Mix Test 1

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Mix Test 1

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Weekly Quiz Competition

Question 1
1 / -0

MIS stands for

A
Memory Information System

B
Management Information Software

C
Management Information System

D
Management Internal System

Solution

Explanation:

Management information system (MIS) refers to the processing of information through computers and other intelligent devices to manage and support managerial decisions within an organization.
Question 2
1 / -0

It is an information system that provides the needed information to the managers to manage the organization effectively.

A
System software

B
MIS

C
None

D
Application software

Solution

Explanation:

Management information system (MIS) refers to the processing of information through computers and other intelligent devices to manage and support managerial decisions within an organization. This provides the needed information to the managers to manage the organization effectively.
Question 3
1 / -0

What is the rate of charging depreciation under diminishing method?

A
10% p.a.

B
12% p.a.

C
Not fixed

D
15% p.a.

Solution

Explanation:

because every time depreciation is calculated on written down value of an asset.
Question 4
1 / -0

In depreciation calculation, the useful life of a fixed asset is:

A
A predetermined figure for all fixed assets

B
None of these

C
An estimate

D
A certain figure

Solution

Explanation:

The value is depreciated in equal amounts over the course of the estimated useful life.
Question 5
1 / -0

The accountant tallies his trial balance by putting the difference on shorter side as

A
Credit account

B
Compensating account

C
Suspense account

D
Debit account

Solution

Explanation:

When accounting errors cause disagreement of trial balance, suspense account is opened to tally the trial balance.
Question 6
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Debit balance of suspense account will be shown at _____ side and Credit balance will be shown at _____ side of balance sheet.

A
Liabilities, Assets

B
Assets, Capital

C
Capital , Assets

D
Assets, liabilities

Solution

Explanation:

Debit balance of every account is shown at the assets side while the credit balance is shown at liabilities side.
Question 7
1 / -0

The owner withdraws business assets for personal use.

A
Assets: No .Liabilities: Increase, Equity: No Effect

B
Assets: Decrease, Liabilities: No Effect, Equity: Decrease

C
None of these

D
Assets: Decrease, Liabilities: Decrease, Equity: Decrease

Solution

Explanation:

when owner withdrew business assets for personal use it is called Drawing. It will affect the Asset and Equity. Drawing made out of business will decrease business assets and Equity but it will not affect liabilities of business.
Question 8
1 / -0

Proprietor is a creditor of the business for ______

A
Capital

B
Drawings

C
Liabilities

D
Cash

Solution

Explanation:

Amount Invested by owner is Called Capital. It is an liabilitiy on Business which business have to pay at the winding up of business So Owner is called Creditor for the Capital amount.
Question 9
1 / -0

Which accounting principle requires that life of a business be broken into smaller parts

A
Prudence

B
Accounting entity

C
Going concern concept

D
Accounting period

Solution

Explanation:

As the busniess is intended to continue indefinitely for a long period, the true results of the business operations can be ascertained only when the busines is completely wound up. But ascertainement of profit after a very long period will be of little use to the proprietors. The users of financial statements need to know the results of the business at ferquent intervals. Thus, the entire life of the firm is divided into time-intervals for the measurement of the profits.
Question 10
1 / -0

Under which accounting concept fixed assets are recorded at cost without considering the market price (whether low or high).

A
Historical Cost Principle

B
Matching concept

C
Revenue concept

D
Prudence concept

Solution

Explanation:

According to Historical cost concept, assets are recorded in the books of accounts at the price at which it was acquired. As market value keeps changing and it is very difficult and costly affair to determine the market value of the assets every year. therefor assets are recorded at cost and not market value whether low or high.

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Re-Attempt Weekly Quiz Competition

Mix Test 1

Result

Mix Test 1

Score

-

Rank

-

SHARING IS CARING

Question 1

Memory Information System

Management Information Software

Management Information System

Management Internal System

Solution

Question 2

System software

MIS

None

Application software

Solution

Question 3

10% p.a.

12% p.a.

Not fixed

15% p.a.

Solution

Question 4

A predetermined figure for all fixed assets

None of these

An estimate

A certain figure

Solution

Question 5

Credit account

Compensating account

Suspense account

Debit account

Solution

Question 6

Liabilities, Assets

Assets, Capital

Capital , Assets

Assets, liabilities

Solution

Question 7

Assets: No .Liabilities: Increase, Equity: No Effect

Assets: Decrease, Liabilities: No Effect, Equity: Decrease

None of these

Assets: Decrease, Liabilities: Decrease, Equity: Decrease

Solution

Question 8

Capital

Drawings

Liabilities

Cash

Solution

Question 9

Prudence

Accounting entity

Going concern concept

Accounting period

Solution

Question 10

Historical Cost Principle

Matching concept

Revenue concept

Prudence concept

Solution

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