MGT101 Solved Quiz 1 Spring 2021

MGT101 Quiz 1 Solved Spring 2021 File 1

Q1. In case of Income and Expenditure account, excess of income over expenses in a specified

Profit

Loss Surplus Deficit

Profit is the excess of income over expenses in a specific period

Q2. Franchise rights, goodwill and patents are the examples of:

Liquid assets Tangible assets

Intangible assets

Current assets

Examples of both are as follows:

Intangible Assets – Patents, Copyrights, Goodwill etc.

Q3. Which of the following is Not a part of General Ledger?

Q4. Question No 5

If debit side of a ledger is greater than credit side, the balance will be called as:

Debit Balance

Credit Balance Excess Balance

If the debit side is greater than the credit side the difference is called “Debit Balance”.

Q6. If credit side of a ledger is greater than debit side, the balance will be called as: Debit Balance

Credit Balance

Excess Balance

When the credit side is greater that the debit side the difference is called “Credit Balance”.

Q7. Assets

Capital

Q8. The inventory account will fall under which of the following classification of account:

Assets

Expenses Revenues Expenses Inventory is reported as a current asset on the company’s balance sheet.

Q9. If cost of sales is Rs. 90,000, income from sales in Rs. 200,000 and operating expenses are Rs 100,000. What will be the net result?

Rs 10,000 Loss

Rs 10,000 Profit

Rs 110,000 Profit Rs 110,000 Loss

Q10. Return, expenses and net profit are found on a/an:

Income Statement

Statement of Cash Flows Statement of Owner’s Equity

The income statement in one of three statement used in both corporate finance and accounting. The Statement displays the company’s revenue, cost, gross profit selling and administrative expenses.

File 2

Q1. Which of the following is Not an Asset Account?

Plant & Machinery Load to XYZ co. Cash at Bank Loan from ABC co.