answer: Direct labor cost.

18. Direct cost is also known as:

Answer: Cost of sales

19. Office supplies consumed is considered as: