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Quiz Start Time: 08:12 PM

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


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


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Net profit = Gross profit - _________

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Product Cost

Deferred Expenses

Direct Cost

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


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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

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


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Which of the following is NOT correct?

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Decrease in Assets will be debit

Decrease in Liabilities will be debit

Decrease in Expenses will be credit

Decrease in Revenue will be debit

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


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

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Listed company

Non listed company

Private limited company

Both Listed Company and non listed company

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


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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

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


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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.

Select correct option:

Rs. 10,000

Rs. 35,000

Rs. 55,000

Rs. 60,000

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


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Authorized share capital is also known as:

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Registered share capital

Issued capital

Paid up capital

Called up capital

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


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Which of the following account summarizes the profitability of business for a specific accounting
period?

Select correct option:

Profit & Loss account

Cash flow statement

Receipt & Payment account

Balance Sheet

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http://vustudents.ning.com/

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


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Which of the following is(are) TRUE about the sole trader form of business?

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

Sole traders must register the name of their business with the Registrar of Companies

All of the given options

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Question # 11 of 20 ( Start time: 08:21:41


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Under the diminishing balance method, depreciation is calculated on:

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The original cost

The scrap value

Book value

Both original cost and Scrap value

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Question # 12 of 20 ( Start time: 08:22:21


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Assets are normally listed on the balance sheet in the order of: http://vustudents.ning.com/

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Purchase date

Maturity

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Liquidity

Cost of asset

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Question # 13 of 20 ( Start time: 08:23:13


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Franchise rights, goodwill and patents are the examples of: http://vustudents.ning.com/

Select correct option:

Liquid assets

Tangible assets

Intangible assets

Current assets

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Question # 14 of 20 ( Start time: 08:23:32


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while preparing the cash flow statement, the repayment of a loan during the year should be included
under which of the following heading?

Select correct option:

Operating activities

Financing activities

Investing activities

None of the given options

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Question # 15 of 20 ( Start time: 08:24:12


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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

http://vustudents.ning.com/

Select correct option:

Rs. 102,885 other assets

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Rs. 102,885 current liabilities

Rs. 99,885 current liabilities

Rs. 99,385 other assets

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Question # 16 of 20 ( Start time: 08:25:10


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In accounting accumulated depreciation is:

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Treated as a reserve

Treated as a contra asset

Treated as a surplus

Treated as an expense

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Question # 17 of 20 ( Start time: 08:25:41


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Money spent to acquire or upgrade physical assets is known as:

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Revenue Expense

Capital Expense

Administrative Expense

Operating Expense

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Question # 18 of 20 ( Start time: 08:26:14


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Total depreciation of an asset can not exceed its:

Select correct option:

Scrap value

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Residual value

Market value

Depreciable value

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Question # 19 of 20 ( Start time: 08:26:44


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In case of Income and Expenditure account, Excess of income over expenses in a specified accounting
period is called:

Select correct option:

Profit

Loss

Surplus

Deficit

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Question # 20 of 20 ( Start time: 08:27:29


Total Marks: 1
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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

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Select correct option:

Rs. 60,385 owner’s equity

Rs. 61,385 owner’s equity

Rs. 99,885 owner’s equity

Rs. 99,385 owner’s equity

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