Question # 1 of 20 What should be credited, if salary is paid to Sohail? Sohail account Salaries account Cash account Drawings account Question # 2 of 20 Which of the following is NOT correct? Decrease in Assets will be credit Decrease in Liabilities will be debit Decrease in Expenses will be debit Decrease in e!enue will be debit Question # " of 20 Which of the following is/are the example/s of Intangible sset? Cop rights $ood will %atent rights All of the gi!en options Question # & of 20 Which of the following is a !I"ST product of accounting cycle? Select correct option' (oucher $eneral )ournal $eneral Ledger *inancial State+ents Question # , of 20 What will be debited, if #ohsin commenced business with cash? Cash account Capital account Drawings account %roprietor account Question # - of 20 ssets are di$ided in which of the following categories in balance sheet% Current assets. Long ter+ assets and capital assets Current assets. Long ter+ assets and fixed assets Current assets. Quic/ assets and business debts Current assets. *ixed assets and deferred cost Question # of 20 !ind out the missing $alue of an ccounting &'uation with the help of gi$en data( )ash "s%*++, +++ ebtors "s%*+, +++ Other ssets "s% *,+++ Owners e'uity "s% *, +++ -iabilities ? s 12.000 s 11.000 s 110.000
s 111.000 Question # of 20 What will be debited, if business purchased .ehicle on cash? (ehicle account Cash account 3usiness account 3an/ account Question # 10 of 20 !ranchise rights, goodwill and patents are the examples of( Li4uid assets 5angible assets 6ntangible assets Current assets Question # 11 of 20 )onsider the following data( articulars "s% ssets ? Owner0s e'uity 12,+++ -iabilities 3+,+++ s 7&.000 s &&.000 s 1. 2&.000 s 1. 0&.000 Question # 12 of 20 What should be credited, if rent paid in cash? Landlords account ent account Cash account Accounts recei!able account Question # 17 of 20 )onsider the following data( articulars "s% ssets 42,2++ Owner0s e'uity ? -iabilities 5+,6++ s 7&.700 s &&.000 s 12&.000 s 11&.-00 Question # 1" of 20 !ind out the missing $alue of an ccounting &'uation with the help of gi$en data( Total ssets "s% 15,2++ ccounts payable "s% *, +++ Other liabilities "s% **,2++ Owners e'uity ? s 22.000 s2". 000 s "&.000 s ",.000 Question # 1& of 20 Which of the following item is found in a 7ournal entry? 8*9 ate of each transaction 869 "upee amount of each debit and credit 819 &xplanation of each
transaction 1 onl 1 8 2 onl 2 8 7 onl 1. 2 8 7 Question # 1, of 20 Which one of the following will result in increase in re$enues? %urchased fixed asset ecei!ed discount %a+ent to creditors eturn of goods. sold on credit Question # 1- of 20 mount generated from sales in a business is called( Select correct option' 6nco+e 9et 6nco+e $ross %rofit :perating profit Question # 1 of 20 The expenses which are NOT paid out of :ross rofit is classified as( Direct Expenses $eneral Expenses *inancial Expenses Selling Expenses Question # 1 of 20 The process of transferring ;ournal entry information to the ledger is called( )ournali;ing %osting 3alancing Anal;ing Question # 20 of 20 Which of the following is NOT correct? Decrease in Assets will be credit Decrease in Liabilities will be credit Decrease in Expenses will be credit Decrease in e!enue will be debit
#:T*+* < !inancial ccounting #)=6 8Online 8Online 'ui> *9
*ind out the +issing !alue of an Accounting E4uation with the help of gi!en data' *urniture s 0.000 Cash s100. 000 Debtors s10. 000 :ther Assets s 1.000 :wners e4uit s 0. 000 Liabilities< Select correct option( s 201.000 "s% ***, +++ s 20. 000 s 21. 000 5he expenses which are 9:5 paid out of $ross %rofit is classified as' Select correct option Di r e c tEx pe ns e s $eneral Expenses *inancial Expenses Selling Expenses =uestion ��1��of 6+ =hich of the following is 9:5 a characteristic of )oint Stoc/ Co+pan< Select correct option( Separate Legal Entit Li+ited Liabilit of shareholders &asy formation Co++on Seal
�� =uestion ��5��of 6+ An expense that gi!es benefit for a period of less than twel!e +onths is called >>>>>>>> Select correct option( Capital Expense "e$enue &xpense e!enue eceipt Deferred Expense
�� =uestion ��2��of 6+ 5he process of transferring ?ournal entr infor+ation to the ledger is called' Select correct option( )ournali;ing osting 3alancing Anal;ing =uestion ��@��of 6+ 5otal assets @ 5otal liabilities < Select correct option(
��sEqui Owner t y Expenses etained earnings etained earnings
�� =uestion ��4��of 6+ 9et profit $ross profit @ >>>>>>>>>
Select correct option( Oper at i ngExpenses %roduct Cost Deferred Expenses Direct Cost
�� =uestion ��A��of 6+ Debit signifies' Select correct option( 6ncrease in Asset account Decrease in liabilit account Decrease in capital account ll of the gi$en options
�� =uestion ��3��of 6+ 5he ter+ BDebitB is dri!ed fro+>>>>>>>>>>>>>> language Select correct option( Lat i n English *rench Chinese =uestion ��*+��of 6+ A boo/ that /eeps separate record for each account is /nown as' Select correct option( 5rial 3alance (oucher $eneral )ournal :eneral -edger
�� =uestion ��**��of 6+ =hich one of the following is called the boo/ of pri+ar Entr< Select correct option( Gener alJour nal $eneral Ledger 5rial 3alance %rofit and loss account
�� =uestion ��*6��of 6+ 6n an account if credit side debit side. the balance is /nown as' Select correct option' Negative Balance Debit Balance )redit Balance Positive Balance =uestion *1 of 6+ 9or+all single entr boo/ /eeping is followed b the' Select correct option(
Sma l lbus i ne s s eso nl y
$o!ern+ents onl Large scale businesses onl 3oth S+all businesses and $o!ern+ents
�� =uestion *5 of 6+ =hat will be debited. if business sold goods for s10. 000 on credit< Select correct option( Cash account Sales account ccounts recei$able account %urchases account
�� =uestion *2 of 6+ An expenditure whose benefit is finished or en?oed i++ediatel is called' Select correct option( Expense Liabilit Cost 6nco+e =hat should be debited. if Sales +ade to ah+ood for cash< Select correct option( Casha cc ount ahood account Sales account %urchases account
=hich of the following is 9:5 a characteristic of )ournal< Select correct option( 5ransactions are recorded in chronological order 5ransaction is first recorded in )ournal fro+ (oucher 6t is also called B5he original boo/ of entrB None of the gi$en options
Consider the following data' %articulars s Assets 1.0&.000 :wners e 4uit -0.000 Liabilities < Select correct option( Rs .3 5, 0 00 s 1. -&.000 s -. 7&.000 s 1. 0&.000
=hich of the following is 9ot a part of $eneral Ledger< Select correct option(
Ac t i v i t yBook %urchase eturn 3oo/ %urchase 3oo/ Sales 3oo/
=hat will be debited. if business bought goods on credit fro+ r Ali< Select correct option( Pur chasesac count r Ali account Cash account Sales account
MGT101_MCQs 3_From_Quiz_solved 0Commen t s
Find out the missing value of an Accounting Equation with the help of given data: Total Assets Rs !"#$%% Accounts pa&able Rs '# %%% (the) liabilities Rs ''#$%% (wne)*s equit& + ,elect co))ect option:
Rs. 22,000 Rs-"# %%% Rs "$#%%% Rs ".#%%%
/onside) the following data: Pa)ticula)s Rs Assets 00#$%% (wne)1s equit& $%#$%% 2iabilities + ,elect co))ect option: Rs "0#%%% Rs $$#%%% Rs '-$#%%% Rs ''$#3%%
/onside) the following data: Pa)ticula)s Rs Assets '#%$#%%% (wne)1s equit& 3%#%%% 2iabilities + ,elect co))ect option: Rs !$#%%% Rs '# 3$#%%% Rs 3# !$#%%%' Rs '# %$#%%% 4hich of the following i s N(T co))ect+ ,elect co))ect option: Dec)ease in Assets will be debit Dec)ease in 2iabilities will be debit
Dec)ease in E5penses will be c)edit Dec)ease in Revenue will be debit 4hich of the following i s N(T conside)ed a pa)t of financial statements+ ,elect co))ect option: 6ene)al 7ou)nal Balance ,heet P)ofit and 2oss account None of the given options
4hich one of the following will )esult in inc)ease in )evenues+ ,elect co))ect option: Pu)chased fi5ed asset Received discount Pa&ment to c)edito)s Retu)n of goods# sold on c)edit
The basic accounting p)inciple8concept acco)ding to which business )eco)d must be 9ept sepa)ate f)om the pe)sonal )eco)ds of the owne) is 9nown as: ,elect co))ect option: 6oingconce)n concept ,epa)ate entit& p)inciple Reali;ation p)inciple (b
=n an account if debit side > c)edit side# the balance is 9nown as the: ,elect co))ect option: Negative Balance Debit balance Positive Balance /)edit balance Find out the missing value of an Accounting Equation with the help of given data: /ash Rs'%%# %%% Debto)s Rs'%# %%% (the) Assets Rs '#%%% (wne)*s equit& Rs '# %%% 2i abilities + ,elect co))ect option: Rs '-#%%% Rs ''#%%% Rs ''%#%%% Rs '''#%%% Find out the missing value of an Accounting Equation with the help of given data: (wne)*s equit& Rs --#$%% Total 2iabilities Rs ?%# !?$ /ash Rs '#%%% Ban9 Rs -#%%% Debto)s Rs $%% ,elect co))ect option: Rs '%-#??$ othe) assets Rs '%-#??$ cu))ent liabilities Rs 00#??$ cu))ent liabilities Rs 00#!?$ othe) assets
=f 6)oss p)ofit Rs'.#$%% and /ost of goods sold Rs'?!#$%%# what will be the amount of Net ,ales+ ,elect co))ect option:
Rs '?!# $%% Rs '.3# %%% Rs -%%# %%% Rs -!%# %%% 4hich of the following i s N(T co))ect+ ,elect co))ect option: Dec)ease in Assets will be c)edit Dec)ease in 2iabilities will be c)edit Dec)ease in E5penses will be c)edit Dec)ease in Revenue will be debit Debit signifies: ,elect co))ect option: =nc)ease in Asset account Dec)ease in liabilit& account Dec)ease in capital account All of the given options 4hen total liabilities a)e subt)acted f)om total assets the )emaining amount is 9nown as: ,elect co))ect option: Equit& o) net assets Net income o) net loss Total e5penses Total )evenue
Find out the missing value of an Accounting Equation with the help of given data: /ash Rs --#$%% Debto)s Rs $%% Total Assets Rs ?%# !?$ Accounts pa &able Rs '#%%% Total liabilities Rs -%#%%% ,elect co))ect option: Rs .%#!?$ owne)*s equit& Rs .'#!?$ owne)*s equit& Rs 00#??$ owne)*s equit& Rs 00#!?$ owne)*s equit&
4hich one of the following cannot be classified as Revenue =ncome+ ,elect co))ect option: 6oods sold fo) cash 6oods sold on c)edit =ncome f)om the sale of se)vices =ncome f)om the sale of fi5ed assets 4hat will be debited# =f @) A sta)ted business with Rs -# %%#%%% ,elect co))ect option: /apital account /ash account @) A*s account Business account
=f ,ala)ies Rs '-# %%%# Rent Rs $#%%%# 6)oss p)ofit Rs $?#%%% and Discount )eceived Rs '%# %%% 4hat will be the amount of Net P)ofit+ ,elect co))ect option: Rs "'#%%% Rs $'#%%% Rs .'#%%% Rs .$#%%%
4hich of the following i s 8 a)e the pa)ticula)8s of a cash boo9+ C' Date of t)ansaction C- Account title C! Amount ,elect co))ect option: ' onl& ' - onl& ' ! onl& '# - !
