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

Question # 1

Depreciation arises because of :

Choose an answer

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 # 2

If a business pays rent in 12 months mit will be treated as:

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Prepaid expenses of business

Long term liability of business

Fixed assets of business

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Question # 3

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 # 4

Commercial accounting is based on

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Single entry book keeping

Double entry book keeping

Both single and double entry book keeping

cash basic of book keeping

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Question # 5

Which of the following is not depreciated?

Choose an answer

factory building

office equipment

Plant

Land

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Question # 6

Income of the business includes:

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Cash sales only

Credit sales only

Credit purchase only

Both cash sales and credit sales

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Question # 7

Depreciation value of an asset is equal to

Choose an answer

cost + scrape value

cost + market value

cost - scrap value

none of the given

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Question # 8

In an accounting if credit sale < debit side then the balance is known as :

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Negative balance

debit balance

positive balance

credit balance

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Question # 9

Which of the following account will be credited if business purchased a vehicle on cash?

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vehicle account

cash account

bank account

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Question # 10

Economic resource owned by a business and expected to benefit for the future operation are called :

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Expenses

Assets

Capital

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Question # 11

The basic purpose of depreciation is to achieve the :

Choose an answer

matching principle

Dual aspect principle

separate entity concept

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