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MGT101
Solved MCQ Bank
MGT101 Solved MCQs
-------- are the third persons/parties,
who owe money from the business.
Business partner
Debtor
Customer
Creditors
Creditors are -------
Fixed Assets
Current Assets
Long term Assets
Current liabilities
At times, we receive
discounts from our creditors. This discount is either treated as income of the
business or as a reduction in the cost of
Income
Balance
Stock
Returned
When an expense or other
payable is accrued it is
current liability
Assets
Income
current assets
------------ is made
when it is known that an expense will arise but the exact amount is not known.
Accrual
Provision
Reserves
Good will
Accounting Treatment of
Provision
Relevant Expense Account (Dr) Provisions (Cr)
cash (Dr) Provisions (Cr)
Account payable (Dr) Provisions (Cr)
Provisions (Dr) Relevant Expense Account (Cr)
Debtors is also called
Provisions
Stock
Receivables
none of them
Receivables are the
----------
current assets
Fixed assets
long term assets
all of above
When a debtor does not
pay the amount due to him, it is said
Provision
Accrual
Debt
Bad Debts
Bad Debts charged to the
Profit & loss
Cost of goods
Capital
Drawings
Recording of Bad Debts
Bad Debts (Dr) Debtors a/c (Cr)
Drawings (Dr) Debtors a/c (Cr)
Bad Debts (Dr) Drawings (Dr)
Debtors a/c(Dr) Bad Debts (Cr)
Debtors 100,000
Provision for Bad Debts 5,000 so the net receivable income is
100000
105000
95000
none of them
Provision for bad debts
is also --------- deboters
add
less
save
recorded
Debtors are 15000 and
the provision is 37% calculate net Debtors
15000
9400
11000
9450
which one of them is
current asset
cash
land
bill paid
advance income
Sales Ledger Control
Account is also called
Debtors Control Account
Creditors Control Account
---
---
In General Ledger one
account is kept for all the -------- Creditors Control Account.
Debtors Control Account,
Creditors Control Account.
--
---
List of debtors balances
drawn up to the end of previous period is --------
Opening balance of debtors
Opening balance of account payable
Closing Balance of debtors
none of these
Opening balance of
recorded on the ---------- side of Debtors Control Accounts
Dr
Cr
--
--
Credit Sales ----------
the debtors balance
equal to
decrease
no effect on
increase
Sales Return means
customer returned the goods
Supplier returned the goods
Store returned the goods
all of these
Cheques/Cash Received
from the customer ------ the debter balance
increased
no affect
decreased
A & C
Which is the simple formula
of calculating closing balance of deboter
Opening balance + Credit Sales +(Sales Return + Cheques/Cash Received)=
Opening balance + Credit Sales - (Sales Return - Cheques/Cash Received)=
Opening balance - Credit Sales - (Sales Return + Cheques/Cash Received)=
Opening balance + Credit Sales - (Sales Return +
Cheques/Cash Received)=
List of creditors
balances drawn up to the end of previous period is ------------ balance of
creditor for this year
Closing
Opening
--
Credit Purchases shown
on the ----------- side of Creditors Control Accounts
Right
Dr
Cr
A & C
Cheques/Cash Paid ---
the creditor balance
increase
decrease
---
---
The formula for
calculating closing balance of creditor is
Opening balance + Credit Purchases - (Purchase Return- Cheques/Cash Paid)
Opening balance - Credit Purchases - (Purchase Return + Cheques/Cash Paid)
Opening balance + Credit Purchases + (Purchase Return + Cheques/Cash Paid)
Opening balance + Credit Purchases - (Purchase Return
+ Cheques/Cash Paid)
calculate closing
balance of deboter Opening Balance 50000 cash received 70000 Opening balance
30000 sale returned 2000
72000
80000
8000
32000
Prepare a Creditors
Control Account from the following data Opening Balance 40000 Purchase Return
6000 Cheques and Cash paid 34000 Discounts received 2000 Total Credit Purchases
32,000
32000
72000
3000
30000
Discounts received shown
on------------ of Creditors Control Account
Dr
Cr
--
--
A number of books are
opened in connection with control accounts to reduce the volume of general
ledger these books are called
Purchase book
Sales book
Subsidiary Books
A & C
Sale return is
recorded on the ------ of Debtors control Account
Debit Side
Credit Side
--
---
Discounts allowed is
------
Income
Good will
Asset
Expense
In Debtors control
Account the Debit Side is greater then----
Debtors control Account
Credit Sales
Credit Side
Cheques and Cash received
Debtor 45,000, amount
received ------- closing balance is 19825
25175
21752
25751
22751
Individual purchases are
recorded in ------
Purchase Journal / Purchase Day Book
Purchase Return / Return outward Journal
Creditors Ledger
all of these
-------- ledger
maintains record of individual creditors
Purchase Journal / Purchase Day Book
Purchase Return / Return outward Journal
Creditors Ledger
none of these
Purchase Return is
recorded on the ------- side of creditor control account.
Cr
Dr
--
--
Bad Debts are -------
expenses
General
Financial
Selling
Administration
When the Provision for
Bad Debts increases Debtors
increased
decreases
remain constant
none of these
Individual invoice wise
sales are recorded in this Journal. This book serves as source for all the
recording of Credit sales.
Sales Return / Return Inward
Sales Journal / Sales Day Book
Debtors Ledger
none of above
Sales Return is recorded
on the ------ of debtor acc
Dr
Cr
-
-
which one of them is
current asset
Insurance expenses
prepaid expenses
Rent expenses
all of the following
which one is current
liability?
land
income
Debtor
Creditors
which one is long term
liability?
creditors
loan from mr A
bank loan
all of these
which one is liability?