uestion G ' of -% Find out the missing value of an Accounting Equation with the help of given data: Fu)nitu)e Rs 0%#%%% /ash Rs'%%# %%% Debto)s Rs'%# %%% (the) Assets Rs '#%%% (wne)*s equit& Rs 0%# %%% 2iabilities+ ,elect co))ect option: Rs -%'#%%% Rs '''# %%% Rs -0%# %%% Rs -0'# %%% uestion G ! of -% 4hich of the following i s N(T a cha)acte)istic of 7oint ,toc9 /ompan&+ ,elect co))ect option: ,epa)ate 2egal Entit& 2imited 2iabilit& of sha)eholde)s Eas& fo)mation /ommon ,eal uestion G " of -% An& e5pense that gives benefit fo) a pe)iod of less than twelve months is called HHHHHHHH ,elect co))ect option: /apital E5pense Revenue E5pense Revenue Receipt Defe))ed E5pense uestion G $ of -% The p)ocess of t)ansfe))ing
Dec)ease in liabilit& account Dec)ease in capital account All of the given options uestion G 0 of -% The te)m JDebitJ is d)ived f)omHHHHHHHHHHHHHH language ,elect co))ect option: 2atin English F)ench /hinese uestion G '% of -% A boo9 that 9eeps sepa)ate )eco)d fo) each account is 9nown as: ,elect co))ect option: T)ial Balance Kouche) 6ene)al 7ou)nal 6ene)al 2edge) uestion G '' of -% 4hich one of the following is called the boo9 of p)ima)& Ent)&+ ,elect co))ect option: 6ene)al 7ou)nal 6ene)al 2edge) T)ial Balance P)ofit and loss account uestion G '- of -% =n an account if c)edit side > debit side# the balance is 9nown as: ,elect co))ect option: Negative Balance Debit Balance /)edit Balance Positive Balance uestion G '! of -% No)mall& single ent)& boo9 9eeping is follo wed b& the: ,elect co))ect option: ,mall businesses onl& 6ove)nments onl& 2a)ge scale businesses onl& Both ,mall businesses and 6ove)nments uestion G '" of -% 4hat will be debited# if business sold goods fo) Rs'%# %%% on c)edit+ ,elect co))ect option: /ash account ,ales account Accounts )eceivable account Pu)chases account uestion G '$ of -% An e5penditu)e whose benefit is finished o) en
4hich of the following i s N(T a cha)acte)istic of 7ou)nal+ ,elect co))ect option: T)ansactions a)e )eco)ded in ch)onological o)de) T)ansaction is fi)st )eco)ded in 7ou)nal f)om Kouche) =t is also called The o)iginal boo9 of ent)& None of the given options uestion G '? of -% /onside) the following data: Pa)ticula)s Rs Assets '#%$#%%% (wne)1s equit& 3%#%%% 2iabilities + ,elect co))ect option: Rs !$#%%% Rs '# 3$#%%% Rs 3# !$#%%% Rs '# %$#%%% uestion G " of -% 4hich of the following i s8a)e the e5ample8s of =ntangible Asset+ ,elect co))ect option: /op& )ights 6ood will Patent )ights All of the given options
uestion G 3 of -% Assets a)e divided in which of the following catego)ies in balance sheet ,elect co))ect option: /u))ent assets# 2ong te)m assets and capital assets /u))ent assets# 2ong te)m assets and fi5ed assets /u))ent assets# uic9 assets and business debts /u))ent assets# Fi5ed assets and defe))ed cost uestion G ? of -% Find out the missing value of an Accounting Equation with the help of given data: /ash Rs'%%# %%% Debto)s Rs'%# %%% (the) Assets Rs '#%%% (wne)*s equit& Rs '# %%% 2iabilities + ,elect co))ect option: Rs '-#%%% Rs ''#%%% Rs ''%#%%% Rs '''#%%% uestion G 0 of -% 4hat will be debited# if business pu)chased Kehicle on cash+ ,elect co))ect option: Kehicle account /ash account Business account Ban9 account uestion G '% of -% F)anchise )ights# goodwill and patents a)e the e5amples of: ,elect co))ect option: 2iquid assets Tangible assets =ntangible assets /u))ent assets
uestion G '0 of -% The p)ocess of t)ansfe))ing
Anal&;ing uestion G -% of -% 4hich of the following i s N(T co))ect+ ,elect co))ect option: Dec)ease in Assets will be c)edit Dec)ease in 2iabilities will be c)edit Dec)ease in E5penses will be c)edit Dec)ease in Revenue will be debit
Question # 1 of 20 While making Profit & Loss account, Excess of expenses over income in a specifie accounting perio is calle! "elect correct option! Profit Loss "urplus eficit Question # 2 of 20 $n accounting s%stem is use % a usiness to! "elect correct option! $nal%'e transactions (anle routine ookkeeping tasks "tructure information $ll of the given options Question # ) of 20 Which of the follo*ing is +- a characteristic of .oint "tock /ompan% "elect correct option! "eparate Legal Entit% Limite Liailit% of shareholers Eas% formation /ommon "eal Question # of 20 What shoul e eite, if "ales mae to ahmoo for cash "elect correct option! /ash account ahoo account "ales account Purchases account Question # 3 of 20 /onsier the follo*ing ata! Particulars 4s5 $ssets 66,300 *ner7s e8uit% 30,300 Liailities "elect correct option! 4s5 6,000 4s5 33,000 4s5 123,000 4s5 113,900 Question # : of 20
When income is reuce or ecrease, that amount is recore on! "elect correct option! 4ight or eit sie of the account Left or eit sie of the account Left or creit sie of the account 4ight or creit sie of the ccount Question # 9 of 20 Which of the follo*ing expenses are calle financial expenses "elect correct option! Pa%ment of rent & "alar% expense arkup on loan& ;ank /harges o%e immeiatel% is calle! "elect correct option! Expense Liailit% /ost
"elect correct option! Ainancial Expenses perating Expenses arketing Expenses irect Expenses Question # 1) of 20 What *ill e eite, if usiness purchase Cehicle on cash "elect correct option! Cehicle account /ash account ;usiness account ;ank account Question # 1 of 20 Which of the follo*ing is the example of current liailit% "elect correct option! +otes pa%ale +otes receivale $ccounts receivale Prepai expenses Question # 13 of 20 What shoul e creite, if rent pai in cash "elect correct option! LanlorBs account 4ent account /ash account $ccounts receivale account Question # 1: of 20 /ash ook is a part of ????????? 5 "elect correct option! Coucher @eneral .ournal @eneral Leger -rial ;alance Question # 19 of 20 $ ook that keeps separate recor for each account is kno*n as! "elect correct option! -rial ;alance Coucher @eneral .ournal @eneral Leger Question # 1= of 20 Which of the follo*ing item is foun in a .ournal entr% D1 ate of each transaction D2 4upee amount of each eit an creit D) Explanation of each transaction "elect correct option!
