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Study Mid Term Quiz-1 MGT301 Principles of Marketing Online

The total of all costs incurred to convert raw material into finished goods is known as:
Prime cost
Conversion cost
Sunk cost
Opportunity cost
Mr.” A” sold goods for Rs. 3, 00,000 to Mr. “B”, Rs. 3, 00,000 will be treated as _______________ for business.
Revenue
Net profit
Gross profit
Operating profit
A diode functions as the electronic version of a _______________way valve.
one
two
three
four
What would be the value of conversion cost, if the cost of material consumed during the month is Rs. 5,000, labor cost incurred is Rs. 2,000 and the factory over head cost is Rs. 1,000?
Rs. 3,000
Rs. 8,000
Rs. 7,000
Rs. 5,000
Which one of the following is NOT true about Capital Expenditure?
Creates future benefits
Incurred to acquire fixed assets
Incurred to increase the economic life of existing fixed assets
Reduce the profit of the concern
The key feature of Scientific/Engineering/Graphics applications is _______________
Intense calculations
User-friendly
Reliability
Cost-effective
The first --------------was invented at Bell Laboratories on December 16, 1947 by William Shockley.
Transistor
Vacuum Tube
Punch card
Transmitter
If cost of sales is Rs. 95,000, sales are Rs. 200,000 and operating expenses are Rs. 100,000. What will be the net result?
Rs. 5,000 Loss
Rs. 5, 000 Profit
Rs.1, 95,000 Profit
Rs.1, 95,000 Loss
While making Income & Expenditure account, Excess of income over expenses in a specified accounting period is called:
Deficit
Surplus
Profit
Loss
In cost of goods sold statement, the ‘cost of material consumed’ is equal to:
Opening raw material inventory + Purchases – Ending raw material inventory
Opening raw material inventory - Purchases + Ending raw material inventory
Ending raw material inventory + Opening raw material inventory - Purchases
Ending raw material inventory + Opening raw material inventory + Purchases
In which of the following condition a company will have positive working capital?
If current assets > current liabilities
If current Assets <>
If current assets = current liabilities
If current assets < current liabilities
Computers are good at
Speed
Storage
Never bored
All of the given choices
An accounting system is used by a business to:
Analyze transactions
Handle routine book-keeping tasks
Structure information
All of the given options
Accountancy covers which of the following area(s):
Book-keeping
Accounting
Auditing
All of the given options
Which one of the following statement is wrong about Current liabilities?
These are due within one year
These are short-term loans
A vague term for loans to be repaid by an enterprise after twelve months
In working capital, these are deducted from assets
Which of the following financial statement summarizes the profitability of an organization for a particular period?
Balance Sheet
Trading and Profit & Loss account
Cash Flow Statement
Statement of Retained Earnings
Accounts Receivable & Inventory are the examples of:
Liquid assets
Current assets
Fixed assets
Capital assets
Which of the following hardware component of a computer can also be called as engine?
Bus
Storage
Memory
Processor
Which of the following account will be credited, if business bought goods on credit from Mr. Ali?
Purchases account
Mr. Ali account
Cash account
Sales account
Using only HTML we can create
Dynamic web pages
Static web pages
Both Static and Dynamic pages
None of these
The beginning balance of Owner’s Equity was Rs.7,500. The dividends paid to stockholders were Rs.1,500. The ending balance of Owner’s Equity is Rs.5,000. What was the Net Income or Net Loss for the accounting period?
Net Loss of Rs. 1,000
Net Income of Rs. 1,000
Net Loss of Rs. 3,000
Net Income of Rs. 3,000
Sale proceeds of goods are an example of:
Revenue expense
Capital expense
Capital receipt
Revenue receipt
Which of the following assets are shown at written down value in balance sheet?
Current assets
Liquid assets
Floating assets
Fixed assets
Which of the following particular is NOT included in the specimen of a payment voucher?
Name of organization
Cash payment amount
Date of transaction
Bank receipt
The basic accounting principle/concept according to which Business is independent from its owner(s) is known as:
Separate Entity Concept
Matching Concept
Going Concern Concept
Materiality Concept
An Asset that is NOT physical in nature is called _______________.
Intangible Asset
Liquid Asset
Current Asset
Fixed Asset
The return of goods by a customer should be debited to:
Customer’s account
Sales return account
Goods account
Accounts receivable
Which of the following period is known as a fiscal Year of the Government of Pakistan?
1st January to 31st December
1st June to 31st May
1st July to 30th June
1st October to 30th September
Video Card has its own -----------------
Memory
Processor
Memory& Processor
Neither memory nor Processor
_______________ is a particularly good language for processing numerical data, but it does not lend itself very well to large business programs
BASIC
PASCAL
JAVA
FORTRAN
Bank Reconciliation Statement is prepared by:
Bankers
Accountant of the business
Statutory auditor
Manger
If the working capital and the current assets of company XYZ are Rs. 5,000 and Rs.15,000 respectively, calculate the current liabilities.
Rs. 5,000
Rs. 10,000
Rs. 15,000
Rs. 20,000
Which of the following essentials are shown in Bank Book?
(1) Date of transaction
(2) Narration of transaction
(3) Cheque number
(1) & (2) only
(2) & (3) only
(1) & (3) only
(1), (2) & (3)
Unfavorable balance of the cash book means:
Credit balance in cash book
Credit balance in pass book
Debit balance in cash book
All of the given options
If a business purchases machinery for Rs. 30,000 on 31st January 2008 having life of 10 years, this expense will be realized _______________ under the concept of accrual accounting.
For the year 2008 only
For the last day of 10th year only
Over 10 years
Nothing can be said about it
What is the key feature of computer which is against human nature?
Can’t get bored.
Pattern recognition
Repetition
None
Which one of the following is NOT prepared by Non profit organizations?
Profit & Loss account
Income & Expenditure account
Receipts & Payments account
Balance Sheet
Documentary evidence, in a specific format used to record the details of a transaction is known as:
Account
Voucher
Journal
Ledger
Which of the following account balance will be shown on debit side of Trial Balance? (It is assumed that all account balances are shown on normal balance)
Cash account
Furniture account
Vehicle account
All of the given options
In an account, if credit side < debit side then the balance is known as:
Negative Balance
Debit Balance
Positive Balance
Credit Balance
There is a battery on the motherboard to:
Give power to the processor
Save information when computer is off
Save information when computer is on
Give power to the motherboard
The Policy for charging depreciation is selected by:
Manufacturer
Trader
Management
Accountant
The main goal of Bank Reconciliation Statement is to determine:
If the discrepancy is due to error rather than timing
If the discrepancy is due to timing rather than error
If the discrepancy is due to error rather than amount
If the discrepancy is due to amount rather than timing
Which of the following is used to record financial transactions in chronological (day-to-day) order?
Voucher
General Journal
General Ledger
Trial balance
Commercial Accounting is based on:
Single entry book keeping
Double entry book keeping
Both single and double entry book keeping
Cash basis of book keeping
Following are the inventories of Manufacturing Concern EXCEPT:
Raw material
Work in process
Finished goods
Merchandise inventory
The assets which have a limited useful life are termed as:
Limited assets
Depreciateable assets
Unlimited assets
None of the given options
An estimate of the income and expenses needed to carry out business plans for a fiscal year is known as:
Budgeting
Costing
Management
Auditing
Obligations to pay cash or un-earned incomes by the business are the:
Assets
Liabilities
Equities
Expenses
Microsoft Word is a type of:
System Software
Freeware Software
Shrink-Wrapped Software
Custom-built Software


Mid Term Quiz Tests

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