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MGT-101 Final Term Exams Preparation Virtual University

Sr. #	Questions	Answers Choice
1	The main goal of bank reconciliation statement is:	If the discrepancy is due to error rather than timing If the discrepancy is due to timing rather than error If the discrepancy is due to error rather than amount If the discrepancy is due to amount rather than timing
2	Cash book is a part of	Voucher general ledger general journal Trail balance
3	If a business pays rent in 12 months mit will be treated as:	Prepaid expenses of business Long term liability of business Fixed assets of business
4	The basic purpose of depreciation is to achieve the	Matching principle Dual aspect principle Separate entity concept Money measurement concept
5	The price paid for an item , in terms of currency is called	Sale Cost Debt Revenue
6	The time span in which financial statements of the business are prepared is called	Financial year Accounting period Business life cycle Accounting Cycle
7	According to double entry system of accounting,an accounting that obtain benefit is	Debit Credit Income
8	Assets total Rs 50,000 and liability total rs 10,000 ,What is the equity of the business?	40000 60000 30000 10000
9	What will be the effect on accounting equation ,which payment is made to the creditor of the business?	Decrease in an asset ,decrease in liability Increase in asset,increase in liability Increase in asset ,increase in owner equity
10	In an account if credit< debit side then the balance is known as	Negative Balance Debit Balance Positive Balance Credit Balance

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