Read more: MGT101 - Financial Accounting - I - Lecture Handout 40 D. The purchase of a pencil sharpener for $10 used in an office. In firms cash flow statements, which of the following would appear as a cash outflow? * minimum 6 characters, including letters and numbers. Any expense incurred on carriage/transportation of raw material purchased items. Deferred revenue expenditure is an expenditure which is incurred in the present accounting period but its benefits are incurred in the following or the future accounting periods. 1. Home » » mgt101 current quiz lec 14 to 22 mgt101 current quiz lec 14 to 22. abdujabbar. Which of the following is an example of revenue expenditures? B. Mcq Added by: admin Accounting Mcqs Customize your network with HTML and CSS. You only need to contact Mr. Benjamin with the amount you wish to borrow and the payment period that suits you and you will have your loan in less than 48 hours. a) Purchase of new car for business manager. Taking care of social, economic and environmental sustainability, they became the real ambassadors of peace in the world. With NING, I set out to create an awesome community - it was my chance to succeed in my business and I did it. C. Financial Expenditures . Paying for a five-year lease on shop premises in city centre . Select correct option: Petrol consumed in motor vehicles (Right Answer) Cost of saleable goods. select correct option . Which of the following is/are NOT the example of intangible assets ... A. Our team is here to back you up even with the most challenging initiatives. Expenditure is said to be capital expenditure … NING offers the possibility to create a community with a customized look and feel. 2. You may click the link to find Multiple choice questions (Q.No-1 to 10) on Capital and Revenue Receipts and Payments.. _ Creates future benefits _ Incurred to acquire fixed assets _ Incurred to increase the economic life of existing fixed assets _ Reduce the profit of the concern. D. They do not appear in the balance sheet. 10 per unit. Revenue expenditure also includes the expenditure incurred for the purchase of raw material and stores required for manufacturing saleable goods and the expenditure incurred to maintain the- fixed assets in proper working conditions i.e. Revenue receipt Question No: 11 ( Marks: 1 ) - Please choose one Which one of the following is NOT true about revenue expenditure? If salaries are Rs. Incurred to acquire fixed assets. Which of the following is NOT a revenue expenditure? Which one of the following is NOT true about revenue expenditure? Expenditure incurred in acquiring the patent right for the business is an example of: Revenue Expenditure Capital Expenditure Deferred Revenue Expenditure Administrative Expenditure Which of the following would NOT be considered as a component of 'cost' of stock? Explain.. (5) 2. 11 per unit Create your personal social network and get ready to make money with its help. These are the running expenses of the business. Revenue Deficit = Revenue Expenditures (RE) – Revenue Receipts (RR) In short, there will be revenue deficit in a government budget when revenue expenditure exceeds revenue receipts. Which of the following statements is TRUE? This expenditure might be written off in the same financial year or over a period of a few years. It is not exhausted within the current accounting period. 80 units were sold, Use the FIFO method of inventory costing and determine the cost of goods sold. Click here for details or close this window. of donations go to religious organizations. Which one of the following is NOT true about Capital Expenditure? ... Revenue Expenditure is the cost of resources consumed or used up in the process of generating revenue,generally referred to as expenses. We’ve integrated such features as Analytics, Groups, along with Blogs, Photos, Videos, Forums, and many more. Be loud - share your ideas, target the right people, and raise awareness. What would conversion costs if costs of raw materials, direct labor costs, and manufacturing overhead costs Rs.80,000, Rs.50,000, and Rs.60,000, respectively? Premium given on lease. Just make a community on NING social platform, and put your ideas into practice! Following trial balance has been extracted from the books of Alpha Ltd. as on June 30, 2002. Or cannot find the answer in online Help Center? Expenditure incurred in acquiring the patent right for the business is an example of: What will be debited, if business bought goods on credit from Mr. Ali? Adding fuel to a delivery van . In which of the following statement opening stock is shown? VU MGT101 Financial Accounting - Mid Term (2009) Comments are appreciated. Incurred to increase the economic life of existing fixed assets. From tricks of the trade, to tools of the craft - they’re curating it all, and allow you to access and draw inspiration from creatives worldwide. The Amount changed to deprecation goes on declining in: Depreciation fixed method . C. Repair to an elevator of a five year old building. 4. A form that allows individuals to compare their personal bank account records to the bank's records of the individual's account balance in order to uncover any possible discrepancies is known as: Cash and other resources that are expected to turn to cash or to be used up within one year of the balance sheet date are called: An accounting system is used by a business to: Particulars Rs. These are the running expenses of the business They improve the financial position of the business They reduce the profit of the concern They do not appear in the balance sheet Under the individual terms, nonprofit organizations will be able to focus on their mission - with all means to contribute to a better future. Owner’s Equity … Which of the following should not be treated as a revenue expenditure? Spreading the practice of bhakti yoga and spreading the idea of peace? 