1 onl% 1 & 2 onl% 2 & ) onl% 1, 2 & ) Question # 16 of 20 Ain out the missing value of an $ccounting E8uation *ith the help of given ata! *nerBs e8uit% 4s5 22,300 -otal Liailities 4s5 =0, )=3 /ash 4s5 1,000 ;ank 4s5 2,000 etors 4s5 300 "elect correct option! 4s5 102,==3 other assets 4s5 102,==3 current liailities 4s5 66,==3 current liailities 4s5 66,)=3 other assets
MGT101Quest i on#1of15(05: 38: 27PM ) Whi c hoft hef ol l owi ngi s/ar et hepar t i c ul ar / sofac as hbook ?( 1)Dat eoft r ans ac t i on( 2)Ac countt i t l e ( 3)Amount Sel ec tc or r ec topt i on: 1o nl y 1&2on l y 1&3on l y 1 ,2&3 MGT101Quest i on#2of15(05: 38: 51PM ) Thet ot al ofal l c os t si nc ur r edt oc onv er tr awmat er i al i nt ofi ni s hedgoodsi sk nownas : Sel ec tc or r ec topt i on: Pr i mec o s t Co nv e r s i o nc os t Sunkc ost Op po r t u ni t yc os t MGT101Quest i on#3of15(05: 39: 09PM ) Amo un tg en er a t e df r o ms al esi nabu si n es si sc al l e d: Sel ec tc or r ec topt i on: I ncome Ne tI n c o me Gr o s sPr o fi t Op er a t i n gpr o fit MGT101Quest i on#4of15(05: 39: 57PM ) Co s to fg oo dsma nu f a c t u r e d-o pe ni n gwo r ki np r o c es s+e nd i n gwo r ki np r o c es s=? Sel ec tc or r ec topt i on: Co s tofgo od ss ol d
Pr i mec o s t Co nv e r s i o nc os t T ot al f ac t or yc os t MGT101Quest i on#5of15(05: 41: 10PM ) Whi c hoft hef ol l owi ngi st heex ampl eofc ur r entl i abi l i t y ? Sel ec tc or r ec topt i on: No t e sp ay a bl e Not esr ec ei v abl e Ac c ount sr ec ei v abl e Pr e pa i dex p e ns e s MGT101Quest i on#6of15(05: 41: 27PM ) Whatwi l l bedebi t ed,i fbus i nes ssol dgoodsf orRs . 10,000onc r edi t ? Sel ec tc or r ec topt i on: Cashac count Sa l e sa c c o u nt Ac c ou nt sr e cei v a bl eac c ou nt Pu r c h a s e sa c c o u n t MGT101Quest i on#7of15(05: 42: 01PM ) Whi c hoft hef ol l owi ngpar t i c ul ari sNOTi nc l udedi nj our nal v ouc her ? Sel ec tc or r ec topt i on: Na meofor g ani z at i o n Ba nkr e c e i p tn umb er Debi tamount Cr e di ta mo un t www. v uz s . i nf o MGT101Quest i on#8of15(05: 42: 25PM ) Cons i dert hef ol l owi ngdat a:Par t i c ul ar sRs .As set s?Owner ' sequi t y35, 000Li abi l i t i es90, 000 Sel ec tc or r ec topt i on: Rs .3 5, 0 00 Rs .5 5, 0 00 Rs .1 ,2 5, 0 00 Rs .1 ,0 5, 0 00 MGT101Quest i on#9of15(05: 43: 03PM ) Whatwoul dc on v er s i onc os t si fc os t sofr a w mat er i al s ,di r ec tl ab orc os t s ,a ndmanuf ac t ur i ngo v er head c os t sRs . 80, 000,Rs . 50, 00 0,andRs . 60, 000,r es pec t i v el y ? Sel ec tc or r ec topt i on: Rs . 1 30 ,0 00
Rs . 1 10 ,0 00 Rs . 1 40 ,0 00 Rs . 1 90 ,0 00 MGT101Quest i on#10of15(05: 43: 40PM ) Th ema i np u r p o s eo f i st oas cer t ai nt r uer es ul toft hebus i nes soper at i ondur i ngpar t i c ul ar _________ per i odoft i me. Sel ec tc or r ec topt i on: Co s tAc c ou nt i n g Fi nanc i al Ac c ount i ng Ma na ge r i a lAc c ou nt i n g T a xAc c o un t i n g MGT101Quest i on#11of15(05: 44: 26PM ) I fc os to fs al esi sRs .9 0, 0 00 ,i nc omef r o ms al esRs .2 00 , 0 00a ndo per a t i n ge x pe ns esRs .1 00 , 0 00. Whatwi l l benetr es ul t ? Sel ec tc or r ec topt i on: Rs .5 , 0 00Lo s s e s Rs . 1 0,0 00Pr o fit s Rs1,9 5, 0 00Pr o fi t s Rs1 ,9 5, 0 00Lo s s e s MGT101Quest i on#12of15(05: 45: 12PM ) Whati st hene xts t ept oJ our nal i z i ngi nAc c ount i ngc y cl e? Sel ec tc or r ec topt i on: Re c or d i n g Pos t i ng Bal anc i ng An al y z i ng MGT101Quest i on#13of15(05: 45: 32PM ) Cons i dert hef ol l owi ngdat a:Par t i c ul ar sRs .As set s99, 500Owner ' sequi t y50, 500Li abi l i t i es? Sel ec tc or r ec topt i on: Rs .4 9, 0 00 Rs .5 5, 0 00 Rs .1 25 , 0 00 Rs .1 15 , 7 00 MGT101Quest i on#14of15(05: 46: 07PM ) Ne tPr o fi t=I n c o me-_ _ __ _ __ _ __ _ __ Sel ec tc or r ec topt i on: Li abi l i t i es As s e t s
Expenses Ca pi t al MGT101Quest i on#15of15(05: 46: 39PM ) Depr ec i at i onar i s esbec aus eof : Sel ec tc or r ec topt i on: Fal l i nt hemar k etv al ueofa nas s et Fal l i nt hev al ueofmone y Ph y s i c a lwe ara ndt e ar Al l oft hegi v enopt i ons MGT101Quest i on#1of15(05: 53: 02PM ) Whi c ho ft hef ol l o wi n gac c oun tbal anc e/ si s / ar es hownonc r edi ts i deofT r i al Bal anc e?( I ti sas s umed t ha ta l l a cc ou ntba l a nc e sa r es ho wnonnor ma lb al a nc e) Sel ec tc or r ec topt i on: Ca pi t al a cc o un t Su nd r yc r e di t or sac c ou nt Ac c o u nt sp a y a bl eac c o u nt Al l oft hegi v enopt i ons MGT101Quest i on#2of15(05: 53: 47PM ) I nc a s eo fI n c omean dEx p en di t u r eac c o un t ,Ex c e s sofi n c omeo v e re x p en s esi nas p ec i fi e d ac count i ngper i odi sc al l ed: Sel ec tc or r ec topt i on: Pr o fi t Loss Su r p l us De fi c i t MGT101Quest i on#3of15(05: 54: 58PM ) Whi c ho ft hef ol l o wi n gOr gani z at i onc on v er t sr awmat er i al i n t ofi ni s he dgoods ? Sel ec tc or r ec topt i on: T r a di ngc on c er n Ma nu f a ct u r i n gc o nc er n Me r c h an di s i n gc o nc e r n Se r v i c ec on c er n Whent ot al l i abi l i t i esar es ubt r ac t edf r om t ot al as set st her emai ni ngamounti sk nownas : Sel ec tc or r ec topt i on: Equi t yorne tas s et s Ne ti nc omeo rn etl o ss T ot a le x pe ns es T ot al r ev enue
MGT101Quest i on#5of15(05: 56: 21PM ) Wh i c hon eo ft h ef o l l o wi n gi sI NCORRECTa bo utc l o s i n gSt o c k ? Sel ec tc or r ec topt i on: I ti saddedi nt oc ur r entas set s I ti sdeduc t edf r om Mat er i al av ai l abl ef orus e I tb ec ome sop en i n gs t o cko fn ex ty e ar I tr e duc est her es our c esofbus i nes s MGT101Quest i on#6of15(05: 56: 55PM ) Bu dg eti sapl anofi nc ome,e xpens es&ot h erfi nanc i al oper at i onsf or : Sel ec tc or r ec topt i on: Cur r entper i od Fut ur eper i od Pas tper i od No neoft h eg i v e nop t i o ns MGT101Quest i on#7of15(05: 57: 33PM ) Fi n do utt h emi s s i n gv a l u eo fa nAc c oun t i ngEq ua t i onwi t ht h ehe l po fgi v e nd at a:Ca s hRs . 1 00,0 00 Debt or sRs . 10,000Ot h erAs s et sRs .1, 000Owner ’ seq ui t yRs .1,00 0Li abi l i t i es? Sel ec tc or r ec topt i on: Rs .1 2, 0 00 Rs .1 1, 0 00 Rs .1 10 , 0 00 Rs .1 11 , 0 00 MGT101Quest i on#8of15(05: 58: 42PM ) Whi c ho ft hef ol l o wi n gac c ounts ummar i z est h epr ofi t abi l i t yofbus i n es sf oras pec i fi cac c ou nt i ng per i od? Sel ec tc or r ec topt i on: Pr o fi t&L os sa c c o u nt Cashfl owst at ement Re c e i p t&Pa y me n ta c c o u n t Bal anceSheet MGT101Quest i on#9of15(05: 59: 12PM ) Whi c ho ft hef ol l o wi n gas s eti sNOTdepr ec i at ed? Sel ec tc or r ec topt i on: Fac t or yBui l di ngs Offic eEqui pment Pl a nt&Ma c hi n er y Land
Wh atwi l l b ed eb i t e d,i fMo hs i nc o mme nc e db us i n es swi t hc a s h? Sel ec tc or r ec topt i on: Cashac count Ca pi t al a cc o un t Dr a wi n g sac c o u n t Pr opr i et orac c ount MGT101Quest i on#11of15(06: 00: 17PM ) Whi c ho ft hef ol l o wi n gi sNotapar tofGener al Le dg er ? Sel ec tc or r ec topt i on: Ac t i v i t yBook Pu r c h a s eRe t u r nBo o k Pur chaseBook Sal esBook MGT101Quest i on#12of15(06: 00: 53PM ) Debi ts i gni fi es : Sel ec tc or r ec topt i on: I nc r e as ei nAs s etac c ou nt Dec r eas ei nl i abi l i t yac count De cr e as ei nc a pi t a la cc ou nt Al l oft hegi v enopt i ons MGT101Quest i on#13of15(06: 01: 24PM ) Undert h edi mi ni s hi ngb al anc eme t hod,d epr ec i at i o ni sc al c ul at edon: Sel ec tc or r ec topt i on: Theor i gi nal c os t Th es c r a pv a l u e Bo okv a l u e Bo t hor i gi n al c os tan dSc r a pv al ue MGT101Quest i on#14of15(06: 01: 57PM ) Theamo un tc ha r g edt od epr e ci a t i o ng oe so nd ec l i ni n gi n : Sel ec tc or r ec topt i on: De pr e c i a t i o nfi x e dme t h od An nu i t yme t h od Wr i t t e nd ownv a l u eme t h od St r ai ghtl i nedepr ec i at i onmet hod www. v uz s . i nf o MGT101Quest i on#15of15(06: 02: 54PM ) Whi c ho ft hef ol l o wi n gi sNOTc or r ec t ?
