MGT101-Financial Accounting Quiz No. 3 Solution and Discussion- Due Date: July 09, 2014

Following are the parts of the debtors control account except: Select correct option:

credit sales

sales return

cash sales//////////

cash/checque received

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 Select correct option:

Rs. 59,385 owner’s equity////////////

Rs. 61,385 owner’s equity

Rs. 99,885 owner’s equity

Which of the following is the journal entry of charging depreciation? Select correct option:

Debit: Depreciation A/c Credit: Cash A/c

Debit: Accumulated Depreciation A/c Credit: Depreciation A/c

Debit: Depreciation A/c Credit: Accumulated Depreciation A/c///////////

Debit: Fixed asset A/c Credit: Accumulated Depreciation A/c

Debit: Depreciation A/c Credit: Accumulated Depreciation A/c Read more at 

Commercial Accounting is done through a system that is known as: Select correct option:

double entry///////////

Single entry system of Accounting

The allocation of the cost of a tangible plant asset to expense in the periods, in which services are received from the asset, is termed as: Select correct option:

Appreciation

Depreciation///////////////

Fluctuation

None of the given options

Which of the following is a debit entry on the Bank Statement that might not appear in the Cash Book? Select correct option:

A standing order/////////////

An uncredited cheque

A credit transfer

An unpresented cheque

Particulars Opening written down value of machine Rs. 2,00,000 Cost of new machine purchased during the year Rs. 50,000 Depreciation during the year Rs. 25,000 Closing written down value (WDV) of machines ? Select correct option:

Rs. 2, 25,000/////////////

Rs. 2, 50,000

Rs. 2, 75,000

Rs. 75,000

If you start with cash book favorable balance in Bank Reconciliation Statement, which item will be added? Select correct option:

Cheque deposited but not credited by the bank

Cheques omitted to be deposited into bank

Any amount directly collected by bank on behalf of customer but not recorded in cash book///////////

Debit side of cash book was overcast

Which of the following is NOT a characteristic of Fixed Asset? Select correct option:

Of long life

To be used in the business to generate revenue

Easily Convertible into Cash//////////////

Not bought for the purpose of resale'

Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000 Select correct o

Rs. 35,000

Rs. 55,000

Rs. 1, 25,000//////////

Rs. 1, 05,000