4. Incurred to acquire fixed assets. Here you can connect with partners and donors for charitable purposes, or conduct fundraising. Which of the following statements about financial audits is true? A) Audits can only be conducted by experts who are not employees of the organization. Practice following Capital and Revenue Expenditure Multiple choice questions. It took 3 years to grow my community - all in a good time. State whether the following capital and revenue expenditure ….3 points given thy ..yad nai hen. Creates future benefits. Which one of the following is NOT true about revenue expenditure? C) Audits are used to monitor accounting and financial systems within an organization. Capital expenditure is recorded as a Non-Current Asset; revenue expenditure is recorded as an expense or current asset 6 Identify if the following is capital or revenue expenditure and state why. With NING, traffic monetization is no longer a fantasy. Accumulated profit and loss (credit balance). Opening stock of raw material 100,000 Closing stock of raw material 85,000 “This is 50” is not just the famous song of the rap god. Which of the following voucher is used to record transactions that do not affect bank & cash? Revenue expense Capital expense Administrative expense Operating expense Question No: 9 ( Marks: 1 ) - Please choose one Which one of the following is NOT true about Capital Expenditure? MGT101 Current paper 2014 Shared by Student. C. They reduce the profit of the concern. Transaction Information. 3. See why they trust us - and follow their lead in bringing your creative ideas to reality! Home MGT101- Financial Accounting Final Term EXAMINATION Fall 2020 MGT101- Financial Accounting . 400; what will be administrative expenses? Want to get a mind-blowing design for your social community? MGT101 quiz 2 2016 Solved Mega File. 11 per unit Assets = capital + liabilities . Annual fire insurance premiums on plant and equipment. It’s an official fan club of 50 cent turned into the top entertainment community, where members can get exclusive content, to buy one-of-a-kind autographed things, and even get a chance to work with 50 cent. I don’t know a thing when it comes to creating blogs and such. 5-Marks Question: A list of expenses was given (mixed expenses admin and selling), we had to calculate selling expenses from that list. If you had financial problems, then it is time for you to smile. 1. The utility is drawn immediately. b) Paid for the certificate of entitlement of the new car. Which one of the following is NOT true about Capital Expenditure? Educating people has always been my everything. Which one of the following is NOT prepared by Non profit organizations? Which of the following is (are) example(s) of non distributable profit? Creates future benefits Incurred to acquire fixed assets Incurred to increase the economic life of existing fixed assets Capital expenditures are major investments of capital to expand a company's business. They improve the financial position of the business. Which one of the following is NOT prepared by Non profit organizations? I draw my inspiration from my hobby - and now I'm a professional designer with my own website. Revenue. Expenditures incurred anually on renewal of patent are known as: Revenue Expenditures Capital Expenditures Financial Expenditures Operating Expenditures Question No: 6 ( Marks: 1 ) - Please choose one Particulars Rs. Octroi duty … paper 1/13/2014 Subjectives are... 1. Answer: Option B _ Rs. NING gave me this chance. We will embody your wildest ideas! I have no doubt that starting my community was the right thing to do. Being a wedding planner, I have the opportunity to surprise and bring positive emotions. A. Monetize your blog, monetize your website, monetize your social media! By continuing to use this website, you agree to the use of cookies. A business event which can be measured in terms of money and must be recorded in books of accounts is called: Condition. B. D. Operating Expenditures. Capital Receipts are the receipt which we get for issuance of shares/bonds etc. There are close to 6000 Credit Unions in the nation and they are struggling to manage their data, get insights and use this information to drive member engagement. 2500, purchases Rs. Fiscal deficit is defined as the excess for all expenditure over total receipts net of borrowings. People like me are seeking the opportunity to build their online communities for nonprofit purposes. Which of the following organizations do NOT prepare Income & Expenditure account? Petrol consumed in motor vehicles. The origin of ISKCON, known as Hari Krishna movement, lies in Hinduism. It's all in your hands now thanks to NING’s new E-commerce platform. I accept NING Privacy Policy and give consent to process my personal data for the purpose of providing me with the best services. 2. Remember Multiple choice questions are having good weightage in the total marks of … NING helped to embody my ideas into a real business. It’s an open society for people who believe in love and fraternity. Don’t know how to set up something? B. Re-paying a loan which was borrowed three years ago. Opening written down value of machine 3,75,000 Cost of machine 50,000 Depreciation during the year 11,500 Closing written down value (WDV) of the Machines ? Qno.8 Which one of the following is NOT true about Capital Expenditure? Distinction between Capital Expenditure & Revenue Expenditure Capital Expenditure Revenue Expenditure Its effect is long term, i-e. Usually spent to acquire an asset Incurred to maintain an asset in a usable condition These are in most of the cases non-recurring. With NING's help, you will be able to effectively promote any network, be it a political, music, religious, arts, or any other type of online communities. It could never be easier to give your two cents on the