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MGT-101 Final Term Exams Preparation Virtual University MCQs With Answers

Question # 1

Which of the following account will be credited,when the goods are purchase on cash?

Choose an answer

Stock Account

Cash Account

Supplier Account

Work in process account

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Question # 2

What would be the affects on component of the accounting equation if goods are purchased on cash?

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increase in cash and decrease in equity

increase in cash and increase in goods

increase in cash and decrease in goods

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Question # 3

Which of the following account balance will be shown on debit side of trail balance ?

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Capital account

Sundry credit accounts

Cash account

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Question # 4

While making income and expenditure account,excess of income over expenses in a specified accounting is called :

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Profit

Loss

Surplus

Deficit

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Question # 5

In accounting accumulated depreciation is :

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Treated as reserve

Treated as a contra asset

Treated as surplus

Treated as expense

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Question # 6

A summarized record of transaction related to individual or things is called a

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Account

Voucher

Journal

Trail Balance

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Question # 7

In a balance sheet fixed asset is shown at

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cost price

market value

fair value

written down value

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Question # 8

Which of the following shows summary of a company financial position at a specific date?

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Profit and loss account

Cash flow statement

Balance Sheet

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Question # 9

The product that are ready for sale are known as

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raw material

work in process

finished in goods

closing stock

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Question # 10

The amount of depreciation charged on machinery will be debited to:

Choose an answer

machinery account

depreciation account

cash account

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