Professional Documents
Culture Documents
MIDTERM EXAMINATION
Fall 2009
MGT101- Financial Accounting (Session - 3)
Time: 60 min
Marks: 50
Question No: 1 ( Marks: 1 ) - Please choose one
An organization operating with the objective of making profit from the
sale of goods or services is called:
► Transaction
► Business
► Society
► Trust
► Capital Expense
► Revenue Expense
► Deferred Expense
► Preliminary Expense
► Account
► Voucher
► Journal
► Trial balance
Checked and composed by (SADIA ALI)
Question No: 10 ( Marks: 1 ) - Please choose one
Documentary evidence, in a specific format used to record the details
of a transaction is known as:
► Account
► Voucher
► Journal
► Ledger
► General Journal
► General Ledger
► Trial Balance
► Balance Sheet
► Balance Sheet
► Trading and Profit & Loss account
► Cash Flow Statement
► Statement of Retained Earnings
► Vehicle account
► Cash account
► Business account
► Bank account
► Cash account
► Furniture account
► Vehicle account
► All of the given options
► Journal Voucher
► Receipt Voucher
► Payment Voucher
► Drawings Voucher
► Raw material
► Work in process
► Finished goods
Checked and composed by (SADIA ALI)
► Merchandise inventory
► Machinery account
► Depreciation account
► Cash account
► Capital account
► Rs. 205,000
► Rs. 215,000
► Rs. 220,000
► Rs. 225,000
► Revenue expense
► Capital expense
► Administrative expense
► Operating expense
► Bank statement
► Income statement
► Financial statement
► Bank Reconciliation statement
► Bankers
► Accountant of the business
► Statutory auditor
► Manger
► Cash account
► Furniture account
► Vehicle account
► Capital account
Particulars Rs.
Assets 8,20,000
Owner's equity 3,80,000
Liabilities ?
► Rs. 1, 98,000
► Rs. 49,000
► Rs. 55,000
► Rs. 4, 40,000
► Treated as a reserve
► Treated as a contra asset
► Treated as a surplus
► Treated as an expense
Checked and composed by (SADIA ALI)
► Rs. 2, 25,000
► Rs. 2, 50,000
► Rs. 2, 75,000
► Rs. 75,000
► Liabilities
► Assets
► Capital
► Income
► Rs. 5,500
► Rs. 8,000
► Rs. 4,500
► Rs. 8,500