UN earned income
furniture
account receivable
none of these
Creditor account
increase with
credit
credit sale
credit purchase
A & B`
Debtor account increase
with
Debit
Credit
Credit income
Credit sale
Creditor control account
decreased when
Purchase Return
Cheques / Cash paid
Cheques / Cash received
A & B
Debtors control account
decreased with
Opening balance of debtors
Cheques / Cash Received
Sales Return
purchase Return
Discount allowed showed
on the -------- of debtors control account
Credit side
Debit side
--
---
sales return is also
called
return inward
return outward
return to supplier
none of these
------ this ledger
maintains record of individual creditors.
Purchase Day Book
Purchase Journal
Creditors Ledger
Return outward Journal
2nd name of Purchase
Return is
return to customer
Creditors
Purchases inward
Return outward
----- this ledger
maintains record of individual debtor.
Debtors Ledger
Sales Journal
Sales Return
Sales Day Book
extension of building is
an example of ------- exp
Revenue
short
Capital
A & C
cost of good will is
Capital exp
value of good will
goodwill exp
prepaid exp
asset destroyed by fire
is
Admn
financial loss
Capital loss
Revenue
rent not paid
utility bill paid
Income
rent & Income
advance rent paid
calculate closing
balance of Creditor Opening Balance.5,000 Purchases for the month 70,00 return
1500 cash receive 6500
4000
8500
12500
7000
------ include both cash
and credit receipts/payments.
cash sales/purchases
Credit sales/purchases
Receipts/Payments
none of above
Provision for doubtful
debts has no effect on
account receivable
Control accounts.
control account
none of these
These errors in
accounting require rectification. The procedure adopted to rectify errors in
financial accounting is called
Rectification of error
Rectification
--
--
different kinds of
errors are
6
8
5
4
event occurred but we
did not record it is ------ type of error
Error of Commission
Error of Omission
Error of Original Entry
Reversal of Entry
debited is credited and
vice versa is an example of ------ error
Error of Commission
Error of Principle
Error of Original Entry
Reversal of Entry
The errors in which
recording is in correct account but the figure is incorrect are called
Reversal of Entry
Error of Original Entry
Error of Principle
Error of Commission
The errors in which an
entry is recorded in the wrong class of account is
Error of Original Entry
Reversal of Entry
Error of Principle
Error of Omission
A receipt of Rs. 50,000
from a debtor is recorded as Rs. 5,000 in his account is ---- error
Reversal of Entry
Error of Commission
Error of Principle
Error of Original Entry
Purchase of an asset for
Rs. 50,000 is recorded in the expense account. is ----------- error
Error of Principle
Error of Original Entry
Error of Omission
Reversal of Entry
A payment of Rs. 10,000
made to Mr. D is recorded on the receipt side of the cash book and credit is
given to D's account. is ----- error
Errors of Commission
Error of Principle
Error of Omission
Reversal of Entry
Repair of vehicle worth
of Rs. 5,000 was charged to asset account correct entry is
Cash A/C (Dr) Bank A/C (Cr)
Mr. A (Creditor) (Dr) Bank A/C (Cr)
Mr. A (Creditor) (Dr) Bank A/C (Cr)
Mr. A (Creditor) (Dr) Cash A/C (Cr)
Purchase of goods from
Mr. B worth of Rs. 5,500 was recorded at Rs. 4,500. correct entry is
Purchase A/C (Dr) cash (Cr)
Mr. B's A/C (Dr) cash (Cr)
Purchase A/C (Dr) Mr. B's A/C (Cr)
Purchase A/C (Dr) account payable
Profit & Loss
Account has ------ parts
2
4
5
3
Sales Less: Cost of
Goods Sold =
Profit
income
Gross Profit
none of them
Revenue is always in
------- acc
Dr
Cr
Purchased
none of these
------- is the cost
incurred in purchasing or manufacturing the product
Sales
Gross Profit
Cost of Goods Sold
manufacturing expenses
Wages paid to employees
for manufacturing of goods is ---------- expense
Material
Labor
FOH
all of these
------- includes revenue
from indirect source of income, such as return on investment, profit on PLS
account etc.
Other charges
Other expenses
Other sales
Other Income
------- expenses are the
expenses incurred in running a business effectively
Cost of Goods Sold/
Other
Administrative
General office
Administrative Expenses
and Selling Expenses and Financial Expenses are present in the
financial statements
balance sheet
adjusting entries
none of these
-------usually denotes
remuneration paid to daily basis
Salaries and Wages
Wages
Salaries
B & C
Salaries and benefits of
sales and marketing staff become part of -----
Administrative Expenses
Selling Expenses
Financial Expenses
A & C
Salaries / wages paid to
labor and supervisors/officers working for the manufacturing of goods become a
part of
Administrative Expenses
Selling Expenses
Financial Expenses
Cost of Goods Sold
Transportation/carriage
of goods sold Tax/freight paid on sale is an example of ------
Cost of Goods Sold.
Selling Expenses
Financial Expenses
Administrative Expenses
Interest on loan, Bank
charges are ----------
Selling Expenses
Administrative Expenses
Financial Expenses
none of these
------- are the assets
of permanent nature that a business acquires, such as plant, machinery, etc
Fixed assets
Current assets
non Current assets
B & C
An
expense that has a future benefit in excess of one year and recorded in a
capital asset account
Income Tax
Capital Work In Progress
Deferred Costs
all of above
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