MGT101 Quizzes No 1 Solution Fall 2017

mgt101 quizzes no.1 SOLUTION FALL 2017

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MGT101 solved QUIZZES NO.1 nov-01-2017 

“Easy Dissolution” is a closely related characteristic of which of the following type of business?

• Sole Proprietorship
• Partnership Private
• Limited Company
• Public Limited Company

Select the most suitable equation which properly represents the derivation of fundamental Accounting Equation.

• Assets = Owner’s Equity
• Assets + Liabilities = Owner’s Equity
• Cash = Assets
• Assets – Liabilities = Owner’s Equity

Which of the following is / are the particular/s of a cash book?

(1) Date of transaction

(2) Account title

(3) Amount

• 1 only
• 1 & 2 only
• 1 & 3 only
• 1, 2 & 3

Which of the following item is found in a Journal entry?

(1) Date of each transaction

(2) Rupee amount of each debit and credit

(3) Explanation of each transaction

• 1 only
• 1 & 2 only
• 1 & 3 only
• 1, 2 & 3

Generally Accepted Accounting Principles (GAAP) are necessary because financial statements:

• are publicly available
• should be standardized
• should be understandable
• All of the above

Which of the following is NOT a characteristic of Cash Book?

• It has two identical sides—left hand side, the debit side and right hand side, the credit side
• It verifies the arithmetic accuracy of posting of entries from the Journal to the Ledger
• The difference between the total of two sides of cash book shows cash in hand
• It always shows debit balance. It can never show credit balance

An accounting system is used by a business to:

• Analyze transactions
• Handle routine bookkeeping tasks
• Structure information
• All of the given options

The proper classification and normal balance of accounts receivables account is:

• Assets
• Liabilities
• Revenues
• Expenses

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

Recommended: MGT101 Assignment No.1 Solution Fall - 2017