Sel ec tc or r ec topt i on: Dec r eas ei nAs s et swi l l bedebi t Dec r e as ei nLi abi l i t i eswi l l bedebi t De cr e as ei nEx p en se swi l l b ec r e di t De c r e as ei nRe v e nu ewi l l b ed eb i t MGT101Quest i on#1of15(06: 18: 38PM ) Whatwi l l bet heeff ec tonac c ount i ngeq uat i oni fc as hi sr ec ei v edf r om at enantasoffic er e nt ? Sel ec tc or r ec topt i on: I n c r e as ec a s ha ndd ec r e as ee qu i t y I nc r e as ec as ha ndi n cr e as ee qu i t y De c r e as ec a s ha ndi n c r e as ee qu i t y De c r e as ec as han di n c r e as edi v i d en ds MGT101Quest i on#2of15(06: 19: 35PM ) Wh i c hon eo ft h ef o l l o wi n gi sI NCORRECTa bo utc l o s i n gSt o c k ? Sel ec tc or r ec topt i on: I ti saddedi nt oc ur r entas set s I ti sdeduc t edf r om Mat er i al av ai l abl ef orus e I tb ec ome sop en i n gs t o cko fn ex ty e ar I tr e duc est her es our c esofbus i nes s MGT101Quest i on#3of15(06: 20: 07PM ) Whi c ho ft hef ol l o wi n gi saFI RSTpr oduc tofac c ount i ngc y c l e? Sel ec tc or r ec topt i on: Voucher Ge ne r a lJ o u r n al Ge n er a l L e dg e r Fi nanc i al St at ement s MGT101Quest i on#4of15(06: 20: 37PM ) I fc os to fs al esi sRs .9 5, 0 00 ,i nc omef r o ms al esRs .2 00 , 0 00a ndo per a t i n ge x pe ns esRs .1 00 , 0 00. Whatwi l l gr os spr ofi t ? Sel ec tc or r ec topt i on: Rs .5 , 0 00 Rs .9 5, 0 00 Rs .1 ,0 0, 0 00 Rs . 1 ,0 5, 0 00 MGT101Quest i on#5of15(06: 21: 21PM ) Whi c ho ft hef o l l o wi n ga r er ec or d edi nCa shBo ok ? Sel ec tc or r ec topt i on: Re c e i p t sa n dp ay me nt s
Pr o fit san dl o ss es As s et sandl i abi l i t i es Capi t al andEx pe ndi t ur es MGT101Quest i on#6of15(06: 21: 52PM ) Ne tPr o fi t=I n c o me-_ _ __ _ __ _ __ _ __ Sel ec tc or r ec topt i on: Li abi l i t i es As s e t s Expenses Ca pi t al MGT101Quest i on#7of15(06: 22: 17PM ) Whi c hoft hef ol l owi ngpar t i c ul ar / si s / ar ei nc l udedi npa ymentv ouc her ? Sel ec tc or r ec topt i on: Na meofor g ani z at i o n Cas hpa y ment Da t e Al l oft hegi v enopt i ons MGT101Quest i on#8of15(06: 22: 54PM ) Co s to fg oo dsma nu f a c t u r e d+o pe ni n gfi n i s h e dg oo ds–en di n gfi n i s h e dg oo ds= ? Sel ec tc or r ec topt i on: T ot al f ac t or yc os t Co s tofgo od ss ol d Pr i mec o s t Co nv e r s i o nc os t MGT101Quest i on#9of15(06: 24: 08PM ) Whi c ho ft hef ol l o wi n gac c ounti snor mal l yNOTe xi s t si nt hebal anc es he etoft hemanuf ac t ur i ng c o n c e r n ? Sel ec tc or r ec topt i on: Wor ki nPr oc e ssI n v ent or y Ra w Mat er i al sI n v ent or y Mer c ha nd i s eI n v ent or y Fi n i s he dGo od sI n v ent or y MGT101Quest i on#10of15(06: 24: 51PM ) I fc os to fs al esi sRs .9 0, 0 00 ,i nc omef r o ms al esRs .2 00 , 0 00a ndo per a t i n ge x pe ns esRs .1 00 , 0 00. Whatwi l l benetr es ul t ? Sel ec tc or r ec topt i on: Rs .5 , 0 00Lo s s e s Rs . 1 0,0 00Pr o fit s
Rs1,9 5, 0 00Pr o fi t s Rs1 ,9 5, 0 00Lo s s e s MGT101Quest i on#11of15(06: 25: 32PM ) Al l t h es t at eme nt sar ec o r r ec tab ou tJ o ur n al v o uc he rEXCEPT : Sel ec tc or r ec topt i on: Fi nanc i al dat ai spi c k edonl yf r om j our nal v ouc her st oJour nal Thes ear eus edt or ec or dal l t r ans ac t i onot hert hancas h&bank The s ea r eus edt oma k ec or r e ct i o nsorad j us t me nt st op r e v i ou sRe c ei p t For mato fj our nal v ouc heri sdi ff er e ntf r om ot herv ouc her s MGT101Quest i on#12of15(06: 26: 35PM ) I nc a s eo fI n c omean dEx p en di t u r eac c o un t ,Ex c e s sofi n c omeo v e re x p en s esi nas p ec i fi e d ac count i ngper i odi sc al l ed: Sel ec tc or r ec topt i on: Pr o fi t Loss Su r p l us De fi c i t MGT101Quest i on#13of15(06: 27: 08PM ) Th ei n v es t me nto fRs .1 0, 0 00ma deb yt h eo wn eri nb us i n es swi l l h av eane ffe c to nwh i c ho ft h e f ol l owi ngac c ount s ? Sel ec tc or r ec topt i on: Ca s hAc c o u n t&Ca p i t a l Ac c o u n t CashAccount &Expens eAcc ount Ca p i t a lAc c o u n t&Re v e n u eAc c o u n t Ca p i t a lAc c o u n t&Ex p e n s eAc c o u n t MGT101Quest i on#14of15(06: 27: 41PM ) Out s i der ’ scl ai m agai ns tt heas set soft hebus i nes si scal l ed: Sel ec tc or r ec topt i on: Ca pi t al Li abi l i t y Expens e I ncome www. v uz s . i nf o MGT101Quest i on#15of15(06: 28: 25PM ) Cons i dert hef ol l owi ngdat a:Par t i c ul ar sRs .As set s75, 500Owner ' sequi t y?Li abi l i t i es40, 200 Sel ec tc or r ec topt i on: Rs .3 5, 3 00
Rs .5 5, 0 00 Rs .1 25 , 0 00 Rs .1 15 , 7 00 MGT101Quest i on#1of15(06: 30: 56PM ) Whatwi l l bedebi t ed,i fbus i nes sboughtgoodsonc r edi tf r om Mr .Al i ? Sel ec tc or r ec topt i on: Pu r c h a s e sa c c o u n t Mr .Al i ac c ount Cashac count Sa l e sa c c o u nt MGT101Quest i on#2of15(06: 31: 56PM ) I nt hecos tofgoodss ol ds t at ement ,t hesum ofl aborc os tandt hef ac t or yov erheadi sk nowna s: Sel ec tc or r ec topt i on: Co nv e r s i o nc os t Pr i mec o s t T ot al f ac t or yc os t Co s to fg oo dsma nu f a c t u r e d MGT101Quest i on#3of15(06: 32: 36PM ) Cons i dert hef ol l owi ngdat a:Par t i c ul ar sRs .As set s?Owner ' sequi t y35, 000Li abi l i t i es90, 000 Sel ec tc or r ec topt i on: Rs .3 5, 0 00 Rs .5 5, 0 00 Rs .1 ,2 5, 0 00 Rs .1 ,0 5, 0 00 MGT101Quest i on#4of15(06: 33: 17PM ) Whent ot al l i abi l i t i esar es ubt r ac t edf r om t ot al as set st her emai ni ngamounti sk nownas : Sel ec tc or r ec topt i on: Equi t yorne tas s et s Ne ti nc omeo rn etl o ss T ot a le x pe ns es T ot al r ev enue MGT101Quest i on#5of15(06: 33: 50PM ) Whi c ho ft hef ol l o wi n gi sfi sc al YearofGo v er nme ntofPak i s t an? Sel ec tc or r ec topt i on: 1 s tJ a n ua r yt o3 1s tDe c emb er 1 s tJ u net o31 s tMa y 1s tJ ul yt o30t hJ une 1 s tOc t o be rt o30 t hSe pt e mb er
MGT101Quest i on#6of15(06: 34: 32PM ) Whi c hoft hef ol l owi ngi s / ar ei nv ent or yv al uat i onmet hod( s ) ? Sel ec tc or r ec topt i on: FI FO L I F O We i g ht e da v e r a ge Al l oft hegi v enopt i ons MGT101Quest i on#7of15(06: 35: 04PM ) Th ei n v es t me nto fRs .1 0, 0 00ma deb yt h eo wn eri nb us i n es swi l l h av eane ffe c to nwh i c ho ft h e f ol l owi ngac c ount s ? Sel ec tc or r ec topt i on: Ca s hAc c o u n t&Ca p i t a l Ac c o u n t CashAccount &Expens eAcc ount Ca p i t a lAc c o u n t&Re v e n u eAc c o u n t Ca p i t a lAc c o u n t&Ex p e n s eAc c o u n t MGT101Quest i on#8of15(06: 35: 37PM ) Whatwi l l bede bi t ed,i fbus i nes spur c has edFur ni t ur eonc as h? Sel ec tc or r ec topt i on: Fur ni t ur eac c ount Cashac count Bu s i n es sa c c o un t Bankacc ount MGT101Quest i on#9of15(06: 36: 09PM ) Co s to fg oo dsma nu f a c t u r e d+o pe ni n gfi n i s h e dg oo ds–en di n gfi n i s h e dg oo ds= ? Sel ec tc or r ec topt i on: T ot al f ac t or yc os t Co s tofgo od ss ol d Pr i mec o s t Co nv e r s i o nc os t MGT101Quest i on#10of15(06: 36: 51PM ) Whi c ho ft hef ol l o wi n gc ont ent sar ei nc l udedi nt heCos tofgoodssol d? Sel ec tc or r ec topt i on: Op en i n gs t o c k Pu r c h a s e s Fr ei ghti n Al l oft hegi v enopt i ons MGT101Quest i on#11of15(06: 37: 32PM ) Pa r t i c u l a r sRs .Op en i n gwr i t t e nd ownv a l u eo fma c hi n e1 , 0 0, 0 00Co s to fn ewma c hi n ep ur c h as e d
d ur i n gt h ey e ar5 0, 0 00Dep r ec i at i o nd ur i ngt hey e ar2 0, 0 00Cl o si n gwr i t t e ndo wnv a l ue( WDV)? Sel ec tc or r ec topt i on: Rs .1 , 3 0, 0 00 Rs .1 ,5 0, 0 00 Rs .1 ,2 0, 0 00 Rs .7 0, 0 00 MGT101Quest i on#12of15(06: 38: 28PM ) Whatwi l l bedebi t ed,I fMr .“ A”s t ar t edbus i nes swi t hRs .2,00, 000. Sel ec tc or r ec topt i on: Ca pi t al a cc o un t Cashac count Mr .A’ sa cc ou nt Bu s i n es sa c c o un t MGT1 0 1Qu e s t i o n#1 3of1 5(0 6 : 3 9 : 0 3PM ) 1 I nc os tofgoodssol ds t at ementt h e‘ c os tofgo odsmanuf ac t ur ed’ i sequal t o: Sel ec tc or r ec topt i on: T ot a lf ac t or yc os t+Op en i ngwor ki npr o ce ss+En di n gwo r ki np r o ce ss T ot a lf ac t or yc os t+Op en i ngwor ki npr o ce ss–En di ngwor ki np r o ce ss T ot a lf ac t or yc os t-Op eni ngwor ki np r oc e ss+En di n gwo r ki np r o ce ss En di n gwor ki np r o ce ss+T ot a lf ac t or yc os t–Op en i n gwor ki npr o c es s MGT101Quest i on#14of15(06: 40: 04PM ) Whati snat ur eo fCapi t al ac c ount ? Sel ec tc or r ec topt i on: De bi t Cr edi t Expenses Loss MGT101Quest i on#15of15(06: 40: 34PM ) Theamo un tc ha r g edt od epr e ci a t i o ng oe so nd ec l i ni n gi n : Sel ec tc or r ec topt i on: De pr e c i a t i o nfi x e dme t h od An nu i t yme t h od Wr i t t e nd ownv a l u eme t h od St r ai ghtl i nedepr ec i at i onmet hod b yUma i rSa u l a t Qu es t i o nNo . :1 Whi c hoft hef ol l owi ngar ewi t houtmat ur i t ydat es ?
