ONLINE EXAMINATION MBA III SEM. SESSION - 2020 Subject - FM

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ONLINE EXAMINATION MBA III SEM. SESSION - 2020 Subject - FM - 1

All Students solve 20 MCQ with 80 points. Each question is a multiple-choice question with four answer choices. Read each question and answer choice carefully and choose the ONE best answer

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1. The type or branch of accounting that generates reports for the use of external parties such as creditors, investors and government agencies is known as:

4 points

Financial accounting

Managerial accounting

Tax accounting

Forensic accounting

Clear selection

2. The branch of accounting that generates reports and information for the use of internal management is known as:

4 points

Tax accounting

Managerial or management accounting

Auditing

International accounting

Clear selection

3. Which one of the following is not an external user of accounting information?

4 points

Investor

Creditor

Manager

Customer

Clear selection

4. Which of the following is correct?

4 points

Owner’s Equity = Liabilities + Assets

Liabilities = Assets + Owner’s Equity

Assets = Liabilities + Owner’s Equity

Assets = Owner’s Equity

Clear selection

5. Which of the following is correct about double entry system of accounting?

4 points

Every business transaction brings at least two financial changes in business.

Financial changes are recorded as debits or credits in two or more accounts.

Every debit entry has a corresponding credit entry.

All of the above

Clear selection

6. T-account, the balance is equal to:

4 points

the total of all debit entries

the total of all credit entries

the difference between the total of debit entries and the total of credit entries

the total of all debit and credit entries

Clear selection

7. Which one of the following is not a real account?

4 points

machinery account

sales account

goodwill account

equipment account

Clear selection

8. Which one of the following is not a nominal account?

4 points

purchases account

sales account

salaries account

cash account

Clear selection

9. Which of the following normally have a debit balance?

4 points

Liability accounts

Equity or capital accounts

Income or revenue accounts

Asset accounts

Clear selection

10.Statements prepared to know profit or loss and financial position of the business are called:

4 points

Financial Statement

Bank Reconciliation Statement

Trial Balance

All of these

Clear selection

11.• Account which shows Gross Profit or Gross Loss of the business is called:

4 points

Profit and Loss Account

Balance Sheet

Trial Balance

Trading Account

Clear selection

12. On debit side of trading Account we record:

4 points

Direct Expense

Indirect Expense

Both of these

None of these

Clear selection

13. Which are indirect expense of the followings?

4 points

Salaries Expenses

Insurance Expenses

Rent Income

All of these

Clear selection

14. Liquid assets is determined by

4 points

Current assets – stock - Prepaid expenses

Current assets + stock + prepaid expenses

Current assets + Prepaid expenses

None of the above

Clear selection

15. The ideal level of liquid ratio is

4 points

1:1

3:4

2:1

Non of the above

Clear selection

16. Higher the ratio, the more favorable it is, doesn’t stand true for

4 points

Operating ratio

Liquidity ratio

Net profit ratio

Stock turnover ratio

Clear selection

17. Liquid ratio is also known as a) Quick ratio b) Acid test ratio c) Working capital ratio d) Stock turnover ratio

4 points

A and B

A and C

c. B and C

d. C and D

Clear selection

18. _________ is stated as a budget which is made to change as per the levels of activity attained.

4 points

Fixed budget

Flexible budget

Both a and b

None of the above

Clear selection

19.The process of budgeting helps in the control of

4 points

Cost of production

Liquidity

Capital Expenditure

All of the above

Clear selection

20. The process of budgeting includes

4 points

Preparation of budget

Budget Control

Budget co-ordination

All of the above

Clear selection

21. The term contribution refers to…

4 points

The difference between selling price and fixed cost

The difference between selling price and variable cost

Profit

None of these

Clear selection

22. Contribution/sales is equal to…

4 points

P/V ratio

Net profit ratio

BEP

EPS

Clear selection

23. The profit at which total revenue is equal to total cost is called…

4 points

BEP

Margin of safety

Break even analysis

None

Clear selection

24. ________ is the excess of sales over the break even sales.

4 points

Actual sales

Total sales

Margin of safety

Net sales

Clear selection

25.When an asset increases, its account is:

4 points

debited

credited

increased

reduced

Clear selection

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