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MGT-101 Final Term Exams Preparation Virtual University

Sr. #	Questions	Answers Choice
1	Depreciation value of an asset is equal to	cost + scrape value cost + market value cost - scrap value none of the given
2	In accounting accumulated depreciation is :	Treated as reserve Treated as a contra asset Treated as surplus Treated as expense
3	A summarized record of transaction related to individual or things is called	Account Voucher Journal Trail Balance
4	Economic resource owned by a business and expected to benefit for the future operation are called :	Expenses Assets Capital
5	Which of the following is non profit-able organization?	Partnership Trust Limited Company
6	Accrued expenses are the example of	Current liabilities Long term liabilities Capital expenses
7	Which of the following account will be credited if business purchased a vehicle on cash?	vehicle account cash account bank account
8	The amount brought propritier in the business should be credited to	cash account capital account drawing account
9	Which of the following items appears in Trading account of business?	Interest expenses Wages and salaries Depreciation expenses Discount allowed
10	The amount of depreciation charged on machinery will be debited to:	machinery account depreciation account cash account