Ze r ocoupon bonds Co up ons ec u r i t i e s Consol s Pr e f e r r e dBo nd s Ref er e nc e: Cons ol s : -Ac ons ol off er sonl yper i o di ci nt er es tpa yment s ;t h ebor r owerne v err epa y st hepr i nc i pal The r ear enopr i v a t el yi s s uedc on s ol sbe c au s eo nl yg ov e r nme nt sc anc r e di bl yp r omi s et oma k e pay ment sf or ev erThepr i c eofacons ol i st hepr es entv al ueofal l t hef ut ur ei nt er es tpa yment s ,whi c h i sab i tc omp l i c at e db ec a us et h er ea r ea ni n fin i t en umbe ro fpa y me nt s Mak eper i odi ci nt er es tpa yment sf or e v er ,ne v err epa yi ngt hepr i nc i pal t h atwasbor r o wed.Whi c hoft h e f ol l owi ngi ns t i t ut i ont ak esdi r ec tdepos i tf r om c us t omerandgi v esl oant oc us t omerdi r ec t l y ? Za r a iT a r k a y t e eBa nkL TD So ne r i Ba nk Kh us h a l i Ba nk Cr e di tuni on Mr .Gh az a nf aro bt a i nsaho mei mpr o v eme ntl o anf r om Al l i e dBa nk . Th i sl o ani s : Mr .Ghaz anf ar ’ sas setandt hebank ' sl i abi l i t y Mr .Ghaz anf ar' sas set ,butt hel i abi l i t ybel ongst ot hebank ' sdepos i t or s Mr .Gha za nf a r' sl i a bi l i t yanda na sse tf ort heba nk Bot hMr .Ghaz anf ar ' sandbank ' sl i abi l i t y MGT101Qui zNo.4Da t e d2 9 0 6 2 0 1 2 Cons i dert hef ol l owi ngdat a:Par t i c ul ar sRs .As set s?Owner ' sequi t y35, 000Li abi l i t i es90, 000 Rs .3 5, 0 00 Rs .5 5, 0 00 Rs .1 ,2 5, 0 00 Rs .1 ,0 5, 0 00( Ri ghtAns we r ) Thet ot al sofr et ur ni nwar dsJ our nal ( da ybook )ar e c r edi t edt ot het r ader e cei v abl esc ont r ol ac count de bi t e dt ot het r a depa y abl e sc ont r ola cc ount( Ri ghtAns we r ) debi t edt ot het r ader ec ei v abl ec ont r ol ac c ount c r edi t edt ot het r adepay abl esc ont r ol ac c ount ABCc o.hasac api t al ofRs .100, 000,Lo ngT er m Li abi l i t i esRs .50, 000,ne tpr ofi tdur i ngt hey e arRs . 15, 000andt heamountoft ot al l i abi l i t i esi sRs175, 000.Whatwi l l bet heamountofCur r ent Li abi l i t i es ? Rs .2 0, 0 00 Rs .1 50 , 0 00
Rs .1 0 , 0 0 0 ( Ri ghtAns we r ) Rs .2 5, 0 00 Thet h i r dpa r t ywhoo we smo ne yt ot h ebu s i n es si sc al l ed : De bt o r Cr edi t or St a k e hol de r( Ri ghtAns we r ) s t oc khol der Whi c ho ft hef ol l o wi n gv ouc heri sus edt or ec or dr ec ei ptofc as h? J o ur n al Vo uc h er Recei ptVoucher( Ri ghtAnswer ) PaymentVoucher No mi n a lVo u c h er Theal l oc at i onoft hec os tofat angi bl epl antas s ett oe xpens ei nt heper i ods ,i nwhi c hs er v i c esar e r ec ei v edf r om t heas s et ,i st er medas : Appr ec i at i on De pr e c i a t i on( Ri ghtAns we r ) Fl uc t uat i on No neoft h eg i v e nop t i o ns Th emi n i mu mn umb ero fme mb er st h atc a nf o r m apu bl i cl i mi t e dc o mp an ya r e : 1 2 ( No tSur e )( Ri ghtAns we r ) 3 7 Bu dg eti sapl anofi nc ome,e xpens es&ot h erfi nanc i al oper at i onsf or : Cur r entper i od F ut ur epe r i od( Ri ghtAns we r ) Pas tper i od Fi ndo utt hemi s s i ngv al u eofanAc c ount i ngEquat i onwi t ht hehe l pofgi v endat a:Fur ni t ur eRs .90 , 00 0 Ca s hRs . 1 00 ,0 00De bt o r sRs . 1 0,0 00Ot h erAs s e t sRs .1 , 0 00Own er ’ se qu i t yRs .9 0,0 00 Li ai bi l i t i es? Rs .2 01 , 0 00 Rs .1 11 ,0 00 ( Ri ghtAnswer ) Rs .2 90 ,0 00 Rs .2 91 ,0 00 Fr om t hegi v enpar t i c ul ar s ,c al c ul at et her at eofdepr ec i at i onundert hefi x edi ns t al l mentmet hodof depr ec i at i on: Co s to fAs s e t=Rs .2 , 0 00
Re s i d ua lVa l u e=Rs .4 00 Us ef ul Li f e=4y ear s 20% ( Ri ghtAnswer ) 30% 25% 33% Whi c ho ft hef ol l o wi n gf or mul ai sus edt oc al c ul at et hec os tofgoodssol d? Cos tofgo odsav ai l a bl ef ors al emi nusne tp ur c has espl usendi ngi n v ent or y Be gi nni ngi n ve nt or ypl usne tpur c ha se spl usf r e i ghti nmi nusendi ngi nv e nt or y( Ri ght Answer ) Be gi n ni ngi n v en t or ymi n usn etp ur c ha se smi n usen di n gi n v ent or y Be gi nni ngi n v ent or ymi nuse ndi ngi n v ent or y Th ei n v es t me nto fRs .1 0, 0 00ma deb yt h eo wn eri nb us i n es swi l l h av eane ffe c to nwh i c ho ft h e f ol l owi ngac c ount s ? CashAccount&Capi t alAccount( Ri ghtAnswer ) CashAcc ount&ExpenseAcc ount Ca pi t a lAc c o u nt&Re v e nu eAc c o u nt Ca pi t a lAc c o u nt&Ex p e ns eAc c o u nt Go od ss o l dt oMr .Na ee mf o rRs .5 , 0 00ar ewr o ng l yr e c or d edi ns a l e sj o ur n al a tRs .5 00an ds a me a mo unti spos t e di nMr .Na ee m’ sac c ou nt ,t h i si sane x ampl eof : Co mp en s at i n ge r r or s Er r o ro fCo mmi s s i o n Er r oro fPr i nc i pl e Er r orofOr i gi na le nt r y( Ri ghtAns we r ) Whi c hoft hef ol l owi ngi st hefi r s tbookt or ec or dat r ans ac t i on? T r i al Bal anc e J our na l( Ri ghtAns we r ) T r i al Bal anc e Ba l a nc eSheet Whi c ho ft hef o l l o wi n gwo ul dNOTb ec on si d er e da sac omp on ento f' c os t ' o fs t o c k ? Sa l a r i e sofs el l i ngst a ff( Ri ghtAns we r ) T r ans por t at i oni nwar dcos t s I mpor tdut i es Pu r c ha s ep r i c e Whi c hoft hef ol l owi ngi s( ar e)c har ac t er i s t i c ( s )ofBadDebt ? I ti sadefi ni t el os st ot hebus i nes s I tmus tb es ho wni nPr o fit&l os sac c ou nt Nopr ov i s i oni snec es sar yf ori t Al loft hegi v e nopt i ons( Ri ghtAns we r )
Th ed i ff er e nc eb et we enMa na ge me ntAc c o un t i n ga ndFi n an c i a lAc c o un t i n gi st h at : Fi n an ci a la cc ou nt i n gi sus edb yma nag er st op l a ns t r at eg i e si nt h ea r e aofc omp an yg r o wt h Fi nanc i al ac c ount i ngi sus edb ye xt er nal i n v es t or st og ai ni nf or mat i onaboutt hec ompa ny Manager i al ac c ount i ngi sus edbyt hei nt er nal manager st opl anf ordai l ybus i nes sac t i v i t i es Bot h2and3( Ri ghtAnswer ) I fCur r entAs s et sRs .1 00 , 000,Cur r entLi abi l i t yRs .50, 000a ndFi x edAs s et sRs .2,00, 000.Cal c ul at e wor k i ngcapi t al . Rs .5 0 , 0 0 0( Ri ghtAns we r ) Rs .1 ,0 0, 0 00 Rs .1 ,5 0, 0 00 Rs .3 ,0 0, 0 00 Whi c ho ft hef o l l o wi n gi sNOTar e v enu ee x pe nd i t u r e? Pe t r o lc o ns ume di nmo t o rv e hi c l e s( Ri ghtAnswer ) Co s tofs al e abl ego od s Ba dd eb t s Pr e mi u mg i v e no nl e as e Th eAmo un tc h an ge dt od ep r e c at i o ng oe so nd ec l i n i n gi n : De pr e c i a t i o nfi x e dme t h od An nui t y met hod Wr i t t endownval uemet hod( Ri ghtAnswer ) St r ai ghtl i nedepr ec i at i onmet hod I fCo sto fs al e si nRs .9 0, 0 00 ,i nc o mef r o ms al esRs .2 00 , 0 00a ndo pe r a t i n ge x pe ns esRs . 1 00 , 0 00, . Whatwi l l benetr es ul t s ? Rs .5 , 0 00Lo s s e s Rs .1 0 , 0 0 0Pr ofit s( Ri ghtAns we r ) Rs .1 , 9 5, 0 00Pr ofi t s Rs .1 , 9 5, 0 00Lo s s es Themai np ur p os eo f__ __ __ __ __ __ __i st oasc er t a i nt r u er e s ul to ft he bu si nes so per at i on dur i ng par t i c ul arp er i odoft i me. Co s tAc c o un t i n g Fi na nc i a lAc c ount i ng ( Ri ghtAns we r ) Ma na ge r i a lAc c ou nt i n g T a xAc c o un t i n g Th eb an kl o anort h eb a nkc h a r g e s ar ec al l ed: Co s to fg o ode x p e n s e s
