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

Question # 1

The basic purpose of depreciation is to achieve the

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Matching principle

Dual aspect principle

Separate entity concept

Money measurement concept

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Question # 2

Accrued expenses are the example of

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Current liability

Long term liability

Capital expenses

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Question # 3

The allocation of the cost of a tangible plant asset to expenses in the periods ,in which service are received from the asset is termed as

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Appreciation

Depreciation

Fluctuation

None of the gievn

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Question # 4

____ is the detail of transaction in one account provided by the bank

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bank statement

income statement

bank reconciliation statement

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Question # 5

Depreciation arises because of :

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Fall in the market value of an asset

Fall in the value of money

Physical wear and tour

All of the above

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Question # 6

If the cost of the sales is Rs 60,000 are Rs 95,000 and opening expenses are Rs 20,000 during the year.What would be the net profit?

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Rs 15000

Rs 35000

Rs 55000

Rs 60000

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Question # 7

Which of the following is an alternate term which can be used for "Capital"?

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Liability

Owner net worth

Asset

Working Capital

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Question # 8

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

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Stock Account

Cash Account

Supplier Account

Work in process account

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Question # 9

The asset which have limited useful life are termed as :

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Limited assets

Depreciation assets

Unlimited assets

None of the given option

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Question # 10

An informal accounting statement that lists the ledger account balance at a time and compare the total of debit balance with the total of credit balance is known as :

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Income statement

balance sheet

trail balance

cash book

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