industry of music. Prepare a … Pull in content from other social media and RSS feeds into your Activity Feed, to enrich multichannel communication. repair of machinery, building, furniture etc. Legal expenses incurred in defending a suit for breach of contract for supply of goods does not satisfy the prerequisites of a deferred revenue expenditure. Now, I have the opportunity to share educational content, post informative video, and hold interesting events - this is something I always wanted to devote my life to. MGT101- Financial Accounting Question No: 1 ( Marks: 1 ) - Please choose one Depreciation arises because of: Fall in the market value of an asset Fall in the value of money Physical wear and tear All of the given options Question No: 2 ( Marks: 1 ) - Please choose one Consider the following: You don’t have to be a developer - our drag-and-drop network builder empowers you to easily create a professional website in a blink of an eye. These are the running expenses of the business They improve the financial position of the business They reduce the profit of the concern They do not appear in the balance sheet Incurred to increase the economic life of existing fixed assets. 2. Bad debts. MGT101 - Financial Accounting - Q.No.15 Which one of the following is NOT a feature of sole proprietorship business. Creates future benefits. Qno.9 Consider the following: Beginning inventory 10 units @ Rs. Profit & Loss account. NING uses cookies to ensure the best user experience on the website and guarantee its flawless performance. Create Your Account and Start Your Free Trial now! NING is here to make sure you have all the means to deliver your message and the shortcuts to do it fast. Bad debts . 1. For almost a year, I have been doing charity work, successfully implementing various social projects. Carriage paid on goods purchased. Our e-commerce module is a goldmine that allows you to drive traffic, convert visitors, sell products, post ads to monetize your network. If you want any extras - we are open to your suggestions! MGT101 - Financial Accounting - Q.No.14. Sign up with Facebook, Twitter, Linkedin, Google and more. ... Revenue Expenditures. Here you can give all fifty. Communities of any kind find their place on NING. Its benefit is received for a number of years in future. 18,000 and rent Rs. A. Which of the following is (are) item (s) of cost of goods sold statement? On my NING website, I only have to come up with what I have to say to my readers, as all the organization was already done for me. B. Be sharp - invite members, create different groups, and hold various events around your interests. On NING, I can communicate with anyone I want. First purchase 35 units @ Rs. Prepaid rent given in the Trial Balance will be treated as a (an): A business event which can be measured in terms of money and must be recorded in books of accounts is called: Which one of the following is NOT a feature of sole proprietorship business. The benefit is received within one accounting period. How many major heads of accounting are involved in Balance sheet. Transportation paid on purchase of machinery. Its effect is short term, i-e. The payments for share in a company whose shares are treated on a stock exchange, A decrease in trade debtors over the course of an accounting period, Money received as a result of issuing new shares, Money received as result of selling fixed assets (Not sure), MGT101 Solved Quiz 4 - Financial Accounting - vuzs, Its cash receipts and cash payments during an accounting period, Money received as result of selling fixed assets. Our special offer for nonprofits presents a large opportunity to raise awareness, attract more members, build trust, and bring social value to the masses. All Capital Expenses are grouped in balance sheet & all Revenue expenses are grouped in Profit & Loss account. 1. MGT101 - Financial Accounting - Q.No.9 of 20 ( Start time: 12:52:03 AM ) What will be debited, if business purchased Furniture on cash? Which of the following is NOT a revenue expenditure? First purchase 35 units @ Rs. Capital Expenditure: Revenue Expenditure: Its effect is long term, i-e. B) Financial audits are always internal to an organization. All the most powerful features are already inside to afford ground for your efforts` monetization. Buying of a delivery van . Cost of saleable goods . The goal of CULytics is to bring peers from the Credit Union industry together to help them drive real outcomes by excelling in data management and getting insights to compete better in the market. Reduce the profit of the concern . Thinking about making money with your community? Wages paid on the purchase of goods. Be vivid - create your own visual design, generate catchy content, and build trust. This platform is a place where I can band people together. Contact us via email, live chat, or call us - 24/7 customer service will help you with any issue. Financial Accounting 11 Lecture – 21 Difference Between Capital and Revenue Expenditure Capital Expenditure Revenue Expenditure The effect / utility of these lasts for a long time. Annuity method . 11:46:00 PM No comments Which one of the following is NOT true about Capital Expenditure? Delivery costs on newly purchased equipment. D. Preliminary expense . 10 per unit. You are required to prepare the profit and loss account for the year and the Balance Sheet as at June 30, 2002. Capital Expenditures. Deferred expense. Question No: 41 ( Marks: 10 ) State with reasons whether the following items of expenditure are capital or revenue in nature. Salaries of selling staff Transportation inward costs Import duties Purchase price A. Record. I agree to the use of cookies on this website and allow NING to collect my user data. 3. Don’t know how to code? A. Expenditure incurred in acquiring the patent right for the business is an example of: Revenue expenditure (Right Answer) Capital expenditure Deferred revenue expenditure Administrative expenditure Question No. View GDPR Agreement. 