Se l l i n ge x pe ns e s Fi n an ci a le x pe ns e s( Ri ghtAnswer ) Admi ni s t r at i v e e x p e n s e s
Qu es t i o nNo .1of2 0 Whi c ho ft hef ol l o wi n gi t em i sf o undi naJ our nal ent r y ?( 1)Dat eofea cht r ans ac t i on( 2)Rupeea mou nt ofeac hdebi tandc r edi t( 3)Ex pl anat i onofeac ht r ans ac t i on 1o nl y 1&2on l y 2&3on l y 1,2&3( Ri ghtAnswer ) Qu es t i o nNo .2of2 0 I fPur c has epr i c eofma ch i ne=40 0, 00 0Pr o fitondi s p os al =Rs .5 , 0 00Re si d ua lv a l u e=Rs .1 0, 0 00 Us ef ul l i f eo fmac hi ne=5y ear sFi ndSal epr i c eatt het i meofdi s pos al =? Rs .1 5 , 0 0 0( Ri ghtAns we r ) Rs .1 0, 0 00 Rs .2 0, 0 00 Rs .5 , 0 00 Qu es t i o nNo .3of2 0 Whi c ho ft hef ol l o wi n gi st hemai nc aus eofdepr ec i at i on? Fal l i nt hemar k etv al ueofmone y Fa l li nt hema r k e tv a l ueofa na ss et( Ri ghtAns we r ) Ph y s i c al we ara ndt e ar Qu es t i o nNo .4of2 0 Thees t i mat edv al ueofanas setaf t ert heex pi r yofi t sus ef ul l i f ei sc al l edas : Wr i t t e nDo wnv al u e Re s i dua lVa l ue( Ri ghtAns we r ) Ac c umul at edd epr ec i at i o n Sa l e sv a l u e Qu es t i o nNo .5of2 0 I nt hec r edi t or sc ont r ol ac count ,al l oft hebel owex i s tex ec ept : c r edi tpur c has es pur c has er e t ur ns cashpur chases( Ri ghtAnswer ) c a s h/ c h eq ue sp ai d Qu es t i o nNo .6of2 0
Fr anc hi s er i ght s ,goodwi l l andpat ent sar et heex ampl esof : Li qui das s et s T angi bl eas s et s I nt a ngi bl eas se t s( Ri ghtAns we r ) Cur r entas s et s Qu es t i o nNo .7of2 0 I nwhi c hoft hef ol l o wi n gs t at eme ntopeni ngs t oc ki ss ho wn? Pr ofitandl ossaccount( Ri ghtAnswer ) Ba l a nc es h ee t Ca s hfl o ws t a t e me n t Own er ’ sequ i t y Qu es t i o nNo .8of2 0 Ont her ec e i p t ss i deo ft h ec as ha ndb an kbo ok ,ac ol u mni sad de di nwhi c ht h er e ce i p t sf r om d eb t o r s ar es eper at el ynot ed,t hi st y peofc as h/ bankbooki sal s oc al l ed: s i n gl ec ol u mnc as h / b an kbo ok c a s h / b an kb o ok mu l t i c o l u mnc as h / b an kbo ok( Ri ghtAnswer ) n on eo ft h ea bo v e Qu es t i o nNo .9of2 0 I fy ous t ar twi t hc as hbookf a vor abl ebal anc ei nBankRec onc i l i at i onSt at ement ,whi c hi t em wi l l be added? Ch eq uede po si t edbu tn otc r e di t e db yt heba nk Ch eq ueso mi t t e dt obede po si t e di nt oba nk An ya mountdi r e c t l yc ol l e c t e db yba nkonbe ha l fofc us t ome rbutno tr e c or de di nc a sh book( Ri ghtAnswer ) De bi ts i deofc as hbo okwa so v er c as t Qu es t i o nNo .1 0o f2 0 Whi c ho ft hef o l l o wi n gi sNOTac ha r ac t er i s t i cofCa s hBo ok ? I thast woi dent i c al s i des —l ef thands i de,t hedebi ts i deandr i ghthands i de,t hec r edi ts i de I tv er i fi est hear i t hmet i c a cc ur ac yofpos t i ngofent r i esf r om t heJ our nal t ot heLedger Th ed i ff er e nc eb et we ent h et o t a lo ft wos i d esofc a s hb oo ks h owsc as hi nh an d I ta l wa y ss howsde bi tba l a nc e.I tc anne v ers how c r e di tba l a nc e( Ri ghtAns we r ) Qu es t i o nNo .1 2o f2 0 Whi c ho ft hef ol l o wi n gi sNOTar ul ef orr e v al uat i onoffi x edas s et s ? Th ec h a ng ei nt h ev a l u es h o ul dbepe r ma ne nt Rev al uat i onhast obec ar r i edoutatr egul ari nt er v al s Who l ec l a ssofas s e th ast ober e v al u ed
Thepr ofitonr e v al ua t i ons houl dbecr e di t e dt or e v al ua t i onr e se r v ea cc ount( Ri ghtAns we r ) Qu es t i o nNo .1 3o f2 0 At r an s ac t i o ni nwhi c hCa s hA/ can dBa nkA/ car ei n v ol v e d,i sr ec o r de do nb ot ht h es i de so fDo ub l e Co l u mnCas hBo ok ,i ti sc al l e d ______________ . Rec t i f y i ngEnt r y Adj us t i ngEnt r y Cont r aEnt r y( Ri ghtAnswer ) Cl os i ngEnt r y Qu es t i o nNo .1 4o f2 0 Whatwoul dc on v er s i onc os t si fc os t sofr a w mat er i al s ,di r ec tl ab orc os t s ,a ndmanuf ac t ur i ngo v er head c os t sRs . 80, 000,Rs . 50, 00 0,andRs . 60, 000,r es pec t i v el y ? Rs . 1 30 ,0 00 Rs . 1 1 0,0 0 0( Ri ghtAns we r ) Rs . 1 40 ,0 00 Rs . 1 90 ,0 00 Qu es t i o nNo .1 5o f2 0 Th eSa l e sRe t u r n sDa yBo okwo ul di n c l u de : Go od sbo ug hto nc r e di t Fi x edAs s et sboughtt hatar ei na ppr opr i at ef orbus i nes s St oc kt ha tc us t ome r sh a v er e t ur ne d( Ri ghtAns we r ) Goodsboughtonc r edi tt hatar er et ur nedt ot heor i gi nal s uppl i er Qu es t i o nNo .1 6o f2 0 Los sont hes al eofpl anta ndmac hi ner ys houl dbewr i t t enoffagai ns t : Sa l e sp r e mi u ma c c o un t Depr ec i at i onf undac c ount Sa l e sac c o un t Pl antandmachi ner y( Ri ghtAnswer ) Qu es t i o nNo .1 7o f2 0 I nanac c ounti fdebi ts i de>c r edi ts i de,t hebal anc ei sknownast he: Ne ga t i v eBa l a nc e De bi tba l a nc e( Ri ghtAns we r ) Pos i t i v eBal anc e Cr edi tb al anc e Qu es t i o nNo .1 8o f2 0 An yex pe ns et h atb ec omesas ou r c eo fi nc omeg en er a t i o nf o ral o ngt i mep er i odi sc al l e d __________
Capi t alExpense( Ri ghtAnswer ) Rev enueExp ens e Re v e n u eRe c e i p t Capi t al Rec ei pt Qu es t i o nNo .1 9o f2 0 Whi c honeoft hef ol l owi ngi sNOTaf eat ur eofs ol epr opr i et or s hi pbus i nes s. Ea s yF or ma t i o n Eas yDi s s ol ut i o n Unl i mi t edLi abi l i t y Se pa r a t eLe ga lEnt i t y( Ri ghtAns we r ) Qu es t i o nNo .2 0o f2 0 Car r i agepai dRs .50f ort hene wl yp ur c has edmac hi ner yi fde bi t edt oc ar r i ageac c ou ntwi l l eff ec t : On l ycar r i ag ea cc ou nt On l yma c hi n er yac c o u nt Bo t hc a r r i a gea ndma c hi n er yac c o un t No neoft h eg i v e nop t i o ns Whi c ho ft hef ol l o wi n gi s ( ar e)TRUEaboutt h es ol et r aderf or m ofbus i n es s ? As ol et r aderi sl i abl et opa yi nc omet axonhi s / herear ni ngs So l et r a de r smu sth av et opr e par ebo ok so fa cc ou nt sb yl a w Sol et r ader smus tr egi s t ert henameo ft hei rb us i nes swi t ht heRegi s t r arofCompani es Al loft hegi v e nopt i ons( Ri ghtAns we r ) I nwhi c hd ep r e ci a t i o nme t ho dDe pr e ci a t i o nr ema i n sc on s t a nt ? Reduci ngbal ancemet hod( Ri ghtAnswer ) Re d uc i n gb a l a n c eme t h o d Re d uc i n gb a l a n c eme t h o d Re d uc i n gb a l a n c eme t h o d Go od sr e t u r ne db yMr .Ba mo untt oRs .4 , 0 00 .Th ee nt r yi nt heb ook swi l l be : Mr .Bi sDe bi t( Ri ghtAns we r ) Sal esRet ur nsi sCr edi t 111 Sal esRet ur nsi sDebi tMr .Bi sCr edi t Mr .Bi sDebi t
