MGT 101 SOLVED QUIZS

Which of the following business publishes the Financial Statements?
► Sole-Proprietorship
► Partnership
► Trust
► Public Limited Company 


Which of the following can offer its share to general public at large?
► A private limited company
► A listed company
► A trust

Which financial statement show what a business owes at a particular point
in time?
► A cash flow statement
► The bank statement for the business
► A balance sheet 
► A statement of retained earnings

The Balance Sheet item that represents the resources invested by the owner
is known as:
► Accounts Receivable
► Cash
► Note Payable
► Owner's Equity correct

Which of the following rectifying entry will be recorded, if sales to Mr. “A”
of Rs.336 have been debited to Mr. “B” account?
► A’s account (Dr.) and B’s account (Cr.)
► B’s account (Dr.) and A’s account (Cr.)
► Sales account (Dr.) and B’s account (cr.)
► B’s account (Dr.) and Sales account (Cr.)

If provision is created for doubtful debts, which of the following entry will
be passed to record bad debts in control account?
► Bade debts (Dr) and Debtors Control A/c (Cr)
► Provision for doubtful debts (Dr) and Debtors Control A/c (Cr)
► Provision for doubtful debts (Dr) and Debtors A/c (Cr)
► Debtors Control A/c (Dr) and Provision for doubtful debts (Cr)

The following balance and discrepancies were found on 31 March 2008:
Particulars Rs.
Cash book balance (Dr) 5 000
Unpresented cheques 1 000
Uncredited cheques 500
The Bank Statement balance on 31 March 2008 should be:
► Rs. 5 500 (Dr)
► Rs. 5 500 (Cr) 
► Rs. 4 500 (Dr)
► Rs. 4 500 (Cr)
Question No: 42 ( Marks: 1 ) - Please choose one
Cost of asset Rs. 1,00,000
Life of asset 5 years
Depreciation for each year Rs. 15,000
Sale price after 5 years Rs.50,000
Book value of Asset after 5
years
?
► Rs.25, 000
► Rs. 75,000
► Rs. 15,000
► Rs. 1, 00,000
Question No: 44 ( Marks: 1 ) - Please choose one
Which of the following shows summary of a company's financial position at
a specific date?
► Profit & Loss Account
► Cash Flow Statement
► Balance Sheet
► Income & Expenditure Account
Question No: 1 ( Marks: 1 ) - Please choose one
Debenture is also named as:
► Share
► Bond
► Equity
► Reserve