MGT101 Current Quiz

Question # 1 of 15 ( Start time: 05:41:07 PM ) Total Marks: 1 

Supervisor's salary and equipment repair cost are examples of:
Select correct option:

Factory overhead cost
Direct material cost
Direct labor cost
Finished goods cost


Question # 2 of 15 ( Start time: 05:41:38 PM ) Total Marks: 1
In an account if credit side > debit side, the balance is known as:
Select correct option:

Negative Balance
Debit Balance
Credit Balance
Positive Balance


Question # 3 of 15 ( Start time: 05:41:57 PM ) Total Marks: 1
The goal of reconciliation is all of the flowing EXCEPT:
Select correct option:

To discover the various things the bank has not done in the pass book but recorded in cash book
To discover anything that bank has passed through but the cash book has not
To put right anything that is wrong & draws an explanation for the differences
To discover any discrepancy that is due to timing rather than error


Question # 4 of 15 ( Start time: 05:42:51 PM ) Total Marks: 1
Under the diminishing balance method, depreciation is calculated on:
Select correct option:

The original cost
The scrap value
Book value
Both original cost and Scrap value


Question # 5 of 15 ( Start time: 05:43:50 PM ) Total Marks: 1
Which of the following voucher is used to record receipt of cash?
Select correct option:

Journal Voucher
Receipt Voucher
Payment Voucher
Nominal Voucher


Question # 6 of 15 ( Start time: 05:44:08 PM ) Total Marks: 1
Debts that are not collectible and worthless to the creditor are known as:
Select correct option:

Bad debts
Good debts
Doubtful debts
Provision for doubtful debts

Question # 7 of 15 ( Start time: 05:44:31 PM ) Total Marks: 1
Find out the missing value of an Accounting Equation with the help of given data: Furniture Rs. 90,000 Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 90, 000 Liaibilities ?
Select correct option:

Rs. 201,000
Rs. 111, 000
Rs. 290, 000
Rs. 291, 000


Question # 8 of 15 ( Start time: 05:45:08 PM ) Total Marks: 1
If, Cost of machine = Rs.400, 000 Useful life = 5 years Residual value = Rs.25, 000 Sale price = Rs.40, 000 Rate of depreciation = 40% What will be depreciation of machine after one years using diminishing balance method?
Select correct option:

Rs. 1, 60,000
Rs. 11,840
Rs. 34,560
Rs. 34,860


Question # 9 of 15 ( Start time: 05:46:21 PM ) Total Marks: 1
The main purpose of ___________ is to ascertain true result of the business operation during particular period of time.
Select correct option:

Cost Accounting
Financial Accounting
Managerial Accounting
Tax Accounting


Question # 10 of 15 ( Start time: 05:46:47 PM ) Total Marks: 1
What would be the value of Total Factory Cost, if cost of raw materials, direct labor costs, and manufacturing overhead costs are Rs.80,000, Rs.50,000, and Rs.60,000 respectively?
Select correct option:

Rs.130, 000
Rs.110, 000
Rs.140, 000
Rs.190, 000


Question # 11 of 15 ( Start time: 05:47:19 PM ) Total Marks: 1
Budget is a plan of income, expenses & other financial operations for:
Select correct option:

Current period
Future period
Past period
None of the given options


Question # 12 of 15 ( Start time: 05:47:37 PM ) Total Marks: 1
The allocation of the cost of a tangible plant asset to expense in the periods, in which services are received from the asset, is termed as:
Select correct option:

Appreciation
Depreciation
Fluctuation
None of the given options


Question # 13 of 15 ( Start time: 05:47:58 PM ) Total Marks: 1
The main objective of financial reporting is to provide:
Select correct option:

Essential information to internal users of financial reports.
Useful economic information about the business to the external parties for sound financial decisions.
Information to internal users about the cash position of the business.

Information to the Securities Exchange Commission (SEC).


Question # 14 of 15 ( Start time: 05:48:36 PM ) Total Marks: 1
Particulars Opening written down value of machine Rs. 2,00,000 Cost of new machine purchased during the year Rs. 50,000 Depreciation during the year Rs. 25,000 Closing written down value (WDV) of machines ?
Select correct option:

Rs. 2, 25,000
Rs. 2, 50,000
Rs. 2, 75,000
Rs. 75,000

Question # 15 of 15 ( Start time: 05:49:07 PM ) Total Marks: 1
Which one of the following is NOT a feature of sole proprietorship business.
Select correct option:

Easy Formation
Easy Dissolution
Unlimited Liability
Separate Legal Entity