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

Question # 1

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?

Choose an answer

Rs 15000

Rs 35000

Rs 55000

Rs 60000

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Question # 2

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

Choose an answer

machinery account

depreciation account

cash account

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Question # 3

Bank reconciliation statement is :

Choose an answer

a memorandum statement

a ledger account

a part of cash book

a part of journal

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Question # 4

The price paid for an item , in terms of currency is called

Choose an answer

Sale

Cost

Debt

Revenue

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Question # 5

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

Choose an answer

bank statement

income statement

bank reconciliation statement

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Question # 6

Net profit + expenses =______

Choose an answer

Liabilities

assets

capital

income

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Question # 7

Which of the following items appears in Trading account of business?

Choose an answer

Interest expenses

Wages and salaries

Depreciation expenses

Discount allowed

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Question # 8

The asset which have limited useful life are termed as :

Choose an answer

Limited assets

Depreciation assets

Unlimited assets

None of the given option

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Question # 9

If a business purchase machinery for rs 30000 on 31 january 2008 having life of 8 years,this expenses will be realized under the concept of accrual accounting

Choose an answer

for the year 2008 only

for the last day of 10th year only

over 10 year

nothing can be said about it

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Question # 10

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

Choose an answer

Profit

Loss

Surplus

Deficit

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