Ac c ount sRec ei v abl eCr edi t
Whi c ho ft hef ol l o wi n gOr gani z at i onc on v er t sr awmat er i al i n t ofi ni s he dgoods ? T r a di ngc on c er n Manuf act ur i ngconcer n( Ri ghtAnswer ) Me r c h an di s i n gc o nc e r n Se r v i c ec o nc e r n
Fi n do utt h emi s s i n gv a l u eo fa nAc c oun t i ngEq ua t i onwi t ht h ehe l po fgi v e nd at a:Ca s hRs . 1 00,0 00 Debt or sRs . 10,000Ot h erAs s et sRs .1, 000Owner ’ seq ui t yRs .1,00 0Li abi l i t i es? Rs .1 2, 0 00 Rs .1 1, 0 00( Ri ghtAnswer ) Rs .1 10 , 0 00 Rs .1 11 , 0 00 Qu es t i o nNo .7of2 0 ________i st hear tofr ec or di ngmonet ar yt r ans ac t i onsi nt hebook sofAc c ount si napr opermanner : Ac c ou nt i ng BookKeepi ng( Ri ghtAnswer ) Pos t i ng Vo uc h i n g Qu es t i o nNo .8of2 0 Whi c ho ft hef ol l o wi n gJ our nal ent r ywi l l ber ec or dedwhent heba ddebt sar er ec ov er e d? Ca s ha c c ount( Dr . )&Ba dDe bt sr e c ov e r e da c count( Cr . )( Ri ghtAns we r ) Ac c ou nt sRe ce i v a bl e( Dr . )&Ba dDe bt sr e co v er e da cc o un t( Cr . ) Ba ddebt sr ec ov er edac c ount( Dr . )andpr ofi t&l os sac c ou nt( Cr . ) Pr ov i s i onf ordoubt f ul debt sac c ount( Dr . )&c as hac c ount( Cr . ) Whi c hoft hef ol l owi ngi s / ar et hee xampl e/ sofI nt angi bl eAs set ? Cop yr i ght s Goodwi l l Pat entr i ght s Al loft hegi v e nopt i ons( Ri ghtAns we r ) Qu es t i o nNo .1 0o f2 0 Undert hes t r ai ghtl i nemet hodofdepr ec i at i on: Amountofde pr e c i a t i oni n cr e a se se ve r yy e ar( Ri ghtAns we r ) Amo untofdepr ec i at i onr emai nsc ons t a ntf ore v er yy ear Amo un to fd epr e ci at i onde cr e as ese v er yy e ar No neoft h eg i v e nop t i o ns Qu es t i o nNo .1 1o f2 0 I f ,Cos to fma c hi ne=Rs . 40 0,0 00Us ef u ll i f e=5y e ar sRe si d ua lv a l ue=Rs . 25 ,0 00 Sal ep r i c e=Rs . 4 0, 0 00Ra t eofde pr e ci a t i on=4 0% Wh atwi l l bet h ea mou ntofd epr e ci a t i onc ha r ge do n3 r dy earu si n g s t r ai ghtl i nemet hod?1 Rs .3 5, 0 00 Rs .5 7, 6 00 Rs .7 5 , 0 0 0( Ri ghtAns we r )
Rs .9 6, 0 00 Los sonr e val uat i onoffi x edas s ets houl dbech ar g edt o: Pr ofitandl ossaccount( Ri ghtAnswer ) Ba l a nc es h ee t Re v al u at i o nRe s er v ea c c ou nt Ac c umul at edde pr ec i at i o na cc o un t Qu es t i o nNo .1 3o f2 0 Debt st hatar enotc ol l ec t i bl eandwor t hl es st ot hec r edi t orar ek nownas : Baddebt s( Ri ghtAnswer ) Gooddebt s Doubt f ul debt s Pr ov i s i onf ordoubt f ul debt s Qu es t i o nNo .1 4o f2 0 Whi c ho ft hef o l l o wi n gwo ul dNOTb ec on si d er e da sac omp on ento f' c os t ' o fs t o ck ? Sa l a r i e sofs el l i ngst a ff( Ri ghtAns we r ) T r ans por t at i oni nwar dcos t s I mpor tdut i es Pu r c ha s ep r i c e T ot al depr ec i at i onofanas s etc annote xc eedi t s : Scr apval ue( Ri ghtAnswer ) Res i d ual v al ue Mar k e tv a l u e De pr e ci a bl ev a l u e Qu es t i o nNo .1 6o f2 0 Ac ompan yus ess t r ai ghtl i nemet hodofdepr ec i at i onf orani t em ofequi pmentt hatc os tRs .28, 00 0, hass al v agev al ueofRs .3, 000,an dh asafi v ey e arus ef ul l i f e.Whatwi l l bet hebo okv al ueofas s etat t heendoft hi r dy ear ? Rs .1 5, 0 00 Rs .1 0, 0 00 Rs .1 8, 0 00 Rs .1 3 , 0 0 0( Ri ghtAns we r ) Qu es t i o nNo .1 7o f2 0 Whi c hoft hef ol l owi ngi s/ar et hepar t i c ul ar / sofac as hbook ?( 1)Dat eoft r ans ac t i on( 2)Ac countt i t l e ( 3 )Amo un t 1o nl y 1&2on l y
1&3on l y 1,2&3( Ri ghtAnswer ) Qu es t i o nNo .1 8o f2 0 Att heen doft heac c ount i ngper i od,t heb al anc ewhi c hi ss howi ngont hedebi ts i deofl edgerac c ount i scal l edas : Cr edi tBal a nc e Debi tBal ance( Ri ghtAnswer ) Co nt r aac c o un t No neo ft h eab o v e Qu es t i o nNo .1 9o f2 0 Theamo un tc ha r g edt od epr e ci a t i o ng oe so nd ec l i ni n gi n : De pr e c i a t i o nfi x e dme t h od An nu i t yme t h od Wr i t t endownval uemet hod( Ri ghtAnswer ) St r ai ghtl i nedepr ec i at i onmet hod Qu es t i o nNo .2 0o f2 0 Whi c ho ft hef o l l o wi n gi sNOTar e v enu ee x pe nd i t u r e? Pet r olconsumedi nmot orvehi cl es( Ri ghtAnswer ) Co s tofs al e abl ego od s Ba dd eb t s Pr e mi u mg i v e nonl e as e
Whi c hoft hef ol l owi ngi s( a r e )i t e m( s )ofc os tofgoodssol ds t a t e me nt ? Pu r c ha s eo fr a wmat er i al An yt ax / f r ei ghtpai donpur c has es An ye xpe ns ei nc ur r edonc ar r i age/ t r ans por t at i onofr a w mat er i al pur c has edi t ems Al loft hegi v e nopt i ons( Ri ghtAns we r ) Quest i onNo.2of20 Whi c hoft hef ol l owi ngv ou che ri sus e dt or e c or dt r a ns a ct i onst ha tdono ta ffe c tba nk&c a sh? Jour nalVoucher( Ri ghtAnswer ) Re c ei p tVo uc h er PaymentVoucher No mi n a lVo u c h er Quest i onNo.3of20 Rs . 4 0 0 Rs .2 , 5 00 1
Rs .2 , 9 0 0( Ri ghtAns we r ) Rs . 2 0,9 00 Quest i onNo.4of20 Wha twoul dc onv e r s i onc os t si fc os t sofr a w ma t e r i a l s ,di r e ctl a borc os t s ,a ndma nuf a ct ur i ng ov er he adc os t sRs . 8 0, 0 00 ,Rs . 5 0, 0 00 ,a ndRs . 6 0, 0 00 ,r e spe ct i v el y ? Rs . 1 30 ,0 00 Rs . 1 1 0,0 0 0( Ri ghtAns we r ) Rs . 1 40 ,0 00 Rs . 1 90 ,0 00 Quest i onNo.5of20 Af or mt ha ta l l owsi ndi v i dua l st oc ompa r et he i rpe r s ona lba nkac countr e cor dst ot heba nk ' s r e cor dsoft hei ndi v i dua l ' sa cc ountba l a nc ei nor de rt ounc ov era nypos si bl edi s cr e pa nc i e si s knownas: Ba n ks t a t e me n t I n c o mes t a t e me nt Fi nanc i al s t at ement Ba nkRe c onc i l i a t i ons t a t e me nt( Ri ghtAns we r ) Quest i onNo.6of20 Ca s ha ndo t he rr e s our c e st ha ta r ee xpe c t e dt ot ur nt oc a short obeus e dupwi t hi non ey e a ro f t heba l a nc es he etda t ear eca l l e d: Cur r entl i abi l i t y Cur r e nta s se t s( Ri ghtAns we r ) Fi x e da s se t s L on gt e r ma s s et s Quest i onNo.7of20 Anaccount i ngsyst em i susedbyabusi nesst o: An al y z et r ans ac t i ons Ha nd l er ou t i nebo ok k e epi ngt a sk s St r uc t ur ei nf or mat i on Al loft hegi v e nopt i ons( Ri ghtAns we r ) Quest i onNo.8of20 Pa r t i c ul a r sRs .Ope ni ngwr i t t e ndownv a l u eofma c hi ne3, 7 5 , 0 0 0Cos tofma c hi ne50 , 0 0 0 De pr e c i a t i ondur i ngt hey ea r1 1 , 5 0 0Cl o si ngwr i t t e ndownv a l u e( WDV)oft heMa c hi ne s? Rs .4 , 1 3, 5 00( Ri ghtAns we r ) Rs .4 ,2 5, 0 00 Rs .3 ,3 6, 5 00 Rs .6 1, 5 00
