MGT101 Quiz Solution Fall 2010

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Time 53
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s)
Quiz Start Time: 08:12 PM
Question # 1 of 20 ( Start time: 08:12:10 PM

Total Marks: 1
)
Which of the following can offer its share to general public at large?
Select correct option:
Private limited companies
Public limited companies
Partnership firm
All of the given options
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Time 67
Left sec(
Quiz Start Time: 08:12 PM s)

Total Marks: 1
)
Net profit = Gross profit - _________
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Product Cost
Deferred Expenses
Direct Cost
Time 7
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s)

Total Marks: 1
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The amount of owner's equity in a business is affected by which of the following?
The profitability of the business
Investments made in the business by the owner
The amount of dividends paid to stockholders
Time 53
Left sec(
s)

Total Marks: 1
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Which of the following is NOT correct?
Decrease in Assets will be debit
Decrease in Liabilities will be debit
Decrease in Expenses will be credit
Decrease in Revenue will be debit
Time 43
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s)

Total Marks: 1
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Which of the following is (are) type(s) of Public Limited Companies? http://vustudents.ning.com/
Listed company
Non listed company
Private limited company
Both Listed Company and non listed company
Time 60
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Total Marks: 1
)
Which of the following shows company’s negative working capital?
Current Asset > Current Liability
Current Asset < Current Liability
Current Asset = Current Liability
None of the given options
Time 31
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s)

Total Marks: 1
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If cost of sales is Rs. 60,000, income from sales is Rs. 95,000 and operating expenses Rs. 25,000.
Calculate net profit.
Rs. 10,000
Rs. 35,000
Rs. 55,000
Rs. 60,000
Time 48
Quiz Start Time: 08:12 PM Left sec(
s)

Total Marks: 1
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Authorized share capital is also known as:
Registered share capital
Issued capital
Paid up capital
Called up capital
Time 55
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Total Marks: 1
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Which of the following account summarizes the profitability of business for a specific accounting
period?
Profit & Loss account
Cash flow statement
Receipt & Payment account
Balance Sheet
Time 20
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Question # 10 of 20 ( Start time: 08:20:24

Total Marks: 1
PM )
Which of the following is(are) TRUE about the sole trader form of business?
A sole trader is liable to pay income tax on his/her earnings
Sole traders must have to prepare books of accounts by law
Sole traders must register the name of their business with the Registrar of Companies
Time 56
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Total Marks: 1
PM )
Under the diminishing balance method, depreciation is calculated on:
The original cost
The scrap value
Book value
Both original cost and Scrap value
Time 45
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s)

Total Marks: 1
PM )
Assets are normally listed on the balance sheet in the order of: http://vustudents.ning.com/
Purchase date
Maturity
Liquidity
Cost of asset
Quiz Start Time: 08:12 PM Time 77

Left sec(
s)

Total Marks: 1
PM )
Franchise rights, goodwill and patents are the examples of: http://vustudents.ning.com/
Liquid assets
Tangible assets
Intangible assets
Current assets
Time 63
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s)

Total Marks: 1
PM )
while preparing the cash flow statement, the repayment of a loan during the year should be included
under which of the following heading?
Operating activities
Financing activities
Investing activities
None of the given options
Time 38
s)

Total Marks: 1
PM )
Find out the missing value of an Accounting Equation with the help of given data: Owner’s equity Rs.
22,500 Total Liabilities Rs. 80, 385 Cash Rs. 1,000 Bank Rs. 2,000 Debtors Rs. 500
Rs. 102,885 other assets
Rs. 102,885 current liabilities
Rs. 99,885 current liabilities
Rs. 99,385 other assets
Time 69
s)

Total Marks: 1
PM )
In accounting accumulated depreciation is:
Treated as a reserve
Treated as a contra asset
Treated as a surplus
Treated as an expense

Left sec(
s)

Total Marks: 1
PM )
Money spent to acquire or upgrade physical assets is known as:
Revenue Expense
Capital Expense
Administrative Expense
Operating Expense

Left sec(
s)

Total Marks: 1
PM )
Total depreciation of an asset can not exceed its:
Scrap value
Residual value
Market value
Depreciable value
Time 62
s)

Total Marks: 1
PM )
In case of Income and Expenditure account, Excess of income over expenses in a specified accounting
period is called:
Profit
Loss
Surplus
Deficit

Left sec(
s)

Total Marks: 1
PM )
Find out the missing value of an Accounting Equation with the help of given data: Cash Rs. 22,500
Debtors Rs. 500 Total Assets Rs. 80, 385 Accounts payable Rs. 1,000 Total liabilities Rs. 20,000
Rs. 60,385 owner’s equity

MGT101 Quiz Solution Fall 2010

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http://vujannat.ning.

Question # 1 of 20 ( Start time: 08:12:10 PM

Select correct option:

Private limited companies

Public limited companies

All of the given options

Click here to Save Answer & Move to Next Question

Question # 2 of 20 ( Start time: 08:13:01 PM

Net profit = Gross profit - _________

Select correct option:

Click here to Save Answer & Move to Next Question

Question # 3 of 20 ( Start time: 08:13:36 PM

The amount of owner's equity in a business is affected by which of the following?

Select correct option:

The profitability of the business

Investments made in the business by the owner

The amount of dividends paid to stockholders

All of the given options

Click here to Save Answer & Move to Next Question

Quiz Start Time: 08:12 PM

Question # 4 of 20 ( Start time: 08:15:00 PM

Which of the following is NOT correct?

Select correct option:

Decrease in Assets will be debit

Decrease in Liabilities will be debit

Decrease in Expenses will be credit

Decrease in Revenue will be debit

Click here to Save Answer & Move to Next Question

Question # 5 of 20 ( Start time: 08:15:46 PM

Which of the following is (are) type(s) of Public Limited Companies? http://vustudents.ning.com/

Select correct option:

Non listed company

Private limited company

Both Listed Company and non listed company

Click here to Save Answer & Move to Next Question

Question # 6 of 20 ( Start time: 08:16:39 PM

Which of the following shows company’s negative working capital?

Select correct option:

Current Asset > Current Liability

Current Asset < Current Liability

Current Asset = Current Liability

None of the given options

Click here to Save Answer & Move to Next Question

Quiz Start Time: 08:12 PM

Question # 7 of 20 ( Start time: 08:17:16 PM

Select correct option:

Click here to Save Answer & Move to Next Question

Question # 8 of 20 ( Start time: 08:18:36 PM

Authorized share capital is also known as:

Select correct option:

Registered share capital

Click here to Save Answer & Move to Next Question

Question # 9 of 20 ( Start time: 08:19:25 PM

Select correct option:

Profit & Loss account

Cash flow statement

Receipt & Payment account

Click here to Save Answer & Move to Next Question

Question # 10 of 20 ( Start time: 08:20:24

Select correct option:

A sole trader is liable to pay income tax on his/her earnings

Sole traders must have to prepare books of accounts by law

All of the given options

Click here to Save Answer & Move to Next Question