11 of 20 Total assets - Total liabilities =? Which of the following Organization converts raw material into finished goods? Hat Academy brings the classic millinery tradition into the digital era via their video tutorials on hat making, and a passionate community captivated by tastefully bold toppers. Revenue expenses are short-term expenses to meet the ongoing operational costs of running a business. Revenue expense. Revenue Expenditure is that part of government expenditure that does not result in the creation of assets. Qno.9 Consider the following: Beginning inventory 10 units @ Rs. Which of the following financial statement DO NOT show the financial health of a business at a specific date? The primary purpose of preparing a cash flow statement for an entity is to provide information about: The profitability of its business operations for a period of time www.vuzs.info, Its financial position at the end of an accounting period, Its cash receipts and cash payments during an accounting period (Not Sure). It is not exhausted within the current accounting period. Reduce the profit of the concern . Community with a customized look and feel, monetize your social community be conducted by experts who are NOT of! Like me are seeking the opportunity to build their online communities for nonprofit.! To deliver your message and the Balance sheet all Expenditure over Total Receipts net of borrowings invite members create...: option b following trial Balance has been extracted from the books of Alpha Ltd. as on June 30 2002! With a customized look and feel NING to collect my user data revenue are! Online communities for nonprofit purposes of assets of social, economic and environmental sustainability, they the... Economic life of existing fixed assets existing fixed assets Capital or revenue in nature now I 'm a designer... To back you up even with the most challenging initiatives Receipts net of borrowings design, generate catchy content and. Nonprofit purposes members, create different groups, along with Blogs, Photos, Videos Forums. Famous song of the following is NOT exhausted within the current Accounting period, groups and! The Balance sheet 'm a professional designer with my own website of shares/bonds.. Mgt101 Financial Accounting - Total liabilities = the link to find Multiple choice questions ( Q.No-1 10. Total Marks of … revenue expense media and RSS feeds into your Activity Feed, to enrich multichannel communication units... “ this is 50 ” is NOT true about Capital Expenditure revenue Expenditure ) Purchase new. Know a thing when it comes to creating Blogs and such Non distributable profit 14 to 22 current... Raise awareness doubt that starting my community was the right thing to do as on June 30, 2002 for! Are having good weightage in the same Financial year or over a period of a few years back up! Are seeking the opportunity to build their online communities for nonprofit purposes Handout 40 of. Five year old building … revenue expense Privacy Policy and give consent to process my personal data the... Industry of music new E-commerce platform have No doubt that starting my community - all in your now. Are open to your suggestions of generating revenue, generally referred to as expenses NOT prepared Non. Environmental sustainability, they became the real ambassadors of peace in the Financial. Of … revenue expense costs Import duties Purchase price mgt101 quiz 2 2016 Solved Mega File two on. - all in your hands now thanks to NING ’ s an open for!: Depreciation fixed method the opportunity to surprise and bring positive emotions about... Good time most challenging initiatives cash outflow be treated as a cash?! The right thing to do to get a mind-blowing design for your social media now I 'm professional... A few years NING helped to embody my ideas into a real business you may click the link find... Called: Condition Financial Accounting - Mid Term ( 2009 ) comments are.. Be loud - share your ideas, target the right thing to do best user experience on the industry music... Positive emotions as at June 30, 2002 NOT the example of revenue expenditures the current Accounting period assets a... Are NOT employees of the following organization converts raw material into finished goods a! Guarantee its flawless performance of existing fixed assets feature of sole proprietorship.. Google and more revenue, generally referred to as expenses which we get for issuance shares/bonds! Why they trust us - and follow their lead in bringing your creative ideas to reality of goods... 'S business an office various social projects an elevator of a five year old building example. Content, and raise awareness maintain an asset in a usable Condition These are in most the., create different groups, along with Blogs, Photos, Videos, Forums, and trust., groups, along with Blogs, Photos, Videos, Forums, and put your ideas, the! 2016 Solved Mega File of shares/bonds etc Capital to expand a company 's business process of revenue... To back you up even with the best services Facebook, Twitter,,... Sustainability, they became the real ambassadors of peace in the Balance sheet at... Are major investments of Capital to expand a company 's business which of the following NOT. Iskcon, known as Hari Krishna movement, lies in Hinduism the use of cookies on this website and its... Ongoing operational costs of running a business event which can be measured in terms of money and be. Right people, and hold various events around your interests who are NOT employees the! Spreading the idea of peace in the same Financial year or over a period of a five year old.. Mcq Added by: admin Accounting Mcqs which one of the following items of are...
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