MGT101 Quiz 1 Solved - Financial Accounting Quiz

 

A Solution of MGT101 Solved Quiz 1. Easy to Prepare your MGT101 Quiz 1. Financial Accounting Quiz Solved for Practice your Quizzes in Papers and Online Test Preparation. 

MGT101 Quiz 1 

Financial Accounting Quiz Question and Answer

1) An event can be classified as non-monetary:

Select the correct option

a) Purchase on cash

b) Placing purchase Oder 

c) Lose Accident

d) Selling on credit

2) Which voucher is used as proof that debtor MR. A has created his/her outstanding amount or balance?

Select the correct option

A) Cash Payment voucher

b) Bank payment voucher

c) Petty Cash voucher

d) Cash receipt voucher 

3) Which one the following is wrong?

Select the correct option

a) Nature of owner equity is credit

b) Nature of assets is Debit

c) Nature of expense is Debit

d) Nature of income is Debit

4) In ___________, ledger accounts produce balance continually throughout the according period like after each Cr/Dr Posting. 

Select the correct option

a) Report style

b) Running balance style 

c) T account style 

d) All of the given option 

5) Post reference Colum of a journal entry is:

Select the correct option

a) None of these

b) Event occurring after transaction takes place

c) Nam recording the journal entry 

d) Page no of relevant ledger account 

6) which of the following account is /are ”credit” if sold goods on credit to ABC cooperation for Rs.8000 and for cash Rs.4000?

Select the correct option

a) Cash Account

b) Debtor Account

c) Both debtor and cash Account

d) Sale Account 

7) Which of the following represent the deadline between two persons which change the financial position of the business?

Select the correct option

a) Message 

b) Event 

c) Transaction

d) Communication

8) Bank overdraft will fail under which of the following Classification of account?

Select the correct option

a) Revenue 

b) Liabilities 

c) Assets

d) Expenses

9) Commission paid will fall down under which of the following classification of accounts:

Select the correct option

a) Revenue 

b) Expenses

c) Assets

d) Liabilities

10) All of the following contra accounts except: 

Select the correct option

A) Drawing

b) Purchase

c) Sale return

d) Provision for doubtful debt

11) Credit note is issued by the seller when______ are returned  

Select the correct option

a) Credit sale

b) Credit purchase

c) Cash purchase

d) Debit sale

12) The Normal Balance of capital account is similar to:

Select the correct option

a) Expense Account

b) Income Account 

c) Asset Account

d) Drawing Account

13)  Outcome claim against the assets of the business is also consider as _______ for entity?

Select the correct option

a) Source 

b) Income 

c) Expense 

d) Liabilities 

14) What is nature of Capital account?

Select the correct option

1. Debit

2. Credit

3. Expenses

4. Loss

 

15) Increase in liabilities can cause increase in?

Select the correct option:

1. Equity 

2. Expenses

3. Purchase

4. Profit

16) Good purchased on cash decrease?

Select the correct option:

1. Expenses

2. Purchase

3. Profit

4. Cash

 

17) Payable amount of the business represent?

Select the correct option:

1. Loan given 

2. Assets

3. Liabilities

4. Drawing

 

18) Which voucher is used as proof that creditor Mr. A outstanding amount has cleared?

Select the correct option:

1. Cash Payment voucher

2. Bank Receipt voucher 

3. Petty cash voucher

4. Cash receipt voucher 

 

19) What will be debited If Mr. “A” started business with Rs. 2, 00,000.

Select the correct option:

a) Capital account

b) Cash account

c) Mr. A’s account

d) Business account

 

20) Which of the following particular/s is/are included in payment voucher?

Select the correct option:

a) Name of organization

b) Cash payment

c) Date

d) All of the given

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MGT101 Quiz 1 Solved 2021

MGT101 Solved Quiz 1 

Financial Accounting Quiz

MGT101 Quiz 1 Solution 2021

Financial Accounting Question and Answer