Quest i onNo.9of20 F ur ni t ur eac c ount( Ri ghtAns we r ) Ca s ha c c o u n t Bu s i n es sa c c o un t Ba n kac c o u n t Ex pe ndi t ur ei nc ur r e di na cqui r i ngt hepa t e ntr i ghtf ort hebus i ne ssi sane x ampl eof : Revenueexpendi t ur e( Ri ghtAnswer ) Capi t al e xpendi t ur e De f e r r edr e v enu ee x pe nd i t u r e Admi ni s t r at i v e ex pe ndi t ur e Quest i onNo.11of20 Tot alasset s-T ot all i abi l i t i es=? Owner ’ sEqui t y( Ri ghtAnswer ) Expens es Re t a i n edea r n i n gs Ne tpr ofi t Quest i onNo.12of20 Wha twi l lbede bi t e d,i fbus i ne ssboughtgoodsonc r e di tf r om Mr .Al i ? Pur chasesaccount( Ri ghtAnswer ) Mr .Al i ac c ount Ca s ha c c o u n t Sa l e sac c o un t Quest i onNo.13of20 Pr epa i dr e ntgi v eni nt heTr i alBa l a nc ewi l lbet r e at e da sa( an) : As s e t Li abi l i t y Revenue( Ri ghtAnswer ) De f e r r e de x p en s e Quest i onNo.14of20 Abusi nesseventwhi chcanbemeasur edi nt er msofmoneyandmustber ecor dedi nbooksof a cc ount si sca l l e d: Condi t i on T r a ns a ct i on( Ri ghtAns we r ) I nf or mat i on Recor d Quest i onNo.15of20
Whi c honeoft hef ol l owi ngi sNOTaf e at ur eofs ol epr opr i e t or s hi pbus i ne ss . Ea s yF or ma t i o n Eas yDi s s ol ut i o n Unl i mi t edLi abi l i t y Se pa r a t eLe ga lEnt i t y( Ri ghtAns we r ) Quest i onNo.16of20 I nwhi c hoft hef ol l o wi ngs t a t e me ntope ni ngs t oc ki sshown? Pr o fita ndl o ssac c oun t Bal ancesheet( Ri ghtAnswer ) Ca s hfl o ws t a t e me n t Own er ’ sequ i t y Quest i onNo.17of20 Thepr ofi t abi l i t yofi t sbus i nes soper at i onsf oraper i odoft i me I t sfinanc i al pos i t i onatt heendofanac c ount i ngper i od I t sc a shr e c ei p t sa ndc as hpa y me nt sdur i nga na c count i ngpe r i od ( NotSur e ) No neoft h eg i v e no pt i o ns Quest i onNo.18of20 Whi c hoft hef ol l owi ngi s( a r e )e xa mpl e ( s )ofnondi s t r i but a bl epr ofit ? Ge ne r a lr es er v e Ac c umul at edpr ofi tandl os s( c r e di tbal anc e) Re v al uat i onr es er v es Noneoft hegi v e nop t i ons( Nots ur e ) Quest i onNo.19of20 Whi c hoft hef ol l owi ngOr ga ni z a t i onc onv e r t sr a w ma t e r i a li nt ofini s he dgoods ? T r a di ngc on c er n Manuf act ur i ngconcer n( Ri ghtAnswer ) Me r c h an di s i n gc o nc e r n Se r v i c ec o nc e r n I nfir mscashflow st at ement s,whi choft hef ol l owi ngwoul dappearasacashout flow? Th ep a y me nt sf o rs h a r ei nac o mp an ywh os es h ar e sar et r e at e do na s t o c k exc hange Ad ec r e as ei nt r a ded eb t o r sov e rt h ec o ur s eo fa na cc ou nt i n gpe r i o d Mo ne yr ec ei v e da sar e s ul tofi s s ui n gn ews har es Mone yr e ce i v e da sr e sul tofs el l i ngfix e da ss et s( Nots ur e ) Whi c hoft hef ol l owi ngpar t i c ul ar / si s / ar ei nc l udedi nr ec ei ptv ouc her ? Na meo fo r g an i z a t i o n Bankr ec ei pt
Da t e Al loft hegi v e nopt i ons( Ri ghtAns we r ) Whi c hoft hef ol l owi ngas s et si smos tl i k el yt oappr ec i at er at hert handepr ec i at e? Land( Ri ghtAnswer ) Mot orv ehi c l es Pl a nta ndma c hi n er y Fi x t ur esandfi t t i ngs Whi c hoft hef ol l owi ngi t em needst obeent er edi nt heCas hBooki nor dert obr i ngi ti nl i newi t ht he e nt r i e so nt h eBa nkSt a t e me nt ? Abankchar ges( Ri ghtAnswer ) Aner r o ro nt h eBa nkSt a t e me nt Anunc r edi t eddepos i t Anu np r e s e n t e dc h e qu e Wag espa i dt ol a bo r e r swor k i ngi nt heman uf ac t u r i n gd ep ar t men ti st r e at e dasane x pe ns eo f : Costofgoodssol d( Ri ghtAnswer ) Admi ni s t r at i v eex pens es Se l l i n ge x pen s es Ma r k e t i n ge x pe ns e s Ba ddebt swr i t t e noff( gi v eni nadj us t me nt )al wa ysaff ec tt he: Debt or saccount( Ri ghtAnswer ) Cr edi t or sac c oun t Ca s ha c c o u n t Capi t al ac c ount Car r i agepai dRs .50f ort hene wl yp ur c has edmac hi ner yi fde bi t edt oc ar r i ageac c ou ntwi l l eff ec t : Onl yca r r i a geac c ou nt Onl ymachi ner yaccount( Ri ghtAnswer ) Bo t hc a r r i a gea ndma c hi n er yac c o un t No neoft h eg i v e no pt i o ns Co s to fg oo dsma nu f a c t u r e d-o pe ni n gwo r ki npr o c es s+e nd i n gwo r ki npr o c es s=? Co s to fg oo dss ol d Pr i mec os t Co nv e r s i onc os t T ot a lf a ct or yc os t( Ri ghtAns we r ) I fc os to fs al esi sRs .9 5, 0 00 ,i nc omef r o ms al esRs .2 00 , 0 00a ndo per a t i n ge x pe ns esRs .3 00 , 0 00. Whatwi l l benetr es ul t ?
Rs .1 ,9 5 , 0 0 0Los s es( Ri ghtAn swe r ) Rs .1 ,9 5, 00 0Pr o fit s Rs1,0 5, 0 00Pr o fi t s Rs 1 ,0 5, 0 00L os s e s Whati st hepr operor deroft h ef ol l owi ngs t epsi nt heac c ount i ngpr oc es s ?I .Pr epar eandanal y z et he t r i al bal anc eI I .Rec or dr el ev antt r ans ac t i onsandev ent si naj our nal I I I .Anal y zeeac ht r ans ac t i onand e v en tf r om s our c edoc ument sI V.Pos tj our nal i nf or mat i ont ol edgerac c ount s I I I . I V.I . I I . I .I I .I I I .I V. I I I .I I .I V.I .( Ri ghtAnswer ) I I I . I I .I .I V. Al l oft hebel owi t emsar edi r ec t l yr e c or dedbybankwi t houti nt i mat i ngt hebus i nes sunt i l t heendof mont h,EXCEPT : BankChar ges I nt er es tonOv er dr af t Unpr esent edCheques( Ri ghtAnswer ) Di r ec tRec ei pt s Whi c ho ft hef o l l o wi n gi sNo ta nAs s etAc c ou nt ? Pl a nt&Ma c hi n er y L o ant oXYZc o . Cashat Bank Loanf r om ABCco.( Ri ghtAnswer ) Ab al a nc eofp as sbookwr i t t en i nbr ac k et s()b yt hebanki sk nownas : F av or a bl eba l a nc ef orc us t ome r ( Ri ghtAns we r ) Un f a v or a bl eb al a nc ef orb an k Un f a v or a bl eb al a nc ef orc us t o mer No neo ft h eab o v e Whi c hoft hef ol l owi ngi sane xampl eofdi r ec tmat er i al sc os t ? Pr oduct i onwor ker ’ swages( Ri ghtAnswer ) De pr e ci a t i o ne xpe ns es Api ec eofwo odf ort hepr oduc t i onofc hai r Pol i s handfi ni s hi ngmat er i al f orc hai r ot herar enondi r ec torf ac t r oy Qu es t i o nNo .7of2 0 Ex pendi t ur ei nc ur r edi nac qui r i ngt hepat entr i ghtf ort hebus i nes si sane xampl eof : Re v e n uee x p en di t u r e
